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Barometers hit fresh intraday low; realty shares rise for 2nd day.



The key equity benchmarks declined further as they hit fresh intraday low in early afternoon trade. The Nifty traded tad above the 17,700 merk after hitting day's high of 17,811.15 in early trade. Realty shares rose for second consecutive session.

The barometer index, the S&P BSE Sensex, was down 254.87 points or 0.42% to 60,252.03. The Nifty 50 index lost 56.45 points or 0.32% to 17,708.15.

In the broader market, the S&P BSE Mid-Cap index slipped 0.10% while the S&P BSE Small-Cap index shed 0.24%.

The market breadth was negative. On the BSE, 1,477 shares rose, and 1,874 shares fell. A total of 165 shares were unchanged.

The RBI policy review meeting began on 6 February and concludes on 8 February 2023. The central bank is projected to raise the repo rate but at a slower pace. In its December monetary policy committee meeting, the RBI raised the policy repo rate by 35 basis points (bps) to 6.25%.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.99% to 14.40. The Nifty 23 February 2023 futures were trading at 17,757, at a premium of 48.85 points as compared with the spot at 17,708.15.

The Nifty option chain for the 23 February 2023 expiry showed maximum Call OI of 34.8 lakh contracts at the 18,000 strike price. Maximum Put OI of 37.5 lakh contracts were seen at 17,500 strike price.

Buzzing Index:

The Nifty Realty index rose 0.43% to 409.75. The index has risen 0.95% in two sessions.

Godrej Properties (up 1.55%), DLF (up 0.97%), Phoenix Mills (up 0.87%), Sobha (up 0.59%), Prestige Estates Projects (up 0.49%) and Oberoi Realty (up 0.22%) advanced.

On the other hand, Sunteck Realty (down 1.5%), Indiabulls Real Estate (down 1.29%) and Brigade Enterprises (down 0.87%) moved lower.

Stocks in Spotlight:

Mold-Tek Packaging slumped 9.59%. The company reported 16% fall in net profit to Rs 16.31 crore on a 15% decline in revenue to Rs 154.83 crore in Q3 FY23 over Q2 FY23. As compared with Q3 FY22, the company's net profit and revenue are lower by 2.10% and 3%, respectively.

JK Paper fell 1.12%. The company's consolidated net profit zoomed 119.2% to Rs 329.32 crore in Q3 FY23 from Rs 150.21 crore posted in Q3 FY22. Net revenue from operations was at Rs 1,643.06 crore in the quarter ended 31 December 2022, registering a growth of 60.5% as against Rs 1,023.62 crore reported in the same period last year.

Benchmarks trade with minor cuts; Sensex down 80 pts.



The key equity barometers slipped into the negative terrain and traded with small losses in morning trade. The Nifty traded near the 17,750 level. FMCG stocks snapped its five-day gaining streak.

The barometer index, the S&P BSE Sensex, was down 79.9 points or 0.13% to 60,427. The Nifty 50 index lost 5.60 points or 0.03% to 17,759.

In the broader market, the S&P BSE Mid-Cap index and the S&P BSE Small-Cap index shed 0.10%.

The market breadth was almost even. On the BSE, 1,594 shares rose, and 1,567 shares fell. A total of 148 shares were unchanged.

The RBI policy review meeting began on 6 February and concludes on 8 February 2023. The central bank is projected to raise the repo rate but at a slower pace. In its December monetary policy committee meeting, the RBI raised the policy repo rate by 35 basis points (bps) to 6.25%.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,218.14 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,203.09 crore in the Indian equity market on 6 February, provisional data showed.

Results Today:

Bharti Airtel (up 0.22%), Hero MotoCorp (down 2.02%), Ambuja Cements (up 3.57%), Adani Ports and Special Economic Zone (up 6.99%), Adani Green Energy (up 2.30%), NDTV (up 5%), Aditya Birla Fashion and Retail (down 1.90%), Astral (down 1.11%), Barbeque-Nation Hospitality (up 0.17%), Bharat Dynamics (up 0.26%), Computer Age Management Services (down 0.37%), Deepak Nitrite (down 3.33%), Gujarat Fluorochemicals (up 0.15%), GSK Pharma (up 0.93%), Kalyan Jewellers India (down 0.42%), Motherson Sumi Wiring India (down 0.38%), Navin Fluorine International (up 1.22), NHPC (up 0.24%), Phoenix Mills (down 0.81%), Ramco Cements (down 0.51%), Rashtriya Chemicals & Fertilizers (down 0.64%), Sobha (up 0.93%) and Thermax (down 0.47%) will announce their quarterly earnings later today.

