The domestic barometers continued to trade with minor cuts in mid-morning trade. The Nifty hovered below the 18,100 level. IT shares snapped four days rising streak.
The barometer index, the S&P BSE Sensex, was down 215.16 points or 0.35% to 61,139.55. The Nifty 50 index lost 65.90 points or 0.36% to 18,081.75
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.37% while the S&P BSE Small-Cap index rose 0.38%.
The market breadth was positive. On the BSE, 1,866 shares rose and 1,409 shares fell. A total of 166 shares were unchanged.
Investors were cautious ahead of the Federal Open Market Committee's (FOMC) interest rate decision later today, as the US central bank commences its two-day meeting.
Results Today:
Titan Company (up 0.18%), Adani Wilmar (down 0.24%), Petronet LNG (up 0.57%), KEC International (up 0.27%), Havells India (down 0.72%), Tata Chemicals (up 0.42%), SIS (down 0.26%), ABB India (up 0.79%), Solar Industries (down 0.09%), KPR Mill (up 0.93%), Godrej Properties (up 1.65%), Sona BLW Precision Forgings (up 1.35%), Jyothy Labs (up 0.65%), Anupam Rasayan (up 2.73%), Bajaj Consumer Care (up 0.92%), MRF (up 0.14%), Reliance Power (down 0.74%), PNB Gilts (up 0.21%), Cholamandalam Investment & Finance (up 1.31%), Sula Vineyards (up 3.84%) will announce their quarterly earnings later in the day.
Buzzing Index:
The Nifty PSU bank index rose 1.04% to 4,140.70, snapping its six days gaining streak. The index jumped 7.75% in six trading sessions.
Central Bank of India (down 3.97%), UCO Bank (down 3.25%), Punjab & Sind Bank (down 3.2%), Bank of Baroda (down 2.76%), Union Bank of India (down 1.37%), Indian Overseas Bank (down 1.16%), Bank of India (down 0.77%), Indian Bank (down 0.53%), Bank of Maharashtra (down 0.5%) and Punjab National Bank (down 0.38%) declined.
Buzzing Index:
The Nifty IT index declined 0.81% to 27,797.10, snapping its four days gaining streak. The index jumped 3.85% in four trading sessions.
L&T Technology Services (down 1.65%), LTI Mindtree (down 0.99%), Tata Consultancy Services (down 0.96%), HCL Technologies (down 0.8%) and Mphasis (down 0.77%), Persistent Systems (down 0.7%), Coforge (down 0.66%), Infosys (down 0.58%), Tech Mahindra (down 0.56%) and Wipro (down 0.4%) slipped.
Stocks in Spotlight:
Fino Payments Bank advanced 1.93% after the bank's net profit jumped 25% to Rs 22.08 crore on 13% rise in total income to Rs 323 crore in Q4 FY23 over Q4 FY22. EBITDA expanded by 46% year on year to Rs 43 crore in Q4 FY23. EBITDA margin stood at 13.3% in Q4 FY23 as against 10.3% in Q4 FY22.
DCM Shriram fell 2.40% after the company reported 53% drop in net profit to Rs 187 crore in Q4 FY23 from Rs 401 crore in Q4 FY22. Net revenue from operations declined 3% YoY to Rs 2,720 crore during the quarter.
Punjab & Sind Bank slipped 4.12%. The bank reported 32.04% jump in net profit to Rs 456.99 crore on 32.08% rise in total income to Rs 2,651.98 crore in Q4 FY23 over Q4 FY22. Net interest income zoomed 154.42% YoY to Rs 547 crore in Q4 FY23 from Rs 215 crore recorded in Q4 FY22.
Global Markets:
Asian stocks traded mixed on Wednesday following the negative cues from Wall Street overnight. Markets in Japan and mainland China are closed for a holiday Wednesday.
Investors remain cautious ahead of the US Fed's interest rate decision, which is due later in the day. The Fed is reportedly likely to hike rates by 25 basis points.
Overnight in the U.S., all three major indexes fell for a second-straight session on Tuesday as banking fears returned to Wall Street ahead of the Fed rate decision.
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