Nifty above 17,900 level, metal stocks shine.

The benchmark indices marched higher and hit an intraday high in morning trade. The Nifty traded above the 17,900 level. Metal, financial services and FMCG stocks were in demand while realty, PSU bank and IT shares declined.

The barometer index, the S&P BSE Sensex, was up 254.79 points or 0.42% to 60,946.33. The Nifty 50 index gained 73.85 points or 0.41% to 17,918.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.32% while the S&P BSE Small-Cap index added 0.03%

The market breadth was positive. On the BSE, 1,676 shares rose and 1,385 shares fell. A total of 173 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 158.95 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 86.23 crore in the Indian equity market on 20 February, provisional data showed.

Buzzing Index:

The Nifty IT index rose 1.05% to 5,823.50. The index decilned 1.67% in the past two trading sessions.

Ratnamani Metals & Tubes (up 3.87%), APL Apollo Tubes (up 2.21%), JSW Steel (up 1.15%), Tata Steel (up 1.07%), Steel Authority of India (up 1.05%), Jindal Steel & Power (up 0.94%), Adani Enterprises (up 0.77%), Vedanta (up 0.63%), Hindustan Zinc (up 0.34%) and Hindustan Copper (up 0.24%).

Stocks in Spotlight:

IFL Enterprises gained 2.20% after the company informed that its board would meet on 9 March 2023 to consider a proposal for sub-division of the equity shares of the company. On the same day, the board will also consider a proposal for the issue of fully paid-up bonus equity shares to the members of the company.

Rattanindia Enterprises rose 1.37%. RattanIndia's Revolt Motors, announced pocket friendly My Revolt Plan (MRP) to democratise ownership of EV motorcycles in the country. Revolt RV400 customers will be able own these AI enabled EV bikes at monthly costs less than comparable petrol engine bikes.

Sensex drops 311 pts, Nifty settles below 17,850, Cipla tumbles over 6%.

The headline equity indices ended a volatile session with modest losses on Monday. The Nifty closed a tad below the 17,850 mark after hitting the day's high of 18,004.35 in morning trade. IT and auto stocks edged higher. On the other hand, oil & gas, bank and financial services shares witnessed a bit of a selling pressure.

As per provisional closing data, the barometer index, the S&P BSE Sensex slipped 311.03 points or 0.51% to 60,691.54. The Nifty 50 index lost 99.60 points or 0.56% to 17,844.60.

In the broader market, the S&P BSE Mid-Cap index shed 0.12% while the S&P BSE Small-Cap index declined 0.16%

The market breadth was weak. On the BSE, 1,396 shares rose and 2,178 shares fell. A total of 164 shares were unchanged.

Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, gained 2.27% to 13.38.

Buzzing Index:

The Nifty Oil & Gas index fell 1.14% to 7,149.15. The index witnessed profit booking after gaining 1.31% in four trading sessions.

Adani Total Gas (down 5%), Bharat Petroleum Corporation (down 1.67%), Petronet LNG (down 1.3%), Indian Oil Corporation (down 1.3%), Oil & Natural Gas Corpn (down 1.28%), Hindustan Petroleum Corporation (down 1.26%), Reliance Industries (down 1.11%), Gujarat State Petronet (down 0.96%), Castrol India (down 0.7%) and Oil India (down 0.56%) slipped.

On the other hand, Gujarat Gas (up 2.64%) ,Indraprastha Gas (up 0.59%) and Mahanagar Gas (up 0.3%) advanced.

Stocks in Spotlight:

Hindustan Unilever shed 0.21%. The FMCG major has signed an agreement for the sale of its atta and salt business carried out under the brands 'Annapurna' and 'Captain Cook.' The brands were sold at Rs 60.4 crore to Uma Global Foods, and Uma Consumer Products, which are subsidiaries of Reactivate Brands International, a Singapore-headquartered company and an affiliate of CSAW Aqbator (Singapore).

Cipla dropped 6.12%. The United States Food and Drug Administration (USFDA) conducted a current Good Manufacturing Practices (cGMP) inspection at the company's Pithampur manufacturing facility from 6th - 17th February 2023. On conclusion of the inspection, the company has received 8 inspectional observations in Form 483. The company will work closely with the USFDA and is committed to address these comprehensively within stipulated time.

Tata Motors rose 0.63% after the media reports suggested that the company would supply 25,000 XPREST electric vehicle (EV) units to Uber in one of the largest deals in the green mobility space till date.

