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MARKETS: Sensex zooms 600 pts; Adani Ent jumps 4% on Rs 820-crore Q3 profit

Stock market live updates: Broader markets, however, underperformed benchmark indices as Nifty MidCap 100 and Nifty SmallCap 100 indices declined up to 0.3 per cent

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Domestic markets firmly extended gains on Tuesday led by a rally in IT stocks and havyweights like Reliance and ITC. The wholesale inflation imprint, which slipped to a 2-year low of 4.73 per cent in January, also supported sentiment. 

Key indices Nifty50 climbed over 150 points to trade above 17,900 levels, whereas the S&P BSE Sensex leapt over 600 points to the day's high of 61,102. 

Broader markets, however, underperformed benchmark indices as BSE MidCap and SmallCap indices declined up to 0.4 per cent.

Sectorally, Nifty IT index gained the most, up to 1 per cent, while Nifty Realty index was the worst hit as it declined up to 1 per cent.

Among individual stocks, shares of FSN e-Commerce Ventures, parent firm of Nykaa, tumbled over 3 per cent after the company posted 70.75 per cent YoY drop in consolidated profit to Rs 8.48 crore for Q3FY23.

Besides, shares of Zee Entertainment declined over 3 per cent reported after the company clocked 91 percent YoY drop in net profit in Q3FY23.
9:50 PM

Adani Enterprises bounces 17% from day's low on massive jump in Q3 profit

Shares of Adani Enterprises (AEL) jumped 10 per cent to an intra-day high of Rs 1,889, bouncing 17 per cent from the day's low on the BSE on Tuesday soon after the company announced its October-December quarter (Q3FY23) earnings. The stock of the Gautam Adani-led group company had hit an intra-day low of Rs 1,611.30. 

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9:49 PM

WPIL vaults 7%; stock has rallied over 50% in four trading days

Shares of WPIL hit the 10 per cent upper circuit and hit a new high of Rs 1,791.65 on the BSE on Tuesday. In the past four trading days, the stock of the industrial products company has zoomed 53 per cent after it reported robust December quarter results.
After displaying considerable strength versus the dollar in the first three weeks of 2023, the rupee surrendered all gains due to uncertainty about how much further US interest rates may rise and as the crisis in the Adani group momentarily soured sentiment for the domestic unit. 
9:47 PM

Adani Group likely to repay short-term commercial paper debt: Bankers

Two large companies within India's embattled Adani Group are likely to repay their short-term commercial paper (CP) debt as they come due over the next few months, instead of rolling them over as is normal, two merchant bankers and a company official directly familiar with the matter said.

The company said gross margin declined due to change in BPC category mix, higher brand funded discount during festive season, consumer downgrades.
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9:30 PM

Zee Entertainment nears 52-week low post weak Q3 results

The company said advertisement revenue YoY growth impacted due to FTA withdrawal (Zee Anmol) and slowdown in FMCG spends due to challenging macro-economic environment. 

Venture capital (VC) funding for Indian startups has taken a sharp cut. It dropped to $25.7 billion in 2022 from $35.8 billion in 2021 as the global economy experienced turbulence.

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First Published: Mar 17 2023 | 9:33 PM IST

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