The key benchmark indices with small gains on Thursday. The Nifty 50 index regained the 17,850 mark after hitting the day's low of 17,779.80 in morning trade. Trading was volatile due to expiry of weekly index options on the NSE. Traders mostly remained on the sidelines in the absence of any fresh positive triggers. Meanwhile, FII selling continued to weigh on investors sentiment. IT and media shares climbed while metals and realty shares declined.
The S&P BSE Sensex gained 142.43 points or 0.23% to 60,806.22. The Nifty 50 index added 21.75 points or 0.12% to 17,893.45.
Bajaj Finserv (up 2.27%), Hindalco Industries (up 2.20%) and HDFC Life Insurance (up 2.19%) were top Nifty gainers.
In the broader market, the S&P BSE Mid-Cap index shed 0.01% while the S&P BSE Small-Cap index fell 0.15%.
The market breadth was negative. On the BSE, 1,700 shares rose and 1,767 shares fell. A total of 146 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 4.08% to 13.04.
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Numbers to Watch:
The yield on India's 10-year benchmark federal paper was flat at 7.344.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.5150, compared with its close of 82.5450 during the previous trading session.
MCX Gold futures for 5 April 2023 settlement advanced 0.15% to Rs 57,300.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.48% to 102.91.
The United States 10-year bond yield declined 1.27% to 3.590.
In the commodities market, Brent crude for April 2023 settlement up 38 cents or 0.45% to $85.47 a barrel.
Global Markets:
The Dow Jones futures were up 216 points, indicating a positive opening in the US stock market today.
European shares rose across the board while Asian stocks ended mixed on Thursday, as investors assessed further risks of more rate hikes to come.
Rating agency Fitch has revised its forecast for China's economic growth in 2023 to 5.0% from 4.1% previously as consumption and broader activity are recovering faster than initially anticipated after the end of the zero-COVID regime.
US stocks fell on Wednesday on corporate profit worries including Chipotle and Lumen Technologies' disappointing results. A number of Federal Reserve speakers reiterated the central bank is yet to be finished with its hiking cycle, including Fed Governor Christopher Waller.
Stocks in Spotlight:
Hindalco Industries rose 2.2%. On a consolidated basis, the aluminium major's net profit tumbled 63% to Rs 1,362 crore on 6% increase revenue from operations to Rs 53,151 crore in Q3 December 2022 over Q3 December 2021. Net profit was impacted by elevated input costs, unfavourable macros and inflationary impacts. Revenue growth was driven by higher volumes and steady operational performance across India operations.
Indian Railway Catering and Tourism Corporation (IRCTC) gained 1.59% after the company's net profit rose 22.37% to Rs 255.53 crore on 69.95% surge in revenue from operations to Rs 918.06 crore in Q3 FY23 over Q3 FY22.
Cummins India jumped 6.94% after the company's consolidated net profit jumped 65.9% to Rs 413.80 crore on 25.7% increase in net sales to Rs 2148.99 crore in Q3 December 2022 over Q3 December 2021.
Trent surged 8.64% after the company's consolidated net profit rose 19.6% to Rs 167 crore on 53.7% increase in net sales to Rs 2303.38 crore in Q3 December 2022 over Q3 December 2021.
Piramal Pharma dropped 10.12% after the company reported consolidated net loss of Rs 90 crore in Q3 December 2022 as against a net profit of Rs 163.37 crore in the year-ago period. The company's revenue from operations rose by 11% year-on-year to Rs 1,716 crore in Q3FY23 from Rs 1,539 crore in the year-ago period.
Adani Power was locked in lower circuit of 5% after the company's consolidated net profit slumped 96% to Rs 8.77 crore in Q3 FY23 as against Rs 218.49 crore recorded in Q3 FY22. Revenue from operations stood at Rs 7,764.41 crore in the quarter ended 31 December 2022, registering a growth of 44.8% from Rs 5,360.88 crore posted in Q3 FY22.
MRF slipped 3.29% to Rs 89,173.90. The tyre maker's consolidated net profit rose 17.03% to Rs 174.83 crore on 14.72% increase in revenue from operations to Rs 5,644.55 crore in Q3 FY23 over Q3 FY22. The company's board has declared a second interim dividend of Rs 3 per equity share for the financial year ending 31 March 2023. The record date for the same is fixed on Tuesday, 21 February 2023.
Oberoi Realty rose 0.8%. The real estate developer's consolidated net profit surged 50.3% to Rs 702.57 crore in Q3 FY23 from Rs 467.53 crore reported in Q3 FY22. Revenue from operations soared 95.8% to Rs 1,629.46 in Q3 FY23 as against Rs 832.01 crore recorded in the corresponding quarter previous year.
Central Depository Services (India) rose 1.26% after the company announced crossing another milestone of opening eight crore (80 million) plus active demat account. CDSL is currently the largest depository in the country in terms of active demat accounts.
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