Sun Pharmaceuticals Industries added 0.29%. The pharma major announced that it has entered into agreements to acquire minority stake up to 26.09% in Agatsa Software and 27.39% in Remidio Innovative Solutions.

Crisil gained 2.31%. On consolidated basis, Crisil's net profit fell 6.3% to Rs 158.02 crore in Q4 FY22 as compared with Rs 168.63 crore in Q4 FY21. Income from operations jumped 16.5% year on year to Rs 822.3 crore in the quarter ended 31 December 2022.

Power Grid Corporation of India added 0.37%. The state-owned firm said that it has been declared as the successful bidder under tariff based competitive bidding to establish inter-state transmission system for the following projects on build, own operate and transfer (BOOT) basis.

Zydus Lifesciences fell 1.36%. The drug maker received tentative approval from the USFDA for Gabapentin tablets (once-daily), 300 mg and 600 mg. Further, it also received tentative approval from the USFDA for Canagliflozin and Metformin Hydrochloride tablets.

United Breweries (UBL) declined 1.26%. The company announced that its managing director and chief executive officer, Rishi Pardal, tendered his resignation on 16 February 2023. UBL said its board has commenced a search for a new managing director & CEO for the company.

Ugro Capital lost 1.39%. The investment and borrowing committee of the company's board has approved fund raising of up to Rs 20 crore by issuing non-convertible debentures (NCDs) on a private placement basis. The NBFC said that the NCDs will be issued at a coupon rate of 10% per annum. The tentative allotment date for the NCD is 24 February 2023. The tenure of the instrument is 18 months from the date of allotment. Meanwhile, the tentative maturity date is 24 August 2024.

Global Markets:

Markets in Europe tumbled while Asian stocks ended higher on Monday, with investors being cautious at the start of a week that includes the release of important Eurozone activity data as well as the minutes from the last Federal Reserve meeting.

Monday's U.S. holiday, to celebrate President's Day, is likely to limit trading volumes in Europe, but investors will also be wary of taking strong positions ahead of some important regional economic data.

The highlight of the week will be Tuesday's flash PMI data for February, which will show how well the Eurozone economy is performing after unexpectedly growing in the final quarter of 2022.

The bloc is also scheduled to release final inflation figures for January on Thursday, which will be in focus after delayed German data was omitted from the first estimate. ECB officials have repeatedly highlighted their fears about stubborn underlying inflation.

Elsewhere, China's central bank left its interest rates unchanged earlier Monday, tensions between Beijing and Washington remained fraught due to issues surrounding the alleged Chinese spy balloon and potential aid to Russia, while North Korea has reportedly fired three ballistic missiles off its east coast on Monday.

US stocks ended mixed on Friday. Traders were concerned that the Federal Reserve could lift rates by more than expected amid recent data pointing to a stronger economy and sticky inflation.

Sensex, Nifty at the low point of the day; European markets open in the green.

The domestic equity benchmarks extended losses and hit fresh intraday low in mid-afternoon trade. The Nifty traded below the 17,900 mark after hitting the day's high of 18,004.35 in morning trade.

The barometer index, the S&P BSE Sensex, was down 204.46 points or 0.34% to 60,798.11. The Nifty 50 index lost 70.85 points or 0.39% to 17,873.35.

Adani Enterprises (down 5.15%), Britannia Industries (down 1.53%), BPCL (down 1.48%), Adani Ports (down 1.14%) and ONGC (down 1.09%) were the top Nifty losers.

Divi's Lab (up 2.52%), Ultratech Cement (up 1.92%), Tech Mahindra (up 1.63%), HDFC Life (up 1.27%) and SBI Life (up 0.82%) outperformed.

In the broader market, the S&P BSE Mid-Cap index added 0.12% while the S&P BSE Small-Cap index rose 0.11%

The market breadth was remained negative. On the BSE, 1,450 shares rose and 2,014 shares fell. A total of 183 shares were unchanged.

Stocks in Spotlight:

Hindustan Unilever rose 0.07%. The FMCG major has signed an agreement for the sale of its atta and salt business carried out under the brands 'Annapurna' and 'Captain Cook.' The brands were sold at Rs 60.4 crore to Uma Global Foods, and Uma Consumer Products, which are subsidiaries of Reactivate Brands International, a Singapore-headquartered company and an affiliate of CSAW Aqbator (Singapore).

