STREET INVESTMENT easy money: February 2023

Nifty below 17,350 mark, Adani Enterprises jumps over 11%.

STREET INVESTMENT

The domestic equity barometers traded with modest losses in afternoon trade. The Nifty traded below the 17,350 level after hitting the day's high of 17,440.45 in morning trade. Media, consumer durable and realty stocks were in demand while oil & gas, FMCG and pharma shares declined.

The barometer index, the S&P BSE Sensex, was down 224.58 points or 0.38% to 59,063.77. The Nifty 50 index lost 57.55 points or 0.33% to 17,335.15.

The broader market outperformed the key domestic barometers. The S&P BSE Mid-Cap index advanced 0.73% while the S&P BSE Small-Cap index rose 0.44%.

The market breadth was positive. On the BSE, 1,737 shares rose and 1,612 shares fell. A total of 144 shares were unchanged.

Investors look ahead to the gross domestic product data of the fourth quarter of 2022, to be released later today.

Gainers & Losers:

Adani Enterprises (up 11.36%), Adan Ports and Special Economic Zone (up 5.43%), Asian Paints (up 2.74%), Power Grid Corporation of India (up 1.30%) and Tata Motors (up 1.09%) were major Nifty gainers.

Cipla (down 2.77%), Hidalco Industries (down 2.42%), ITC (down 1.70%), Coal India (down 1.66%) and Reliance Industries (down 1.26%) were top Nifty loser

Adani Ports and Special Economic Zone jumped 5.43% after the company said that its step down subsidiary, Adani Agri Logistics (AALL) has incorporated a wholly owned subsidiary in the name of PU Agri Logistics.

Stocks in Spotlight:

Bharti Airtel declined 1.06%. The telecom major has crossed the 10 million unique 5G user mark on its network. Airtel was the first service provider to roll-out 5G services in the country in October 2022. Today, Airtel 5G Plus is available across all states in the country.

NHPC added 0.13% after the company said that the Cabinet Committee on Economic Affairs has accorded investment approval for the implementation of Dibang Multipurpose Project (MMP) in Arunachal Pradesh. The estimated cost is Rs 31,876.39 crore, including budgetary support of Rs 6,159.40 crore towards flood moderation component and Rs 556.15 crore towards Enabling infrastructure (i.e. roads/ bridges etc.).

Vodafone Idea rose 1.65%. The company said that its board has allotted 12,000 optionally convertible debentures of the face value of Rs 10 lakh each, aggregating to Rs 1,200 crore, to ATC Telecom Infrastructure. The company further said that the balance 4,000 number of OCDs shall be allotted upon receipt of application form and subscription money and due intimation of the same shall be filed as necessary.

Global Markets:

Shares in Europe and Asia advanced on Tuesday as investors digested key economic data across the region.

Japan recorded its worst decline in factory output in eight months, recording a 4.6% drop in January compared to December.

Japan's retail sales surged 6.3% for January compared to the same period last year.

Hong Kong will end its mask mandate for indoors and outdoors on Wednesday, 1 March 2023.

US stocks rose on Monday amid bargain hunting following the worst week of the year on Wall Street. All three major US indexes closed higher, with the Nasdaq Composite leading gains.

The Dow Jones Industrial average rose 72.17 points or 0.22%, while the S&P 500 and Nasdaq Composite gained 0.31% and 0.63%, respectively.

Benchmarks trade with minor gains; media shares advance.

The domestic equity barometers bounced back from day's low and traded with small gains in morning trade. The Nifty traded above the 17,400 level. Media shares snapped its seven day's declining streak. Investors look ahead to the gross domestic product data of the fourth quarter of 2022, to be released later today.

The barometer index, the S&P BSE Sensex, was up 38.96 points or 0.07% to 59,327.31. The Nifty 50 index added 11.10 points or 0.06% to 17,403.80.

In the broader market, the S&P BSE Mid-Cap index rose 0.40% while the S&P BSE Small-Cap index advanced 0.29%.

The market breadth was positive. On the BSE, 1,747 shares rose and 1,307 shares fell. A total of 155 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,022.52 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,231.66 crore in the Indian equity market on 27 February 2023, provisional data showed.

Buzzing Index:

The Nifty Media index rose 1.70% to 1,692.15. The index slipped 9.8% in past seven trading sessions.

Zee Entertainment Enterprises (up 6.12%), Hathway Cable & Datacom (up 1.67%), TV18 Broadcast (up 1.47%), Nazara Technologies (up 0.97%), Sun TV Network (up 0.87%) and Network 18 Media & Investments (up 0.78%) gained.

On the other hand, New Delhi Television (down 4.11%), Navneet Education (down 1.28%) and PVR (down 0.94%) edged lower.

Stocks in Spotlight:

Mahindra Logistics fell 1.34%. Yogesh Patel, chief financial officer and key managerial personnel of Mahindra Logistics, tendered his resignation to pursue his professional interests outside the Mahindra group. Patel will be relieved of his duties with effect from close of business hours of Friday, 10 March 2023.

Satin Creditcare Network rose 0.31% after the company said that its board will meet on 2 March 2023 to consider a fund raising proposal via issue of privately placed non-convertible debentures (NCDs).

Godrej Industries declined 0.34%. The company has announced the appointment of Vishal Sharma as the “chief executive officer- designate” (CEO-Designate) of GIL-Chemicals business with effect from 1 March 2023. Vishal Sharma will report to Nitin Nabar, executive director and president (chemicals), Godrej Industries.

The frontline equity benchmarks came off the day's low and traded with modest losses in mid-morning trade. Negative global cues dented investor sentiments. The Nifty traded below the 17,350 mark. Metal shares declined for second straight day.

The barometer index, the S&P BSE Sensex, was down 312.98 points or 0.53% to 59,150.95. The Nifty 50 index shed 117.10 points or 0.67% to 17,348.70.

In the broader market, the S&P BSE Mid-Cap index fell 1.23% while the S&P BSE Small-Cap index slipped 1.26%.

The market breadth was weak. On the BSE, 873 shares rose and 2,448 shares fell. A total of 194 shares were unchanged.

Buzzing Index:

The Nifty Metal index declined 2.45% to 5,310.15. The index shed 5.45% in two trading sessions.

Adani Enterprises (down 5.81%), Jindal Stainless (down 4.3%), Ratnamani Metals & Tubes (down 2.64%), Tata Steel (down 2.46%), Welspun Corp (down 2.29%), Hindalco Industries (down 2.23%), Hindustan Copper (down 2.2%), Vedanta (down 2.16%), Jindal Steel & Power (down 2.01%) and JSW Steel (down 1.91%) slipped.

Stocks in Spotlight:

Dr. Reddy's Laboratories declined 2.47%. The company said that its wholly owned subsidiary Dr. Reddy's Laboratories SA has entered into a definitive agreement to acquire the U.S. generic prescription product portfolio of Australia-based Mayne Pharma Group.

Dilip Buildcon added 1.50% after the company, through its joint venture, Dilip Buildcon-Skyway Infraprojects [DBL-SIPL (JV)] has executed the EPC agreement with Madhya Pradesh Jal Nigam Maryadit for a project worth Rs 1,947.06 crore.

Lemon Tree Hotels fell 0.34%. The company has signed license agreement for a 110 room property in Kasauli, Himachal Pradesh under its brand Aurika Hotels & Resorts. The hotel is expected to be operational in November 2024. Carnation Hotels, a wholly owned subsidiary and the hotel management arm of the company, will be operating this hotel.

