Indices trade with minor cuts; Nifty slides below 18,050

The key equity barometers gave up all the early gains and slipped into the negative terrain in the morning trade. The Nifty traded below the 18,050 level. IT shares declined for the third straight day.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was down 123.61 points or 0.20% to 60,712.80. The Nifty 50 index lost 20.60 points or 0.11% to 18,032.10.

In the broader market, the S&P BSE Mid-Cap index shed 0.14% while the S&P BSE Small-Cap index gained 0.23%.

The market breadth was strong. On the BSE, 1,807 shares rose and 1,312 shares fell. A total of 168 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 677.62 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 732.11 crore in the Indian equity market on 3 November, provisional data showed.

Earnings Today:

Britannia Industries, Cipla, Titan Company, GAIL India, InterGlobe Aviation, Aditya Birla Fashion and Retail, City Union Bank, Cummins India, Dreamfolks Services, Elgi Equipments, Escorts Kubota, Go Fashion (India), Mahindra Logistics, Marico, Tube Investments of India, TVS Motor Company, and Wockhardt will announce their quarterly earnings later today.

Buzzing Index:

The Nifty IT index declined 1.02% to 28,502.50. The index has slipped 2.65% in three trading sessions.

Among the components of the Nifty IT index, Larsen & Toubro Infotech (down 1.56%), Mphasis (down 1.55%), Persistent Systems (down 1.47%), Infosys (down 1.47%) and L&T Technology Services (down 1.2%) were the top losers.

Among the other losers were Coforge (down 1.15%), Tata Consultancy Services (down 0.99%), Tech Mahindra (down 0.93%), HCL Technologies (down 0.59%) and Wipro (down 0.37%).

Stocks in Spotlight:

Wipro fell 0.63%. The IT company has roped in former senior executive of Capgemini, Amit Choudhary, as its chief operating officer and member of the executive board. Based in New York, Choudhary will be responsible for improving organisational operational efficiency, helping drive sustainable growth at Wipro.

Hero MotoCorp shed 1.85% after the two-wheeler major's standalone net profit declined 9.9% to Rs 716.07 crore despite of 7.4% rise in revenue from operations to Rs 9,075.35 crore in Q2 FY23 over Q2 FY22. The company's profit before tax stood at 963.66 crore in quarter ended 30 September 2022, declining 8.5% from Rs 1,052.88 crore posted in the same period last year.

Angel One fell 0.79%. The broker said that its client base climbed 71.5% to 11.88 million in October 2022 as against 6.93 million in October 2021. On a sequential basis, the company's client base rose by 2.7% month on month (MoM) from 11.57 million clients in September 2022.

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