Cipla tumbled 6.24%. The United States Food and Drug Administration (USFDA) conducted a current Good Manufacturing Practices (cGMP) inspection at the company's Pithampur manufacturing facility from 6th - 17th February 2023. On conclusion of the inspection, the company has received 8 inspectional observations in Form 483.

Samvardhana Motherson International advanced 3.52. The company announced the signing of an agreement by its subsidiary to acquire Germany-based SAS Autosystemtechnik for 4.4 billion euros.

Crisil gained 2.53%. On consolidated basis, Crisil's net profit fell 6.3% to Rs 158.02 crore in Q4 FY22 as compared with Rs 168.63 crore in Q4 FY21. Income from operations jumped 16.5% year on year to Rs 822.3 crore in the quarter ended 31 December 2022.

Global Markets:

European stock markets opened with minor gains while Asian peers mostly traded with decent gains on Monday, with investors cautious at the start of a week that includes the release of important Eurozone activity data as well as the minutes from the last Federal Reserve meeting.

Monday's U.S. holiday, to celebrate President's Day, is likely to limit trading volumes in Europe, but investors will also be wary of taking strong positions ahead of some important regional economic data.

The highlight of the week will be Tuesday's flash PMI data for February, which will show how well the Eurozone economy is performing after unexpectedly growing in the final quarter of 2022.

The bloc is also scheduled to release final inflation figures for January on Thursday, which will be in focus after delayed German data was omitted from the first estimate. ECB officials have repeatedly highlighted their fears about stubborn underlying inflation.

Elsewhere, China's central bank left its interest rates unchanged earlier Monday, tensions between Beijing and Washington remained fraught due to issues surrounding the alleged Chinese spy balloon and potential aid to Russia, while North Korea has reportedly fired three ballistic missiles off its east coast on Monday.

US stocks ended mixed on Friday. Traders were concerned that the Federal Reserve could lift rates by more than expected amid recent data pointing to a stronger economy and sticky inflation.

Indices edge lower, breadth negative, Cipla drops over 5%.

 

The domestic equity barometers were trading with tiny losses in early trade. The Nifty traded below the 17,950 mark. FMCG, bank and financial services stocks edged higher while pharma, healthcare and metal shares declined.

The barometer index, the S&P BSE Sensex, was down 26.09 points or 0.04% to 60,976.48. The Nifty 50 index shed 19.80 points or 0.11% to 17,924.40.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index declined 0.34% while the S&P BSE Small-Cap index fell 0.24%

The market breadth was negative. On the BSE, 1,245 shares rose and 1,478 shares fell. A total of 162 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 624.61 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 85.29 crore in the Indian equity market on 17 February 2023, provisional data showed.

Stocks in Spotlight:

Hindustan Unilever rose 0.90%. The FMCG major has signed an agreement for the sale of its atta and salt business carried out under the brands 'Annapurna' and 'Captain Cook.' The brands were sold at Rs 60.4 crore to Uma Global Foods , and Uma Consumer Products, which are subsidiaries of Reactivate Brands International, a Singapore-headquartered company and an affiliate of CSAW Aqbator (Singapore). CSAW is focused on acquiring and scaling up food brands to promote affordable wellness. The transaction is expected to occur within a period of 90 days.

Cipla tumbled 5.60%. The United States Food and Drug Administration (USFDA) conducted a current Good Manufacturing Practices (cGMP) inspection at the company's Pithampur manufacturing facility from 6th - 17th February 2023. On conclusion of the inspection, the company has received 8 inspectional observations in Form 483. The company will work closely with the USFDA and is committed to address these comprehensively within stipulated time.

Surya Roshni shed 0.12%. The company has obtained total order amounted to Rs 113.63 crore for supplying Bare and 3LPE (external) coated line pipes from Bharat Petroleum Corporation for Hyderabad pipeline project.

Zydus Lifesciences declined 0.69%. The drug maker received tentative approval from the USFDA for Gabapentin tablets (once-daily), 300 mg and 600 mg. Further, it also received tentative approval from the USFDA for Canagliflozin and Metformin Hydrochloride tablets.

KEC International rallied 3.72%. The global infrastructure EPC major, an RPG Group Company, has secured new orders of Rs 3,023 crore across its various businesses.