Global markets:

Asian shares declined across the board on Monday, after major indexes on Wall Street recorded their worst week for 2023.

The US stocks declined on Friday, following a bigger-than-expected increase in the latest reading for personal consumption expenditures, the Federal Reserve's preferred inflation gauge.

The personal-consumption-expenditures price index showed the cost of U.S. goods and services jumped 0.6% in January, according to a Bureau of Economic Analysis report Friday.

The more closely followed core index, which is the Fed's preferred inflation measure, also rose 0.6% in January, climbing 4.7% over the past 12 months.

The key equity indices traded with minor gains in morning trade. The Nifty traded around the 17,550 mark. Realty, pharma and healthcare stocks were in demand while metal, media and auto scrips corrected.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 153.02 points or 0.26% to 59,758.82. The Nifty 50 index gained 30.05 points or 0.17% to 17,541.30.

In the broader market, the S&P BSE Mid-Cap index added 0.21% while the S&P BSE Small-Cap index rose 0.31%.

The market breadth was positive. On the BSE, 1,840 shares rose and 1,229 shares fell. A total of 154 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,417.24 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,586.06 crore in the Indian equity market on 23 February, provisional data showed.

Buzzing Index:

The Nifty Metal index slipped 2.38% to 5,478.05. The index added 0.35% in the past trading session.

Hindalco Industries (down 4.11%), Adani Enterprises (down 3.65%), Jindal Steel & Power (down 3.04%), JSW Steel (down 2.94%), National Aluminium Company (down 2.93%), Vedanta (down 2.54%), Steel Authority of India (down 1.94%), Tata Steel (down 1.61%), Hindustan Copper (down 1.43%) and APL Apollo Tubes (down 0.49%) tumbled.

On the other hand, Hindustan Zinc (up 1.19%), Jindal Stainless (up 0.39%) and Welspun Corp (up 0.08%) edged higher.

Stocks in Spotlight:

Sanofi India rallied 3.60% after the company's net profit surged 44.8% to Rs 130.9 crore in Q4 CY22 from Rs 90.40 crore in Q4 CY21. Revenue from operations fell 2.3% year on year (YoY) to Rs 671.90 crore in the quarter ended 31 December 2022.

Rail Vikas Nigam fell 1.62% after the company said that it has received a letter of award (LoA) from M. P. Madhya Kshetra Vidyut Vitaran Co. (MPMKVVCL) worth Rs 196.76 crore.

Olectra Greentech surged 13.33%. Olectra Greentech is set to offer the next-generation transport system to the Indian market. Olectra announced its Hydrogen Bus in technical partnership with Reliance.

Domestic benchmark indices ended with minor cuts after a volatile session on Thursday, sliding for the fifth straight session. Trading was volatile on account of monthly options expiry. The Nifty closed below the 17,550 mark after hitting the day's high of 17,620.05 in morning trade. PSU Bank, metal and FMCG stocks advanced while realty, media and consumer durables shares dragged lower.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 139.18 points or 0.23% to 59,605.80. The Nifty 50 index lost 43.05points or 0.25% to 17,511.25. In fifth consecutive session, the Sensex slipped 2.79% while the Nifty fell 2.91%.

In the broader market, the S&P BSE Mid-Cap index slipped 0.40% while the S&P BSE Small-Cap index added 0.06%.

The market breadth was negative. On the BSE, 1,587 shares rose and 1,856 shares fell. A total of 156 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 3.28% to 15.08.

The minutes from the recent meetings of the Reserve Bank of India and the U.S. Federal Reserve revealed that they are willing to keep increasing the interest rates as inflation remains a concern.

Buzzing Index:

The Nifty Media index declined 1.77% to 1,737.25. The index tumbled 5.8% in five trading sessions.

Zee Entertainment Enterprises (down 3.73%), Navneet Education (down 1.96%), TV18 Broadcast (down 1.88%), PVR (down 1.42%), New Delhi Television (down 1.19%), Nazara Technologies (down 0.79%), Network 18 Media & Investments (down 0.51%), Dish TV India (down 0.37%), Hathway Cable & Datacom (down 0.33%) and Sun TV Network (down 0.03%) slipped.

Zee Entertainment Enterprises fell 3.73% after bankruptcy court admitted the company under an insolvency plea filed by a private sector lender, on grounds of default of over Rs 83 crore.

As per media reports, IndusInd Bank has claimed a default amount of Rs 83.08 crore or $10.04 million against the media company. Zee is reportedly a party to the debt service reserve account (DSRA) guarantee agreement entered into with the private bank for the term-loan facility advanced to another Essel Group firm, Siti Networks. Reports suggest that NCLT has appointed Sanjay Kumar Jhalani as the interim resolution professional.

Stocks in Spotlight:

Hero MotoCorp added 0.24%. The two-wheeler maker said that the company's mobility brand VIDA has initiated operations of its public charging infrastructure in Bengaluru, Delhi and Jaipur. The brand has set up nearly 300 charging points at 50 locations across the three cities for public use. The charging network is spread across key locations, ensuring customer convenience.

Sonata Software jumped 6.19% after the company's wholly owned subsidiary Sonata Software North America Inc. announced the signing of definitive agreement for acquiring 100% stake in Quant Systems Inc. The acquisition has been done for an upfront payment of $65 million. Acquisition cost involves a deferred achievement-based earn-out / pay-outs upto a maximum of $95 million payable over 2 years and certain additional payments on achievement of additional targets.

Mahindra CIE Automotive rose 0.36%. The company reported a consolidated net loss of Rs 657.81 crore in Q4 CY2022 as against a consolidated net profit of Rs 80.23 crore in Q4 CY2021. However, revenue from operations rose 34.6% year on year to Rs 2,246.84 crore in Q4 CY2022.

Biocon declined 0.97%. The company said that it has fulfilled its payment obligation and has fully redeemed the Commercial Papers (CPs) of Rs 2,250 crore.

HG Infra Engineering rose 0.47% after the company has been declared as lowest bidder (L-1) by Rail Vikas Nigam, Chandigarh for construction project in Himachal Pradesh. The company said its bid project cost is Rs 466.11 crore and construction period of project is 30 months.

Lemon Tree Hotels rose 1.98% after the company said that it has signed a license agreement for a 47-room property in Bhopal, Madhya Pradesh under the company's brand 'Lemon Tree Hotel'. The property is expected to be operational by December 2023 and shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels, the company said.

Ugro Capital advanced 3.55% after the NBFC announced that the investment and borrowing committee of the board will consider the proposal of fund raising on Saturday, 25 February 2023. The company added that the funds will be raised by way of issuance of non-convertible debentures and/or commercial papers through private placement basis.

Kolte-Patil Developers gained 2.37% after the realtor announced that its board will meet on Monday, 27 February 2023 to consider the proposal to raise funds by way of issuance of debt securities on private placement basis.

Orient Cement rose 1.02%. The company on Wednesday announced that the non-binding memorandum of understanding (MoU) that it had entered with Adani Power Maharashtra (APML) has been terminated. In September 2021, Orient Cement had entered into the non-binding MoU with APML for setting out the understanding for facilitating bona fide use of land identified for exploring the possibility of establishing a cement grinding unit (CGU) in Tiroda, Maharashtra.

Global Markets:

European markets mostly advanced while their most Asian peers traded declined on Thursday after the U.S. Federal Reserve released the minutes of its most recent meeting that showed central bank members are still committed to fighting inflation with rate hikes.

