Sensex gains 264 pts, Nifty above 17,600 level

The Nifty traded with minor gains while the Sensex climbed above 60,100 level in morning trade. Bank and financial services stocks advanced while metal, oil & gas and realty shares witnessed selling pressure.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 264.12 points or 44% to 60,196.36. The Nifty 50 index rose 20.40 points or 0.12% to 17,630.80.

Gains in the Nifty 50 index were capped due to steep selling in Adani Enterprises (down 35%), Adani Ports & SEZ (down 13.90%) and Ambuja Cements (down 8.38%).

The National Stock Exchange (NSE) has put Adani Enterprises, Adani Ports & SEZ and Ambuja Cements under additional surveillance measure (ASM) framework effective 3 February 2023.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index shed 1.13% while the S&P BSE Small-Cap index fell 0.89%.

The market breadth was weak. On the BSE, 1,048 shares rose and 2,120 shares fell. A total of 135 shares were unchanged.

Results Today:

State Bank of India (down 0.69%), ITC (down 0.16%), Divis Labs (down 3.19%), Bank of Baroda (up 0.10%), Tata Power (up 1.48%), InterGlobe Aviation (down 1.07%), One 97 Communications (Paytm) (down 1.40%), Marico (down 0.10%), Mahindra & Mahindra Financial Services (down 0.34%), Zydus Lifesciences (up 0.02%), Manappuram Finance (down 0.65%), Aarti Industries (down 1.40%), Borosil (up 0.27%), Emami (down 0.14%), Engineers India (down 2.59%), India Cements (down 2.15%), Intellect Design Arena (down 0.31%), JK Tyre & Industries (down 0.21%), Jubilant Pharmova (down 1.32%), Kansai Nerolac Paints (down 0.16%), Praj Industries (down 0.52%), Quess Corp (down 1.68%), Shipping Corporation of India (down 5.28%), Sun TV Network (down 2.22%), and Tube Investments of India (down 2.66%) will announce their quarterly earnings later today.

Buzzing Index:

The Nifty Financial Services index rose 0.87% to 18,178.05. The index shed 0.4% in the past two trading sessions.

Bajaj Finserv (up 2.32%), HDFC Bank (up 2.03%), ICICI Prudential Life Insurance Company (up 1.95%), Bajaj Finance (up 1.91%), SBI Life Insurance Company (up 1.53%), Housing Development Finance Corporation (up 1.52%), ICICI Bank (up 1.42%), HDFC Asset Management Company (up 0.66%), Axis Bank (up 0.28%) and SBI Cards & Payment Services (up 0.27%) edged higher.

On the other hand, Cholamandalam Investment & Finance Company (down 0.87%), HDFC Life Insurance Company (down 0.85%) and Indian Energy Exchange (down 0.83%) declined.

Stocks in Spotlight:

Birlasoft shed 0.53%. The company reported a consolidated net loss of Rs 16.36 crore in Q3 FY23 as against net profit of Rs 115.05 crore in Q2 FY23. The company reported a consolidated net profit of Rs 113.97 crore in Q3 FY22. Revenue from operations rose 2.5% quarter on quarter and 14% year on year to Rs 1,221.89 crore in the quarter ended 31 December 2022.

The company said it signed deals of total contract value (TCV) $231 million during the quarter. TCV of new deal wins was $102 million and renewals amounted to $129 million for Q3 FY23. Attrition last twelve month (LTM) was 25.5% in Q3 FY23 as against 27.4% in Q2 FY23 and 27.3% in Q3 FY22.

Karnataka Bank jumped 7.51% after the private lender's net profit surged 105.14% to Rs 300.68 crore on 16.68% increase in total income to Rs 2,055.31 crore in Q3 FY23 over Q3 FY22.

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