Indices trade with minor cuts, bank stocks decline.

The benchmark indices traded with minor cuts in mid-morning trade. The Nifty traded below the 17,600 level, after hitting the day's high of 17,709.15 in morning trade. Bank stocks extended their losses for the fourth straight session.

The barometer index, the S&P BSE Sensex, was down 105.02 points or 0.18% to 59,225.88. The Nifty 50 index shed 47.50 points or 0.27% to 17,556.85.

In the broader market, the S&P BSE Mid-Cap index fell 0.49% while the S&P BSE Small-Cap index rose 0.04%.

The market breadth was negative. On the BSE, 1,512 shares rose and 1,860 shares fell. A total of 189 shares were unchanged.

Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.81% to 18.33.

Buzzing Index:

The Nifty Bank index fell 0.97% to 39,954.45, extending its losing run for the the fourth day. The index slipped 6.69% in two four trading sessions.

IndusInd Bank (down 2.49%), ICICI Bank (down 1.26%), State Bank of India (down 0.8%), HDFC Bank (down 0.56%) and Axis Bank (down 0.5%) edged lower.

On the other hand, Bandhan Bank (up 1.5%), Punjab National Bank (up 1.28%) and AU Small Finance Bank Ltd (up 1.08%) advanced.

Earnings Impact:

Five-Star Business Finance rose 0.10%. The NBFC reported 28% rise in net profit to Rs 151 crore on a 22% increase in total income to Rs 388.7 crore in Q3 FY23 over Q3 FY22. Net Interest Income (NII) for the period under review was Rs 325.6 crore, up 33% YoY. Net Interest Margin was 13.79% in Q3 FY23 as compared with 13.46% in Q3 FY22.

DCB Bank added 0.04%. The bank's net profit jumped 51.1% to Rs 113.85 crore on 17.1% rise in total income to Rs 1,167.15 crore in Q3 FY23 over Q3 FY22. Advances grew 21% year on year to Rs 32,966 crore in Q3 FY23. Deposits jumped 23% year on year to Rs 39,506 crore in Q3 FY23.

Poly Medicure shed 0.30%. On a consolidated basis, the company's net profit jumped 44.9% to Rs 50.01 crore on 23.7% increase in revenue from operations to Rs 284.83 crore in Q3 FY23 over Q3 FY22.

Global Markets:

Most Asian stocks declined on Monday as mainland Chinese markets jumped on resuming trade after a week-long New Year break.

US stocks ended higher on Friday, fueled by gains in Tesla shares and a better-than-expected GDP report on Thursday.

Nifty below 17,600 level, Oil & gas stocks tumble.

STREET INVESTMENT

The domestic equity barometers pared early gains and traded with minor cuts in morning trade. The Nifty traded below the 17,600 level, after hitting the day's high of 17,709.15 in morning trade. Oil & gas stocks slipped for the fourth consecutive trading session.

The barometer index, the S&P BSE Sensex, was down 26.92 points or 0.05% to 59,303.98. The Nifty 50 index shed 19.60 points or 0.11% to 17,584.75.

In the broader market, the S&P BSE Mid-Cap index fell 0.25% while the S&P BSE Small-Cap index rose 0.12%.

The market breadth turned negative. On the BSE, 1,587 shares rose and 1,662 shares fell. A total of 188 shares were unchanged.

Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 6.01% to 18.36.

Results Today:

Larsen & Toubro (L&T) (down 1.23%), Tech Mahindra (up 0.92%), Bharat Petroleum Corporation (BPCL) (up 0.12%), Bajaj Finserv (up 2.79%), Bajaj Holdings & Investment (up 1.40%), CSB Bank (down 1.47%), Emkay Global Financial Services (up 4.84%), Exide Industries (down 0.96%), GAIL (India) (down 1.16%), Inox Leisure (down 3.20%), Laurus Labs (up 0.20%), Mazagon Dock Shipbuilders (up 1.75%), Nippon Life India Asset Management (up 0.27%), Punjab National Bank (up 1.67%), REC (up 0.91%), SRF (down 0.78%), Trident was flat, and Welspun India (down 0.51%) will announce their quarterly results later today.

Buzzing Index:

The Nifty Oil & Gas index slipped 3.59% to 7,670.40, extending losses for the fourth session. The index tumbled 11.15% in four trading sessions.

Adani Total Gas (down 20%), Petronet LNG (down 2.39%), Oil & Natural Gas Corpn (down 1.42%), Oil India (down 1.19%), GAIL (India) (down 1.06%), Indraprastha Gas (down 0.89%), Hindustan Petroleum Corporation (down 0.81%), Gujarat Gas (down 0.66%), Castrol India (down 0.17%) and Bharat Petroleum Corporation (down 0.07%) declined.