The Japanese market is closed today for the Emperor's birthday.

Inflation “remained well above” the Fed's 2% target and the labor market “remained very tight, contributing to continuing upward pressures on wages and prices,” according to the minutes.

Meanwhile, the Bank of Korea held its interest rates at 3.5%, a first in nearly a year of rate hikes, and in line with expectations.

Wall Street ended broadly lower on Wednesday, with investors cautious despite the latest guidance on rate policy from the US central bank showing few surprises.

Minutes from the Federal Reserve's January 31-February 1 meeting said that almost all Fed officials agreed to slow the pace of increases in interest rates to a quarter of a percentage point.

The domestic equity benchmarks continued to trade with minor gains in mid-morning trade. The Nifty traded near the 17,600 level after hitting the day's low of 17,455.40 in morning trade. FMCG, metal and IT stocks were in demand while media, realty and consumer durables shares corrected. Trading was volatile on account of monthly options expiry.

Meanwhile, Reserve Bank of India and U.S. Federal Reserve minutes revealed that they are willing to keep increasing the interest rates as inflation remains a concern.

The barometer index, the S&P BSE Sensex, was up 119.57 points or 0.20% to 59,864.55. The Nifty 50 index gained 40.20 points or 0.23% to 17,594.50.

In the broader market, the S&P BSE Mid-Cap index fell 0.42% while the S&P BSE Small-Cap index rose 0.18%

The market breadth was negative. On the BSE, 1,586 shares rose and 1,634 shares fell. A total of 165 shares were unchanged.

Buzzing Index:

The Nifty FMCG index rose 0.86% to 45,802.35. The index shed 0.31% in previous trading session.

ITC (up 1.73%), Radico Khaitan (up 1.23%), Emami (up 0.78%), Dabur India (up 0.57%), Nestle India (up 0.32%), United Breweries (up 0.22%) edged higher.

On the other hand, Varun Beverages (down 1.47%), Marico (down 1.13%) and Britannia Industries (down 0.55%) declined.

Stocks in Spotlight:

Sonata Software rallied 3.98% after the company's wholly owned subsidiary Sonata Software North America Inc. announced the signing of definitive agreement for acquiring 100% stake in Quant Systems Inc. The acquisition has been done for an upfront payment of $65 million. Acquisition cost involves a deferred achievement-based earn-out / pay-outs upto a maximum of $95 million payable over 2 years and certain additional payments on achievement of additional targets.

HG Infra Engineering gained 2.62% after the company has been declared as lowest bidder (L-1) by Rail Vikas Nigam, Chandigarh for construction project in Himachal Pradesh. The company said its bid project cost is Rs 466.11 crore and construction period of project is 30 months.

Ugro Capital advanced 3.25% after the NBFC announced that the investment and borrowing committee of the board will consider the proposal of fund raising on Saturday, 25 February 2023. The company added that the funds will be raised by way of issuance of non-convertible debentures and/or commercial papers through private placement basis.

Global Markets:

Most of the Asian stocks traded lower on Thursday after the U.S. Federal Reserve released the minutes of its most recent meeting that showed central bank members are still committed to fighting inflation with rate hikes. Japanese market is closed today for the Emperor's birthday.

The Bank of Korea held its interest rates at 3.5%, a first in nearly a year of rate hikes, and in line with expectations.

Wall Street ended broadly lower on Wednesday, with investors cautious despite the latest guidance on rate policy from the US central bank showing few surprises.

Minutes from the Federal Reserve's January 31-February 1 meeting said that almost all Fed officials agreed to slow the pace of increases in interest rates to a quarter of a percentage point.

The frontline indices traded in a narrow range with deep cuts in mid-morning trade. The Nifty slipped below the 17,700 level. PSU Bank stocks their extended losses for the fifth straight session

The barometer index, the S&P BSE Sensex, was down 534.51 points or 0.88% to 60,138.21. The Nifty 50 index lost 166.15 points or 0.93% to 17,660.55.

In the broader market, the S&P BSE Mid-Cap index slipped 1.03% while the S&P BSE Small-Cap index declined 0.86%.

Sellers outnumbered buyers. On the BSE, 897 shares rose and 2,343 shares fell. A total of 149 shares were unchanged.

Domestic sentiment was dented amid negative global cues. After the strong US economic data announced last week, speculations are high about rise in US inflation that may prompt US Fed to further hike interest rate. Traders look ahead to the minutes from the U.S. Federal Reserve's latest monetary policy meeting due later today.

Buzzing Index:

The Nifty PSU Bank index slipped 1.73% to 3,637, extending losses for the fifth session. The index tumbled 6.23% in five trading sessions.

Union Bank of India (down 2.66%), Punjab National Bank (down 2.14%), Bank of Baroda (down 2%), Canara Bank (down 1.94%), Central Bank of India (down 1.54%), Indian Overseas Bank (down 1.41%), Bank of Maharashtra (down 1.34%), State Bank of India (down 1.23%), Bank of India (down 0.92%) and Indian Bank (down 0.79%) slumped.

Global Markets:

Asian stocks tumbled on Wednesday as investors digested key economic data across the region. Japan's producer prices index rose 1.6% on an annualized basis, slightly higher than December's figure of 1.5%. The PPI measures the average movements of prices received by domestic producers for goods and services sold.

New Zealand's central bank has raised interest rates by 50 basis points from 4.25% to 4.75, in line with expectations. In a release, the Reserve Bank of New Zealand indicated that interest rates could still rise, to ensure inflation returns to its target range over the medium term.

U.S. stocks dropped Tuesday as higher rates continue to pressure market sentiment, and the latest batch of retail earnings raised concerns about the state of the consumer.

The Fed on Wednesday is scheduled to release the minutes from its January 31-February 1 meeting. The central bank hiked rates by 25 basis points at that gathering.

US business activity unexpectedly rebounded in February, reaching its highest level in eight months, according to a survey on Tuesday. S&P Global said its flash US Composite PMI Output Index, which tracks the manufacturing and services sectors, increased to 50.2 this month from a final reading of 46.8 in January.

The key equity indices traded with steep losses and hit an intraday low in morning trade. Negative global cues dampened the investors sentiment. The Nifty slipped below the 17,700 level. Metal stocks extended losses for the fourth consecutive trading session .

The barometer index, the S&P BSE Sensex, was down 495.55 points or 0.82% to 60,177.17. The Nifty 50 index lost 149.20 points or 0.84% to 17,677.50.

In the broader market, the S&P BSE Mid-Cap index fell 0.93% while the S&P BSE Small-Cap index declined 0.78%.

Sellers outnumbered buyers. On the BSE, 926 shares rose and 2,185 shares fell. A total of 135 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 525.80 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 235.23 crore in the Indian equity market on 21 February, provisional data showed.

Buzzing Index:

The Nifty Metal index declined 1.78% to 5,642.15. The index slipped 3.73% in four trading sessions.

Adani Enterprises (down 6.2%), Steel Authority of India (down 2.07%), JSW Steel (down 1.56%), Welspun Corp (down 1.53%), Hindustan Copper (down 1.5%), Jindal Steel & Power (down 1.41%), Vedanta (down 1.28%), National Aluminium Company (down 1.28%), MOIL (down 0.95%) and Hindustan Zinc (down 0.78%) tumbled.

On the other hand, Ratnamani Metals & Tubes (up 3.58%) ,APL Apollo Tubes (up 0.38%) and Hindalco Industries (up 0.19%) edged higher.

