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.
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