The key equity barometers traded with limited losses in the afternoon trade. The Nifty hovered below the 17,700 level after hitting the day's high of 17,766.60 in early trade. Realty, pharma and healthcare shares advanced while media, oil & gas and consumer durables stocks declined.
The barometer index, the S&P BSE Sensex, was down 141.08 points or 0.24% to 59,769.67. The Nifty 50 index lost 46.85 points or 0.26% to 17,660.
The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.60% while the S&P BSE Small-Cap index advanced 0.35%.
The market breadth was positive. On the BSE, 1,975 shares rose and 1,471 shares fell. A total of 117 shares were unchanged.
Investors await corporate results this week, along with comments from the Fed Reserve officials for cues on interest rate hikes. Stronger-than-expected Chinese economic data failed to raise the investor sentiment. Bank of International Settlements head Agustín Carstens has reportedly warned that interest rates may need to stay higher for longer due to high inflation and rising risks of instability in the global economy.
COVID-19 Update:
According to the Union Health Ministry, the country recorded 7,633 fresh cases of COVID-19 within the past 24 hours. Presently, there are 61,233 active cases in the nation while 6,702 individuals recuperated from the disease yesterday. The Ministry revealed a recovery rate of 98.68%. Moreover, over 220 crore 66 lakh vaccine doses have been administered throughout the country up until now.
Gainers & Losers:
Divi's Laboratories (up 2.64%), IndusInd Bank (up 1.87%), HCL Technologies (up 1.70%), Nestle India (up 1.32%) and Wipro (up 1.16%) were the top Nifty gainers.
Power Grid Corporation of India (down 2.56%), Ultratech Cement (down 1.47%), Titan Company (down 1.40%), Bajaj Auto (down 1.35%) and Reliance Industries (down 1.26%) were the top Nifty losers.
Earnings Impact:
Angel One rose 2.61% after the company's consolidated net profit rose 30.4% to Rs 267 crore on 26.9% rise in net revenue to Rs 644.2 crore in Q4 March 2023 over Q4 March 2022.
Just Dial rallied 3.81% after the company reported a standalone net profit of Rs 83.8 crore in Q4 FY23, steeply higher than Rs 22.14 crore posted in Q4 FY22. Net revenue from operations stood at Rs 232.53 crore in Q4 FY23, registering a growth of 39.52% from Rs 166.67 crore recorded in the corresponding quarter previous year.
TV18 Broadcast slipped 3.59% after the company's consolidated net profit slumped 75.5% to Rs 35.19 crore in Q4 FY23 as against Rs 143.61 crore recorded in Q4 FY22. Revenue from operations stood at Rs 1,405.90 crore in the quarter ended 31 March 2023 from Rs 1,496.22 crore posted in the Q4 FY22, registering a decline of 6%.
Network18 Media & Investments fell 3.45% after the media company reported a consolidated net loss of Rs 36.78 crore in Q4 FY23 as against a net profit of Rs 61.85 crore posted in Q4 FY22. Revenue from operations declined 8.5% to Rs 1,483.72 crore in quarter ended 31 March 2023 from Rs 1,621.09 crore recorded in the corresponding quarter previous year.
Hathway Cable and Datacom tumbled 3.61% after the company reported a net loss of Rs 14.62 crore in Q4 FY23 as against net profit of Rs 28.35 crore in Q4 FY22. Net sales rose 2.4% to Rs 459.59 crore in Q4 FY23 as compared with Rs 448.79 crore in Q4 FY22.
Global Markets:
Markets in Europe advanced while Asian stocks traded mixed on Tuesday as fears of rising U.S. interest rates largely offset optimism over stronger-than-expected Chinese economic growth.
China's economy grew more than expected in the first quarter of 2023. China's gross domestic product rose by 4.5% in the first quarter of 2023, the National Bureau of Statistics said Tuesday. The economy expanded 2.9% in the fourth quarter of 2022.
The Reserve Bank of Australia warned of further tightening in monetary policy could come if needed, minutes released from its April meeting showed on Tuesday. The RBA kept its policy rate unchanged earlier this month.
US stocks rose on Monday as traders combed through the latest batch of corporate earnings results, searching for clues on the health of corporate America.
