Nifty ends tad above 17,600 mark; Adani Group stocks drop for second day.

The domestic equity benchmarks ended with deep cuts after a weak session on Friday. After opening at 17,877.20, the Nifty edged lower as heavy selling emerged and hit the day's low at 17,493.55 in mid-afternoon trade. Bargain buying emerged at lower levels and the Nifty managed to close above 17,600 mark. Oil & gas, metals and bank stocks declined while auto, pharma and FMCG shares managed to end in the green.

As per provisional closing data, the barometer index, the S&P BSE Sensex, tumbled 874.16 points or 1.45% to 59,330.90. The Nifty 50 index slumped 287.60 points or 1.61% to 17,604.35.

Concurrently, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, zoomed 18.18% to 17.32.

In the broader market, the S&P BSE Mid-Cap index fell 1.29% while the S&P BSE Small-Cap index declined 1.89%.

Sellers outnumbered buyers. On the BSE, 904 shares rose, and 2,652 shares fell. A total of 102 shares were unchanged.

Meanwhile, shares of Adani Group companies continued to witness steep selling pressure for second trading session after US-based Hindenburg Research LLC said it shorted Adani Group companies due to brazen market manipulation and accounting fraud.

Adani Total Gas (down 20%), Adani Green Energy (down 20%), Adani Transmission (down 20%), Adani Enterprises (down 18.52%), Ambuja Cements (down 17.16%), Adani Ports and Special Economic Zone (down 15.17%), ACC (down 13.04%), Adani Wilmar (down 5%), Adani Power (down 5%) and slumped. Further,

Hindenburg, an US-based investment research firm that specializes in activist short-selling, made wide-ranging allegations of corporate malpractice following a two-year investigation into the Adani group companies.

The Ahmedabad-headquarter group said 21 of the questions raised were responded in the public disclosures made in its 2015 Adani Portfolio presentation. It added that as far as accounting or fraud assertions investigation made by Hindenburg, it is devoid of facts.

Buzzing Index:

The Nifty Oil & Gas tumbled 5.54%% to 7,960.90. The index has lost 7.78% in three sessions.

Hindustan Petroleum Corporation (down 5.74%), Oil & Natural Gas Corp (down 3.12%), Bharat Petroleum Corporation (down 2.86%) and Aegis Logistics (down 2.67%) were the top losers.

Among the other losers were Gujarat Gas (down 2.5%), Reliance Industries (down 1.76%), GAIL (India) (down 1.73%), Mahanagar Gas (down 1.73%) and Indian Oil Corporation (down 1.64%).

On the other hand, Oil India (up 1.78%), Indraprastha Gas (up 1.37%) and Petronet LNG (up 0.33%) moved up.

Stocks in Spotlight:

Bajaj Auto jumped 5.83%. The two-wheeler maker's consolidated net profit rose 3.01% to Rs 1,472.70 crore on 3.29% increase in total revenue from operations to Rs 9,318.54 crore in Q3 FY23 over Q3 FY22.

Tata Motors zoomed 6.22%. The company reported a consolidated net profit of Rs 2,957.71 crore in Q3 FY23 as against a net loss of Rs 1,516.14 crore in Q3 FY22. Total revenue from operations increased 22.5% YoY to Rs 88,488.59 crore during the quarter.

Dr Reddy's Laboratories rose 2.78%. The drug major's consolidated net profit jumped 76.52% to Rs 1,247.1 crore on 27.26% rise in revenues to Rs 6,770 crore in Q3 FY23 over Q3 FY22.

LTIMindtree shed 0.81%. The company announced that it has partnered with Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) insurance, and Microsoft to build a solution that will enable insurers to migrate their onpremises core systems to the cloud in a quick and efficient manner.

DLF rose 1.42%. The real estate developer reported a consolidated net profit of Rs 517.94 crore in Q3 FY23 as against a net profit of Rs 379.49 crore in Q3 FY22. Total income increased to Rs 1,559.66 crore from Rs 1,686.92 crore.

Blue Dart Express fell 3.32%. The company reported a consolidated net profit of Rs 88.70 crore in Q3 FY23 as against a net profit of Rs 123.4 crore in Q3 FY22. Revenue from operations increased to Rs 1337.1 crore from Rs 1254.8 crore.

