The domestic equity barometers traded with modest losses in morning trade. The Nifty traded near the 17,800 level. Metal and PSU bank stocks advanced while IT, consumer durables and healthcare shares declined.
At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 243.13 points or 0.41% to 59,714.90. The Nifty 50 index lost 49 points or 0.27% to 17,809.20.
In the broader market, the S&P BSE Mid-Cap index fell 0.45% while the S&P BSE Small-Cap index shed 0.07%.
The market breadth was positive. On the BSE, 1,627 shares rose, and 1,526 shares fell. A total of 147 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,662.63 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,127.65 crore in the Indian equity market on 12 January, provisional data showed.
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Economy:
India's consumer price inflation eased further to a one-year low of 5.72% in December from 5.88% the previous month, data released by the ministry of statistics and programme implementation showed. This is the third month in a row that CPI inflation has fallen. The Food inflation eased sharply to 4.19% in December compared to 4.67% in previous month.
Meanwhile, India's factory output based on the Index of Industrial Production (IIP) rose 7.1% year on year in the month of November, Ministry of Statistics and Programme Implementation data showed on Thursday. For the April-November period, the index grew by 5.5%. IIP had contracted by 4% YoY in October.
Buzzing Index:
The Nifty IT index slipped 1.21% to 28,373.35. The index added 0.76% in the past two trading sessions.
L&T Technology Services (down 5.79%), LTI Mindtree (down 2.62%), Coforge (down 2.25%), Mphasis (down 1.96%), HCL Technologies (down 1.91%), Wipro (down 1.44%), Tech Mahindra (down 1.31%), Persistent Systems (down 0.88%), Infosys (down 0.37%) and Tata Consultancy Services (down 0.13%) edged lower.
Infosys shed 0.37%. The IT major reported 9.4% rise in consolidated net profit to Rs 6,586 crore on a 4.9% increase in revenues to Rs 38,318 crore in Q3 FY23 over Q2 FY23. The company's net profit and revenues are higher by 13.4% and 20.2% as compared with Q3 FY22. In dollar terms, the company reported revenues of $4,659 million (up 2.3% QoQ and up 9.6% YoY) for the quarter ended 31 December 2022. In constant currency terms, the company's revenue has grown by 2.4% QoQ and by 13.7% YoY during the period under review.
Large deal TCV for the quarter was the strongest in the last 8 quarters at $3.3 billion. IT services attrition rate stood at 24.3% as of 31 December 2022 as compared with 27.1% as of 30 September 2022 and 25.5% as on 31 December 2021.
HCL Technologies slipped 1.91%. The IT firm reported 17.4% rise in consolidated net profit to Rs 4,096 crore on a 8.2% increase in revenues to Rs 26,700 crore in Q3 FY23 over Q2 FY22. Compared with Q3 last year, the company's net profit and revenue are higher 19% and 19.6%, respectively. In dollar terms, the company's revenue stood at $3,244 million, up 5.3% QoQ and up 9% YoY.
In constant currency (cc) terms, revenue growth in Q3 FY23 was 5% QoQ and 13.1% YoY. Attrition (on the last 12-month basis) was at 21.7% in Q3 FY23 as against 23.8%% in Q2 FY23 and 19.8% in Q3 FY22.
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