Stocks in Spotlight:

Biocon declined 1.08%. The biopharmaceutical company announced that it has issued and allotted non-convertible debentures (NCDs) aggregating to Rs 1,070 crore on private placement basis in three series. These unlisted, secured, rated, redeemable, non-convertible debentures having face value of Rs 1 lakh each allotted on 21 February 2023 and will be matured in 21 February 2028.

ITI surged 7.22% after the company announced the appointment of Rajesh Rai as chairman and managing director (MD) of the company for period of five years with effect from 21 February 2023.

The benchmark indices marched higher and hit an intraday high in morning trade. The Nifty traded above the 17,900 level. Metal, financial services and FMCG stocks were in demand while realty, PSU bank and IT shares declined.

The barometer index, the S&P BSE Sensex, was up 254.79 points or 0.42% to 60,946.33. The Nifty 50 index gained 73.85 points or 0.41% to 17,918.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.32% while the S&P BSE Small-Cap index added 0.03%

The market breadth was positive. On the BSE, 1,676 shares rose and 1,385 shares fell. A total of 173 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 158.95 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 86.23 crore in the Indian equity market on 20 February, provisional data showed.

Buzzing Index:

The Nifty IT index rose 1.05% to 5,823.50. The index decilned 1.67% in the past two trading sessions.

Ratnamani Metals & Tubes (up 3.87%), APL Apollo Tubes (up 2.21%), JSW Steel (up 1.15%), Tata Steel (up 1.07%), Steel Authority of India (up 1.05%), Jindal Steel & Power (up 0.94%), Adani Enterprises (up 0.77%), Vedanta (up 0.63%), Hindustan Zinc (up 0.34%) and Hindustan Copper (up 0.24%).

Stocks in Spotlight:

IFL Enterprises gained 2.20% after the company informed that its board would meet on 9 March 2023 to consider a proposal for sub-division of the equity shares of the company. On the same day, the board will also consider a proposal for the issue of fully paid-up bonus equity shares to the members of the company.

Rattanindia Enterprises rose 1.37%. RattanIndia's Revolt Motors, announced pocket friendly My Revolt Plan (MRP) to democratise ownership of EV motorcycles in the country. Revolt RV400 customers will be able own these AI enabled EV bikes at monthly costs less than comparable petrol engine bikes.

The headline equity indices ended a volatile session with modest losses on Monday. The Nifty closed a tad below the 17,850 mark after hitting the day's high of 18,004.35 in morning trade. IT and auto stocks edged higher. On the other hand, oil & gas, bank and financial services shares witnessed a bit of a selling pressure.

As per provisional closing data, the barometer index, the S&P BSE Sensex slipped 311.03 points or 0.51% to 60,691.54. The Nifty 50 index lost 99.60 points or 0.56% to 17,844.60.

In the broader market, the S&P BSE Mid-Cap index shed 0.12% while the S&P BSE Small-Cap index declined 0.16%

The market breadth was weak. On the BSE, 1,396 shares rose and 2,178 shares fell. A total of 164 shares were unchanged.

Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, gained 2.27% to 13.38.

Buzzing Index:

The Nifty Oil & Gas index fell 1.14% to 7,149.15. The index witnessed profit booking after gaining 1.31% in four trading sessions.

Adani Total Gas (down 5%), Bharat Petroleum Corporation (down 1.67%), Petronet LNG (down 1.3%), Indian Oil Corporation (down 1.3%), Oil & Natural Gas Corpn (down 1.28%), Hindustan Petroleum Corporation (down 1.26%), Reliance Industries (down 1.11%), Gujarat State Petronet (down 0.96%), Castrol India (down 0.7%) and Oil India (down 0.56%) slipped.

On the other hand, Gujarat Gas (up 2.64%) ,Indraprastha Gas (up 0.59%) and Mahanagar Gas (up 0.3%) advanced.

Stocks in Spotlight:

Hindustan Unilever shed 0.21%. The FMCG major has signed an agreement for the sale of its atta and salt business carried out under the brands 'Annapurna' and 'Captain Cook.' The brands were sold at Rs 60.4 crore to Uma Global Foods, and Uma Consumer Products, which are subsidiaries of Reactivate Brands International, a Singapore-headquartered company and an affiliate of CSAW Aqbator (Singapore).

Cipla dropped 6.12%. The United States Food and Drug Administration (USFDA) conducted a current Good Manufacturing Practices (cGMP) inspection at the company's Pithampur manufacturing facility from 6th - 17th February 2023. On conclusion of the inspection, the company has received 8 inspectional observations in Form 483. The company will work closely with the USFDA and is committed to address these comprehensively within stipulated time.

Tata Motors rose 0.63% after the media reports suggested that the company would supply 25,000 XPREST electric vehicle (EV) units to Uber in one of the largest deals in the green mobility space till date.

Sun Pharmaceuticals Industries added 0.29%. The pharma major announced that it has entered into agreements to acquire minority stake up to 26.09% in Agatsa Software and 27.39% in Remidio Innovative Solutions.

Crisil gained 2.31%. On consolidated basis, Crisil's net profit fell 6.3% to Rs 158.02 crore in Q4 FY22 as compared with Rs 168.63 crore in Q4 FY21. Income from operations jumped 16.5% year on year to Rs 822.3 crore in the quarter ended 31 December 2022.

Power Grid Corporation of India added 0.37%. The state-owned firm said that it has been declared as the successful bidder under tariff based competitive bidding to establish inter-state transmission system for the following projects on build, own operate and transfer (BOOT) basis.

Zydus Lifesciences fell 1.36%. The drug maker received tentative approval from the USFDA for Gabapentin tablets (once-daily), 300 mg and 600 mg. Further, it also received tentative approval from the USFDA for Canagliflozin and Metformin Hydrochloride tablets.

United Breweries (UBL) declined 1.26%. The company announced that its managing director and chief executive officer, Rishi Pardal, tendered his resignation on 16 February 2023. UBL said its board has commenced a search for a new managing director & CEO for the company.

Ugro Capital lost 1.39%. The investment and borrowing committee of the company's board has approved fund raising of up to Rs 20 crore by issuing non-convertible debentures (NCDs) on a private placement basis. The NBFC said that the NCDs will be issued at a coupon rate of 10% per annum. The tentative allotment date for the NCD is 24 February 2023. The tenure of the instrument is 18 months from the date of allotment. Meanwhile, the tentative maturity date is 24 August 2024.

Global Markets:

Markets in Europe tumbled while Asian stocks ended higher on Monday, with investors being cautious at the start of a week that includes the release of important Eurozone activity data as well as the minutes from the last Federal Reserve meeting.

Monday's U.S. holiday, to celebrate President's Day, is likely to limit trading volumes in Europe, but investors will also be wary of taking strong positions ahead of some important regional economic data.

The highlight of the week will be Tuesday's flash PMI data for February, which will show how well the Eurozone economy is performing after unexpectedly growing in the final quarter of 2022.

The bloc is also scheduled to release final inflation figures for January on Thursday, which will be in focus after delayed German data was omitted from the first estimate. ECB officials have repeatedly highlighted their fears about stubborn underlying inflation.

Elsewhere, China's central bank left its interest rates unchanged earlier Monday, tensions between Beijing and Washington remained fraught due to issues surrounding the alleged Chinese spy balloon and potential aid to Russia, while North Korea has reportedly fired three ballistic missiles off its east coast on Monday.

US stocks ended mixed on Friday. Traders were concerned that the Federal Reserve could lift rates by more than expected amid recent data pointing to a stronger economy and sticky inflation.