Buzzing Index:

The Nifty FMCG index declined 0.92% to 45,865.15. The index advanced 4.69% in past five trading sessions.

ITC (down 2.46%), Dabur India (down 1.85%), Emami (down 1.8%), Marico (down 1.4%), Hindustan Unilever (down 1.02%), Tata Consumer Products (down 0.83%), Nestle India (down 0.58%), Radico Khaitan (down 0.53%), United Spirits (down 0.51%) and Godrej Consumer Products (down 0.48%) declined.

Stocks in Spotlight:

Markolines Pavement Technologies jumped 9.56% after the company said its associate firm, UniqueUHPC Markolines, has received a Letter of Award ('LoA') for a construction project worth Rs 225.17 crore in Jammu & Kashmir.

Tata Steel tumbled 3.57% after the company reported a consolidated net loss of Rs 2,502 crore in Q3 FY23 as against a net profit of Rs 9,598 crore in Q3 FY22. Total revenue from operations during the quarter amounted to Rs 57,084 crore, down 6% YoY. The fall in revenues was primarily driven by drop in realisations across geographies.

Tejas Networks rallied 2.61% after the company reported a consolidated net loss of Rs 10.88 crore in Q3 FY23 as against a net loss of Rs 24.30 crore posted in Q3 FY22. Revenue from operations zoomed 156.4% to Rs 274.55 crore in the quarter ended 31 December 2022 from Rs 107.06 crore recorded in the same period a year ago.

Benchmarks drift lower in early trade; Nifty below 17,750.


The key equity indices were trading with minor losses in early trade. The Nifty traded below the 17,750 level. Banking and media shares advanced while metal, IT and oil & gas stocks declined.

The barometer index, the S&P BSE Sensex, was down 262.15 points or 0.43% to 60,579.73. The Nifty 50 index lost 105 points or 0.59% to 17,749.05.

In the broader market, the S&P BSE Mid-Cap index rose 0.24% while the S&P BSE Small-Cap index gained 0.49%.

The market breadth was positive. On the BSE, 1,468 shares rose, and 933 shares fell. A total of 176 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 932.44 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,264.74 crore in the Indian equity market on 3 February, provisional data showed.

Stocks in Spotlight:

SBI rose 1.05%. The banking giant reported 68.47% jump in standalone net profit to Rs 14,205.34 crore on a 25.18% rise in total income to Rs 98,083.77 crore in Q3 FY23 over Q3 FY22.

ITC was up 1.20%. The company's standalone net profit rose 21.05% to Rs 5,031.01 crore on 2.51% increase in net sales to Rs 16,082.40 crore in Q3 December 2022 over Q3 December 2021. EBITDA improved 22% to Rs 6,223 crore in Q3 FY23 from Rs 5,102 crore in Q3 FY22.

InterGlobe Aviation (Indigo) advanced 1.16%. Indigo reported a consolidated net profit of Rs 1,422.6 crore in Q3 FY23, steeply higher than Rs 129.79 crore posted in Q3 FY22. Revenue from operations surged 60.66% to Rs 14,932.97 crore in the quarter ended 31 December 2022 from Rs 9,294.77 crore recorded in Q3 FY22.

Global markets:

Asian stocks are trading lower on Monday as a stronger-than-expected jobs report from the U.S. worrying investors the Federal Reserve has room for more interest rate hikes, as it continued its efforts to control inflation.

US stocks dropped on Friday after a shockingly strong US jobs report renewed concerns the Federal Reserve may remain aggressive in its path of interest rate hikes as it tries to tame inflation.

US job growth accelerated sharply in January while the unemployment rate hit more than a 53-1/2-year low of 3.4%. The survey of establishments showed nonfarm payrolls surged by 517,000 jobs last month. Data for December was revised higher to show 260,000 jobs added instead of the previously reported 223,000.

Sensex jumps 813 pts, PSU bank shares rally.



