Indices edge lower in early trade; Nifty below 17,850

The key equity benchmarks traded with small losses amid negative global cues. The Nifty traded below the 17,850 mark. Pharma, healthcare and IT stocks advanced while metal, PSU bank and media shares declined.

At 09:26 IST, the barometer index, the S&P BSE Sensex, was down 88.18 points or 0.15% to 60,575.61. The Nifty 50 index shed 40.70 points or 0.23% to 17,831.

In the broader market, the S&P BSE Mid-Cap index fell 0.02% while the S&P BSE Small-Cap index declined 0.04%

The market breadth was positive. On the BSE, 1,331 shares rose and 1,279 shares fell. A total of 117 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.

Stocks in Spotlight:

Oberoi Realty rose 2.84%. The company reported consolidated net profit of Rs 702.57 crore in Q3 FY23 compared to net profit of Rs 467.53 crore posted in Q3 FY22. Total income rose to Rs 1651.50 crore from Rs 846.19 crore.

Adani Power hit lower circuit of 5% after the company reported consolidated net profit of Rs 8.77 crore in Q3 FY23 compared to net profit of Rs 218.49 crore posted in Q3 FY22. Total income rose to Rs 8290.21 crore from Rs 5593.58 crore.

Trent jumped 4.78%. The company reported consolidated net profit of Rs 154.81 crore in Q3 FY23 compared to net profit of Rs 113.78 crore posted in Q3 FY22. Total income rose to Rs 2365.24 crore from Rs 1529.95 crore.

Global markets:

Asian stocks are trading mixed on Thursday, as investors assessed further risks of more rate hikes to come.

Rating agency Fitch has revised its forecast for China's economic growth in 2023 to 5.0% from 4.1% previously as consumption and broader activity are recovering faster than initially anticipated after the end of the zero-COVID regime.

US stocks fell on Wednesday on corporate profit worries including Chipotle and Lumen Technologies' disappointing results. A number of Federal Reserve speakers reiterated the central bank is yet to be finished with its hiking cycle, including Fed Governor Christopher Waller.

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