The Indian benchmark indices ended lower for the second straight session on Friday. Selling was wide spread led by metals, pharma and consumer durables shares. Banks and energy shares bucked the weak market trend. The Nifty closed below the 18,050 mark after hitting the day's high of 18,145.45 in mid-morning trade.
The barometer index, the S&P BSE Sensex shed 236.66 points or 0.39% to 60,621.77. The Nifty 50 index declined 80.20 points or 0.44% to 18,027.65. The 50-unit index has fallen 0.76% in two days.
Coal India (up 1.36%), Power Grid Corporation of India (up 1.18%) and HDFC Bank (up 0.92%) were top Nifty gainers. Hindustan Unilever (down 3.8%), Asian Paints (down 2.83%) and Bajaj Finance (down 2.77%) were major Nifty losers.
In the broader market, the S&P BSE Mid-Cap index fell 0.66% while the S&P BSE Small-Cap index shed 0.50%.
The market breadth was negative. On the BSE, 1,560 shares rose, and 1,912 shares fell. A total of 167 shares were unchanged.
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The yield on India's 10-year benchmark federal paper advanced to 7.350 from its close of 7.313 recorded in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.18, compared with its close of 81.36 during the previous trading session.
MCX Gold futures for 3 February 2023 settlement advanced 0.33% to Rs 56,730.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was advanced 0.23% to 102.29
The United States 10-year bond yield advanced 1.11% to 3.437.
In the commodities market, Brent crude for March 2023 settlement up 0.41 cents or 0.48% to $86.57 a barrel.
Global Markets:
Stocks in Europe and Asian advanced on Friday as investors digested Japan's inflation data.
The nationwide core consumer price index in Japan rose 4% in December on an annualized basis, the fastest pace since 1981. The reading climbed from the inflation print of 3.7% seen in November.
The People's Bank of China left the loan prime rates for 1-year and 5-year unchanged, widely in line with expectations. The 1-year LPR stayed at 3.65% while the 5-year LPR remained at 4.3%, both unchanged since August, 2022.
US stocks fell Thursday as investors grew increasingly concerned the Federal Reserve will keep raising rates despite signs of slowing inflation.
Investors sentiment took a hit after the US reported lower-than-expected weekly unemployment claims, a sign of a robust labour market. This might result in the Fed maintaining its aggressive rate hike policy, increasing the likelihood that the world's largest economy would experience a recession.
Boston Federal Reserve President Susan Collins said Thursday that she thinks the central bank can enact smaller interest rate hikes after a series of aggressive moves last year. Collins said she is "reasonably optimistic that there is a pathway to reducing inflation without a significant economic downturn."
Stocks in Spotlight:
Siyaram Silk Mills surged 5.47% after ace investor Vijay Kedia picked up a stake in fabric and garment manufacturer during the third quarter of FY23.
As per the shareholding disclosure for the third quarter ended December 2022, Vijay Kedia held about 5 lakh shares, or 1.07% equity, of Siyaram Silk Mills. Kedia did not hold any stake in the company during the previous quarter of July-September 2022 period.
Bandhan Bank rose 0.36%. The private lender's net profit tumbled 66.17% to Rs 290.57 crore in Q3 FY23 as against Rs 858.97 crore recorded in Q3 FY22. Total income stood at Rs 4,840.94 crore in quarter ended 31 December 2022, registering a growth of 17.56% from Rs 4,117.76 crore posted in Q3 FY22.
Hindustan Unilever fell 3.8%. The FMCG major reported 12% rise in standalone net profit to Rs 2,505 crore on a 16% increase in turnover to Rs 14,986 crore in Q3 FY23 over Q3 FY22.
HUL's board approved the proposal to enter a new arrangement wherein it will now be paying royalty and central services fees to Unilever Group at 3.45% of turnover, up from 2.65% in FY22. This increase will be affected in a staggered manner over a period of 3 years, the company said.
Hindustan Zinc tumbled 6.49% after the mining company's consolidated net profit slipped 20.2% to Rs 2,156 crore from Rs 2,701 crore recorded in Q3 FY22. Revenue from operations during the quarter was Rs 7,866 crore, down 1.6% year on year (YoY), on account of lower LME coinciding with lower refined metal and silver volumes partially offset by favourable exchange rates and gains from strategic hedging.
HDFC Life Insurance Company shed 2.41%. The company reported 15.19% increase in standalone net profit to Rs 315.22 crore in Q3 FY23 as against Rs 273.65 crore posted in Q3 FY22. The life insurer's net premium income jumped 18.6% to Rs 14,379.38 crore in quarter ended 31 December 2022 as compared with Rs 12,124.36 crore recorded in Q3 FY22
Coforge jumped 3.38% after the company reported 13.5% rise in consolidated net profit to Rs 228.2 crore on a 4.9% increase in gross revenues to Rs 2,055.8 crore in Q3 FY23 over Q2 FY23.
L&T Technology Services (LTTS) slipped 4.93%. The company reported a 7.51% rise in consolidated net profit to Rs 303.60 crore on 2.68% increase in revenue from operations to Rs 2,048.60 crore in Q3 FY23 over Q2 FY22.
Mphasis slipped 2.25% after the IT reported 1.5% fall in consolidated net profit to Rs 412.3 crore on a 0.4% declin in revenue from operations to Rs 3,506.2 crore in Q3 FY23 over Q2 FY23.
IndiaMART InterMESH rose 1.48% after the company's consolidated net profit jumped 61% to Rs 113 crore on 34% rise in net sales to Rs 251 crore in Q3 December 2022 over Q3 December 2021.
AU Small Finance Bank shed 0.82%. The bank reported 30% jump in net profit to Rs 393 crore on a 41% rise in net interest income to Rs 1,153 crore in Q3 FY23 over Q3 FY22. Net interest margin (NIM) for the quarter was stable at 6.2%. Total income increased by 36% YoY to Rs 2,413 crore in Q3 FY23.
Union Bank of India skid 0.37%. The bank reported a net profit of Rs 2,245 crore in Q3 FY23, which is significantly higher as compared with a net profit of Rs 1,085 crore recorded in the same period last year. Total income during the quarter increased 24% YoY to Rs 24,154 crore.
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