The key equity indices tumbled in early trade as the bourses witnessed significant selling in index pivotals. The Nifty traded some points above the 18,550 mark. Metals, oil & gas and bank stocks edged lower while pharma, healthcare and consumer durables managed to outperform.
At 09:25 IST, the barometer index, the S&P BSE Sensex, was down 229.49 points or 0.36% to 62,739.64. The Nifty 50 index lost 72.05points or 0.39% to 18,561.80.
In the broader market, the S&P BSE Mid-Cap index fell 0.17% while the S&P BSE Small-Cap index was up 0.03%.
The market breadth was positive. On the BSE, 1,419 shares rose and 1,347 shares fell. A total of 104 shares were unchanged.
Investor sentiment took a hit after disappointing economic data from China brewed more concerns over sluggish demand and weak recovery in the world's second largest economy.
Stocks in Spotlight:
Adani Ports and Special Economic Zone (APSEZ) fell 1.13%. The company reported consolidated net profit of Rs 1,140.99 crore in Q4 FY23 as against a net profit of Rs 1,111.63 crore in Q4 FY22. Total income rose to Rs 6,179.12 crore in the quarter ended 31 March 2023 from Rs 4,739.08 crore recorded in Q4 FY22.
Coal India shed 0.74%. The board of directors of Coal India has approved revision of non-coking coal prices with effect from 31st May 2023. The board has approved price increase of 8% over the existing notified prices for high grade coal of grade G2 to G10. Due to this revision, Coal India will earn approx. incremental revenue of Rs 2,703 crore for the balance period of financial year 2023-24.
Torrent Pharmaceuticals jumped 5.71%. The company reported consolidated net profit of Rs 287 crore in Q4 FY23 as against a net loss of Rs 118 crore in Q4 FY22. Total income rose to Rs 2500 crore in the quarter ended 31 March 2023 from Rs 2187 crore recorded in Q4 FY22.
Mankind Pharma rose 0.71%. The company's consolidated net profit rose 52% to Rs 294 crore in Q4 FY23 as against a net profit of Rs 193 crore in Q4 FY22. Revenue from operations rose 19% to Rs 2053 crore in the quarter ended 31 March 2023 from Rs 1726 crore recorded in Q4 FY22.
Numbers to Track:
The yield on India's 10-year benchmark federal paper was down 0.30% to 6.990 from previous close of 7.011.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.6925, compared with its close of 82.6700 during the previous trading session.
MCX Gold futures for 5 June 2023 settlement fell 0.10% to Rs 59,888.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.16% to 104.33.
The United States 10-year bond yield declined 0.59% to 3.679.
In the commodities market, Brent crude for July 2023 settlement fell 22 cents or 0.30% to $73.49 a barrel.
Global markets:
Asian stocks are trading lower on Wednesday, led lower by declines in Hong Kong as weakening factory activity in China dented sentiment that was already damped by the risk of a US debt default.
China's official measure of factory activity for May slid for a second-straight month in May to 48.8, a steeper contraction than March's 49.2.
US stocks ended mixed on Tuesday as Wall Street considered the likelihood of Congress passing a tentative deal on raising the U.S. debt ceiling amid growing opposition within the GOP.
The U.S. debt ceiling remained in focus with markets hoping an agreement President Joe Biden struck with the top congressional Republican to suspend the United States' borrowing limit can pass through Congress in coming days.
The plan cleared a House committee overnight and is set for debate and passage on Wednesday, which would send it to the Senate where debate could stretch to the weekend.
Fed Bank of Richmond President Thomas Barkin said he is looking for signs that demand is cooling to be convinced that US inflation will ease.
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