Domestic equity barometers pared most of the losses but traded with minor cuts in mid-morning trade. The Nifty traded above the 19,650 level after hitting day's low of 19,512.35 in early trade. Pharma shares saw profit booking after gaining in past two consecutive trading sessions.
The barometer index, the S&P BSE Sensex, was down 119.50 points or 0.18% to 65,757.52. The Nifty 50 index lost 19.65 points or 0.10% to 19,651.45.
In the broader market, the S&P BSE Mid-Cap index slipped 0.29% while the S&P BSE Small-Cap index added 0.04%.
The market breadth was strong. On the BSE, 1,615 shares rose and 1,880 shares fell. A total of 170 shares were unchanged.
Earnings Today:
Hindustan Unilever (down 0.18%), ITC (up 0.25%), Ultratech Cement (up 0.11%), Nestle India (down 0.46%), Havells India (up 0.79%), Tata Communications (down 0.85%), Mphasis (up 1.94%), United Breweries (down 0.54%), Jindal Stainless (down 1.90%), Metro Brands (down 0.34%), Voltas (down 0.62%), Cyient (up 2.26%), PVR Inox (up 0.13%), Tanla Platforms (down 0.38%), Equitas Small Finance Bank (down 0.05%), Ramkrishna Forgings (up 1.27%), HFCL (up 0.93%), Mastek (up 1.27%), South Indian Bank (down 1.27%), Tata Coffee (down 1.15%), Aarti Drugs (down 1.75%), Kirloskar Pneumatic (up 2.67%), Ganesh Housing Corp (up 0.44%), Sagar Cements (down 0.38%), Indoco Remedies (up 0.17%), Wendt (India) (up 1.49%) wil announce their quarterly earnings later today.
Buzzing Index:
The Nifty Pharma index declined 0.63% to 15,235.05. The index rose 1.1% in past two trading sessions.
Biocon (down 1.63%), Ipca Laboratories (down 1.5%), Granules India (down 1.1%), Natco Pharma (down 1.01%), Dr Reddys Laboratories (down 0.97%), Aurobindo Pharma (down 0.91%), Cipla (down 0.85%), Glenmark Pharmaceuticals (down 0.81%), Sun Pharmaceuticals Industries (down 0.77%) and Divis Laboratories (down 0.75%) slipped.
On the other hand, Lupin (up 0.46%), Glaxosmithkline Pharmaceuticals (up 0.22%) and Zydus Lifesciences (up 0.15%) edged higher.
The Nifty Metal index declined 1.26% to 6,776.80. The index decreased 1.81% in two trading sessions.
APL Apollo Tubes (down 2.58%), Jindal Stainless (down 2.02%), Tata Steel (down 1.61%), Welspun Corp (down 1.55%), Hindalco Industries (down 1.53%), Jindal Steel & Power (down 1.41%), National Aluminium Company (down 1.37%), Ratnamani Metals & Tubes (down 1.29%), JSW Steel (down 0.89%) and Vedanta (down 0.22%) slipped.
On the other hand, Hindustan Copper (up 0.68%) ,Hindustan Zinc (up 0.51%) and NMDC (up 0.12%) edged higher.
Stocks in Spotlight:
KFin Technologies rose 2.67% after the company said that it has won a high value multi-year contract from LIC Pension Fund for investment management solution.
Bandhan Bank dropped 3.97%. The Kolkata-based private lender reported a net profit of Rs 721.17 crore in Q2 FY24, steeply higher than Rs 209.27 crore recorded in Q2 FY23. Total income jumped 18.4% to Rs 5,032.19 crore in the second quarter of FY24 from Rs 4,249.87 crore posted in Q2 FY23.
Global Markets:
Asian stocks fell across the board, taking cues from U.S. markets overnight, while the Bank of Korea kept its interest rates steady at 3.5% for the sixth time in a row.
South Korea's central bank kept its benchmark policy rate at 3.5%, in line with expectations. In its release, the Bank of Korea said that inflation in the country is ?projected to continue its underlying trend of a slowdown,? but there are uncertainties regarding the future path of inflation.
US stocks ended sharply lower on Wednesday as Treasury yields rose again and investors assessed the latest batch of quarterly corporate results and forecasts. Mounting tensions in the Middle East stoked risk aversion.
Investors have been worried about repercussions from the Israel-Hamas conflict that began October 7 with a Hamas attack on Israeli civilians and soldiers. U.S. President Joe Biden, during a lightning visit on Wednesday, pledged solidarity with Israel and said a deadly blast at a Gaza hospital seemed to have been caused by a rocket misfired by militants.
U.S. Treasury yields jumped to multiyear highs, with the 10-year Treasury yield breaking above 4.9% for the first time since 2007.
The U.S. economy showed ?little or no change? over the past six weeks, the Federal Reserve reported Wednesday in its Beige Book report. Spending was described as ?mixed? while prices increased ?at a modest pace,? the report said. Companies said they expect inflation to continue rising, thought at a slower pace.
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