Benchmarks trade sideways; Nifty below 17,900

The domestic equity barometers traded sideways in the morning trade. The Nifty traded below the 17,900 level. Media, FMCG and pharma stocks advanced while metal and banking shares declined.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 26.14 points or 0.04% to 60,689.93. The Nifty 50 index shed 10.10 points or 0.06% to 17,861.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.02% while the S&P BSE Small-Cap index advanced 0.07%

The market breadth was positive. On the BSE, 1,617 shares rose and 1,509 shares fell. A total of 150 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 736.82 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 941.16 crore in the Indian equity market on 8 February, provisional data showed.

Results Today:

Hindalco Industries (up 0.69%), Hindustan Petroleum Corporation (up 0.13%), Life Insurance Corporation of India (up 0.64%), Lupin (up 0.36%), Zomato (up 2.58%), Adani Total Gas (down 5%), Aurobindo Pharma (down 1.49%), Bajaj Consumer Care (up 0.06%), Bombay Dyeing & Manufacturing Company (down 0.62%), Devyani International (down 1.07%), Force Motors (up 0.02%), General Insurance Corporation of India (up 0.44%), Greaves Cotton (up 1.56%), Hindustan Aeronautics (up 0.41%), Indian Railway Catering and Tourism Corporation (up 0.54%), Jet Airways (down 2.51%), Kalpataru Power Transmission (down 1.07%), MRF (up 0.13%), Natco Pharma (down 0.28%), Page Industries (down 1.27%), Pfizer (up 0.35%), Sapphire Foods India (down 0.10%), Suzlon Energy (up 0.44%), United Breweries (down 0.79%) and Voltas (down 0.60%) will announce their quarterly earnings later today.

Buzzing Index:

The Nifty Metal index fell 0.92% to 5,920.45. The index advanced 3.78% in past trading session.

Adani Enterprises (down 7.21%), Welspun Corp (down 1.89%), Vedanta (down 0.68%), Hindustan Copper (down 0.51%), National Aluminium Company (down 0.45%), MOIL (down 0.41%), JSW Steel (down 0.38%), Tata Steel (down 0.27%) advanced.

Stocks in Spotlight:

Angel One declined 0.92%. The stock broker has received an in-principle approval from Securities and Exchange Board of India (Sebi) vide their letter dated 8 February 2023, for sponsoring a mutual fund. Accordingly, Angel One would be setting up an asset management company and the trustee company, in accordance with applicable Sebi Regulations and other applicable laws.

Adani Power hit a lower circuit of 5% at Rs 172.90 after the company's consolidated net profit slumped 96% to Rs 8.77 crore in Q3 FY23 as against Rs 218.49 crore recorded in Q3 FY22. Revenue from operations stood at Rs 7,764.41 crore in the quarter ended 31 December 2022, registering a growth of 44.8% from Rs 5,360.88 crore posted in Q3 FY22.

Cummins India jumped 6.96% after the company's consolidated net profit jumped 65.9% to Rs 413.80 crore on 25.7% increase in net sales to Rs 2148.99 crore in Q3 December 2022 over Q3 December 2021.

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