The domestic equity benchmarks ended with limited losses after a weak session on Monday. The Nifty managed to close above the 17,750 mark after hitting the day's low at 17,719.75 in afternoon trade. Barring FMCG, shares across sectors declined with IT, metal and PSU bank stocks falling the most.
As per provisional closing data, the barometer index, the S&P BSE Sensex, declined 250.86 points or 0.41% to 60,431.84. The Nifty 50 index lost 85.60 points or 0.48% to 17,770.90.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.25% while the S&P BSE Small-Cap index declined 1.17%
The market breadth was weak. On the BSE, 1,253 shares rose and 2,334 shares fell. A 172 total of 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 IT index fell 1.88% to 30,289.65. The index has declined 2.26% in two sessions.
Coforge (down 6.97%), Persistent Systems (down 3.45%), Infosys (down 2.56%), Tata Consultancy Services (down 1.56%) and LTI Mindtree (down 1.5%) were the top losers.
Among the other losers were Tech Mahindra (down 1.46%), Wipro (down 1.28%), Mphasis (down 1.15%), L&T Technology Services (down 0.84%) and HCL Technologies (down 0.24%).
Stocks in Spotlight:
Godrej Industries added 0.26%.The company reported 117.82% jump in consolidated net profit to Rs 314.58 crore in Q3 FY23 as against Rs 144.42 crore posted in Q3 FY22. Revenue from operations stood at Rs 3,842.55 crore in the quarter ended 31 December 2022, up 9.33% from Rs 3,514.61 crore reported in Q3 FY22.
Gujarat Gas rose 0.94%. The gas distribution company's standalone net profit surged 204.49% to Rs 371.26 crore in Q3 FY23 as against Rs 121.93 crore posted in Q3 FY22. Revenue from operations declined 27.1% year on year (YoY) to Rs 3,821.28 crore in the quarter ended 31 December 2022.
Indian Railway Finance Corporation (IRFC) shed 0.66%. The company reported 2% rise in net profit to Rs 1633.45 crore on a 22% increase in total income to Rs 6222.03 crore in Q3 FY23 over Q3 FY22.
ABB India declined 2.86%. The company's net profit (from continuing operations) jumped 58.03% to Rs 305.91 crore on 15.48% rise in total revenue from operations to Rs 2,426.91 crore in Q4 CY2022 over Q4 CY2021. The company said that volume growth, strong price realizations, cost optimization, and improved revenue mix were the key factors which aided growth in profit throughout the year.
Balkrishna Industries slumped 10.97%. The tyre maker's standalone net profit tumbled 69.7% to Rs 99.62 crore in Q3 FY23 as against Rs 328.58 crore posted in Q3 FY22. Revenue from operations rose 5.5% YoY to Rs 2142.32 crore in the quarter ended 31 December 2022.
PB Fintech rose 0.34%. The fintech 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.
Glenmark Pharmaceuticals jumped 5.29%. The pharma company's consolidated net profit rose 21.13% to Rs 290.76 crore on 8% increase in net sales to Rs 3,392.24 crore in Q3 FY23 over Q3 FY22. On a consolidated basis, Active Pharmaceutical Ingredients (API) sales grew 23.9% YoY to Rs 375.6 crore during the period under review.
National Aluminium Company rose 2.74%. The company reported 67% drop in standalone net profit to Rs 273.85 crore in Q3 FY23 from Rs 830.86 crore in Q3 FY22. Revenue from operations fell by 13% YoY to Rs 3,289.98 crore during the quarter.
Indigo Paints fell 3.66%. The paint maker 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:
European markets advanced while most Asian stocks ended 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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