The frontline indices traded marched higher and hit a fresh intraday high in mid-afternoon trade. The Nifty traded above the 17,800 mark after hitting day's low of 17,584.20 in mid-morning trade. Banks, financial services and consumer durables scrips were in demand while healthcare, pharma and realty stocks tumbled.

The barometer index, the S&P BSE Sensex, was up 814.53 points or 1.36% to 60,746.77. The Nifty 50 index added 217.20 points or 1.23% to 17,827.60.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index lost 0.41% while the S&P BSE Small-Cap index fell 0.62%.

The market breadth was weak. On the BSE, 1,137 shares rose and 2,341 shares fell. A total of 140 shares were unchanged.

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell to 7.290 from its close of 7.296 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 82.2600, compared with its close of 82.2050 during the previous trading session.

MCX Gold futures for 3 February 2023 settlement rose 0.22% to Rs 57,820.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.17% to 101.05.

The United States 10-year bond yield declined 0.71% to 3.374.

In the commodities market, Brent crude for April 2023 settlement declined 35cents or 0.43% to $81.82 a barrel.

Buzzing Index:

The Nifty PSU Bank index gained 2.14% to 3,853.30. The index slipped 5.84% in the past two trading sessions.

Bank of Baroda (up 5.03%), Canara Bank (up 1.84%), State Bank of India (up 1.78%), Bank of India (up 1.48%) and Indian Bank (up 0.1%) were the top gainers.

On the other hand, Central Bank of India (down 2.85%), UCO Bank (down 1.78%) and Union Bank of India (down 1.77%) edged lower.

Stocks in Spotlight:

Divis Laboratories tumbled 12.71% after the pharmaceutical company's consolidated net profit slumped 66% to Rs 306.80 crore on 31.51% decline in revenue from operations to Rs 1,707.68 crore in Q3 FY23 over Q3 FY22.

Mahanagar Gas (MGL) shed 0.08%. The company reported a consolidated net profit of Rs 172.07 crore in Q3 FY23, which is significantly higher as compared with a net profit of Rs 56.79 crore in Q3 FY22. Net revenue from operations increased by 62.62% YoY to Rs 1671.39 crore during the quarter.

Zydus Lifesciences rose 0.36%. The pharma company's consolidated net profit jumped 24.48% to Rs 622.9 crore on a 19.85% increase in total revenue from operations to Rs 4,362.3 crore in Q3 FY23 over Q3 FY22.

Barometers near the day's high; European markets decline.



The domestic equity barometers traded near the day's high in afternoon trade. The Nifty hovered near the 17,700 mark after hitting day's low of 17,584.20 in mid-morning trade. European markets edged lower while their Asian peers traded mixed today.

The barometer index, the S&P BSE Sensex, was up 473.82 points or 0.79% to 60,406.06. The Nifty 50 index added 80.95 points or 0.46% to 17,691.35.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index lost 0.98% while the S&P BSE Small-Cap index fell 0.85%.

Sellers outnumbered buyers. On the BSE, 984 shares rose and 2462 shares fell. A total of 129 shares were unchanged.

India Services PMI:

The S&P Global India services Purchasing Managers' Index (PMI) fell to 57.2 in January as compared to 58.5 in December. It has been above the key level of 50 that separates growth from contraction for an eighteenth straight month.

Meanwhile, The S&P Global India Composite PMI Output Index fell from December's near 11-year high of 59.4 to 57.5 in January. Manufacturing production increased at a stronger rate than services activity, but growth moderated in both cases.

Stocks in Spotlight:

HDFC Asset Management Company (HDFC AMC) rose 0.15%. The company said that it has received approval from SEBI for change in control of the company due to proposed stake sale by abrdn Investment Management Limited, the co-sponsor of HDFC Mutual Fund. abrdn can reduce their stake in the company to less than 10% and cease to be co-sponsor of HDFC Mutual Fund.

Tata Consumer Products declined 2.06%. The FMCG major reported 26% rise in consolidated net profit to Rs 364 crore on an 8% increase in revenue from operations to Rs 3,475 crore in Q3 FY23 over Q3 FY22.

Berger Paints India added 2.29%. The company posted a consolidated net profit of Rs 201.17 crore in Q3 FY23 from Rs 252.97 crore recorded in Q3 FY22. Revenue from operations rose to Rs 2,693.59 crore in Q3 FY23 from Rs 2,550.77 crore recorded in Q3 FY22.

