Mid Session

The frontline indices traded with modest losses in morning trade. The Nifty traded below the 17,550 mark after hitting the day's high of 17,653.90 in morning trade. FMCG, IT and media scrips advanced while oil & gas, metal and financial services shares tumbled.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 178.11 points or 0.30% to 59,529.97. The Nifty 50 index lost 90.90 points or 0.52% to 17,525.40.

In the broader market, the S&P BSE Mid-Cap index fell 0.08% while the S&P BSE Small-Cap index gained 0.68%.

The market breadth was positive. On the BSE, 1,736 shares rose and 1,405 shares fell. A total of 129 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.

Earnings Today:

Housing Development Finance Corporation (HDFC) (down 1.99%), Tata Consumer Products (down 0.63%), Titan Company (up 0.36%), Aditya Birla Capital (up 1.55%), Dabur India (down 0.98%), Godrej Properties (down 0.52%), Apollo Tyres (up 1.05%), Bajaj Electricals (down 1.33%), Berger Paints India (down 0.19%), Birlasoft (down 8.09%), Cera Sanitaryware (up 1.60%), Coromandel International (up 0.85%), Aegis Logistics (up 0.21%), Crompton Greaves Consumer Electricals (up 1.77%), Deepak Fertilisers (up 2.13%), Karnataka Bank (up 1.95%), Max India (up 1.48%), SIS (up 0.54%), Ujjivan Small Finance Bank (up 0.52%), and Welspun Corp (up 3.31%) will announce their quarterly earnings later today.

Buzzing Index:

The Nifty Metal index slipped 2.69% to 6,011.05. The tumbled 7.07% in the two trading sessions.

Adani Enterprises (down 6.54%), Jindal Steel & Power (down 4.78%), Tata Steel (down 2.62%), Hindalco Industries (down 1.21%), Steel Authority of India (down 1.01%), JSW Steel (down 0.99%), National Aluminium Company (down 0.55%), Hindustan Copper (down 0.34%), MOIL (down 0.03%) slumped.

On the other hand, Hindustan Zinc (up 3.4%) ,Welspun Corp (up 2.34%) and APL Apollo Tubes Ltd (up 2.25%) edged higher.

Adani Enterprises dropped 6.54% after the company's board on Wednesday (1 February 2023) decided to call off the Rs 20,000 crore follow-on public offer (FPO).

A press release issued by the conglomerate late on Wednesday stated, Given the unprecedented situation and the current market volatility the company aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction.

Stocks in Spotlight:

Britannia Industries jumped 3.75% after the company's consolidated net profit surged 151.2% to Rs 932.39 crore on 16.2% increase in net sales to Rs 4,101.49 crore in Q3 FY23 over Q3 FY22.

Tata Chemicals shed 0.60%. The company reported 27% rise in consolidated net profit to Rs 432 crore on a 32% increase in revenue to Rs 4,148 crore in Q3 FY23 over Q3 FY22. The company said that the soda ash realisations robust across geographies. Cost environment is stabilizing and likely to stay at the current levels in the near term, it added.

IDFC rose 1.95 and IDFC First Bank advanced 2.74%. IDFC said on Wednesday that it is investing Rs 2,200 crore in IDFC First Bank to increase its stake in the bank to 40% from 36.38% currently. This will provide growth capital to IDFC First Bank, the company said in a statement.

Further, the IDFC board has declared a special interim dividend of Rs 11 per share, due to which the Government of India, the largest shareholder in IDFC, would receive a payout of Rs 287 crore.

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