Global Markets:

Asian shares were trading higher on Monday, as investors look ahead to crucial economic data later in the week. Minutes for the U.S. Federal Open Market Committee (FOMC) is slated to be released Wednesday. Monday will be a trading holiday for the U.S., in light of Presidents' Day.

The People's Bank of China left its 1-year and 5-year prime loan rates unchanged, widely in line with expectations.

US stocks ended mixed on Friday. Traders were concerned that the Federal Reserve could lift rates by more than expected amid recent data pointing to a stronger economy and sticky inflation.

During Friday's trade, the Dow Jones Industrial Average added 129.8 points or 0.4% to 33,826.7, the S&P 500 fell 11.3 points or 0.3% to 4,079.1 and the Nasdaq Composite lost 68.6 points or 0.6% to 11,787.3.

Barometers trade with major gains; Nifty above 17,900.

STREET INVESTMENT

The key equity indices continued to trade near the day's high with significant gains in afternoon trade. The Nifty traded above the 17,900 level. IT, FMCG and financial services stocks were in demand while realty, media and healthcare shares saw a bit of selling pressure.

The barometer index, the S&P BSE Sensex, was up 567.51 points or 0.94% to 60,999.35. The Nifty 50 index gained 145.35 points or 0.80% to 17,913.25.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.44% while the S&P BSE Small-Cap index slipped 0.45%

The market breadth was weak. On the BSE, 1,278 shares rose and 2,127 shares fell. A total of 117 shares were unchanged.

Traders in domestic as well as global markets will await the US retail inflation reading for January 2023, scheduled for release later in the day. Although the annual figure is expected to show further easing in price growth last month, it is still predicted to remain relatively high, which could invite more interest rate hikes by the Fed.

Adding to the broader economic picture was the release of fresh growth forecasts for the European Union. The European Commission lifted its projections for the EU, saying the bloc will likely dodge a recession, thanks in part to easing gas costs. The outlook for headline inflation in the 27-member bloc was also lowered, but the EU's executive arm warned that price pressures remain both strong and persistent.

Economy:

India's annual wholesale price index (WPI) based inflation eased to 24-month low of 4.73% in January 2023 as compared to 4.95% recorded in December 2022 and 13.68% in January 2022.

“Decline in the rate of inflation in January 2023 is primarily contributed by mineral oils, chemicals & chemical products, textiles, crude petroleum & natural gas, textiles, and food products,” the Ministry of Commerce & Industry said in a statement today.

India's retail inflation accelerated to a three-month high in January, reverting to over the Reserve Bank of India's upper tolerance band of 6% after a gap of two months, led by a spike in food prices and elevated prices in the non-food segment.

Inflation based on the Consumer Price Index (CPI) hardened to 6.52% in January, after declining to a one-year low level of 5.72% in December, according to data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Monday. Core inflation, which is non-food, non-fuel inflation remained over the 6% mark at 6.2% in January.

The unexpected surge in headline inflation has raised the likelihood of further tightening of the monetary policy in April, with economists reportedly estimating inflation to remain over the 6% mark over the coming months due to sticky core inflation.

Gainers & Losers:

UPL (up 3.29%), ITC (up 3.05%), Reliance Industries (up 2.38%), HCL Technologies (up 2.05%) and Infosys (up 1.75%) were major Nifty gainers.

Adani Enterprises (down 3.41%), Apollo Hospitals Enterprise (down 1.57%), NTPC (down 1.43%), SBI Life Insurance Company (down 1.20%) and Bharat Petroleum Corporation (BPCL) (down 1.06%) were top Nifty losers.

Stocks in Spotlight:

Zee Entertainment Enterprises (ZEEL) fell 1.10% after the company's consolidated net profit slumped 91.9% to Rs 24.31 crore in Q3 FY23 as against Rs 298.73 crore recorded in Q3 FY22. Revenue from operations declined marginally to Rs 2,111.18 crore in quarter ended 31 December 2022 from Rs 2,112.64 crore posted in the same period a year ago.

Steel Authority of India (SAIL) rose 0.18%. The iron & steel maker's standalone net profit slumped 67.9% to Rs 463.54 crore in Q3 FY23 as compared to Rs 1,443.10 crore in Q3 FY22. Revenue from operations declined marginally to Rs 25,041.88 crore during the quarter as compared with Rs 25,245.92 crore posted in the corresponding quarter last year.