The domestic equity benchmarks extended losses and hit fresh intraday low in mid-afternoon trade. The Nifty traded below the 17,900 mark after hitting the day's high of 18,004.35 in morning trade.

The barometer index, the S&P BSE Sensex, was down 204.46 points or 0.34% to 60,798.11. The Nifty 50 index lost 70.85 points or 0.39% to 17,873.35.

Adani Enterprises (down 5.15%), Britannia Industries (down 1.53%), BPCL (down 1.48%), Adani Ports (down 1.14%) and ONGC (down 1.09%) were the top Nifty losers.

Divi's Lab (up 2.52%), Ultratech Cement (up 1.92%), Tech Mahindra (up 1.63%), HDFC Life (up 1.27%) and SBI Life (up 0.82%) outperformed.

In the broader market, the S&P BSE Mid-Cap index added 0.12% while the S&P BSE Small-Cap index rose 0.11%

The market breadth was remained negative. On the BSE, 1,450 shares rose and 2,014 shares fell. A total of 183 shares were unchanged.

Stocks in Spotlight:

Hindustan Unilever rose 0.07%. The FMCG major has signed an agreement for the sale of its atta and salt business carried out under the brands 'Annapurna' and 'Captain Cook.' The brands were sold at Rs 60.4 crore to Uma Global Foods, and Uma Consumer Products, which are subsidiaries of Reactivate Brands International, a Singapore-headquartered company and an affiliate of CSAW Aqbator (Singapore).

Cipla tumbled 6.24%. The United States Food and Drug Administration (USFDA) conducted a current Good Manufacturing Practices (cGMP) inspection at the company's Pithampur manufacturing facility from 6th - 17th February 2023. On conclusion of the inspection, the company has received 8 inspectional observations in Form 483.

Samvardhana Motherson International advanced 3.52. The company announced the signing of an agreement by its subsidiary to acquire Germany-based SAS Autosystemtechnik for 4.4 billion euros.

Crisil gained 2.53%. On consolidated basis, Crisil's net profit fell 6.3% to Rs 158.02 crore in Q4 FY22 as compared with Rs 168.63 crore in Q4 FY21. Income from operations jumped 16.5% year on year to Rs 822.3 crore in the quarter ended 31 December 2022.

Global Markets:

European stock markets opened with minor gains while Asian peers mostly traded with decent gains on Monday, with investors cautious at the start of a week that includes the release of important Eurozone activity data as well as the minutes from the last Federal Reserve meeting.

The highlight of the week will be Tuesday's flash PMI data for February, which will show how well the Eurozone economy is performing after unexpectedly growing in the final quarter of 2022.

US stocks ended mixed on Friday. Traders were concerned that the Federal Reserve could lift rates by more than expected amid recent data pointing to a stronger economy and sticky inflation.

The domestic equity barometers were trading with tiny losses in early trade. The Nifty traded below the 17,950 mark. FMCG, bank and financial services stocks edged higher while pharma, healthcare and metal shares declined.

The barometer index, the S&P BSE Sensex, was down 26.09 points or 0.04% to 60,976.48. The Nifty 50 index shed 19.80 points or 0.11% to 17,924.40.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index declined 0.34% while the S&P BSE Small-Cap index fell 0.24%

The market breadth was negative. On the BSE, 1,245 shares rose and 1,478 shares fell. A total of 162 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 624.61 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 85.29 crore in the Indian equity market on 17 February 2023, provisional data showed.

Stocks in Spotlight:

Hindustan Unilever rose 0.90%. The FMCG major has signed an agreement for the sale of its atta and salt business carried out under the brands 'Annapurna' and 'Captain Cook.' The brands were sold at Rs 60.4 crore to Uma Global Foods , and Uma Consumer Products, which are subsidiaries of Reactivate Brands International, a Singapore-headquartered company and an affiliate of CSAW Aqbator (Singapore). CSAW is focused on acquiring and scaling up food brands to promote affordable wellness. The transaction is expected to occur within a period of 90 days.

Cipla tumbled 5.60%. The United States Food and Drug Administration (USFDA) conducted a current Good Manufacturing Practices (cGMP) inspection at the company's Pithampur manufacturing facility from 6th - 17th February 2023. On conclusion of the inspection, the company has received 8 inspectional observations in Form 483. The company will work closely with the USFDA and is committed to address these comprehensively within stipulated time.

Surya Roshni shed 0.12%. The company has obtained total order amounted to Rs 113.63 crore for supplying Bare and 3LPE (external) coated line pipes from Bharat Petroleum Corporation for Hyderabad pipeline project.

Zydus Lifesciences declined 0.69%. The drug maker received tentative approval from the USFDA for Gabapentin tablets (once-daily), 300 mg and 600 mg. Further, it also received tentative approval from the USFDA for Canagliflozin and Metformin Hydrochloride tablets.

KEC International rallied 3.72%. The global infrastructure EPC major, an RPG Group Company, has secured new orders of Rs 3,023 crore across its various businesses.

Global Markets:

Asian shares were trading higher on Monday, as investors look ahead to crucial economic data later in the week. Minutes for the U.S. Federal Open Market Committee (FOMC) is slated to be released Wednesday. Monday will be a trading holiday for the U.S., in light of Presidents' Day.

The People's Bank of China left its 1-year and 5-year prime loan rates unchanged, widely in line with expectations.

US stocks ended mixed on Friday. Traders were concerned that the Federal Reserve could lift rates by more than expected amid recent data pointing to a stronger economy and sticky inflation.

During Friday's trade, the Dow Jones Industrial Average added 129.8 points or 0.4% to 33,826.7, the S&P 500 fell 11.3 points or 0.3% to 4,079.1 and the Nasdaq Composite lost 68.6 points or 0.6% to 11,787.3.

STREET INVESTMENT

The key equity indices continued to trade near the day's high with significant gains in afternoon trade. The Nifty traded above the 17,900 level. IT, FMCG and financial services stocks were in demand while realty, media and healthcare shares saw a bit of selling pressure.

The barometer index, the S&P BSE Sensex, was up 567.51 points or 0.94% to 60,999.35. The Nifty 50 index gained 145.35 points or 0.80% to 17,913.25.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.44% while the S&P BSE Small-Cap index slipped 0.45%

The market breadth was weak. On the BSE, 1,278 shares rose and 2,127 shares fell. A total of 117 shares were unchanged.

Traders in domestic as well as global markets will await the US retail inflation reading for January 2023, scheduled for release later in the day. Although the annual figure is expected to show further easing in price growth last month, it is still predicted to remain relatively high, which could invite more interest rate hikes by the Fed.

Adding to the broader economic picture was the release of fresh growth forecasts for the European Union. The European Commission lifted its projections for the EU, saying the bloc will likely dodge a recession, thanks in part to easing gas costs. The outlook for headline inflation in the 27-member bloc was also lowered, but the EU's executive arm warned that price pressures remain both strong and persistent.

Economy:

India's annual wholesale price index (WPI) based inflation eased to 24-month low of 4.73% in January 2023 as compared to 4.95% recorded in December 2022 and 13.68% in January 2022.

“Decline in the rate of inflation in January 2023 is primarily contributed by mineral oils, chemicals & chemical products, textiles, crude petroleum & natural gas, textiles, and food products,” the Ministry of Commerce & Industry said in a statement today.

India's retail inflation accelerated to a three-month high in January, reverting to over the Reserve Bank of India's upper tolerance band of 6% after a gap of two months, led by a spike in food prices and elevated prices in the non-food segment.