One 97 Communications (Paytm) skid 2.69%. Paytm informed that its non-executive, non-independent director, Douglas Feagin, tendered his resignation vide letter dated 2 February 2023, with immediate effect.

Adani Ports and Special Economic Zone lost 3.48%. The company said that it handled approximately 27.6 MMT of total cargo in January 2023, recording a growth of 11% year on year. The handled cargo volumes rose 9.96% as against with 25.1 MMT of total cargo handled in December 2022. During April 2022- January 2023, APSEZ clocked approximately 280.5 MMT, registering a growth of 8% year on year.

Global Markets:

European markets declined at open while their Asian peers traded mixed on Friday despite the Caixin purchasing managers' index showing services activity in China picked up in January.

China's service sector showed a rebound in the first month of 2023, according to the Caixin/S&P Global services purchasing managers' index (PMI). The reading rose to 52.9 in January, from the business activity index of 48 seen in December.

The au Jibun Bank Japan services purchasing managers' index came in at 52.3 for the month of January, ticking higher than the previous reading of 51.1 seen in December.

Meanwhile, travel between mainland China and Hong Kong as well as Macao will fully resume on Feb. 6, China's Hong Kong and Macao Affairs Office of the State Council said in an announcement.

The release said mandatory tests for most travelers will be dropped, and group tours between the regions will also resume.

The latest measures come after China scrapped its quarantine measures for international travelers and reopened its borders on Jan. 8, in an essential end to its zero-Covid policy.

US stocks ended mixed on Thursday, as investors turned their focus to a handful of key earnings reports due from mega-cap tech firms after the closing bell.

In Europe, the Bank of England raised interest rates by half a percentage point Thursday as it sought to tame double-digit inflation that is fueling a cost-of-living crisis, public-sector strikes and fears of recession. The bank's monetary policy committee voted 7-2 to push its key rate to 4%.

Nifty below 17,600 level, Adani Enterprises tumbles over 20%.



The Nifty traded near the flat line with minor losses and the Sensex pared gains in mid-morning trade. The Nifty hovered around 17,600 level. Metal stocks extended losses for the third consecutive trading session.

The barometer index, the S&P BSE Sensex, was up 106.52 points or 18% to 60,038.76. The Nifty 50 index shed 12.75 points or 0.08% to 17,596.10.

Gains in the Nifty 50 index were capped due to steep selling in Adani Enterprises (down 20.22%), Adani Ports & SEZ (down 6.24%) and Ambuja Cements (down 3.66%).

The National Stock Exchange (NSE) has put Adani Enterprises, Adani Ports & SEZ and Ambuja Cements under additional surveillance measure (ASM) framework effective 3 February 2023.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index lost 1.36% while the S&P BSE Small-Cap index fell 1.28%.

Sellers outnumbered buyers. On the BSE, 852 shares rose and 2,476 shares fell. A total of 135 shares were unchanged.

India Services PMI:

The S&P Global India services Purchasing Managers' Index (PMI) fell to 57.2 in January as compared to 58.5 in December. It has been above the key level of 50 that separates growth from contraction for an eighteenth straight month.

Meanwhile, The S&P Global India Composite PMI Output Index fell from December's near 11-year high of 59.4 to 57.5 in January. Manufacturing production increased at a stronger rate than services activity, but growth moderated in both cases.

Buzzing Index:

The Nifty Metal index slipped 4.26% to 5,656.55, extending losses for the third day. The index slumped 12.55% in three trading sessions.

Adani Enterprises (down 20.22%), Welspun Corp (down 9.25%), Hindustan Copper (down 7.68%), Vedanta (down 5.4%), National Aluminium Company (down 3.81%), Steel Authority of India (down 3.48%), Hindalco Industries (down 2.74%), MOIL (down 2.33%), Tata Steel (down 1.88%) and APL Apollo Tubes (down 1.49%) dropped.

Stocks in Spotlight:

Adani Ports and Special Economic Zone dropped 6.24%. The company said that it handled approximately 27.6 MMT of total cargo in January 2023, recording a growth of 11% year on year. The handled cargo volumes rose 9.96% as against with 25.1 MMT of total cargo handled in December 2022. During April 2022- January 2023, APSEZ clocked approximately 280.5 MMT, registering a growth of 8% year on year.