SJVN slipped 1.30%. The company has sold its entire stake in the Bhutanese Joint Venture Company i.e, Kholongchhu Hydro Energy Limited (KHEL) as per the directions received from the Ministry of Power, Government of India. Consideration received from such sale / disposal is Rs 354.71 crore.

Tata Elxsi rose 0.75%. The design led technology service provider reported a 29% rise in net profit to Rs 194.68 crore on 28.7% increase in revenue from operations to Rs 817.74 crore in Q3 FY23 over Q3 FY22.

Chennai Petroleum Corporation jumped 5.49%. The company's standalone net profit declined 37.5% to Rs 142.95 crore in Q3 FY23 as against Rs 228.83 crore recorded in Q3 FY22. Net sales surged 61.5% to Rs 16,054.44 in the quarter ended 31 December 2022 from Rs 9,939.29 crore posted in the corresponding quarter previous year.Patanjali Foods hit an lower circuit of 5%. The FMCG company's net profit rose 15% to Rs 269.19 crore on 26.2% increase in revenue from operations to Rs 7,926.64 crore in Q3 FY23 over Q3 FY22.

Global Markets:

Markets in Europe and Asia advanced across the board on Friday, after U.S. economic data came in stronger than expected, and with a slew of rate hike decisions due next week.

Friday will see the release of U.S. data on core inflation, personal income and spending and pending home sales. The U.S. economy expanded by 2.9% year on year during the fourth quarter, beating expectations, though recession fears remain.

In Europe, data is due on French consumer confidence and euro zone household loans. Earlier in the week, the German government as well as research group Ifo said Europe's largest economy would likely avoid a recession this year.

US stocks ended nominally lower on Tuesday at the close of a rocky session marked by a raft of mixed earnings and a technical malfunction at the opening bell.

The downturn in the US business activity eased slightly in January even as it contracted for the seventh straight month, survey showed on Tuesday. S&P Global said its flash US Composite PMI Output Index, which tracks the manufacturing and services sectors, shot off to 46.6 this month from a final reading of 45 in December.

Nifty some points above 17,500 mark; NSE VIX up over 20%.

The key equity indices traded in a narrow range with heavy losses in the afternoon trade. The Nifty traded below the 17,600 level. Metal stocks drop for fourth consecutive session.

The barometer index, the S&P BSE Sensex, was down 1185.46 points or 1.97% to 59,019.60. The Nifty 50 index lost 378.15 points or 2.11% to 17,513.80.

Concurrently, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, zoomed 20.11% to 17.60.

In the broader market, the S&P BSE Mid-Cap index fell 2.03% while the S&P BSE Small-Cap index declined 2.39%.

Sellers outnumbered buyers. On the BSE, 660 shares rose, and 2,853 shares fell. A total of 102 shares were unchanged.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose to 7.399 from its close of 7.347 recorded in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.5725, compared with its close of 81.6100 during the previous trading session.

MCX Gold futures for 3 February 2023 settlement lost 0.46% to Rs 56,699.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 101.82.

The United States 10-year bond yield rose 1.36% to 3.539.

In the commodities market, Brent crude for March 2023 settlement added 55 cents or 0.63% to $87.87 a barrel.

Buzzing Index:

The Nifty Metal index tumbled 4.44% to 6,405.85. The index has fallen 7.24% in six sessions.

Adani Enterprises (down 14%), Welspun Corp (down 5.06%), Jindal Stainless (down 4.09%), Vedanta (down 2.79%) and Hindustan Copper (down 2.67%) were the top losers.

Among the other losers were Hindalco Industries (down 2.56%), Steel Authority of India (down 2.22%), Jindal Steel & Power (down 1.65%), Hindustan Zinc (down 1.48%) and MOIL (down 1.41%).

Stocks in Spotlight:

AIA Engineering advanced 3.34%. The company's consolidated net profit increased by 155% to Rs 352.46 crore in Q3 FY23 from Rs 138.16 crore in Q3 FY22. Total revenue from operations rose by 45% YoY to Rs 1,226.85 crore during the quarter.

Bikaji Foods International tumbled 4.07%. The company's consolidated net profit surged 196.2% to Rs 33.06 crore on 15.7% rise in net sales to Rs 507.23 crore in Q3 FY23 over Q3 FY22.

Benchmarks extend losses; Adani Group stocks drop for second day.

