The domestic equity barometers extended losses to end volatile session in the red on Friday. The Nifty settled above the 17,850 mark after hitting the day's low of 17,801 in morning trade. Traders were cautious ahead of the retail inflation data for January, due on Monday, 13 February 2023. Realty and telecom sector stocks were in demand. On the other hand, metal and power sector stocks were under pressure.
The barometer index, the S&P BSE Sensex, declined 123.52 points or 0.20% to 60,682.70. The Nifty 50 index lost 36.95 points or 0.21% to 17,856.50.
Tata Motors (up 1.75%), UPL (up 1.47%) and Cipla (up 1.13%) were top Nifty gainers.
Adani Enterprises (down 3.78%), HCL Technologies (down 2.65%) and Hindalco Industries (down 2.42%) were major Nifty losers.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.04% while the S&P BSE Small-Cap index gained 0.48%.
The market breadth was negative. On the BSE, 1,794 shares rose and 1,663 shares fell. A total of 152 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, declined 2.26% to 12.75.
Meanwhile, Russia will cut oil production by 500,000 barrels per day, or around 5% of output, in March, Deputy Prime Minister Alexander Novak said on Friday, after the West slapped price caps on Russian oil and oil products.
India imports more than 85% of its domestic crude oil requirement. The cut in oil production will result in increase in international prices which not only impacts the trade deficit and inflation but will also hurt corporate profitability.
Numbers to Track:
The yield on India's 10-year benchmark federal paper advanced 0.26% to 7.363 from 7.344 previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.5300, compared with its close of 82.5150 during the previous trading session
MCX Gold futures for 5 April 2023 settlement declined 0.28% to Rs 56,690.
The United States 10-year bond yield rose 0.24% to 3.692.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.09% to 103.32.
In the commodities market, Brent crude for April 2023 settlement advanced $1.73 or 2.05% to $86.24 a barrel.
Global Markets:
The Dow Jones index futures were down 123 points, indicating a negative opening in the US stocks today.
Shares in Europe and Asia declined on Friday, following overnight moves on Wall Street.
China's inflation data came in lower than expected. Consumer prices in the nation rose 2.1% in January compared to a year ago.
Japan's wholesale prices rose 9.5% in January from the previous year, slightly lower than the revised figure of 10.5% recorded in December 2022.
Australia's central bank on Friday said inflation remains high and hinted at further interest rates hikes. In its quarterly monetary statement, RBA observed global inflation is still very high but "looks to have peaked." "The Board expects that further increases in interest rates will be needed to ensure that the current period of high inflation is only temporary," said RBA.
US stocks closed lower Thursday as concerns over the Federal Reserve's future moves on monetary policy offset excitement around the latest batch of corporate earnings.
Stocks in Spotlight:
Mahindra & Mahindra (M&M) shed 0.54%. The auto major's standalone net profit rose 14% to Rs 1,528.06 crore on 41% jump in revenue from operations to Rs 21,653.74 crore in Q3 FY23 over Q3 FY22. M&M sold 1,76,094 vehicles in Q3 FY23, recording a growth of 45.3% as against 1,21,167 vehicles sold in the same quarter a year ago. Total tractors sold in Q3 FY23 stood at 1,04,850 units, rising 14.3% year on year; recording its highest ever quarterly volumes.
Life Insurance Corporation of India (LIC) rose 1.10% after the state-run life insurer reported a standalone net profit of Rs 6,334.2 crore in Q3 FY23, steeply higher than Rs 234.91 crore recorded in Q3 FY22. The insurer's total premium income rose 14.51% to Rs 1,11,787.60 crore in the quarter ended 31 December 2022 as against Rs 97,620.34 crore reported in the corresponding quarter previous year.
The insurance behemoth sold 1.29 crore policies in the individual segment in 9M FY23, registering an increase of 1.92% from 1.26 crore policies sold in the same period last year.
Hindustan Petroleum Corporation (HPCL) added 0.28%. HPCL reported 80% drop in standalone net profit to Rs 172.43 crore in Q3 FY23 from Rs 868.86 crore in Q3 FY22. Net revenue from operations rose by 13% to Rs 1,09,221.81 crore during the quarter.
Adani Total Gas hit a lower circuit of 5%. The company's standalone net profit rose 12.8% to Rs 148.39 crore in Q3 FY23 from Rs 131.58 crore reported in Q3 FY22. Revenue from operations (excluding excise duty) was at Rs 1,105.56 crore in Q3 FY23, registering a growth of 25.2% as against Rs 883.27 crore recorded in the corresponding quarter previous year.
Hindustan Aeronautics (HAL) fell 0.54%. The company reported 23.8% rise in consolidated net profit to Rs 1,155.19 crore in Q3 FY23 as compared to Rs 933.40 crore posted in Q3 FY22. Revenue from operations was at Rs 5,665.54 crore in Q3 FY23, down 3.9% from Rs 5,893.82 crore recorded in the same period a year ago.
Zomato declined 2.02% after the food aggregator's consolidated net loss for Q3FY23 widened to Rs 347 crore against Rs 63 crore registered in the same quarter last year. For Q2FY23, the net loss stood at Rs 251 crore. Revenue from operations zoomed 75% to Rs 1,948 crore year-on-year (YoY) as against Rs 1,112 crore in the corresponding quarter last year. Revenue climbed 17% as against Rs 1,661 crore in Q2FY23.
United Breweries (UBL) slipped 4.49% after the company reported a consolidated net loss of Rs 1.97 crore in Q3 FY23 from a net profit of Rs 90.79 crore in Q3 FY22. Net sales rose marginally to Rs 1,613.02 crore in Q3 FY23 as against Rs 1,582.79 crore recorded in the same period a year ago.
Alkem Laboratories rose 2.11% The pharmaceutical company reported 13.5% fall in net profit to Rs 454.7 crore despite a 16.1% rise in total revenue from operations to Rs 3040.9 crore in Q3 FY23 over Q3 FY22.
Abbott India rose 0.56% The pharmaceutical company's net profit jumped 23.91% to Rs 246.83 crore in Q3 FY23 as compared to Rs 199.20 crore recorded in Q3 FY22. Revenue from operations was at Rs 1,326.48 crore in Q3 FY23, up 8.34% from Rs 1,224.36 crore reported in the corresponding quarter previous year.
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