Inflation based on the Consumer Price Index (CPI) hardened to 6.52% in January, after declining to a one-year low level of 5.72% in December, according to data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Monday. Core inflation, which is non-food, non-fuel inflation remained over the 6% mark at 6.2% in January.

The unexpected surge in headline inflation has raised the likelihood of further tightening of the monetary policy in April, with economists reportedly estimating inflation to remain over the 6% mark over the coming months due to sticky core inflation.

Gainers & Losers:

UPL (up 3.29%), ITC (up 3.05%), Reliance Industries (up 2.38%), HCL Technologies (up 2.05%) and Infosys (up 1.75%) were major Nifty gainers.

Adani Enterprises (down 3.41%), Apollo Hospitals Enterprise (down 1.57%), NTPC (down 1.43%), SBI Life Insurance Company (down 1.20%) and Bharat Petroleum Corporation (BPCL) (down 1.06%) were top Nifty losers.

Stocks in Spotlight:

Zee Entertainment Enterprises (ZEEL) fell 1.10% after the company's consolidated net profit slumped 91.9% to Rs 24.31 crore in Q3 FY23 as against Rs 298.73 crore recorded in Q3 FY22. Revenue from operations declined marginally to Rs 2,111.18 crore in quarter ended 31 December 2022 from Rs 2,112.64 crore posted in the same period a year ago.

Steel Authority of India (SAIL) rose 0.18%. The iron & steel maker's standalone net profit slumped 67.9% to Rs 463.54 crore in Q3 FY23 as compared to Rs 1,443.10 crore in Q3 FY22. Revenue from operations declined marginally to Rs 25,041.88 crore during the quarter as compared with Rs 25,245.92 crore posted in the corresponding quarter last year.

Shree Cement advanced 1.25%. The cement maker said that Prakash Narayan Chhangani, has resigned from the post of whole time director with effect from close of business hours on 13 February 2023. Chhangani resigned from the post to pursue his career outside the organization.

Sun Pharma Advanced Research Company tumbled 7.68%. The company reported a net profit of Rs 10.15 crore in Q3 FY23 as against a net loss of Rs 15.84 crore in Q3 FY22. The company returned to black after posting losses for nine back-to-back quarters. The last time it posted a quarterly profit was in June 2020 at Rs 58 crore.

Global markets:

Most of the Asian stocks advanced on Tuesday as investors await the release of the U.S. consumer price index report, which will shape the Federal Reserve's path ahead.

Japan's economy expanded by 0.6% on an annualized basis for the fourth quarter of 2022. The figure was a rebound from a revised contraction of 1% seen in the third quarter of 2022 compared to a year ago.

On Tuesday, the Japanese government is expected to name academic Kazuo Ueda as its pick to become the next central bank governor. Kazuo Ueda's probable appointment as the next governor of the Bank of Japan could improve the odds of an end to its unpopular yield control policy.

A global research house on Monday reportedly cut Japanese stocks to underweight, saying that a Bank of Japan (BOJ) policy change away from its ultra-loose monetary strategy could push global yields higher and reduce risk appetite.

Wall Street closed sharply higher on Monday as investors awaited inflation data likely to hint at the path of the Federal Reserve's future interest rate hikes, while Meta Platforms gained after a report that the Facebook parent was planning fresh layoffs.

STREET INVESTMENT

The key equity barometers extended gains and hit fresh intraday high in mid-morning trade. The Nifty traded above the 17,850 mark. FMCG shares advanced for second consecutive session.

The barometer index, the S&P BSE Sensex, was up 384.88 points or 0.64% to 60,816.72. The Nifty 50 index gained 85.50 points or 0.48% to 17,856.40.

In the broader market, the S&P BSE Mid-Cap index fell 0.47% while the S&P BSE Small-Cap index slipped 0.63%

Indiabulls Real Estate (down 8.53%), Rhi Magnesita (down 7.86%), SPARC (down 5.59%), NLC India (down 5.42%) and PolyPlex Corp (down 5.06%) were the top losers in the broader market segment.

Meanwhile, Oil India (up 5.93%), Cyient (up 5.56%), Glenmarka Pharma (up 5.08%), Suprajit Engineering (up 4.28%) and G R Infra (up 3.58%) outperformed.

The market breadth remained weak. On the BSE, 1,214 shares rose and 1,905 shares fell. A total of 152 shares were unchanged.

Economy:

Buzzing Index:

The Nifty FMCG index rose 0.94% to 45,936.40. The index has added 0.99% in two sessions.

ITC (up 2.15%), Marico (up 0.93%), Nestle India (up 0.93%), Godrej Consumer Products (up 0.67%) and Emami (up 0.48%) were the top gainers.

Among the other gainers were Hindustan Unilever (up 0.38%), Britannia Industries (up 0.34%) and Dabur India (up 0.02%).

On the other hand, Varun Beverages (down 1.77%), Radico Khaitan (down 1.36%) and United Breweries (down 0.67%) moved lower.

Stocks in Spotlight:

Allcargo Logistics tumbled 15.29%. The company's consolidated net profit (from continuing operations) slumped 61.59% to Rs 124.43 crore in Q3 FY23 as against Rs 323.95 crore posted in Q3 FY22. Revenue from operations dropped 26.8% year on year to Rs 4,099.02 crore in the quarter ended 31 December 2022.

Campus Activewear rose 1.01%. The company's consolidated net profit declined 11.7% to Rs 48.31 crore in Q3 FY23 from Rs 54.72 crore posed in Q3 FY22. However, revenue from operations rose 7.4% to Rs 465.62 crore in the quarter ended 31 December 2022 as against Rs 433.55 crore in the quarter ended 31 December 2021.

FCS Software Solutions surged 7.76%. The company reported consolidated net profit of Rs 0.76 crore in Q3 December 2022 as against net loss of Rs 0.06 crore in Q3 December 2021. On a consolidated basis, revenue from operations rose 13.3% year-on-year to Rs 9.21 crore in Q3 December 2022 over Q3 December 2021.

Global markets:

Asian stocks mostly advanced on Tuesday as investors await the release of the U.S. consumer price index report, which will shape the Federal Reserve's path ahead.

Domestic equities ended with modest losses on Monday, tracking mixed Asian cues. Investors awaited key economic data on global as well as domestic front to provide clear direction. The Nifty declined in early trade and hovered in the red throughout the session. Barring the Nifty FMCG index, all the sectoral indices on the NSE ended in the red with PSU bank, realty and IT indices down 1-2% each.

The barometer index, the S&P BSE Sensex declined 250.86 points or 0.41% to 60,431.84. The Nifty 50 index lost 85.60 points or 0.48% to 17,770.90.

Titan Company (up 2.08%), Larsen & Toubro (up 1.83%) and NTPC (up 1.67%) were top NIfty gainers.

Adani Enterprises (down 7.63%), Adani Ports & SEZ (down 5.39%) and SBI (down 2.88%) were major Nifty losers.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.25% while the S&P BSE Small-Cap index shed 1.17%.

The market breadth was weak. On the BSE, 1,190 shares rose and 2,399 shares fell. A total of 170 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 7.33% to 13.68.

Investors awaited the release of India's retail inflation data, which will be announced later today.

Meanwhile, fear of rate hike in the US weighed on investors sentiment as the market focus shifted to the US CPI Report and US Retail sales figures that could force the Fed into more aggressive policy moves, thereby raising the possibility of interest rates rising above 5%.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper rose to 7.366 from 7.363 previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.72, compared with its close of 82.58 during the previous trading session

MCX Gold futures for 5 April 2023 settlement shed 0.04% to Rs 56,720.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.08% to 103.71.