The domestic equity barometers extended losses and hit fresh intraday low in morning trade. The Nifty traded below the 17,700 level. Bank stocks declined for third consecutive session.

The barometer index, the S&P BSE Sensex, was down 688.26 points or 1.14% to 59,516.80. The Nifty 50 index lost 194.15 points or 1.09% to 17,697.80.

Concurrently, The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, zoomed 10.96% to 16.26.

In the broader market, the S&P BSE Mid-Cap index fell 1.02% while the S&P BSE Small-Cap index declined 1.40%.

The market breadth was negative. On the BSE, 824 shares rose, and 2355 shares fell. A total of 134 shares were unchanged.

Meanwhile, shares of Adani Group stocks continued to witnessed steep selling pressure for second trading session after US-based Hindenburg Research LLC said it shorted Adani Group companies due to brazen market manipulation and accounting fraud.

Adani Total Gas (down 16.60%), Adani Green Energy (down 12.69%), Adani Transmission (down 12.45%), Adani Wilmar (down 5%), Adani Power (down 5%), Adani Ports and Special Economic Zone (down 4.48%) and Adani Enterprises (down 3.65%) slumped.

Hindenburg, an US-based investment research firm that specializes in activist short-selling, made wide-ranging allegations of corporate malpractice following a two-year investigation into the Adani group companies.

The Ahmedabad-headquarter group said 21 of the questions raised were responded in the public disclosures made in its 2015 Adani Portfolio presentation. The accounting or fraud assertions investigation made by Hindenburg. It added that as far as accounting or fraud assertions investigation made by Hindenburg, it is devoid of facts.

Results Today:

Vedanta (down 0.75%), Bajaj Finance (up 0.57%), AIA Engineerings (down 0.98%), Godfrey Phillips India (down 3.10%), Aditya Birla Sun Life AMC (down 1.46%) and TAJGVK Hotels & Resorts (down 0.27%) are some of the companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty Bank index fell 2.19% to 40,736.75. The index has declined 4.87% in three sessions.

Bandhan Bank (down 2.96%), ICICI Bank (down 2.85%), Punjab National Bank (down 2.61%), Bank Of Baroda (down 2.39%), HDFC Bank (down 2.33%), SBI (down 2.23%), Axis Bank (down 2.01%), IDFC First Bank (down 1.93%), Kotak Mahindra Bank (down 1.31%), Federal Bank (down 1.17%), IndusInd Bank (down 0.99%), AU Small Finance Bank (down 0.04%) declined.

Stocks in Spotlight:

LTIMindtree shed 0.56%. The company announced that it has partnered with Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) insurance, and Microsoft to build a solution that will enable insurers to migrate their onpremises core systems to the cloud in a quick and efficient manner.

DLF rose 0.47%. The real estate developer reported a consolidated net profit of Rs 517.94 crore in Q3 FY23 as against a net profit of Rs 379.49 crore in Q3 FY22. Total income increased to Rs 1,559.66 crore from Rs 1,686.92 crore.

Blue Dart Express fell 2.95%. The company reported a consolidated net profit of Rs 88.70 crore in Q3 FY23 as against a net profit of Rs 123.4 crore in Q3 FY22. Revenue from operations increased to Rs 1337.1 crore from Rs 1254.8 crore.

SJVN slipped 1.88%. The company has sold its entire stake in the Bhutanese Joint Venture Company i.e, Kholongchhu Hydro Energy Limited (KHEL) as per the directions received from the Ministry of Power, Government of India. Consideration received from such sale / disposal is Rs 354.71 crore.

Barometers end with steep cuts; Adani Group stocks witness sharp sell-off.

The domestic equity barometers ended with deep cuts after a weak session on Wednesday. The Nifty closed tad below the 17,900 level after opening near the 18,100 mark. All the sectoral indices on the NSE ended in the red, with banks, financials and oil & gas stocks falling the most. Weak global cues and sluggish growth outlook from companies spooked investors. Trading was volatile on account of monthly options expiry.

As per provisional closing data, the barometer index, the S&P BSE Sensex, tumbled 773.69 points or 1.27% to 60,205.06. The Nifty 50 index lost 226.35 points or 1.25% to 17,891.95.

In the broader market, the S&P BSE Mid-Cap index slipped 1.52% while the S&P BSE Small-Cap index declined 0.94%.

Seller outnumbered buyers. On the BSE, 1135 shares rose, and 2380 shares fell. A total of 131 shares were unchanged.

