At 09:28 IST, the barometer index, the S&P BSE Sensex, was down 20.12 points or 0.03% to 61,101.03 The Nifty 50 index lost 1.60 points or 0.00% to 18,143.80.
In the broader market, the S&P BSE Mid-Cap index rose 0.30% while the S&P BSE Small-Cap index gained 0.45%.
The market breadth was strong. On the BSE, 1,711 shares rose and 960 shares fell. A total of 134 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,609.94 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 730.14 crore in the Indian equity market on 1 November, provisional data showed.
Stocks in Spotlight:
Tech Mahindra rose 0.44%. On a consolidated basis, the IT major's net profit rose 13.59% to Rs 1,285.40 crore on 3.32% increase in revenue from operations to Rs 13,129.50 crore in Q2 FY23 over Q1 FY23. On a year on year (YoY) basis, Tech Mahindra's net profit declined 4% while revenue jumped 20.7% in Q2 FY23.
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Adani Ports and Special Economic Zone (APSEZ) slipped 1.06%. APSEZ reported 65% rise in consolidated net profit to Rs 1738 crore on 33% rise in total revenue to Rs 5211 crore in Q2 FY23 over Q2 FY22.
Voltas declined 1.65%. Voltas reported consolidated net loss of Rs 6 crore in Q2FY23 as compared to net profit of Rs 104 crore reported in Q2FY22. Total income rose to Rs 1833 crore during Q2FY23 as against Rs 1737 crore recorded in Q2FY22.
Global markets:
Asian stocks are trading mixed on Wednesday as investors brace for another likely 75-basis-point rate hike by the US Federal Reserve.
US stocks slipped on Tuesday as investors digested economic data ahead of an expected rate hike from the Fed later Wednesday.
Investors will be closely eyeing any signals in the statement or comments from Fed Chair Jerome Powell afterward that the central bank is contemplating decreasing its rate hikes.
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