Shree Cement advanced 1.25%. The cement maker said that Prakash Narayan Chhangani, has resigned from the post of whole time director with effect from close of business hours on 13 February 2023. Chhangani resigned from the post to pursue his career outside the organization.

Sun Pharma Advanced Research Company tumbled 7.68%. The company reported a net profit of Rs 10.15 crore in Q3 FY23 as against a net loss of Rs 15.84 crore in Q3 FY22. The company returned to black after posting losses for nine back-to-back quarters. The last time it posted a quarterly profit was in June 2020 at Rs 58 crore.

Global markets:

Most of the Asian stocks advanced on Tuesday as investors await the release of the U.S. consumer price index report, which will shape the Federal Reserve's path ahead.

Japan's economy expanded by 0.6% on an annualized basis for the fourth quarter of 2022. The figure was a rebound from a revised contraction of 1% seen in the third quarter of 2022 compared to a year ago.

On Tuesday, the Japanese government is expected to name academic Kazuo Ueda as its pick to become the next central bank governor. Kazuo Ueda's probable appointment as the next governor of the Bank of Japan could improve the odds of an end to its unpopular yield control policy.

A global research house on Monday reportedly cut Japanese stocks to underweight, saying that a Bank of Japan (BOJ) policy change away from its ultra-loose monetary strategy could push global yields higher and reduce risk appetite.

Wall Street closed sharply higher on Monday as investors awaited inflation data likely to hint at the path of the Federal Reserve's future interest rate hikes, while Meta Platforms gained after a report that the Facebook parent was planning fresh layoffs.

Benchmarks hit fresh intraday high; FMCG shares rise for 2nd day.

STREET INVESTMENT

The key equity barometers extended gains and hit fresh intraday high in mid-morning trade. The Nifty traded above the 17,850 mark. FMCG shares advanced for second consecutive session.

The barometer index, the S&P BSE Sensex, was up 384.88 points or 0.64% to 60,816.72. The Nifty 50 index gained 85.50 points or 0.48% to 17,856.40.

In the broader market, the S&P BSE Mid-Cap index fell 0.47% while the S&P BSE Small-Cap index slipped 0.63%

Indiabulls Real Estate (down 8.53%), Rhi Magnesita (down 7.86%), SPARC (down 5.59%), NLC India (down 5.42%) and PolyPlex Corp (down 5.06%) were the top losers in the broader market segment.

Meanwhile, Oil India (up 5.93%), Cyient (up 5.56%), Glenmarka Pharma (up 5.08%), Suprajit Engineering (up 4.28%) and G R Infra (up 3.58%) outperformed.

The market breadth remained weak. On the BSE, 1,214 shares rose and 1,905 shares fell. A total of 152 shares were unchanged.

Traders in domestic as well as global markets will await the US retail inflation reading for January 2023, scheduled for release later in the day. Although the annual figure is expected to show further easing in price growth last month, it is still predicted to remain relatively high, which could invite more interest rate hikes by the Fed.

Adding to the broader economic picture was the release of fresh growth forecasts for the European Union. The European Commission lifted its projections for the EU, saying the bloc will likely dodge a recession, thanks in part to easing gas costs. The outlook for headline inflation in the 27-member bloc was also lowered, but the EU's executive arm warned that price pressures remain both strong and persistent.

Economy:

India's retail inflation accelerated to a three-month high in January, reverting to over the Reserve Bank of India's upper tolerance band of 6% after a gap of two months, led by a spike in food prices and elevated prices in the non-food segment.

Inflation based on the Consumer Price Index (CPI) hardened to 6.52% in January, after declining to a one-year low level of 5.72% in December, according to data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Monday. Core inflation, which is non-food, non-fuel inflation remained over the 6% mark at 6.2% in January.

The unexpected surge in headline inflation has raised the likelihood of further tightening of the monetary policy in April, with economists reportedly estimating inflation to remain over the 6% mark over the coming months due to sticky core inflation.

Buzzing Index:

The Nifty FMCG index rose 0.94% to 45,936.40. The index has added 0.99% in two sessions.

ITC (up 2.15%), Marico (up 0.93%), Nestle India (up 0.93%), Godrej Consumer Products (up 0.67%) and Emami (up 0.48%) were the top gainers.

Among the other gainers were Hindustan Unilever (up 0.38%), Britannia Industries (up 0.34%) and Dabur India (up 0.02%).

On the other hand, Varun Beverages (down 1.77%), Radico Khaitan (down 1.36%) and United Breweries (down 0.67%) moved lower.

