Barometers trim gains, Nifty below 18,150 mark

The headline equity indices traded with tiny gains in early afternoon trade. The Nifty traded below the 18,150 level after hitting the day's high at 18,201.25 in early trade. IT, auto and consumer durables stocks advanced while realty, PSU bank and pharma shares corrected.

At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 39.4 points or 0.06% to 60,981.07. The Nifty 50 index added 2.40 points or 0.01% to 18,120.95.

In the broader market, the S&P BSE Mid-Cap index declined 0.31% while the S&P BSE Small-Cap index shed 0.21%.

The market breadth was negative. On the BSE, 1,557 shares rose, and 1,798 shares fell. A total of 181 shares were unchanged.

Domestic investors keep an eye out for the Q3 earnings of the market heavyweight and auto giant Maruti Suzuki (up 0.45%), along with the other majors like TVS Motor Company (down 0.84%) and SBI Cards and Payment Services (down 1.60%) slated for release on Tuesday.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 0.23% to 13.59. The Nifty 25 January 2022 futures were trading at 18,160.05, at a premium of 39.1points as compared with the spot at 18,120.95.

The Nifty option chain for the 25 January 2022 expiry showed maximum Call OI of 153.9 lakh contracts at the 18,200 strike price. Maximum Put OI of 144.3 lakh contracts were seen at 18,100 strike price.

Buzzing Index:

The Nifty Consumer Durables index rose 0.54% to 24,562.20. The index added 0.83% in two trading sessions.

Crompton Greaves Consumer Electricals (up 3.07%), Amber Enterprises India (up 2.29%), Relaxo Footwears (up 1.06%), Orient Electric (up 0.98%), Titan Company (up 0.73%), TTK Prestige (up 0.66%), Blue Star (up 0.52%), Voltas (up 0.44%), Kajaria Ceramics (up 0.39%) and Dixon Technologies (India) (up 0.07%) edged higher.

On the other hand, Havells India (down 0.93%), Rajesh Exports (down 0.68%) and Whirlpool of India (down 0.22%) declined.

Stocks in Spotlight:

Shoppers Stop declined 2.83% after the company's consolidated net profit tumbled 18.9% to Rs 62.74 crore in Q3 FY23 from Rs 77.32 crore recorded in Q3 FY22. Revenue from operations stood at Rs 1,137.07 crore in the quarter ended 31 December 2022 as against Rs 958.11 crore posted in Q3 FY22, registering a growth of 18.7%.

The company opened 6 department and 5 beauty stores in Q3, taking the total store count to 271, spread across 50 cities across India. The firm intends to add 5 department and 4 beauty stores by the end of fiscal 2022-23, said the company.

Zensar Technologies rallied 5.26% after the IT company reported a 34.68% rise in consolidated net profit to Rs 76.5 crore in Q3 FY23 from Rs 56.8 crore posted in Q2 FY23. However, the company's revenue from operations fell 3% QoQ to Rs 1,197.6 in the quarter ended 31 December 2022. As compared with Q3 FY22, the company's net profit declined 15.9% while revenue was higher by 8.6%.

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