The key equity benchmarks extended losses and hit fresh intraday low in morning trade. The Nifty traded tad below the 17,750 mark after hitting the day's high at 17,880.70 in early trade. IT shares witnessed some bit of selling pressure for second day in a row.
At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 363.62 points or 0.60% to 60,319.08. The Nifty 50 index lost 106.60 points or 0.6% to 17,749.90.
In the broader market, the S&P BSE Mid-Cap index fell 0.79% while the S&P BSE Small-Cap index declined 0.60%
City Union Bank (down 10.97%), Dhani Services (down 7.01%), Coforge (down 6.39%), Lupin (down 5.92%) and Indiabulls Real Estate (down 4.71%) were the top broader market losers.
Oil India (up 7.81%), Tata Teleservices (Maharashtra) (up 6.78%), Galaxy Surfactants (up 5.68%), Vaibhav Global (up 5.30%) and Natco Pharma (up 4.39%) outperformed in the broader market segment.
The market breadth was positive. On the BSE, 1319 shares rose and 1927 shares fell. A total of 171 shares were unchanged.
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Investors awaited the release of India's retail inflation data, which will be announced later today.
Meanwhile, Fed Fear weighed on investor sentiment as the market focus shifted to the US CPI Report and US Retail sales figures that could force the Fed into more aggressive policy moves, thereby raising the possibility of interest rates rising above 5%.
Results Today:
New India Assurance Company (down 1.56%), Steel Authority Of India (down 0.77%), Allcargo Logistics (down 1.17%), Gujarat Gas (down 0.59%), Zee Entertainment Enterprises (down 2.03%), IRB Infrastructure Developers (down 0.26%), FSN E-Commerce Ventures (down 1.39%), Castrol India (up 0.17%), Grindwell Norton (down 1.84%), Campus Activewear (down 2.12%), Gujarat State Petronet (down 0.90%), Godrej Industries (down 0.02%), GR Infraprojects (up 2.75%), Housing & Urban Development Corporation (down 0.43%), Indian Railway Finance Corporation (up 0.33%), ITI (down 0.55%), Linde India (up 1.68%), Global Health (up 0.84%), NLC India (up 0.38%), Power Finance Corporation (down 2.54%), Ratnamani Metals & Tubes (down 0.29%), Shree Renuka Sugars (up 0.84%) and Rhi Magnesita India (down 0.69%) are some of the companies that will announce their quarterly earnings today.
Buzzing Index:
The Nifty IT index slipped 1.82% to 30,307.15. The index has declined 2.21% in two sessions.
Coforge (down 5.91%), Persistent Systems (down 3.5%), Infosys (down 2.05%), LTI Mindtree (down 1.94%) and Tata Consultancy Services (down 1.49%) were the top losers.
Among the other losers were Mphasis (down 1.33%), L&T Technology Services (down 1.14%), Wipro (down 0.97%), Tech Mahindra (down 0.97%) and HCL Technologies (down 0.43%).
Stocks in Spotlight:
Balkrishna Industries was locked in 10% lower circuit. The tyre maker's standalone net profit tumbled 69.7% to Rs 99.62 crore in Q3 FY23 as against Rs 328.58 crore posted in Q3 FY22. Revenue from operations rose 5.5% YoY to Rs 2142.32 crore in the quarter ended 31 December 2022.
BEML rose 0.49%. The company has received an order for supply of 118 units of Track Width Mine Plough (TWMP) for Arjun MBT MK-1A from HVF, Avadi. The consolidated value of the order is Rs 377.98 crore approximately, the supplies are expected to be completed by January 2026.
Thermax advanced 0.71%. The energy and environment solutions provider has received an order for Rs 251.7 crore from an Indian public sector power company. The contract is for the renovation and modernisation of the electrostatic precipitator (ESP) package of its 3x210 MW thermal power station in Bankura, West Bengal.
ABB India fell 1.67%. The company's net profit (from continuing operations) jumped 58.03% to Rs 305.91 crore on 15.48% rise in total revenue from operations to Rs 2,426.91 crore in Q4 CY2022 over Q4 CY2021.
Dilip Buildcon gained 0.23%. The civil construction company reported a standalone net profit of Rs 79.52 crore in Q3 FY23 as against a net loss of Rs 96.66 crore posted in Q3 FY22. Revenue from operations rose 8.2% year on year to Rs 2,378.78 crore in the quarter ended 31 December 2022.
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