Sensex slips 251 pts ahead of inflation data; SBI, IT shares fall

CLOSING BELL: The NSE Nifty 50 ended 86 points lower; Broader indices log deeper cuts. Adani Group shares fall again.

9:54 AM

Upside for Gold seen capped at Rs 56,950; Silver may test Rs 64,000

The MCX Gold futures slipped below its short-term moving average for the first time in three months. Going ahead, the Rs 56,950-level needs to be closely watched to gauge the market sentiment. Sustained trade below the same could lead to a consolidation and price correction. READ

9:49 AM

MARKET VIEW: Lack of clear direction amid mixed signs

There is no clear direction in the market. There are both negative and positive signs. The rise in the dollar index to 103.7 and the hardening of bond yields are unfavourable for emerging market equity. Rising yields indicate that rates will remain higher for longer. Also, the spike in Brent crude to around $86 is a macro concern for India.
 

The positive is that the sustained FII selling has reversed with a Rs 1458 crore buy figure on Friday. It remains to be seen whether this trend will sustain. If it does, bulls can take the markets higher. Capital goods, IT, cement and high quality banks after the correction are on strong wicket.

Views by V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

9:37 AM

Double bonanza for Oil India; Co reports record Q3 net, Brent crude prices start rising

The state-owned company reported the highest-ever quarterly net profit of Rs 1,746.10 crore in Q3FY23 from Rs 1,244.90 crore in Q3FY22, on the back of rise in oil and natural gas prices. The turnover also increased 27 per cent to Rs 5,981.63 crore. Moreover, the board declared a second interim dividend of Rs 10 per share.

9:35 AM

Glenmark Pharma leaps over 4.5% on decent Q3 results

The company reported 21.3 per cent rise in consolidated profit after tax at Rs 290.8 crore in Q3FY23 from Rs 239.8 crore in Q3FY22. Consolidated revenue, too, was up 9.2 per cent to Rs 3,463.9 crore during the quarter. The company said the India business continued to see strong increase in secondary sales.

9:33 AM

NALCO rises over 2% on Rs 284-cr Q3 PAT

The company clocked net profit of Rs 284 crore in Q3FY23, as against Rs 170 crore in the year-ago period. Despite strong production growth, lower sales volume, higher input costs, and challenging global environment affected profit margins. However, the management expects the situation to improve in Q4FY23 as prices firm up.

9:32 AM

Tata Steel gains 1% in a weak market on merger update

Managing director and CEO TV Narendran said that the merger of seven subsidiary companies with Tata Steel is expected to be complete in 2023-24 fiscal year. Earlier, the board had approved proposal to merge subsidiaries into itself for greater synergies, higher efficiency, and reduced costs.

9:30 AM

M&M erases morning gains, now down 0.3%

The automaker is likely to roll out its first electric vehicle from Zaheerabad plant in Telangana by 2024. The management said that the manufacturing facility will be utilised for new product development and new electric vehicles. Both e-autos and e-Jeeto will be manufactured in the plant.

9:27 AM

MARKET CHECK :: Sensex slips after hovering mildly above flat line

9:26 AM

SmallCap Heatmap :: Dishman Carbogen Amcis sprints 12%, Sintex Plastics Technology 10%

9:24 AM

MidCap Heatmap :: OIL jumps 8% as brent crude prices gain; Balkrishna Ind, Adani Power slide

9:22 AM

Broader markets :: Upticks dominate across indices; MidCap index wee bit in red

9:20 AM

Sector check :: Trend mixed across indices; IT falls the most, Metal lead gainer

9:19 AM

Sensex Heatmap :: M&M, Bajaj Finserv lend support, rise up to 1%; Infy slips 0.9%

9:17 AM

Opening Bell :: Nifty holds 17,850

9:16 AM

Market Opening :: Sensex opens flat with negative bias