Stocks in Spotlight:

Allcargo Logistics tumbled 15.29%. The company's consolidated net profit (from continuing operations) slumped 61.59% to Rs 124.43 crore in Q3 FY23 as against Rs 323.95 crore posted in Q3 FY22. Revenue from operations dropped 26.8% year on year to Rs 4,099.02 crore in the quarter ended 31 December 2022.

Campus Activewear rose 1.01%. The company's consolidated net profit declined 11.7% to Rs 48.31 crore in Q3 FY23 from Rs 54.72 crore posed in Q3 FY22. However, revenue from operations rose 7.4% to Rs 465.62 crore in the quarter ended 31 December 2022 as against Rs 433.55 crore in the quarter ended 31 December 2021.

FCS Software Solutions surged 7.76%. The company reported consolidated net profit of Rs 0.76 crore in Q3 December 2022 as against net loss of Rs 0.06 crore in Q3 December 2021. On a consolidated basis, revenue from operations rose 13.3% year-on-year to Rs 9.21 crore in Q3 December 2022 over Q3 December 2021.

Global markets:

Asian stocks mostly advanced on Tuesday as investors await the release of the U.S. consumer price index report, which will shape the Federal Reserve's path ahead.

Japan's economy expanded by 0.6% on an annualized basis for the fourth quarter of 2022. The figure was a rebound from a revised contraction of 1% seen in the third quarter of 2022 compared to a year ago.

On Tuesday, the Japanese government is expected to name academic Kazuo Ueda as its pick to become the next central bank governor. Kazuo Ueda's probable appointment as the next governor of the Bank of Japan could improve the odds of an end to its unpopular yield control policy.

A global research house on Monday reportedly cut Japanese stocks to underweight, saying that a Bank of Japan (BOJ) policy change away from its ultra-loose monetary strategy could push global yields higher and reduce risk appetite.

Wall Street closed sharply higher on Monday as investors awaited inflation data likely to hint at the path of the Federal Reserve's future interest rate hikes, while Meta Platforms gained after a report that the Facebook parent was planning fresh layoffs.

Sensex slides 251 pts, Nifty holds 17,770 mark; Adani Enterprises drops over 7%.

Domestic equities ended with modest losses on Monday, tracking mixed Asian cues. Investors awaited key economic data on global as well as domestic front to provide clear direction. The Nifty declined in early trade and hovered in the red throughout the session. Barring the Nifty FMCG index, all the sectoral indices on the NSE ended in the red with PSU bank, realty and IT indices down 1-2% each.

The barometer index, the S&P BSE Sensex declined 250.86 points or 0.41% to 60,431.84. The Nifty 50 index lost 85.60 points or 0.48% to 17,770.90.

Titan Company (up 2.08%), Larsen & Toubro (up 1.83%) and NTPC (up 1.67%) were top NIfty gainers.

Adani Enterprises (down 7.63%), Adani Ports & SEZ (down 5.39%) and SBI (down 2.88%) were major Nifty losers.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.25% while the S&P BSE Small-Cap index shed 1.17%.

The market breadth was weak. On the BSE, 1,190 shares rose and 2,399 shares fell. A total of 170 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 7.33% to 13.68.

Investors awaited the release of India's retail inflation data, which will be announced later today.

Meanwhile, fear of rate hike in the US weighed on investors sentiment as the market focus shifted to the US CPI Report and US Retail sales figures that could force the Fed into more aggressive policy moves, thereby raising the possibility of interest rates rising above 5%.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper rose to 7.366 from 7.363 previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.72, compared with its close of 82.58 during the previous trading session

MCX Gold futures for 5 April 2023 settlement shed 0.04% to Rs 56,720.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.08% to 103.71.

The United States 10-year bond yield fell 0.24% to 3.734.

In the commodities market, Brent crude for April 2023 settlement declined $1.17 or 1.35% to $85.22 a barrel.

Global Markets:

European markets advanced while most Asian stocks ended lower on Monday as investors look ahead to a week of crucial economic data releases, including the U.S. consumer price index that will determine the Federal Reserve's path forward.

Singapore reported 3.6% GDP growth for 2022, less than the 8.9% growth in 2021. In the fourth quarter, the city-state's economy grew 2.1% on an annualized basis, compared with 4% in the previous quarter.

