Indices drift higher in early trade; Nifty above 18,050

The key equity indices were trading with small gains in early trade. The Nifty traded above the 18,050 level. Metal, IT and health care shares were in demand while PSU bank, realty and media shares corrected.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 21.83 points or 0.04% to 60,677.55. The Nifty 50 index added 14.80 points or 0.09% to 18,069.30.

In the broader market, the S&P BSE Mid-Cap index rose 0.21% while the S&P BSE Small-Cap index gained 0.18%.

The market breadth was strong. On the BSE, 1,533 shares rose, and 901 shares fell. A total of 119 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 211.06 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 90.81 crore in the Indian equity market on 17 January, provisional data showed.

Stocks in Spotlight:

E.I.D. - Parry (India) rose 0.32%. The new 120 KLPD distillery of the company at its sugar unit at Sankili, Andhra Pradesh, has commenced commercial operations with effect from 17th January 2023.

Tata Metaliks gained 1.58%. The company reported net profit of Rs 9.48 crore in Q3 FY23 as compated to net profit of Rs 35.88 crore in Q3 FY22. Total income rose to Rs 792.43 crore in Q3 FY23 from Rs 693.12 crore in Q3 FY22.

Shalby declined 3.68%. The company reported consolidated net profit of Rs 15.27 crore in Q3 FY23 as compated to net profit of Rs 18.40 crore in Q3 FY22. Total income rose to Rs 206.5 crore in Q3 FY23 from Rs 207.1 crore in Q3 FY22.

Global markets:

Asian stocks are trading mostly higher even as the Bank of Japan announced no change to its yield curve control policy.

US stocks saw mixed trend on Tuesday as weak earnings from Goldman Sachs dragged the Dow Jones Industrial Average index lower, but a jump in Tesla shares helped the Nasdaq Composite stay postive as the corporate earnings season took center stage.

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