The United States 10-year bond yield fell 0.24% to 3.734.

In the commodities market, Brent crude for April 2023 settlement declined $1.17 or 1.35% to $85.22 a barrel.

Global Markets:

European markets advanced while most Asian stocks ended lower on Monday as investors look ahead to a week of crucial economic data releases, including the U.S. consumer price index that will determine the Federal Reserve's path forward.

Singapore reported 3.6% GDP growth for 2022, less than the 8.9% growth in 2021. In the fourth quarter, the city-state's economy grew 2.1% on an annualized basis, compared with 4% in the previous quarter.

US stocks fell on Friday after a slew of corporate earnings and Federal Reserve speakers reiterated their hawkish messages that there is more work to be done to tame inflation.

US consumer sentiment improved to a 13-month high in February, a survey showed on Friday. The sentiment index has rebounded from a low of 50 last June. The survey's measure of current economic conditions increased to a reading of 72.6 this month from 68.4 in January.

Stocks in Spotlight:

EKI Energy Services hit a lower circuit of 20% at Rs 877.75 after the company's net profit fell 76.3% to Rs 38.09 crore on 40.9% decrease in revenue from operations to Rs 406.57 crore in Q3 December 2022 over Q3 December 2021. Meanwhile, the company's auditor Walker Chandiok & Co highlighted red flags with reference to non-compliance with IndAS 115 and revenue recognition.

Balkrishna Industries slumped 10.97%. The tyre maker's standalone net profit tumbled 69.7% to Rs 99.62 crore in Q3 FY23 as against Rs 328.58 crore posted in Q3 FY22. Revenue from operations rose 5.5% YoY to Rs 2142.32 crore in the quarter ended 31 December 2022.

The company management said, As expected Q3 volumes were 66,480 MT. The company continues to face challenges of de-stocking in Q4 however the intensity of the situation is receding on month-on-month basis.

Info Edge (India) slipped tanked 9.10% after the company reported a standalone net loss of Rs 84.26 crore in Q3 FY23 from a net profit of Rs 336.37 crore recorded in Q3 FY22. Revenue from operations jumped 33.4% to Rs 555.18 crore in the quarter ended 31 December 2022 as against Rs 416.08 crore posted in Q3 FY22.

The company said that owing to concerns around uncertainty of funding environment for 4B Network, an impairment of Rs 276 crore has been charged as an exceptional item.

While announcing the results, Hitesh Oberoi, managing director and chief executive officer said: While we are seeing a slowdown in the IT hiring, the Non IT hiring market continues to be strong.

PB Fintech rose 0.34%. The fintech company reported a consolidated net loss of Rs 87.62 crore in Q3 FY23 from a net loss of Rs 298.02 crore in Q3 FY22. Revenue from operations surged 66.1% year on year to Rs 610.09 crore in the quarter ended 31 December 2022.

Godrej Industries added 0.26%.The company reported 117.82% jump in consolidated net profit to Rs 314.58 crore in Q3 FY23 as against Rs 144.42 crore posted in Q3 FY22. Revenue from operations stood at Rs 3,842.55 crore in the quarter ended 31 December 2022, up 9.33% from Rs 3,514.61 crore reported in Q3 FY22.

Gujarat Gas rose 0.94%. The gas distribution company's standalone net profit surged 204.49% to Rs 371.26 crore in Q3 FY23 as against Rs 121.93 crore posted in Q3 FY22. Revenue from operations declined 27.1% year on year (YoY) to Rs 3,821.28 crore in the quarter ended 31 December 2022.

Indian Railway Finance Corporation (IRFC) shed 0.66%. The company reported 2% rise in net profit to Rs 1633.45 crore on a 22% increase in total income to Rs 6222.03 crore in Q3 FY23 over Q3 FY22.

ABB India declined 0.26%. The company's net profit (from continuing operations) jumped 58.03% to Rs 305.91 crore on 15.48% rise in total revenue from operations to Rs 2,426.91 crore in Q4 CY2022 over Q4 CY2021. The company said that volume growth, strong price realizations, cost optimization, and improved revenue mix were the key factors which aided growth in profit throughout the year.

Indigo Paints fell 3.66%. The paint maker reported 8.06% rise in net profit to Rs 26.26 crore on a 5.95% increase in net revenue from operations to Rs 281.27 crore in Q3 FY23 over Q3 FY22.

Glenmark Pharmaceuticals jumped 5.29%. The pharma company's consolidated net profit rose 21.13% to Rs 290.76 crore on 8% increase in net sales to Rs 3,392.24 crore in Q3 FY23 over Q3 FY22. On a consolidated basis, Active Pharmaceutical Ingredients (API) sales grew 23.9% YoY to Rs 375.6 crore during the period under review.

National Aluminium Company rose 2.74%. The company reported 67% drop in standalone net profit to Rs 273.85 crore in Q3 FY23 from Rs 830.86 crore in Q3 FY22. Revenue from operations fell by 13% YoY to Rs 3,289.98 crore during the quarter.

The key equity benchmarks extended losses and hit fresh intraday low in morning trade. The Nifty traded tad below the 17,750 mark after hitting the day's high at 17,880.70 in early trade. IT shares witnessed some bit of selling pressure for second day in a row.

The barometer index, the S&P BSE Sensex, was down 363.62 points or 0.60% to 60,319.08. The Nifty 50 index lost 106.60 points or 0.6% to 17,749.90.

In the broader market, the S&P BSE Mid-Cap index fell 0.79% while the S&P BSE Small-Cap index declined 0.60%

City Union Bank (down 10.97%), Dhani Services (down 7.01%), Coforge (down 6.39%), Lupin (down 5.92%) and Indiabulls Real Estate (down 4.71%) were the top broader market losers.

Oil India (up 7.81%), Tata Teleservices (Maharashtra) (up 6.78%), Galaxy Surfactants (up 5.68%), Vaibhav Global (up 5.30%) and Natco Pharma (up 4.39%) outperformed in the broader market segment.

The market breadth was positive. On the BSE, 1319 shares rose and 1927 shares fell. A total of 171 shares were unchanged.

Investors awaited the release of India's retail inflation data, which will be announced later today.

Meanwhile, Fed Fear weighed on investor sentiment as the market focus shifted to the US CPI Report and US Retail sales figures that could force the Fed into more aggressive policy moves, thereby raising the possibility of interest rates rising above 5%.

Results Today:

New India Assurance Company (down 1.56%), Steel Authority Of India (down 0.77%), Allcargo Logistics (down 1.17%), Gujarat Gas (down 0.59%), Zee Entertainment Enterprises (down 2.03%), IRB Infrastructure Developers (down 0.26%), FSN E-Commerce Ventures (down 1.39%), Castrol India (up 0.17%), Grindwell Norton (down 1.84%), Campus Activewear (down 2.12%), Gujarat State Petronet (down 0.90%), Godrej Industries (down 0.02%), GR Infraprojects (up 2.75%), Housing & Urban Development Corporation (down 0.43%), Indian Railway Finance Corporation (up 0.33%), ITI (down 0.55%), Linde India (up 1.68%), Global Health (up 0.84%), NLC India (up 0.38%), Power Finance Corporation (down 2.54%), Ratnamani Metals & Tubes (down 0.29%), Shree Renuka Sugars (up 0.84%) and Rhi Magnesita India (down 0.69%) are some of the companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty IT index slipped 1.82% to 30,307.15. The index has declined 2.21% in two sessions.

