Nifty below 17,850; metal shares lose shine

The key equity barometers continued to trade with minor losses in morning trade. The Nifty traded below the 17,850 mark. Metal shares declined for the second straight day.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 191.59 points or 0.32% to 60,614.63. The Nifty 50 index shed 67.40 points or 0.30% to 17,826.05.

In the broader market, the S&P BSE Mid-Cap index fell 0.02% while the S&P BSE Small-Cap index advanced 0.55%

The market breadth was positive. On the BSE, 1,781 shares rose and 1,347 shares fell. A total of 151 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 144.73 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 205.25 crore in the Indian equity market on 9 February, provisional data showed.

Results Today:

Mahindra and Mahindra (up 0.47%), ABB India (down 0.47%), PB Fintech (up 1.09%), Abbott India (down 0.72%), Alkem Laboratories (down 0.04%), Ashoka Buildcon (up 0.44%), Astrazeneca Pharma (up 0.13%), BEML (down 0.03%), BHEL (down 0.20%), Dilip Buildcon (up 0.85%), Delhivery (down 0.17%), EIH (up 1.83%), Glenmark Pharmaceuticals (up 0.75%), JK Lakshmi Cement (down 0.08%), KFin Technologies (up 0.71%), Lemon Tree Hotels (up 0.46%), Metropolis Healthcare (down 0.24%), NALCO (down 1.21%), Info Edge India (down 0.38%) and Oil India (down 1.70%) will announce their quarterly earnings later today.

Buzzing Index:

The Nifty Metal index fell 1.47% to 5,794.45. The index declined 3.05% in two trading sessions.

Adani Enterprises (down 2.67%), Jindal Steel & Power (down 2.36%), Hindalco Industries (down 1.88%), Tata Steel (down 1.57%), National Aluminium Company (down 1.28%), Steel Authority of India (down 1.23%), JSW Steel (down 0.98%), Jindal Stainless (down 0.93%), MOIL (down 0.78%) and Hindustan Copper (down 0.75%) declined.

Stocks in Spotlight:

Hindustan Petroleum Corporation (HPCL) rose 0.53%. HPCL reported 80% drop in standalone net profit to Rs 172.43 crore in Q3 FY23 from Rs 868.86 crore in Q3 FY22. Net revenue from operations rose by 13% to Rs 1,09,221.81 crore during the quarter.

Life Insurance Corporation of India (LIC) advanced 1.48% after the state-run life insurer reported a standalone net profit of Rs 6,334.2 crore in Q3 FY23, steeply higher than Rs 234.91 crore recorded in Q3 FY22.

Akzo Nobel India jumped 5.65% after the company's consolidated net profit rose 16% to Rs 97.4 crore on 8% increase in revenue from operations to Rs 986.8 crore in Q3 December 2022 over Q3 December 2021.

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