The key equity indices continued to trade in a narrow range with major losses in mid-afternoon trade. The Nifty hovered below the 18,150 mark. Private bank stocks witnessed selling pressure after gaining for six consecutive trading sessions.
The barometer index, the S&P BSE Sensex, was down 529.41 points or 0.86% to 61,219.84. The Nifty 50 index lost 140.85 points or 0.77% to 18,114.95.
In the broader market, the S&P BSE Mid-Cap index declined 0.30% while the S&P BSE Small-Cap index shed 0.29%.
The market breadth was negative. On the BSE, 1,467 shares rose and 1,977 shares fell. A total of 147 shares were unchanged.
Numbers to track:
MCX Gold futures for 5 June 2023 settlement declined 0.26% to Rs 61,336.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.10% to 101.30.
The United States 10-year bond yield added 1.41% to 3.399.
In the commodities market, Brent crude for July 2023 settlement added $1.21 or 1.67% to $73.71 a barrel.
Buzzing Index:
The Nifty Bank index declined 2.08% to 21,642.35. The index advanced 3.66% in past eight trading sessions.
Federal Bank Ltd (down 7.35%), HDFC Bank Ltd (down 5.46%), IndusInd Bank Ltd (down 3.75%), RBL Bank Ltd (down 3.64%), City Union Bank Ltd (down 3.23%), Bandhan Bank Ltd (down 1.03%), IDFC First Bank Ltd (down 0.16%) slipped.
On the other hand, ICICI Bank Ltd (up 1.15%) ,Kotak Mahindra Bank Ltd (up 0.58%) and Axis Bank Ltd (up 0.5%) advanced.
Federal Bank slumped 7.35%. The private bank's standalone net profit surged 67% to Rs 902.61 crore on a 38.2% increase in total income to Rs 4,120.03 in Q4 FY23 over Q4 FY22. Meanwhile, the board of directors recommended a final dividend of Re 1 for the year ended 31 March 2023.
Stocks in Spotlight:
Fertilizers & Chemicals Travancore (FACT) tumbled 6.65% after the company's consolidated net profit declined 26.9% to Rs 165.60 crore in Q4 FY23 as against Rs 226.54 crore in Q4 FY22. Revenue from operations dropped 26.22% to Rs 1,248.84 crore during the quarter ended 31 March 2023 from Rs 1,692.55 crore posted in corresponding quarter last year.
360 ONE WAM shed 0.85% after the company's consolidated net profit fell 6% to Rs 155.45 crore in Q4 FY23 on 8.5% decline in total income to Rs 529.83 crore in Q4 FY23 over Q4 FY22.
Global Markets:
Markets in Europe advanced across the board while Asian stocks traded mixed on Friday.
The European Central Bank (ECB) announced a 0.25% raise on Thursday, bringing the eurozone's key interest rate to 3.75% in a bid to curb inflation. ?The inflation outlook continues to be too high for too long,? the central bank said in a statement.
Wall Street ended lower on Thursday after PacWest's move to explore strategic options deepened fears about the health of U.S. lenders and hit shares of regional banks as well as JPMorgan Chase, Wells Fargo & Co and other major financial players.
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