At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 384.15 points or 0.63% to 60,457.73. The Nifty 50 index lost 119.75 points or 0.67% to 17,734.30.
In the broader market, the S&P BSE Mid-Cap index rose 0.44% while the S&P BSE Small-Cap index gained 0.57%.
The market breadth was positive. On the BSE, 1,786 shares rose, and 1,555 shares fell. A total of 226 shares were unchanged.
Buzzing Index:
The Nifty IT index declined 0.72% to 30,376.75. The index advanced 2.88% in past three trading sessions.
Among the components of the Nifty IT index, Infosys Ltd (down 1.85%), Wipro Ltd (down 1.16%), Tata Consultancy Services Ltd (down 1.02%), Tech Mahindra Ltd (down 0.77%) and HCL Technologies Ltd (down 0.45%) were the top losers. Among the other losers were Coforge Ltd (down 0.2%).
On the other hand, LTI Mindtree Ltd (up 2.08%) ,Persistent Systems Ltd (up 0.42%) and L&T Technology Services Ltd (up 0.14%) turned up.
Stocks in Spotlight:
One 97 Communications (Paytm) rallied 5.72% after the company reported a consolidated net loss of Rs 392 crore as against a net loss of Rs 778.4 crore posted in Q3 FY22. Revenue from operations surged 41.62% to Rs 2062.2 crore in the quarter ended 31 December 2022 from Rs 1456.1 crore recorded in the same period last year.
Affle (India) rose 1.01% after the company's consolidated normalized profit after tax (PAT) jumped 14.8% year on year and 17.6% quarter on quarter to Rs 69 crore in Q3 FY23. Affle reported consolidated revenue from operations of Rs 376.1 crore in Q3 FY23, an increase of 10.8% YoY and an increase of 6.1% QoQ.
Relaxo Footwears slipped 3.38% after the company reported 57% drop in net profit to Rs 30 crore in Q3 FY23 from Rs 70 crore in Q3 FY22. Revenue from operations declined 8% YoY to Rs 681 crore during the quarter. It was impacted by the subdued demand in mass segment articles and the higher volume/value base in the corresponding quarter in FY22 due to change in GST rate with effect from1 January 2022.
Global markets:
Most of the Asian stocks were trading lower on Monday as a stronger-than-expected jobs report from the U.S. worrying investors the Federal Reserve has room for more interest rate hikes, as it continued its efforts to control inflation.
US stocks dropped on Friday after a shockingly strong US jobs report renewed concerns the Federal Reserve may remain aggressive in its path of interest rate hikes as it tries to tame inflation.
US job growth accelerated sharply in January while the unemployment rate hit more than a 53-1/2-year low of 3.4%. The survey of establishments showed nonfarm payrolls surged by 517,000 jobs last month. Data for December was revised higher to show 260,000 jobs added instead of the previously reported 223,000.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
