The benchmark equity indices settled with minor losses after a lackluster trading session on Wednesday. After an initial decline, the Nifty 50 index traded near the flat line for most part of the session. However, the tone was on the positive side amid firmness in select index majors. Auto, oil & gas and select PSU banks advanced while pharma and FMCG were subdued after last week's big up move.
The barometer index, the S&P BSE Sensex slipped 17.15 points or 0.03% to 60,910.28. The Nifty 50 index lost 9.80 points or 0.05% to 18,122.50. Both the indices rose about 2% in the past two trading sessions.
Titan Company (up 3.10%), M&M (up 1.57%) and Adani Enterprises (up 0.72%) supported the indices. Bharti Airtel (down 1.39%), Bajaj Finserv (down 0.86%) and Bajaj Finance (down 0.60%) dragged.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.23% while the S&P BSE Small-Cap index added 0.45%.
The advance-decline ratio was tilted towards buyers. On the BSE, 2075 shares rose and 1407 shares fell. A total of 147 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 0.68% to 15.395.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose to 7.315 as compared with 7.308 at close in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.835, compared with its close of 82.87 during the previous trading session.
MCX Gold futures for 3 February 2023 settlement lost 0.47% to Rs 54,741.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.04% 104.22.
The United States 10-year bond yield declined 0.78% to 3.828.
In the commodities market, Brent crude for February 2023 settlement fell 28 cents or 0.33% to $84.05 a barrel.
Global Markets:
European shares advanced while most Asian stocks declined on Wednesday, with investors looking for direction after China took further steps towards reopening its COVID-battered economy.
A faster than anticipated peak of infection has stoked expectations that a quick economic recovery is on the cards.
Meanwhile, the U.S. government is considering imposing new Covid rules for travelers from China, as per reports. Separately, Japan announced on Tuesday it would require a negative Covid test for visitors from China starting December 30.
Wall Street ended lower at the beginning of a holiday-shortened week on Tuesday, as rising US Treasury yields pressured interest rate sensitive megacap shares.
Stocks in Spotlight:
New-age tech companies gained in trade. Paytm rose 4.4%. Zomato and CarTrade were up by 2% each.
Rail Vikas Nigam (RVNL) hit a upper circuit of 5% after the company was appointment as project implementation agency for the UTF Harbor Project in Maldives. This is a strategic project of Govt. of India. The project costs is Rs 1,544.60 crore.
Suryoday Small Finance Bank advanced 6.10%. The Reserve Bank of India has approved the re-appointment of Baskar Babu Ramachandran, as the MD & CEO of the Bank for a further period of three years, with effect from 23 January 2023.
India Pesticides jumped 8.82%. The company's wholly owned subsidiary i.e. Shalvis Specialities (SSL) received environmental clearance from Ministry of Environment for setting up Manufacturing Plant of "Agrochemicals & Intermediates, API Ingredients & Intermediates and Fine Chemicals Manufacturing Unit' at UPSIDC Industrial Area, Sumerpur, District Hamirpur, Uttar Pradesh.
Hariom Pipe Industries surged 6.26%. The company entered into asset transfer agreement with R.P.Metal Sections to purchase their operating asset which manufactures galvanized pipe and cold roll coil. This purchase is for an all cash consideration of Rs 55 crore.
Chalet Hotels jumped 4.30% after a foreign broker initiated 'buy' rating on the stock with a price target of Rs 455 per share.
Welspun Enterprises rose 1.86% after the company said its boad will consider a share buyback and interim dividend on 30 December 2022.
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