The domestic equity benchmarks turned rangebound as they traded with significant cuts in mid-morning trade. The Nifty managed to hold above the 16,500 mark. IT shares witnessed across the board selling.
Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 2.06% to 18.05.
In the broader market, the S&P BSE Mid-Cap index fell 0.80% while the S&P BSE Small-Cap index declined 0.72%.
The market breadth was negative. On the BSE, 1,200 shares rose and 1,898 shares fell. A total of 146 shares were unchanged.
Buzzing Index:
The Nifty IT index declined 2.41% to 27,536.35. The index had advanced 0.17% to end at 28,216 yesterday.
Mphasis (down 5.27%), L&T Technology Services (down 4.89%), Infosys (down 2.68%), Mindtree (down 2.64%) and Larsen & Toubro Infotech (down 2.53%) were the top index losers. Further, HCL Technologies (down 1.83%), Tech Mahindra (down 1.77%), Tata Consultancy Services (down 1.65%), Wipro (down 1.64%) and Coforge (down 1.25%) declined.
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Stocks in Spotlight:
Chennai Petroleum Corporation (CPCL) rose 2.27%. The company's standalone net profit surged to Rs 2,358.79 crore in Q1 FY23 as against Rs 53.73 core in Q1 FY22. Net sales surged to 183.6% YoY to Rs 23,162.55 crore for the quarter ended 30 June 2022. Average gross refining margin (GRM) for Q1 FY23 stood at $25.04 per bbl as against $5.68 per barrel in the corresponding period last year, up 340.85% on a YoY basis.
GlaxoSmithKline Pharmaceuticals fell 1.94%. The pharmaceutical firm's consolidated net profit slipped 1.5% to Rs 119.28 crore on 3.7% increase in net sales to Rs 745.10 crore in Q1 FY23 over Q1 FY22.
Lupin shed 0.50%. The drug major has received approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application (ANDA) Azilsartan Medoxomil tablets. The product is a generic equivalent of Edarbi tablets of Azurity Pharmaceuticals, Inc. The drug is primarily used to reduce high blood pressure. Azilsartan Medoxomil tablets had estimated annual sales of $101 million in the U.S. (IQVIA MAT March 2022).
Global Markets:
Asian stocks are mostly trading higher on Tuesday as South Korea's gross domestic product beat estimates. South Korea's economy grew 0.7% in the second quarter compared with the first quarter of 2022, according to estimates released by the Bank of Korea. The country's GDP grew 0.6% in the January to March quarter.
The Bank of Japan released the minutes for it June meeting on Tuesday, after keeping its interest rates at ultra-low levels last week.
Members of the BOJ policy board said the economy was on its way to recovery from the effects of Covid, but still needs strong support on the financial side due to pressure from the rise in commodity prices.
They also agreed that it was necessary to pay due attention to developments in financial and foreign exchange markets and their impact on Japan's economic activity and prices, the minutes said.
Wall Street stock markets delivered a mixed performance on Monday as cautious investors looked ahead to a week of Big Tech earnings and a crucial interest rate decision from the US Federal Reserve.
At the end of its two-day monetary policy meeting on Wednesday, the Fed is widely expected to raise its main interest rate by 0.75 percentage points.
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