Indices trade with modest losses; Sensex down 422 pts

The key equity benchmarks continued to trade with moderate losses in morning trade amid negative global cues. The Nifty traded below the 17,750 level. Metal shares slipped for the fourth consecutive day.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 422.5 points or 0.69% to 60,419.38. The Nifty 50 index lost 136.30 points or 0.76% to 17,717.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.30% while the S&P BSE Small-Cap index gained 0.44%.

The market breadth was positive. On the BSE, 1,729 shares rose, and 1,514 shares fell. A total of 205 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 932.44 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,264.74 crore in the Indian equity market on 3 February, provisional data showed

Results Today:

Tata Steel (down 2.33%), Adani Transmission (down 10%), Balaji Amines (down 0.89%), Infibeam Avenues (up 2.49%), JK Paper (up 1.43%), LIC Housing Finance (down 4.18%), Muthoot Finance (down 0.88%), Nuvoco Vistas Corporation (down 2.40%), SJVN (up 1.70%), Tejas Networks (down 0.44%) and Varun Beverages (up 0.99%) will announce their quarterly earnings later today.

Buzzing Index:

The Nifty Metal index declined 2.23% to 5,770.35. The index slipped 10.79% in four trading sessions.

Adani Enterprises (down 7.88%), Tata Steel (down 2.33%), JSW Steel (down 2.1%), Jindal Steel & Power (down 2.05%), Hindalco Industries (down 2%), Hindustan Zinc (down 1.49%), Hindustan Copper (down 1.02%), Steel Authority of India (down 0.87%), Vedanta (down 0.65%) and National Aluminium Company (down 0.57%) declined.

On the other hand, MOIL (up 1.38%), APL Apollo Tubes (up 1.08%) and Welspun Corp (up 0.99%) edged higher.

Stocks in Spotlight:

Albert David advanced 2.22%. The company announced the appointment of Umesh Kunte as the chief executive officer (CEO) with effect from 6 February 2023. Albert David also appointed A B Chakrabartty as the company secretary & compliance officer cum legal head of the company with effect from 4 February 2023.

Tata Power Company rose 1.80% to Rs 207.90 after the company's consolidated net profit soared 121.9% to Rs 945.02 crore in Q3 FY23 as against Rs 425.81 crore in Q3 FY22. Net sales jumped 29.5% to Rs 14,129.12 crore during the quarter as against Rs 10,913.14 crore in corresponding quarter last year, on account of capacity addition in renewables, higher generation in thermal plants and higher sales in distribution companies.

Mahindra & Mahindra Financial Services jumped 6.48%. The company reported 30% drop in standalone net profit to Rs 629 crore in Q3 FY23 from Rs 894 crore in Q3 FY22. Total Income in the third quarter was at Rs 2,892 crore, up 14% YoY.

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