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Domestic equity barometers pared all the gains and traded near the day's low with modest losses in mid-morning trade. The Nifty slipped below the 19,800 level. Financial services stocks declined after gaining in the past trading session.
The barometer index, the S&P BSE Sensex, was down 329.84 points or 0.50% to 66,098.25. The Nifty 50 index lost 69.30 points or 0.35% to 19,742.20.
In the broader market, the S&P BSE Mid-Cap index shed 0.46% while the S&P BSE Small-Cap index declined 0.22%.
The market breadth was negative. On the BSE, 1,447 shares rose and 2,065 shares fell. A total of 168 shares were unchanged.
Earnings Today:
Wipro (down 0.04%), LTIMindtree (down 0.99%), Bajaj Auto (up 0.62%), IndusInd Bank (up 0.02%), Polycab India (down 0.42%), ICICI Lombard General Insurance (down 0.53%), Astral (down 0.11%), Bandhan Bank (down 0.23%), Persistent Systems (down 0.42%), Oracle Financial Services Software (down 0.45%), Zee Entertainment Enterprises (up 1.33%), IIFL Finance (up 0.51%), UTI Asset Management (up 0.29%), Titagarh Rail Systems (up 3.07%), Shoppers Stop (down 0.61%), Tips Industries (up 1.73%), SG Finserve (up 1.90%), Heritage Foods (down 2.55%), RPG Life Sciences (down 2.36%) and 5paisa Capital (up 1.42%) will announce their quarterly earnings later today.
Buzzing Index:
The Nifty Financial Services index declined 1.13% to 19,718.35. The index rose 0.65% in the past trading session.
ICICI Prudential Life Insurance Company Ltd (down 3.5%), Cholamandalam Investment & Finance Company Ltd (down 2.23%), Bajaj Finance Ltd (down 1.95%), Bajaj Finserv Ltd (down 1.26%), HDFC Bank Ltd (down 1.21%), ICICI Bank Ltd (down 1.16%), Axis Bank Ltd (down 1.08%), Kotak Mahindra Bank Ltd (down 1.07%), Shriram Finance Ltd (down 0.98%) and REC Ltd (down 0.75%) edged lower.
Stocks in Spotlight:
L&T Technology Service declined 4.35%. The company's consolidated net profit rose marginally to Rs 315.4 crore in Q2 FY24 as against Rs 311.1 crore recorded in Q1 FY24. Revenue from operations grew by 3.7% quarter on quarter (QoQ) to Rs 2,386.5 crore in Q2 FY24.
Bajaj Electricals rose 2.30% after the company received contract worth Rs 347.29 crore from Power Grid Corporation of India for new transmission line in Bhadla, Rajasthan.
Indian Railway Catering and Tourism Corporation declined 1.41%. The company said that it has tied up with Zomato for supply and delivery of pre-ordered meals through IRCTC's E-catering portal as a proof of concept (PoC).
Orient Cement spurted 10.14% amid media reports that the company's promoter, CK Birla, has approached Gautam Adani to sell his stake. According to the media reports, CK Birla has approached Gautam Adani to sell his promoter stake in Orient Cement. Executives from both sides have reportedly met to discuss the potential deal. If this transition occurs, it could trigger an open offer for an additional 26% stake, as per takeover laws.
Global Markets:
Asian stocks traded mixed on Wednesday as a blast at a Gaza hospital dealt a blow to hopes for containing the crisis.
Economic data from China showed stronger-than-expected growth. China posted 4.9% growth in the July to September quarter from a year earlier, according to a release from China's National Bureau of Statistics on Wednesday. However, this figure was lower than the 6.3% year-on-year expansion seen in the second quarter.
US stocks closed near the flat line on Tuesday as investors analyzed the latest bond yield moves and the corporate earnings season gained steam.
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