US stocks fell on Friday after a slew of corporate earnings and Federal Reserve speakers reiterated their hawkish messages that there is more work to be done to tame inflation.

US consumer sentiment improved to a 13-month high in February, a survey showed on Friday. The sentiment index has rebounded from a low of 50 last June. The survey's measure of current economic conditions increased to a reading of 72.6 this month from 68.4 in January.

Stocks in Spotlight:

EKI Energy Services hit a lower circuit of 20% at Rs 877.75 after the company's net profit fell 76.3% to Rs 38.09 crore on 40.9% decrease in revenue from operations to Rs 406.57 crore in Q3 December 2022 over Q3 December 2021. Meanwhile, the company's auditor Walker Chandiok & Co highlighted red flags with reference to non-compliance with IndAS 115 and revenue recognition.

Balkrishna Industries slumped 10.97%. The tyre maker's standalone net profit tumbled 69.7% to Rs 99.62 crore in Q3 FY23 as against Rs 328.58 crore posted in Q3 FY22. Revenue from operations rose 5.5% YoY to Rs 2142.32 crore in the quarter ended 31 December 2022.

The company management said, As expected Q3 volumes were 66,480 MT. The company continues to face challenges of de-stocking in Q4 however the intensity of the situation is receding on month-on-month basis.

Info Edge (India) slipped tanked 9.10% after the company reported a standalone net loss of Rs 84.26 crore in Q3 FY23 from a net profit of Rs 336.37 crore recorded in Q3 FY22. Revenue from operations jumped 33.4% to Rs 555.18 crore in the quarter ended 31 December 2022 as against Rs 416.08 crore posted in Q3 FY22.

The company said that owing to concerns around uncertainty of funding environment for 4B Network, an impairment of Rs 276 crore has been charged as an exceptional item.

While announcing the results, Hitesh Oberoi, managing director and chief executive officer said: While we are seeing a slowdown in the IT hiring, the Non IT hiring market continues to be strong.

PB Fintech rose 0.34%. The fintech company reported a consolidated net loss of Rs 87.62 crore in Q3 FY23 from a net loss of Rs 298.02 crore in Q3 FY22. Revenue from operations surged 66.1% year on year to Rs 610.09 crore in the quarter ended 31 December 2022.

Godrej Industries added 0.26%.The company reported 117.82% jump in consolidated net profit to Rs 314.58 crore in Q3 FY23 as against Rs 144.42 crore posted in Q3 FY22. Revenue from operations stood at Rs 3,842.55 crore in the quarter ended 31 December 2022, up 9.33% from Rs 3,514.61 crore reported in Q3 FY22.

Gujarat Gas rose 0.94%. The gas distribution company's standalone net profit surged 204.49% to Rs 371.26 crore in Q3 FY23 as against Rs 121.93 crore posted in Q3 FY22. Revenue from operations declined 27.1% year on year (YoY) to Rs 3,821.28 crore in the quarter ended 31 December 2022.

Indian Railway Finance Corporation (IRFC) shed 0.66%. The company reported 2% rise in net profit to Rs 1633.45 crore on a 22% increase in total income to Rs 6222.03 crore in Q3 FY23 over Q3 FY22.

ABB India declined 0.26%. The company's net profit (from continuing operations) jumped 58.03% to Rs 305.91 crore on 15.48% rise in total revenue from operations to Rs 2,426.91 crore in Q4 CY2022 over Q4 CY2021. The company said that volume growth, strong price realizations, cost optimization, and improved revenue mix were the key factors which aided growth in profit throughout the year.

Indigo Paints fell 3.66%. The paint maker reported 8.06% rise in net profit to Rs 26.26 crore on a 5.95% increase in net revenue from operations to Rs 281.27 crore in Q3 FY23 over Q3 FY22.

Glenmark Pharmaceuticals jumped 5.29%. The pharma company's consolidated net profit rose 21.13% to Rs 290.76 crore on 8% increase in net sales to Rs 3,392.24 crore in Q3 FY23 over Q3 FY22. On a consolidated basis, Active Pharmaceutical Ingredients (API) sales grew 23.9% YoY to Rs 375.6 crore during the period under review.

National Aluminium Company rose 2.74%. The company reported 67% drop in standalone net profit to Rs 273.85 crore in Q3 FY23 from Rs 830.86 crore in Q3 FY22. Revenue from operations fell by 13% YoY to Rs 3,289.98 crore during the quarter.