On the other hand, Aegis Logistics (up 8.3%) ,Gujarat State Petronet (up 2.84%) and Mahanagar Gas (up 1.8%) edged higher.

Earnings Impact:

CARE Ratings declined 2.37%. The company reported 44% rise in standalone net profit to Rs 21.40 crore on an 18% rise in total income to Rs 65.68 crore in Q3 FY23 over Q3 FY22. Operating profit rose by 49% to Rs. 22.25 crore in the third quarter from Rs. 14.93 crore in the same period last year. The board of directors have declared an interim dividend of Rs 10 per share for the third quarter of FY23.

Aarti Drugs slipped 3.99% after the pharmaceutical company's consolidated net profit tumbled 37.1% to Rs 36.69 crore in Q3 FY23 as against Rs 58.29 crore posted in Q3 FY22. Net sales stood at Rs 663.96 crore in the quarter ended 31 December 2022, up 4.6% from Rs 634.80 crore reported in the corresponding quarter previous year.

Hi-Tech Pipes rallied 3.75% after the company's consolidated net profit zoomed 199.65% to Rs 13.02 crore in Q3 FY23 as against Rs 4.34 crore posted in Q3 FY22. Revenue from operations declined 4.89% YoY to Rs 569.28 crore in the quarter ended 31 December 2022.

AGI Greenpac surged 8.45% after the packaging company's net profit soared 80.7% to Rs 53.23 crore in Q3 FY23 as against Rs 29.45 crore posted in Q3 FY22. Revenue from operations stood at Rs 567 crore, registering a growth of 43% on a YoY basis in the quarter ended 31 December 2022. The sales and profitability improved on a YoY basis on account of an improved product mix, and an increase in demand from the non-alcoholic beverages, packed food, and beer segment for the glass containers products.

Barometers end with deep cuts as Adani twins drag; auto index outperforms.

The equity benchmark indices crashed 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 a tad above 17,600 mark.

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, 641 shares rose, and 2,837 shares fell. A total of 92 shares were unchanged.

Among the sectoral indices on the NSE, the Nifty Auto index (up 1.02%), the Nifty Pharma index (up 0.55%) and the Nifty Healthcare index (up 0.51%) outperformed the Nifty50 index.

Meanwhile, the Nifty Oil & Gas index (down 5.60%) the Nifty PSU Bank index (down 5.43%) and the Nifty Metal index (down 4.69%) underperformed the Nifty50 index.

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 16.03%), ACC (down 13.04%), Adani Wilmar (down 5%), Adani Power (down 5%) and slumped.

In the F&O segment of NSE, Adani Enterprises, Adani Ports and Special Economic Zone and Ambuja Cement were the top traded individual stock futures contracts.

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.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper rose to 7.388 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 81.5050, compared with its close of 81.6100 during the previous trading session.

MCX Gold futures for 3 February 2023 settlement lost 0.30% to Rs 56,793.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.03% to 101.81.

The United States 10-year bond yield advanced 1.31% to 3.537.

In the commodities market, Brent crude for March 2023 settlement rose 96 cents or 1.10% to $88.43 a barrel.

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 6.34%. 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 on premises 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.

Tata Elxsi rose 0.99%. 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.

AIA Engineering advanced 3.37% to Rs 2566.95 after 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.

Dixon Technologies (India) dropped 19.19%. The company reported 12% rise in consolidated net profit to Rs 52 crore despite a 22% fall in income to Rs 2,405 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.

Amara Raja Batteries rose 2.21%. The auto ancillary company's consolidated net profit surged 52.7% to Rs 221.88 crore on 11.5% rise in net sales to Rs 2,637.76 crore in Q3 FY23 over Q3 FY22.

Torrent Pharmaceuticals declined 1.26%. On consolidated basis, the company's net profit rose 13.7% to Rs 283 crore on 18.17% jump in net revenue from operations to Rs 2,491 crore in Q3 FY23 over Q3 FY22.

Patanjali Foods hit a 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.

Sterlite Technologies (STL) slipped 2.34%. STL reported a consolidated net profit of Rs 50 crore in Q3 FY23 as against a net loss of Rs 138 crore recorded in Q3 FY22. Revenue from operations surged 46.23% to Rs 1,882 crore in the quarter ended 31 December 2022 from Rs 1,287 crore posted in 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 saw the release of French consumer data for January, which showed current household confidence and unemployment worries stayed stable, but reported living standards and future expectations decline.

It will also see the publication 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.

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 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.