Mid Session

The headline equity indices traded sideways in mid-afternoon trade. The Nifty traded below the 17,550 mark. FMCG, IT and consumer durables scrips edged higher. On the flip side, metal, oil & gas and PSU bank stocks slumped.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 146.01 points or 0.24% to 59,854.09. The Nifty 50 index lost 42.70 points or 0.24% to 17,573.60.

In the broader market, the S&P BSE Mid-Cap index shed 0.26% while the S&P BSE Small-Cap index gained 0.23%.

The market breadth was negative. On the BSE, 1,480 shares rose and 1,952 shares fell. A total of 138 shares were unchanged.

The US Federal Reserve hiked its key interest rate by 25 basis points on Wednesday, taking the rate to a target range of 4.50-4.75%. Further, the Fed signaled that even though inflation is easing, it remains high enough to require further rate hikes.

Domestic equity trade in the red, in stark contrast with their global peers, with losses largely centered around firms under the Adani Group along with industrials and bank stocks exposed to the conglomerate, after it abruptly withdrew a $2.5 billion share offering by its flagship firm, Adani Enterprises.

Indian equity markets were also factoring in the Union Government's 2023 budget, which was released on Wednesday. The budget outlined more income tax breaks, and also flagged increased government spending this year.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose to 7.290 from its close of 7.277 recorded in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.03, compared with its close of 81.80 during the previous trading session.

MCX Gold futures for 3 February 2023 settlement advanced 1.29% to Rs 58,700.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.17% to 101.05.

The United States 10-year bond yield rose 0.38% to 3.411.

In the commodities market, Brent crude for April 2023 settlement added 45 cents or 0.54% to $83.29 a barrel.

Buzzing Index:

The Nifty IT index rose 1.57% to 30,490. The index added 2.52% in two trading sessions.

LTI Mindtree (up 4.24%), Persistent Systems (up 2.4%), L&T Technology Services (up 2.12%), Infosys (up 1.7%), HCL Technologies (up 1.39%), Tata Consultancy Services (up 1.34%), Wipro (up 1.17%), Coforge (up 1.15%), Mphasis (up 0.95%) advanced.

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