On the occasion of Republic Day (26 January), both the equity exchanges - BSE and National Stock Exchange will remain shut tomorrow and trading will resume on Friday (January 27).

Adani Stocks Sell-off:

Stocks of the seven listed Adani Group companies fell by 1.65% and 6.01% today after US-based Hindenburg Research LLC said it shorted Adani Group companies due to brazen market manipulation and accounting fraud.

Adani Transmission (down 8.06%), Adani Ports and Special Economic Zone (down 6.30%), Adani Wilmar (down 5%), Adani Power (down 4.99%), Adani Total Gas (down 3.61%), Adani Green Energy (down 3.04%) and Adani Enterprises (down 1.54%) slumped.

Hindenburg, an US-based investment research firm that specializes in activist short-selling, made wide-ranging allegations of corporate malpractice following a two-year investigation into the Adani group companies.

We hold short positions in Adani Group Companies through U.S.-traded bonds and non-Indian-traded derivatives, along with other non-Indian-traded reference securities, Hindenburg disclosed in its research report published on 24 January 2023.

Hindenburg said its research involved speaking with dozens of individuals, including former executives of Adani, reviewing thousands of documents, and conducting diligence site visits in almost half a dozen countries. The Adani Group's seven key listed companies have 85% downside purely on a fundamental basis, owing to sky-high valuations, the report said.

In a statement issued to the media, Jugeshinder Singh, Group CFO, Adani, said: “We are shocked that Hindenburg Research has published a report on 24 January 2023 without making any attempt to contact us or verify the factual matrix. The report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India's highest courts.

The timing of the report's publication clearly betrays a brazen, mala fide intention to undermine the Adani Group's reputation with the principal objective of damaging the upcoming Follow-on Public Offering from Adani Enterprises, the biggest FPO ever in India.

The investor community has always reposed faith in the Adani Group on the basis of detailed analysis and reports prepared by financial experts and leading national and international credit rating agencies. Our informed and knowledgeable investors are not influenced by one-sided, motivated and unsubstantiated reports with vested interests.”

Stocks in Spotlight:

Indian Bank rose 0.22%. The bank reported 102.36% jump in standalone net profit to Rs 1,395.76 crore on 18.02% rise in total income to Rs 13,550.68 crore in Q3 FY23 over Q3 FY22.

Cipla fell 2.12%. The pharma major's consolidated net profit rose 9.93% to Rs 800.96 crore on 6.05% increase in total revenue from operations to Rs 5,810.09 crore in Q3 FY23 over Q3 FY22.

TVS Motor Company jumped 5.11%. The auto maker reported 22% rise in standalone net profit to Rs 353 crore on a 15% increase in revenue to Rs 6,545 crore in Q3 FY23 over Q3 FY22.

Pidilite Industries fell 2.20%. The adhesives maker reported consolidated net profit of Rs 307.74 crore in Q3 FY23 from Rs 359.24 crore in Q3 FY22. Total income rose to Rs 3002.72 crore in Q3 FY23 from Rs 2855.89 crore in Q3 FY22.

United Spirits tumbled 6.14%. The spirits maker's standalone net profit tumbled 64.45% to Rs 110.5 crore in Q3 FY23 as against Rs 310.8 crore posted in Q3 FY22.

Macrotech Developers declined 1.76%. On a consolidated basis, the real estate developer's net profit jumped 41.41% to Rs 404.98 crore despite of 13.87% surge in net sales to Rs 1,773.80 crore in Q3 FY23 over Q3 FY22.

Indus Towers slumped 7.24%. The company reported consolidated net loss of Rs 708 crore in Q3 FY23 as compared to net profit of Rs 1571 crore in Q3 FY22. Revenue fell to Rs 6765 crore in Q3 FY23 from Rs 6927 crore in Q3 FY22.

Global Markets:

European markets advanced on Wednesday, attempting to pare losses incurred in the previous session, after data out of the eurozone showing an uptick in business activity in the region's services and manufacturing sectors.

A widely watched gauge of German business sentiment from the Munich-based Ifo Institute showed “considerably less pessimistic expectations” in January.

Meanwhile, S&P Global eurozone composite purchasing managers' index came in at 50.2 in January, up from 49.3 in December. The 50 mark separates expansion from contraction.

