The key equity indices extended their downfall from the previous sessions and edge lower in early trade on Friday. The Nifty traded below the 17,800 level. Oil & gas, banks and financial stocks led the losses while auto, pharma and healthcare stocks outperformed.
At 09:23 IST, the barometer index, the S&P BSE Sensex, was down 291.15 points or 0.48% to 59,913.91. The Nifty 50 index lost 78.90 points or 0.44% to 17,813.05.
Cipla (up 1.79%), SBI Life (up 1.59%), Eicher Motors (up 1.47%), Divi's Lab (up 1.40%) and ITC (up 1.22%) were the top Nifty gainers.
Adani Enterprises (down 5.04%), Adani Ports (down 4.24%), HDFC Bank (down 3.25%), HDFC (down 3.20%) and ICICI Bank (down 2.68%) were the top Nifty losers.
In the broader market, the S&P BSE Mid-Cap index rose 0.15% while the S&P BSE Small-Cap index gained 0.25%.
The market breadth was negative. On the BSE, 1,461 shares rose, and 1,143 shares fell. A total of 127 shares were unchanged.
Stocks in Spotlight:
Bajaj Auto jumped 6.59%. The two-wheeler maker's consolidated net profit rose 3.01% to Rs 1,472.70 crore on 3.29% increase in total revenue from operations to Rs 9,318.54 crore in Q3 FY23 over Q3 FY22.
Tata Motors advanced 5.43%. The company reported a consolidated net profit of Rs 2,957.71 crore in Q3 FY23 as against a net loss of Rs 1,516.14 crore in Q3 FY22. Total revenue from operations increased by 22.5% YoY to Rs 88,488.59 crore during the quarter.
Dr Reddy's Laboratories rose 2.69%. The drug major's consolidated net profit jumped 76.52% to Rs 1,247.1 crore on 27.26% rise in revenues to Rs 6,770 crore in Q3 FY23 over Q3 FY22.
Global Markets:
Asian stocks traded in a mixed manner on Wednesday, taking the lead from Wall Street's struggle for direction as China and Hong Kong markets remain closed for the Lunar New Year holidays.
US stocks ended nominally lower on Tuesday at the close of a rocky session marked by a raft of mixed earnings and a technical malfunction at the opening bell.
The downturn in the US business activity eased slightly in January even as it contracted for the seventh straight month, survey showed on Tuesday. S&P Global said its flash US Composite PMI Output Index, which tracks the manufacturing and services sectors, shot off to 46.6 this month from a final reading of 45 in December.
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