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The benchmark indices traded in a narrow range with deep cuts in mid-afternoon trade. The Nifty hovered below the 17,900 level. The Sensex traded below the key 60,000 level. Auto and healthcare shares edged higher while banks, financial services and metal stocks were under pressure.
The barometer index, the S&P BSE Sensex, was down 753.64 points or 1.24% to 59,993.67. The Nifty 50 index lost 218.50 points or 1.21% to 17,882.70.
In the broader market, the S&P BSE Mid-Cap index declined 0.83% while the S&P BSE Small-Cap index shed 0.66%.
The market breadth was weak. On the BSE, 1,244 shares rose and 2,212 shares fell. A total of 148 shares were unchanged.
Prime Minister Narendra Modi is scheduled to hold a pre-budget meeting with economists and sectoral experts at NITI Aayog on 13 January 2023 to discuss the state of the economy and measures to accelerate growth, as per reports. The meeting will also be attended by several Union ministers. The 2023-24 Budget is set to be presented in Parliament on February 1.
Numbers to Track:
The yield on India's 10-year benchmark federal paper declined to 7.319 from its close of 7.342 recorded in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.8450, compared with its close of 82.35 during the previous trading session.
MCX Gold futures for 3 February 2023 settlement shed 0.17% to Rs 55,770.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.13% to 103.14.
The United States 10-year bond yield added 0.69% to 3.541.
In the commodities market, Brent crude for March 2023 settlement declined 33 cents or 0.41% to $79.32 a barrel.
Buzzing Index:
The Nifty Bank index fell 1.44% to 41,968.70. The index added 0.93% in the past trading session.
Punjab National Bank (down 3.5%), Bank of Baroda (down 2.67%), State Bank of India (down 2.07%), AU Small Finance Bank (down 2.05%), HDFC Bank (down 1.67%), IDFC First Bank (down 1.42%), ICICI Bank (down 1.27%), Axis Bank (down 1.22%), Bandhan Bank (down 0.81%) and Kotak Mahindra Bank (down 0.65%) slipped.
Stocks in Spotlight:
PSP Projects slipped 3.58%. The civil construction company said that it has received letter of award (LoA) for a Government project worth Rs 1,344.01 crore for the construction of high rise office building at Surat, Gujarat for Surat Municipal Corporation. With receipt of above, the total order inflow for the financial year 2022-23 till date amounts to Rs 3,292.59 crore, the company said.
Hi-Tech Pipes shed 0.27%. The company's board has allotted 55.40 lakh fully convertible equity warrants at Rs 692 each, aggregating to Rs 383.36 crore to promoter, promoter group & non-promoter group category. The company said that the warrants will be converted into fully paid up equity shares within 18 months from the date of allotment of warrants.
Hindware Home Innovation rallied 3.01%. The company said that its chief executive officer (CEO) and whole-time director (WTD) has tendered his resignation to pursue opportunities outside the organization. The resignation will be effective from the close of business hours on 5 April 2023.
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