Coforge (down 5.91%), Persistent Systems (down 3.5%), Infosys (down 2.05%), LTI Mindtree (down 1.94%) and Tata Consultancy Services (down 1.49%) were the top losers.

Among the other losers were Mphasis (down 1.33%), L&T Technology Services (down 1.14%), Wipro (down 0.97%), Tech Mahindra (down 0.97%) and HCL Technologies (down 0.43%).

Stocks in Spotlight:

Balkrishna Industries was locked in 10% lower circuit. The tyre maker's standalone net profit tumbled 69.7% to Rs 99.62 crore in Q3 FY23 as against Rs 328.58 crore posted in Q3 FY22. Revenue from operations rose 5.5% YoY to Rs 2142.32 crore in the quarter ended 31 December 2022.

BEML rose 0.49%. The company has received an order for supply of 118 units of Track Width Mine Plough (TWMP) for Arjun MBT MK-1A from HVF, Avadi. The consolidated value of the order is Rs 377.98 crore approximately, the supplies are expected to be completed by January 2026.

Thermax advanced 0.71%. The energy and environment solutions provider has received an order for Rs 251.7 crore from an Indian public sector power company. The contract is for the renovation and modernisation of the electrostatic precipitator (ESP) package of its 3x210 MW thermal power station in Bankura, West Bengal.

ABB India fell 1.67%. The company's net profit (from continuing operations) jumped 58.03% to Rs 305.91 crore on 15.48% rise in total revenue from operations to Rs 2,426.91 crore in Q4 CY2022 over Q4 CY2021.

Dilip Buildcon gained 0.23%. The civil construction company reported a standalone net profit of Rs 79.52 crore in Q3 FY23 as against a net loss of Rs 96.66 crore posted in Q3 FY22. Revenue from operations rose 8.2% year on year to Rs 2,378.78 crore in the quarter ended 31 December 2022.

The domestic equity barometers edged lower in early trade, dragged down by the selling witnessed in index pivotals. The Nifty traded above the 17,850 mark. Barring metal and pharma, shares across sectors decline with IT, banks and financials leading the losses.

The barometer index, the S&P BSE Sensex, was up 10.91 points or 0.02% to 60,693.61. The Nifty 50 index gained 6.90 points or 0.04% to 17,863.40.

Infosys (down 2.11%), TCS (down 1.33%), Tech Mahindra (down 1.29%), Bajaj Finance (down 1.21%) and Wipro (down 0.90%) were the top Nifty losers.

However, Eicher Motors (up 1.65%), Tata Steel (up 1.38%), Titan (up 1.32%), Hindalco (up 1.14%) and JSW Steel (up 0.97%) managed to outperform.

In the broader market, the S&P BSE Mid-Cap index was trading flat while the S&P BSE Small-Cap index added 0.03%

The market breadth was positive. On the BSE, 1,456 shares rose and 1,245 shares fell. A total of 165 shares were unchanged.

Investors awaited the release of India's retail inflation data, which will be announced later today. Fed Fear weighed on investor sentiment as the market focus shifted to the US CPI Report and US Retail sales figures that could force the Fed into more aggressive policy moves, which could push interest rates above 5%.

Stocks in Spotlight:

Kotak Mahindra Bank rose 0.31%. The bank said that it has entered into share purchase agreements for acquiring 2,64,53,256 equity shares, representing 100% stake, with the current shareholders of Sonata Finance for a total consideration of approximately Rs. 537 crore.

Biocon added 0.76%. The U.S. Food and Drug Administration (FDA) has issued a Complete Response Letter (CRL) for the Biologics License Application (BLA) for Bevacizumab filed by partner Viatris (Mylan).

National Aluminium Company (Nalco) advanced 2.93%. Nalco reported 67% drop in standalone net profit to Rs 273.85 crore in Q3 FY23 from Rs 830.86 crore in Q3 FY22. Revenue from operations fell by 13% YoY to Rs 3,289.98 crore during the quarter.

Glenmark Pharmaceuticals jumped 4.75%. The company's consolidated net profit rose 21.13% to Rs 290.76 crore on 8% increase in net sales to Rs 3,392.24 crore in Q3 FY23 over Q3 FY22.

Numbers to track:

The yield on India's 10-year benchmark federal paper rose 0.16% to 7.375 from 7.363 previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.7400, compared with its close of 82.5800 during the previous trading session

MCX Gold futures for 5 April 2023 settlement advanced 0.02% to Rs 56,750.

The United States 10-year bond yield declined 0.14% to 3.738.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.14% to 103.78.

In the commodities market, Brent crude for April 2023 settlement lost 73 cents or 0.85% to $85.66 a barrel.

Global markets:

Asian stocks traded mostly lower on Monday as investors look ahead to a week of crucial economic data releases, including the U.S. consumer price index that will determine the Federal Reserve's path forward.

US stocks fell on Friday after a slew of corporate earnings and Federal Reserve speakers reiterated their hawkish messages that there is more work to be done to tame inflation.

The key equity benchmarks traded with minor cuts in early afternoon trade. The Nifty traded below the 17,850 level after hitting day's low of 17,779.80 in the morning trade. Media and IT shares advanced while metal, bank and consumer durable stocks witnessed a bit of a selling pressure.

The barometer index, the S&P BSE Sensex, was down 34.27 points or 0.06% to 60,629.52. The Nifty 50 index declined 33.90 points or 0.19% to 17,837.80.

In the broader market, the S&P BSE Mid-Cap index shed 0.01% while the S&P BSE Small-Cap index fell 0.09%.

The market breadth was negative. On the BSE, 1,586 shares rose and 1,734 shares fell. A total of 162 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 0.38% to 13.5425. The Nifty 23 February 2023 futures were trading at 17,886.80, at a premium of 49 points as compared with the spot at 17,837.80.

The Nifty option chain for the 23 February 2023 expiry showed maximum Call OI of 33.3 lakh contracts at the 18,000 strike price. Maximum Put OI of 37.3 lakh contracts were seen at 17,500 strike price.

Buzzing Index:

The Nifty PSU Bank index declined 0.60% to 3,883.40. The index rose 0.43% in the past trading session.

Punjab National Bank (down 1.84%), UCO Bank (down 1.77%), Canara Bank (down 1.35%), Central Bank of India (down 1.09%) and Bank of Maharashtra (down 0.71%) and State Bank of India (down 0.43%) declined.

On the other hand, Punjab & Sind Bank (up 1.26%), Indian Overseas Bank (up 0.93%) and Bank of India (up 0.62%) advanced.

Stocks in Spotlight:

Honeywell Automation India declined 2.34%. The company reported an 18.2% rise in net profit to Rs 106.07 crore in Q3 FY23 as against Rs 89.73 crore posted in Q3 FY22. Net sales stood at Rs 1,017.49 crore in the quarter ended 31 December 2022, up 18.3% from Rs 859.95 crore recorded in the corresponding quarter last fiscal.

Equitas Small Finance Bank (Equitas SFB) rose 1.61% after the bank's net profit surged 57.4% to Rs 170.13 crore on 17.5% rise in total income to Rs 1,216.03 crore in Q3 FY23 over Q3 FY22.

Lupin rose 0.07%. The company received US Food and Drug Administration (USFDA) approval for its abbreviated new drug application (ANDA) for Glycopyrrolate Injection, USP.