Most of Asian stocks traded higher on Wednesday, taking the lead from Wall Street's struggle for direction as China and Hong Kong markets remain closed for the Lunar New Year holidays.

US stocks ended nominally lower on Tuesday at the close of a rocky session marked by a raft of mixed earnings and a technical malfunction at the opening bell.

The downturn in the US business activity eased slightly in January even as it contracted for the seventh straight month, survey showed on Tuesday. S&P Global said its flash US Composite PMI Output Index, which tracks the manufacturing and services sectors, shot off to 46.6 this month from a final reading of 45 in December.

Benchmarks trade with deep cuts; pharma shares decline.

The domestic equity benchmarks continued to trade with deep cuts in mid-afternoon trade. The Nifty traded above the 17,900 level. Pharma shares edge lower for second consecutive session. Trading could be volatile on account of monthly options expiry.

The barometer index, the S&P BSE Sensex, was down 651.19 points or 1.07% to 60,327.56. The Nifty 50 index lost 193.75 points or 1.07% to 17,924.55.

In the broader market, the S&P BSE Mid-Cap index slipped 1.42% while the S&P BSE Small-Cap index declined 0.82%.

Seller outnumbered buyers. On the BSE, 1037 shares rose, and 2429 shares fell. A total of 128 shares were unchanged.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose to 7.353 from its close of 7.346 recorded in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 81.6325, compared with its close of 81.6300 during the previous trading session.

MCX Gold futures for 3 February 2023 settlement lost 0.25% to Rs 56,824.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.14% to 102.06.

The United States 10-year bond yield declined 0.84% to 3.438.

In the commodities market, Brent crude for March 2023 settlement lost 28 cents or 0.33% to $85.85 a barrel.

Buzzing Index:

The Nifty Pharma index slipped 1.22% to 12,439.60. The index had fallen 1.19% in two sessions.

Granules India (down 6.05%), Aurobindo Pharma (down 4.16%), Biocon (down 3.6%), Glenmark Pharmaceuticals (down 2.59%) and Zydus Lifesciences (down 2.05%) were the top losers.

Among the other losers were Cipla (down 1.68%), Torrent Pharmaceuticals (down 1.37%), Ipca Laboratories (down 1.34%), Dr Reddys Laboratories (down 0.99%) and Laurus Labs (down 0.94%).

On the other hand, Gland Pharma (up 1.77%) and Alkem Laboratories (up 0.43%) turned up.

Stocks in Spotlight:

Swaraj Engines fell 2.91%. The company reported 15% rise in net profit to Rs 23.23 crore on a 17% increase in net operating revenue to Rs 278.93 crore in Q3 FY23 over Q3 FY22.

Sonata Software was down 0.01%. The IT company posted 4.39% rise in consolidated net profit to Rs 117.66 crore on a 51.12% jump in revenue from operations to Rs 2,260.78 crore in Q3 FY23 over Q2 FY23.

Sensex slides 695 pts, PSU bank stocks decline, VIX soars 8.03%.

The frontline indices traded with major losses in early afternoon trade. Weak global cues and sluggish growth outlook of companies spooked investors. The Nifty slipped below the 17,950 mark. PSU bank stocks extended their losses for the second straight session.

The barometer index, the S&P BSE Sensex, was down 694.86 points or 1.14% to 60,283.89. The Nifty 50 index lost 207.50 points or 1.16% to 17,910.80.

In the broader market, the S&P BSE Mid-Cap index slipped 1.49% while the S&P BSE Small-Cap index declined 0.96%.

Seller outnumbered buyers. On the BSE, 894shares rose, and 2,480 shares fell. A total of 133 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 8.03% to 14.76. The Nifty 25 January 2022 futures were trading at 17,998.40, at a premium of 87.6 points as compared with the spot at 17,910.80.

The Nifty option chain for the 25 January 2022 expiry showed maximum Call OI of 197.6 lakh contracts at the 18,000 strike price. Maximum Put OI of 120.1 lakh contracts were seen at 17,800 strike price.

Buzzing Index:

The Nifty PSU Bank index slipped 3.84% to 4,029.40. The index tumbled 5.15% in two trading sessions.

