The frontline indices traded with modest losses in morning trade. The Nifty hovered near the 17,600 level. PSU bank, metal and auto scrips advanced while IT, FMCG and oil & gas shares witnessed a bit of a selling pressure.
At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 208.53 points or 0.35% to 59,291.88. The Nifty 50 index lost 55.30 points or 0.31% to 17,593.65.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.65% while the S&P BSE Small-Cap index gained 1.09%.
The market breadth was strong. On the BSE, 1,954 shares rose and 1,187 shares fell. A total of 144 shares were unchanged.
The Central government is set to table the Economic Survey 2022-23 today, 31 January 2023. The Economic Survey is the government's review of how the economy fared in the past year. Union Finance Minister Nirmala Sitharaman is set to table the Union Budget 2023 on 1 February 2023.
Investors were cautious ahead of upcoming interest rate decision by the US Federal Reserve, Bank of England and European Central Bank later this week in an effort to tame the inflation.
Earnings Today:
Coal India (up 0.44%), Power Grid Corporation of India (up 1.98%), Sun Pharmaceutical Industries (down 0.37%), UPL (up 2.10%), ACC (up 1.96%), BASF India (up 0.27%), Blue Star (up 0.25%), Edelweiss Financial Services (up 0.77%), Great Eastern Shipping (up 2.01%), Godrej Consumer Products (up 0.24%), Indian Hotels (up 2.42%), Indian Oil Corporation (up 1.71%), Jindal Steel & Power (up 1.89%), KEC International (up 0.89%), KPIT Technologies (up 1.75%), Max Financial Services (up 0.61%), MOIL (up 1.59%), RailTel Corporation of India (up 1.33%), Spandana Sphoorty Financial (up 3.42%), Star Health (up 2.42%), and TTK Prestige (up 3.55%) will announce their quarterly earnings later in the day.
Economy:
The International Monetary Fund (IMF) has retained its GDP growth forecasts for India for 2022-23 and 2023-24 at 6.8% and 6.1%, respectively. Growth in India is set to decline from 6.8% in 2022-23 to 6.1% in 2023-24 before picking up to 6.8% in 2024-25, with resilient domestic demand despite external headwinds, the IMF said in an update to its World Economic Outlook report.
Buzzing Index:
The Nifty IT index declined 1.44% to 29,660.20. The index added 1.10% in the past trading session.
Tech Mahindra (down 3.45%), Coforge (down 3.07%), Mphasis (down 1.75%), HCL Technologies (down 1.68%), LTI Mindtree (down 1.66%), Infosys (down 1.54%), Persistent Systems (down 1.5%), L&T Technology Services (down 1.27%), Tata Consultancy Services (down 1.15%) and Wipro (down 0.58%) edged lower.
Tech Mahindra slipped 3.45%. The IT major's consolidated net profit rose marginally to Rs 1,296.6 crore in Q3 FY23 as against Rs 1,285.4 crore posted in Q2 FY23. Revenue from operations grew 4.61% quarter on quarter (QoQ) to Rs 13,734.6 crore in quarter ended 31 December 2022. On a year on year (YoY) basis, Tech Mahindra's net profit declined 5.25% while revenue jumped 19.94% in Q3 FY23. The IT firm secured net new deals worth $795 million in Q3 FY23 as against $716 million in Q2 FY23 and $704 million in Q3 FY22.
Results Impact:
Mangalore Refinery & Petrochemicals (MRPL) added 0.78%. The company reported a standalone net loss of Rs 187.96 crore in Q3 FY23 as compared to a net profit of Rs 586.37 crore in Q3 FY22. Gross revenue from operations rose 23.7% to Rs 30,966 crore in Q3 FY23 over Q3 FY22. Revenue from operations (excluding excise duty) jumped 30% to Rs 26,557.44 crore in Q3 FY23 from Rs 20,419.45 crore recorded in corresponding quarter previous year.
Astec Lifesciences tumbled 13.30% after the company's consolidated net profit slumped 96.61% to Rs 0.84 crore on 32.40% decline in net sales to Rs 117.18 crore in Q3 FY23 over Q3 FY22.
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