Barometers trade with modest gains; Sensex adds 351 pts

The key equity indices continued to trade with modest gains in mid-afternoon trade. The Nifty hovered above the 17,950 mark. While large caps were trading higher, broader market witnessed selling. FMCG, IT and auto shares advanced while PSU bank, metal and media shares corrected.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 351.03 points or 0.58% to 60,444. The Nifty 50 index added 95.10 points or 0.53% to 17,989.95.

The broader market declined. The S&P BSE Mid-Cap index slipped 0.39% while the S&P BSE Small-Cap index shed 0.22%.

The market breadth was negative. On the BSE, 1532 shares rose, and 1931 shares fell. A total of 140 shares were unchanged.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose to 7.336 from its close of 7.327 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 81.81, compared with its close of 81.5825 during the previous trading session.

MCX Gold futures for 3 February 2023 settlement lost 0.11% to Rs 56,421.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.09% to 102.29.

The United States 10-year bond yield rose 1.30% to 3.557.

In the commodities market, Brent crude for March 2023 settlement lost 49 cents or 0.57% to $84.79 a barrel.

Buzzing Index:

The Nifty Auto index rose 0.36% to 12,794.75. The index has declined 0.65% in the past trading session.

Tube Investments of India (up 1.15%), Eicher Motors (up 1.15%), Maruti Suzuki India (up 0.93%), Balkrishna Industries (up 0.86%), Tata Motors (up 0.81%), MRF (up 0.64%), Bajaj Auto (up 0.5%) and Bharat Forge (up 0.27%) advanced.

Stocks in Spotlight:

Mastek slipped 3.49% after the IT company's consolidated net profit tumbled 18.86% to Rs 64.18 crore as against Rs 79.10 crore recorded in Q2 FY23. In dollar terms, the firm's revenue was $80.1 million (CC growth of 3.1% QoQ and 20% YoY). The board of directors has recommended an interim dividend Rs 7 per equity share, which will be paid to the eligible shareholders within 30 days. The record date for the same is fixed on Wednesday, 1 February 2023.

Bank of India slumped 5.47%. The state-run bank's net profit increased 12% to Rs 1,151 crore on 26.3% rise in total income to Rs 14,159.60 in Q3 FY23 over Q3 FY22. Net interest income (NII) increased by 64% YoY to Rs 5,596 crore for Q3 FY23 as against Rs 3,408 crore for Q3 FY22. Net interest margin (NIM) (domestic) improved to 3.72% in Q3 FY23 as compared to 2.51% in Q3 FY22.

Glenmark Pharmaceuticals declined 0.75%. The drug maker launched the sacubitril + valsartan tablets in India, for the treatment of heart failure marketed under the brand name 'Sacu V'.

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