Fino Payments Bank fell 1.41%. The company reported 35.5% rise in net profit to Rs 19.1 crore on a 16.8% increase in net revenue to Rs 100.8 crore in Q3 FY23 over Q3 FY22.

Man Infraconstruction jumped 5.54% after the company's consolidated net profit surged 143.52% to Rs 84.77 crore on 54.07% rise in net sales to Rs 456.86 crore in Q3 December 2022 over Q3 December 2021.

Global Markets:

Asian stocks traded mixed on Friday despite the Caixin purchasing managers' index showing services activity in China picked up in January.

China's service sector showed a rebound in the first month of 2023, according to the Caixin/S&P Global services purchasing managers' index (PMI). The reading rose to 52.9 in January, from the business activity index of 48 seen in December.

The au Jibun Bank Japan services purchasing managers' index came in at 52.3 for the month of January, ticking higher than the previous reading of 51.1 seen in December.

US stocks ended mixed on Thursday, as investors turned their focus to a handful of key earnings reports due from mega-cap tech firms after the closing bell.

In Europe, the Bank of England raised interest rates by half a percentage point Thursday as it sought to tame double-digit inflation that is fueling a cost-of-living crisis, public-sector strikes and fears of recession. The bank's monetary policy committee voted 7-2 to push its key rate to 4%.

Market drifts higher in early trade, Sensex above 60K.


The domestic equity barometers were trading with modest gains in early trade on buying demand in index pivotals. The Sensex climbed above the key 60,000 level. Bank, financial services and consumer durables stocks advanced while metal, oil & gas and healthcare shares witnessed a bit of a selling pressure.

The barometer index, the S&P BSE Sensex, was up 293 points or 0.49% to 60,225.24. The Nifty 50 index gained 74.50 points or 0.45% to 17,684.90.

In the broader market, the S&P BSE Mid-Cap index shed 0.09% while the S&P BSE Small-Cap index added 0.21%.

The market breadth was strong. On the BSE, 1,614 shares rose and 1,010 shares fell. A total of 126 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,065.35 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,371.36 crore in the Indian equity market on 2 February, provisional data showed.

Stocks in Spotlight:

HDFC Asset Management Company (HDFC AMC) rose 0.74%. The company said that it has received approval from SEBI for change in control of the company due to proposed stake sale by abrdn Investment Management Limited, the co-sponsor of HDFC Mutual Fund. abrdn can reduce their stake in the company to less than 10% and cease to be co-sponsor of HDFC Mutual Fund.

Tata Consumer Products declined 1%. The FMCG major reported 26% rise in consolidated net profit to Rs 364 crore on an 8% increase in revenue from operations to Rs 3,475 crore in Q3 FY23 over Q3 FY22.

Adani Enterprises hit a lower circuit of 10% and Ambuja Cements fell 2.43% after the National Stock Exchange (NSE) has put Adani Enterprises and Ambuja Cements under additional surveillance measure (ASM) framework effective 3 February 2023.

Berger Paints India shed 0.04%. The company posted a consolidated net profit of Rs 201.17 crore in Q3 FY23 from Rs 252.97 crore recorded in Q3 FY22. Revenue from operations rose to Rs 2,693.59 crore in Q3 FY23 from Rs 2,550.77 crore recorded in Q3 FY22.

One 97 Communications (Paytm) skid 1.26%. Paytm informed that its non-executive, non-independent director, Douglas Feagin, tendered his resignation vide letter dated 2 February 2023, with immediate effect.

Global Markets:

Asian stocks were trading mixed on Friday despite the Caixin purchasing managers' index showing services activity in China picked up in January.

China's service sector showed a rebound in the first month of 2023, according to the Caixin/S&P Global services purchasing managers' index (PMI). The reading rose to 52.9 in January, from the business activity index of 48 seen in December.

The au Jibun Bank Japan services purchasing managers' index came in at 52.3 for the month of January, ticking higher than the previous reading of 51.1 seen in December.

US stocks ended mixed on Thursday, as investors turned their focus to a handful of key earnings reports due from mega-cap tech firms after the closing bell.

In Europe, the Bank of England raised interest rates by half a percentage point Thursday as it sought to tame double-digit inflation that is fueling a cost-of-living crisis, public-sector strikes and fears of recession. The bank's monetary policy committee voted 7-2 to push its key rate to 4%.

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