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Indices decline in early trade on negative global cues

The headline equity indices were trading with modest losses in early trade on selling pressure in index pivotals. Domestic sentiment was dented amid negative global cues. The Nifty traded below 18,100 level. Pharma, healthcare and PSU bank stocks advanced while auto, consumer durables and financial services shares were under pressure.

At 09:29 IST, the barometer index, the S&P BSE Sensex, was down 338.43 points or 0.55% to 60,695.12. The Nifty 50 index declined 100.15 points or 0.55% to 18,056.85.

In the broader market, the S&P BSE Mid-Cap index fell 0.12% while the S&P BSE Small-Cap index shed 0.04%.

The market breadth was negative. On the BSE, 1,416 shares rose and 1,298 shares fell. A total of 110 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 386.83 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,060.12 crore in the Indian equity market on 9 November, provisional data showed.

Stocks in Spotlight:

Tata Motors slipped 4.39%. The auto major reported a consolidated net loss of Rs 944.61 crore in Q2 FY23 as against a net loss of Rs 4,441.57 crore in Q2 FY22. Revenue from operations increased 29.7% YoY to Rs 79,611.37 crore during the quarter ended 30 September 2022.

FSN E-Commerce Ventures (Nykaa) fell 3.01%. Citigroup has reportedly launched a deal to sell shares in Nykaa worth Rs 250 crore via a block deal. The block deal involves individual employee seller, reports added.

Tata Power rose 0.26%. Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power received the ‘Letter of Award’ (LoA) from the Maharashtra State Electricity Distribution Corporation Limited (MSEDCL) to set up 150MW solar project in Solapur, Maharashtra. The project will be commissioned within 18 months from the PPA execution date.

Pidilite Industries added 0.52%. Consolidated profit after tax (PAT) fell 10% to Rs 338 crore on 15% rise in net sales to Rs 3000 crore in Q2 FY23 over Q2 FY22. The revenue growth in current quarter was largely led by pricing and mix. Urban markets grew faster than rural. Margins continue to be impacted owing to raw material inflation, weaker currency and high-priced inventory, the company said.

Piramal Enterprises tumbled 5.37%. The company reported a consolidated net loss of Rs 1536 crore in Q2 FY23 as against a net profit of Rs 427 crore in Q2 FY22. Total income increased 37% Rs 997 crore in Q2 FY23 over Q2 FY22.

Global Markets:

Asian stocks were trading lower on Thursday as investors await US inflation data, a key metric closely watched by the Federal Reserve.

Wall Street ended lower on Wednesday as investors awaited both the results of the U.S. midterm elections and key data on consumer prices that could impact the Federal Reserve’s policy on interest rates. Data on the U.S. consumer price index (CPI) is due on Thursday.

The outcome of the midterm elections remained unclear as a better-than-expected showing by Democrats muddied the outlook for fiscal spending and regulation.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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