The domestic equity barometers managed to pare some losses in mid-morning trade. The Nifty traded above the 17,750 mark after hitting the day's low at 17,735.15 in morning trade. PSU banks witnessed across the board selling.
At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 282.72 points or 0.47% to 60,399.98. The Nifty 50 index lost 83.80 points or 0.47% to 17,772.70.
In the broader market, the S&P BSE Mid-Cap index fell 0.94% while the S&P BSE Small-Cap index declined 0.76%
The market breadth was positive. On the BSE, 1309 shares rose and 2070 shares fell. A total of 178 shares were unchanged.
Investors awaited the release of India's retail inflation data, which will be announced later today.
Meanwhile, Fed Fear weighed on investor sentiment as the market focus shifted to the US CPI Report and US Retail sales figures that could force the Fed into more aggressive policy moves, thereby raising the possibility of interest rates rising above 5%.
Buzzing Index:
The Nifty PSU Bank index fell 2.38% to 3,826.25. The index had advanced 0.41% to end at 3,919.50 on Friday.
State Bank of India (down 3.1%), Bank of Baroda (down 2.54%), Canara Bank (down 2.53%), Punjab National Bank (down 2.15%) and Punjab & Sind Bank (down 2.05%) were the top losers.
Among the other losers were Bank of Maharashtra (down 1.95%), Indian Overseas Bank (down 1.83%), Union Bank of India (down 1.63%), Central Bank of India (down 1.62%) and Indian Bank (down 1.5%).
Stocks in Spotlight:
Info Edge (India) slumped 9.88%. The company reported a standalone net loss of Rs 84.26 crore in Q3 FY23 from a net profit of Rs 336.37 crore recorded in Q3 FY22. Revenue from operations jumped 33.4% to Rs 555.18 crore in the quarter ended 31 December 2022 as against Rs 416.08 crore posted in Q3 FY22.
PB Fintech rose 2.19%. The company reported a consolidated net loss of Rs 87.62 crore in Q3 FY23 from a net loss of Rs 298.02 crore in Q3 FY22. Revenue from operations surged 66.1% year on year to Rs 610.09 crore in the quarter ended 31 December 2022
Ashoka Buildcon jumped 4.15%. The company reported net profit of Rs 66.72 crore in Q3 FY23 as against net loss of Rs 693.55 crore posted in Q3 FY22. Revenue from operations jumped 41.3% year on year (YoY) to Rs 1,559.51 crore in the quarter ended 31 December 2022.
Indigo Paints fell 2.02%. The company reported 8.06% rise in net profit to Rs 26.26 crore on a 5.95% increase in net revenue from operations to Rs 281.27 crore in Q3 FY23 over Q3 FY22.
Global markets:
Asian stocks traded mostly lower on Monday as investors look ahead to a week of crucial economic data releases, including the U.S. consumer price index that will determine the Federal Reserve's path forward.
Singapore reported 3.6% GDP growth for 2022, less than the 8.9% growth in 2021. In the fourth quarter, the city-state's economy grew 2.1% on an annualized basis, compared with 4% in the previous quarter.
US stocks fell on Friday after a slew of corporate earnings and Federal Reserve speakers reiterated their hawkish messages that there is more work to be done to tame inflation.
US consumer sentiment improved to a 13-month high in February, a survey showed on Friday. The sentiment index has rebounded from a low of 50 last June. The survey's measure of current economic conditions increased to a reading of 72.6 this month from 68.4 in January.
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