Mid Session

The domestic equity barometers traded near the day's high in afternoon trade. The Nifty hovered near the 17,700 mark after hitting day's low of 17,584.20 in mid-morning trade. European markets edged lower while their Asian peers traded mixed today.

At 13:24 IST, the barometer index, the S&P BSE Sensex, was up 473.82 points or 0.79% to 60,406.06. The Nifty 50 index added 80.95 points or 0.46% to 17,691.35.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index lost 0.98% while the S&P BSE Small-Cap index fell 0.85%.

Sellers outnumbered buyers. On the BSE, 984 shares rose and 2462 shares fell. A total of 129 shares were unchanged.

India Services PMI:

The S&P Global India services Purchasing Managers' Index (PMI) fell to 57.2 in January as compared to 58.5 in December. It has been above the key level of 50 that separates growth from contraction for an eighteenth straight month.

Meanwhile, The S&P Global India Composite PMI Output Index fell from December's near 11-year high of 59.4 to 57.5 in January. Manufacturing production increased at a stronger rate than services activity, but growth moderated in both cases.

Stocks in Spotlight:

HDFC Asset Management Company (HDFC AMC) rose 0.15%. The company said that it has received approval from SEBI for change in control of the company due to proposed stake sale by abrdn Investment Management Limited, the co-sponsor of HDFC Mutual Fund. abrdn can reduce their stake in the company to less than 10% and cease to be co-sponsor of HDFC Mutual Fund.

Tata Consumer Products declined 2.06%. The FMCG major reported 26% rise in consolidated net profit to Rs 364 crore on an 8% increase in revenue from operations to Rs 3,475 crore in Q3 FY23 over Q3 FY22.

Berger Paints India added 2.29%. The company posted a consolidated net profit of Rs 201.17 crore in Q3 FY23 from Rs 252.97 crore recorded in Q3 FY22. Revenue from operations rose to Rs 2,693.59 crore in Q3 FY23 from Rs 2,550.77 crore recorded in Q3 FY22.

One 97 Communications (Paytm) skid 2.69%. Paytm informed that its non-executive, non-independent director, Douglas Feagin, tendered his resignation vide letter dated 2 February 2023, with immediate effect.

Adani Ports and Special Economic Zone lost 3.48%. The company said that it handled approximately 27.6 MMT of total cargo in January 2023, recording a growth of 11% year on year. The handled cargo volumes rose 9.96% as against with 25.1 MMT of total cargo handled in December 2022. During April 2022- January 2023, APSEZ clocked approximately 280.5 MMT, registering a growth of 8% year on year.

Global Markets:

European markets declined at open while their Asian peers traded mixed on Friday despite the Caixin purchasing managers' index showing services activity in China picked up in January.

China's service sector showed a rebound in the first month of 2023, according to the Caixin/S&P Global services purchasing managers' index (PMI). The reading rose to 52.9 in January, from the business activity index of 48 seen in December.

The au Jibun Bank Japan services purchasing managers' index came in at 52.3 for the month of January, ticking higher than the previous reading of 51.1 seen in December.

Meanwhile, travel between mainland China and Hong Kong as well as Macao will fully resume on Feb. 6, China's Hong Kong and Macao Affairs Office of the State Council said in an announcement.

The release said mandatory tests for most travelers will be dropped, and group tours between the regions will also resume.

The latest measures come after China scrapped its quarantine measures for international travelers and reopened its borders on Jan. 8, in an essential end to its zero-Covid policy.

US stocks ended mixed on Thursday, as investors turned their focus to a handful of key earnings reports due from mega-cap tech firms after the closing bell.

In Europe, the Bank of England raised interest rates by half a percentage point Thursday as it sought to tame double-digit inflation that is fueling a cost-of-living crisis, public-sector strikes and fears of recession. The bank's monetary policy committee voted 7-2 to push its key rate to 4%.

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