Key indices are trading lower in early trade as profit booking emerged after three-day upmove. The Nifty slipped below the 17,750 level.
The barometer index, the S&P BSE Sensex, declined 142.58 points or 0.24% at 59,415.27. The Nifty 50 index fell 35.7 points or 0.2% at 17,744.90.
In the broader market, the S&P BSE Mid-Cap index fell 0.28% while the S&P BSE Small-Cap index gained 0.18%.
The market breadth was strong. On the BSE, 1,594 shares rose and 1017 shares fell. A total of 98 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 183.60 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 425.96 crore in the Indian equity market on 2 February, provisional data showed.
Stocks in Spotlight:
Tata Consumer Products gained 3.29% after the FMCG company reported a 38.1% rise in consolidated net profit to Rs 194.48 crore in Q3 FY22 from Rs 140.86 crore posted in Q3 FY21. Net sales increased by 3.5% to Rs 2,030.48 crore in Q3 FY22 over Q3 FY21. EBITDA improved by 28% to Rs 468 crore in Q3 FY22 from Rs 365 crore in Q3 FY21. EBITDA margin was 14.6% in Q3 FY22 as against 11.9% in Q3 FY21.
Zee Entertainment Enterprises fell 1.38%. The media major reported 10.1% fall in consolidated net profit to Rs 298.70 crore on a 3% fall in operating revenue to Rs 2112.60 crore in Q3 FY22 over Q3 FY21.
Adani Total Gas declined 1.27%. The company reported 9% fall in consolidated net profit to Rs 145 crore on a 78% rise in revenue from operations to Rs 522 crore in Q3 FY22 over Q3 FY21.
Global Markets:
Asian stocks were trading mixed on Thursday amid some lingering concerns about global growth and ongoing geopolitical tensions. A number of major markets, including those on the Chinese mainland and in Hong Kong, remain shut for the Lunar New Year holidays.
US stocks rose for a fourth straight day Wednesday, as Alphabet propelled gains in tech thanks to strong quarterly earnings. Shares of Google-parent Alphabet surged after its quarterly numbers topped analyst expectations. The company also announced a 20-for-1 stock split.
On the data front, investors are awaiting the U.S. Labor Department's nonfarm payroll count due Friday, which is seen as one of the major indicators of the how the U.S. economy is doing.
Meanwhile, geopolitical tensions in eastern Europe remained at heightened levels after the Pentagon reportedly said it will move some of its Europe-based forces further east and deploy additional U.S.-based troops to Europe.
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