At 13:24 IST, the barometer index, the S&P BSE Sensex, was down 201.58 points or 0.35% to 58,148.95. The Nifty 50 index declined 64.85 points or 0.37% to 17,323.30.

In the broader market, the S&P BSE Mid-Cap index shed 0.19% while the S&P BSE Small-Cap index rose 0.03%.

The market breadth was weak. On the BSE, 1,376 shares rose and 1,866 shares fell. A total of 149 shares were unchanged.

Economy:

The Reserve Bank of India's rate-setting panel on Wednesday began its three-day deliberations on the next bi-monthly monetary policy. The Monetary Policy Committee is scheduled to announce its decision on August 5. While a 25 bps hike is ruled out, market opinions are reportedly split between a 35 bps hike and a 50 bps hike.

Gainers & Losers:

Nestle India (up 1.87%), Hindalco Industries (up 1.70%), Cipla (up 1.63%), JSW Steel (up 1.56%) and Infosys (up 1.51%) were major Nifty gainers.

NTPC (down 3.29%), Tata Consumer Products (down 3.11%), Reliance Industries (down 1.84%), Coal India (down 1.74%) and State Bank of India (down 1.53%) were majority Nifty losers.

Earnings Impact:

InterGlobe Aviation (IndiGo) declined 0.77% after the company reported a net loss of Rs 1,064.3 crore in Q1 FY23, which is lower as compared with a net loss of Rs 3,174.2 crore recorded in Q1 FY22. The company cited depreciating rupee and higher fuel prices as the reasons for the net loss recorded in the quarter ended June 2022.

Adani Transmission fell 0.65%. The power transmission company's consolidated net profit tumbled 61.1% to Rs 168.46 crore despite of 22% jump in revenue to Rs 3,049 crore in Q1 FY23 over Q1 FY22. The company said it is not comparable due to Rs 288 crore one-off income (Rs 238 crore net-off tax) received in Q1FY22 and adverse forex movement of Rs 185 crore in the current quarter. On the segmental front, the operational revenue of the Transmission business was Rs 836 crore (up 10.4% YoY) while the revenue from the Distribution business was Rs 2,213 crore (up 27% YoY).

Adani Wilmar declined 1.66%. The company reported 10% rise in consolidated net profit to Rs 19.4 crore on a 30% increase in revenue to Rs 1,478.4 crore in Q1 FY23 over Q1 FY22. Edible Oil business stood at 0.70 MMT, registering a growth of 6% y-o-y on volumes and revenues at Rs 11,519 crore, registering a growth of 23% on revenues. The moderate growth is despite several headwinds in the edible oil industry. Inflationary pressure was a key concern for the edible oil industry.

Vodafone Idea slumped 4.06%. The telco reported consolidated net loss of Rs 7,296.7 crore in Q1 FY23 as against net loss of Rs 6,563.1 crore in Q4 FY22 and net loss of Rs 7,319.1 crore in Q1 FY22. On a consolidated basis, revenue for the quarter was Rs 10,410.1 crore, a QoQ improvement of 1.7% (up 13.7% YoY). On a YoY basis, revenue growth was strong at 13.7%, highest since merger.

Global Markets:

Most of European shares and Asian stocks were trading higher on Thursday following the rally on Wall Street. Investors move on from the tensions over U.S. House Speaker Nancy Pelosi's controversial visit to Taiwan. Pelosi met with Taiwan President Tsai Ing-wen on Wednesday amid warnings from Beijing. Pelosi has since left the self-ruled island that China views as a runaway province to continue with her Asia tour.

Wall Street ended sharply higher on Wednesday, with strong profit forecasts from PayPal and CVS Health Corp lifting sentiment. A better-than-expected services PMI reading for July gave investors confidence amid concerns about a U.S. recession.

The US services industry unexpectedly picked up in July as new orders grew solidly. The ISM's non-manufacturing PMI rebounded to a reading of 56.7 last month from 55.3 in June, ending three straight monthly declines.

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