Benchmarks trade with tiny gains; Sensex up 64 pts

The key equity indices traded with small gains in the 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 healthcare shares corrected.

At 13:29 IST, the barometer index, the S&P BSE Sensex, was up 63.57 points or 0.10% to 61,005.24. The Nifty 50 index added 3.65 points or 0.03% to 18,122.20.

In the broader market, the S&P BSE Mid-Cap index and the S&P BSE Small-Cap index shed 0.19%.

The market breadth was negative. On the BSE, 1,537 shares rose, and 1,880 shares fell. A total of 157 shares were unchanged.

Gainers & Losers:

Tata Motors (up 3.13%), Maruti Suzuki (up 2.83%), HCL Technologies (up 1.25%), HDFC Bank (up 1.19%) and Asian Paint (up 1.10%) were top Nifty gainers.

Axis Bank (down 2.47%), Power Grid Corporation of India (down 1.87%), Grasim (down 1.79%), Kotka Mahindra Bank (down 1.60%) and Hindalco Industries (down 1.54%) were major Nifty losers.

Maruti Suzuki India gained 2.83% after the auto major's standalone net profit zoomed 132.5% to Rs 2,351.3 crore on 25.52% jump in net sales to Rs 27,849.2 crore in Q3 FY23 over Q3 FY22.

Axis Bank shed 2.47%. The private lender's net profit surged 61.94% to Rs 5,853.07 crore on 27.44% increase in total income to Rs 26,891.87 crore in Q3 FY23 over Q3 FY22.

Stocks in Spotlight:

Tata Motors gained 3.04%. The company has confirmed that the voluntary delisting of its American Depositary Shares (ADS), representing ordinary shares of the company, from the New York Stock Exchange (NYSE) will become effective close of trading on the NYSE on 23 January 2023. This follows the filing by the company of Form 25 with the Securities and Exchange Commission on 13 January 2023.

Gland Pharma declined 1.62%. The pharmaceutical company's consolidated net profit dropped 15% to Rs 231.95 crore on 11.8% decline in net sales to Rs 938.29 crore in Q3 FY23 over Q3 FY22.

Shoppers Stop declined 3.45% 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.

Global Markets:

Markets in Asia advanced across the board on Tuesday as investor confidence surged into the Lunar New Year with China lifting its stringent Covid curbs and on rising hopes that the end to interest rate hikes may finally be in sight.

US stocks closed sharply higher on Monday, fuelled by surging technology stocks as investors began an earnings-heavy week with a renewed enthusiasm for market-leading momentum stocks that were battered last year.

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