The key equity benchmarks traded flat, with some positive bias, in mid-afternoon trade. The Nifty managed to trade above the 17,900 mark after hitting the day's low of 17,853.80 in mid-morning trade. IT stocks witnessed strong buying demand.
At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 14.19 points or 0.02% to 60,018.07. The Nifty 50 index rose 12.70 points or 0.07% to 17,939.70.
In the broader market, the S&P BSE Mid-Cap index rose 0.23% while the S&P BSE Small-Cap index added 0.12%
The market breadth turned negative. On the BSE, 1,575 shares rose and 1,841 shares fell. A total of 137 shares were unchanged.
Investor sentiment took a hit after stronger-than-expected U.S. inflation readings ramped up fears of more hawkish moves from the Federal Reserve. The U.S. consumer price index data for January showed that inflation remained resilient despite a slew of interest rate hikes by the Fed. Regional central banks are also expected to raise rates to keep up with the Fed, further tightening the liquidity conditions.
Numbers to track:
The yield on India's 10-year benchmark federal paper declined 0.22 per cent to 7.355 from 7.371 previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.8325, compared with its close of 82.78 during the previous trading session
MCX Gold futures for 5 April 2023 settlement declined 1.04% to Rs 56161.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.31% to 103.55.
The United States 10-year bond yield declined 0.47% to 3.743.
In the commodities market, Brent crude for April 2023 settlement declined $1.34 or 1.57% to $84.24 a barrel.
Buzzing Index:
The Nifty IT index advanced 0.65% to 30,788.70. The index has gained 2.07% in two sessions.
Tech Mahindra (up 4.42%), LTI Mindtree (up 1.65%), Persistent Systems (up 1.54%), Coforge (up 0.5%), Wipro (up 0.42%), L&T Technology Services (up 0.37%), HCL Technologies (up 0.36%), Mphasis (up 0.17%) and Infosys (up 0.07%) advanced while Tata Consultancy Services (down 0.09%) edged lower.
Stocks in Spotlight:
Jindal Poly Films tumbled 8.77%. The company reported a consolidated net loss of Rs 96.63 crore in Q3 FY23 as against a net profit of Rs 217.98 crore in recorded Q3 FY22. Revenue from operations dropped 34.8% to Rs 886.65 crore in Q3 FY23 from Rs 1,359.18 crore posted in the corresponding quarter previous year
Gujarat Mineral Development Corporation (GMDC) surged 7.61%. The company's consolidated net profit jumped 77.6% to Rs 266.12 crore in Q3 FY23 from Rs 149.82 crore in Q3 FY22. Revenue from operations increased 18.1% to Rs 855.41 crore in the quarter ended 31 December 2022 as compared to Rs 724.58 crore posted in the corresponding quarter previous year.
Reliance Industries rose 1.81%. Ahmedabad Bench of the National Company Law Tribunal has approved the resolution plan jointly submitted by RIL and Assets Care & Reconstruction Enterprise for the resolution of Sintex Industries.
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