Bank of India (down 5.3%), Bank of Baroda (down 5.23%), Canara Bank (down 4.58%), State Bank of India (down 4.26%), Punjab National Bank (down 2.97%), Union Bank of India (down 2.29%), Central Bank of India (down 2.15%), Indian Overseas Bank (down 2.06%), Indian Bank (down 1.65%) and Punjab & Sind Bank (down 1.33%) declined.

Earnings Impact:

Sonata Software rose 0.32%. The IT company posted 4.39% rise in consolidated net profit to Rs 117.66 crore on a 51.12% jump in revenue from operations to Rs 2,260.78 crore in Q3 FY23 over Q2 FY23. As compared to Q3 FY22, the IT firm's net profit increased by 20.47% while revenue from operations advanced 21.68%.

Further, the company's board has approved the appointment of Samir Dhir, the current whole-time director & CEO, as managing director & CEO of the company effective from 14 February 2023. The board has also appointed Srikar Reddy, the current managing director and a member of the board of directors, as executive vice chairman effective from the same date as well until 3 April 2026.

Nazara Technologies advanced 2.89% after the company's consolidated net profit jumped 75.73% to Rs 18.1 crore in Q3 FY23 from Rs 10.3 crore recorded in Q3 FY22. Revenue from operations soared 69.43% year on year (YoY) to Rs 314.80 crore in the quarter ended 31 December 2022.

Sona BLW Precision Forgings (Sona Comstar) rallied 4.43% after the company reported a 23.9% jump in consolidated net profit to Rs 107.10 crore on 38.95% surge in revenue from operation to Rs 675.26 crore in Q3 FY23 over Q3 FY22.

Nifty slides below 17,900 level; oil & gas stocks tumble.

The domestic equity barometers declined further and hit fresh intraday low in mid-morning trade. Weak global cues and sluggish growth outlook of companies spooked investors. The Nifty slipped below the 17,900 level. Oil & gas stocks extended their decline for second day in a row.

The barometer index, the S&P BSE Sensex, was down 816.68 points or 1.34% to 60,162.07. The Nifty 50 index lost 247.45 points or 1.37% to 17,870.85.

In the broader market, the S&P BSE Mid-Cap index slipped 1.53% while the S&P BSE Small-Cap index declined 1.11%.

The market breadth was weak. On the BSE, 845 shares rose, and 2445 shares fell. A total of 133 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index fell 1.35% to 8,483.50. The index has declined 1.73% in two sessions.

Adani Total Gas (down 3.33%), Gujarat State Petronet (down 2.2%), Indraprastha Gas (down 1.8%), Oil India (down 1.46%) and Reliance Industries (down 0.96%) were the top losers.

Among the other losers were GAIL (India) (down 0.93%), Petronet LNG (down 0.85%), Mahanagar Gas (down 0.85%), Castrol India (down 0.8%) and Hindustan Petroleum Corporation (down 0.46%).

Meanwhile, Aegis Logistics (up 0.67%) and Gujarat Gas (up 0.17%) turned up.

Stocks in Spotlight:

Laxmi Organic Industries fell 2.87%. The company's consolidated net profit slumped 61.4% to Rs 27.23 crore in Q3 FY23 as against Rs 70.54 crore reported in Q3 FY22.

Macrotech Developers shed 0.53%. On a consolidated basis, the real estate developer's net profit jumped 41.41% to Rs 404.98 crore despite of 13.87% surge in net sales to Rs 1,773.80 crore in Q3 FY23 over Q3 FY22.

United Spirits tumbled 4.01%. The spirits maker's standalone net profit tumbled 64.45% to Rs 110.5 crore in Q3 FY23 as against Rs 310.8 crore posted in Q3 FY22.

CarTrade Tech added 3.77%. The company's consolidated adjusted net profit rose 15% to Rs 24.05 crore on 9% increase in net revenue from operations to Rs 93.71 crore in Q3 December 2022 over Q3 December 2021.

Global Markets:

Asian stocks traded in a mixed manner on Wednesday, taking the lead from Wall Street's struggle for direction as China and Hong Kong markets remain closed for the Lunar New Year holidays.

US stocks ended nominally lower on Tuesday at the close of a rocky session marked by a raft of mixed earnings and a technical malfunction at the opening bell.

The downturn in the US business activity eased slightly in January even as it contracted for the seventh straight month, survey showed on Tuesday. S&P Global said its flash US Composite PMI Output Index, which tracks the manufacturing and services sectors, shot off to 46.6 this month from a final reading of 45 in December.