The key equity indices turned rangebound in mid-morning trade. The Nifty continued to trade below the 18,150 level after hitting the day's high at 18,201.25 in early trade. IT shares witnessed decent buying for second consecutive session.
At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 129.67 points or 0.21% to 61,071.34. The Nifty 50 index added 26.80 points or 0.15% to 18,145.35.
In the broader market, the S&P BSE Mid-Cap index slipped 0.30% while the S&P BSE Small-Cap index lost 0.17%.
Kalpataru Power Transmission (down 5.02%), L&T Finance Holdings (down 4.60%), The Phoenix Mills (down 4.03%), Alok Industries (down 3.72%) and RBL Bank (down 3.94%) were the top losers in the broader market segment.
Route Mobile (up 9.74%), Happiest Minds Technologies (up 5.65 %), Zensar Technologies (up 4.95%), Poonawalla Fincorp (up 4.85%) and Vaibhav Global (up 4.07%) were the top broader market gainers.
The market breadth almost even. On the BSE, 1,634 shares rose, and 1,667 shares fell. A total of 178 shares were unchanged.
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Domestic investors keep an eye out for the Q3 earnings of the market heavyweight and auto giant Maruti Suzuki (up 0.45%), along with the other majors like TVS Motor Company (down 0.84%) and SBI Cards and Payment Services (down 1.60%) slated for release on Tuesday.
Buzzing Index:
The Nifty IT index rose 0.88% to 30,349.85. The index has advanced 2.78% in two sessions.
L&T Technology Services (up 4.32%), Mphasis (up 2.83%), LTI Mindtree (up 2.54%), Coforge (up 1.86%) and HCL Technologies (up 1.23%) were the top gainers.
Among the other gainers were Infosys (up 0.9%), Tata Consultancy Services (up 0.35%) and Tech Mahindra (up 0.26%).
On the other hand, Persistent Systems (down 0.55%), Wipro (down 0.11%), moved lower.
Stocks in Spotlight:
Syngene International fell 1.92%. The company reported a 5.5% rise in consolidated net profit to Rs 109.70 crore in Q3 FY23 as against Rs 104 crore posted in Q3 FY22. Revenue from operations jumped 22.5% to Rs 785.90 crore in the quarter ended 31 December 2022 as compared to Rs 641.40 crore recorded in Q3 FY22.
Container Corporation of India (CONCOR) slipped 3.07%. CONCOR's consolidated net profit rose 3.4% to Rs 294.20 crore on 3.4% increase in revenue from operations to Rs 2,004.46 crore in Q3 FY23 over Q3 FY22.
Tata Communications tumbled 4.36%. The company's consolidated net profit declined marginally to Rs 393.88 crore in Q3 FY23 from Rs 395.21 crore posted in Q3 FY22.
Gland Pharma declined 1.50%. The pharmaceutical company's consolidated net profit dropped 15% to Rs 231.95 crore on 11.8% decline in net sales to Rs 938.29 crore in Q3 FY23 over Q3 FY22.
Global Markets:
Markets in Asia advanced on Tuesday as investor confidence surged into the Lunar New Year with China lifting its stringent Covid curbs and on rising hopes that the end to interest rate hikes may finally be in sight.
US stocks closed sharply higher on Monday, fuelled by surging technology stocks as investors began an earnings-heavy week with a renewed enthusiasm for market-leading momentum stocks that were battered last year.
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