The domestic equity barometers traded near the flat line with minor cuts in the mid-morning trade. The Nifty traded below the 18,200 level after hitting the day's high of 18,296.40 in the early trade. Pharma shares extended losses for the third consecutive trading session.
At 11:29 IST, the barometer index, the S&P BSE Sensex, was down 53.25 points or 0.09% to 61,131.90. The Nifty 50 index shed 11.95 points or 0.07% to 18,190.85.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.20% while the S&P BSE Small-Cap index gained 0.12%.
The market breadth was positive. On the BSE, 1,921 shares rose and 1,427 shares fell. A total of 144 shares were unchanged.
Investors kept a close eye on the results of the U.S. midterm elections. Traders also continued to look ahead to Thursday's report on US consumer price inflation. The inflation data would give clues about how much the U.S. Federal Reserve's rapid interest rate hikes are helping in cooling down the economy.
Buzzing Index:
The Nifty Pharma index declined 0.74% to 13,131.95, extending losses fort the third straight day. The index slipped 3.16% in three trading sessions.
Divis Laboratories (down 3.88%), Lupin (down 2.84%), Laurus Labs (down 1.98%), Ipca Laboratories (down 1.1%), Gland Pharma (down 1.06%), Sun Pharmaceuticals Industries (down 0.85%), Alkem Laboratories (down 0.75%), Aurobindo Pharma (down 0.68%), Pfizer (down 0.63%) and Zydus Lifesciences (down 0.59%), edged lower.
On the other hand, Glaxosmithkline Pharmaceuticals (up 1.08%) ,Dr Reddys Laboratories (up 0.75%) and Cipla (up 0.73%) advanced.
Earnigns Impact:
MRF dropped 3.4% after the tyre maker's consolidated net profit slipped 31.3% to Rs 129.86 crore despite of 18.7% rise in net sales to Rs 5,826.30 crore in Q2 FY23 over Q2 FY22.
Dr. Lal PathLabs tumbled 7.46% after the healthcare service provider's consolidated net profit slipped 24.53% to Rs 71.7 crore despite of 7.1% rise in revenue from operations to Rs 533.8 crore in Q2 FY23 over Q2 FY22.
PB Fintech rose 0.67% after the company reported consolidated net loss of Rs 186.64 crore in Q2 September 2022, lower than net loss of Rs 204.44 crore in Q2 September 2021. On a consolidated basis, revenue from operations surged 105.1% year on year to Rs 573.47 crore in Q2 September 2022.
Global Markets:
Asian stocks traded mixed on Wednesday as investors awaited the results of the United States midterm elections. Results of the U.S. midterm elections will decide whether the Democrats lose or retain congressional control halfway through President Joe Biden's term, with investors reportedly expecting Republican gains.
China's producer price index fell 1.3% in October on an annualized basis after rising 0.9% in September. China's consumer price index rose 2.1% in October compared to a year ago, easing after climbing 2.8% in September.
Wall Street ended higher on Tuesday during voting in midterm elections that will determine control of the US Congress, with investors betting on a political stalemate that could prevent major policy changes.
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