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MARKET LIVE: Sensex, Nifty slip into red; IT, auto stocks firm, banks dip

Stock market LIVE updates: After notching gains in Tuesday’s morning trade, the key benchmark indices slipped into red in mid-noon deals owing to selling pressure in banking stocks.

The S&P BSE Sensex, which, touched a high of 61,266, was down 50-odd points below the 60,900-level. The NSE Nifty had dipped below the 18,100 level.

Axis Bank and PowerGrid were the top Sensex losers, down over 2 per cent each, followed by Kotak Bank, Bharti Airtel, Larsen & Toubro and Sun Pharma.

On the other hand, Tata Motors and Maruti were the top gainers, up over 2 per cent each. IT shares and HDFC twins also held notable gains.

In the broader markets, the BSE Midcap and Smallcap indices declined up to 0.4 per cent each.

Individually, Zensar Technologies surged 5 per cent after the company posted net profit of Rs. 76.5 crores for the period ended December 31, 2022 as against net profit of Rs. 56.8 crores for the period ended September 30, 2022. The company’s revenue, however dipped marginally to Rs 1,223.5 crore.




Those of Tata Communications, on the flipside, declined over 3 per cent as the company’s net slipped 7.3 per cent to Rs 208.95 crore in Q3FY23 from Rs 225.51 crore in Q3FY22. Total income, however, was up 12.5 per cent YoY at Rs 1,918.86 crore.

 


Among sectoral indices, the Nifty IT and PSU Bank indices (up 0.5 per cent each) were the star performers, followed by Nifty Bank index (up 0.4 per cent). On the downside, the Nifty Realty index fell 0.2 per cent. 

Q3 earnings today

Close to 80 companies are scheduled to report their December quarter results today including Cartrade Tech, Colgate Palmolive, HDFC AMC, Maruti Suzuki India, SBI Card, and TVS Motor Company.

India’s largest domestic passenger vehicle maker – Maruti Suzuki – may see sequential decline in net profit and revenue due to moderation in sales volume in Q3. The net profit is expected to increase up to 92 per cent YoY, but decline up to 7.7 per cent per cent QoQ, in the range of Rs 1,794.4 crore to Rs 1,940 crore. READ PREVIEW HERE


Disclaimer: This post has been auto-published from an agency/news feed without any modifications to the text and has not been reviewed by an editor.

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