Mid Session

The Nifty traded with minor gains while the Sensex climbed above 60,100 level in morning trade. Bank and financial services stocks advanced while metal, oil & gas and realty shares witnessed selling pressure.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 264.12 points or 44% to 60,196.36. The Nifty 50 index rose 20.40 points or 0.12% to 17,630.80.

Gains in the Nifty 50 index were capped due to steep selling in Adani Enterprises (down 35%), Adani Ports & SEZ (down 13.90%) and Ambuja Cements (down 8.38%).

The National Stock Exchange (NSE) has put Adani Enterprises, Adani Ports & SEZ and Ambuja Cements under additional surveillance measure (ASM) framework effective 3 February 2023.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index shed 1.13% while the S&P BSE Small-Cap index fell 0.89%.

The market breadth was weak. On the BSE, 1,048 shares rose and 2,120 shares fell. A total of 135 shares were unchanged.

Results Today:

State Bank of India (down 0.69%), ITC (down 0.16%), Divis Labs (down 3.19%), Bank of Baroda (up 0.10%), Tata Power (up 1.48%), InterGlobe Aviation (down 1.07%), One 97 Communications (Paytm) (down 1.40%), Marico (down 0.10%), Mahindra & Mahindra Financial Services (down 0.34%), Zydus Lifesciences (up 0.02%), Manappuram Finance (down 0.65%), Aarti Industries (down 1.40%), Borosil (up 0.27%), Emami (down 0.14%), Engineers India (down 2.59%), India Cements (down 2.15%), Intellect Design Arena (down 0.31%), JK Tyre & Industries (down 0.21%), Jubilant Pharmova (down 1.32%), Kansai Nerolac Paints (down 0.16%), Praj Industries (down 0.52%), Quess Corp (down 1.68%), Shipping Corporation of India (down 5.28%), Sun TV Network (down 2.22%), and Tube Investments of India (down 2.66%) will announce their quarterly earnings later today.

Buzzing Index:

The Nifty Financial Services index rose 0.87% to 18,178.05. The index shed 0.4% in the past two trading sessions.

Bajaj Finserv (up 2.32%), HDFC Bank (up 2.03%), ICICI Prudential Life Insurance Company (up 1.95%), Bajaj Finance (up 1.91%), SBI Life Insurance Company (up 1.53%), Housing Development Finance Corporation (up 1.52%), ICICI Bank (up 1.42%), HDFC Asset Management Company (up 0.66%), Axis Bank (up 0.28%) and SBI Cards & Payment Services (up 0.27%) edged higher.

On the other hand, Cholamandalam Investment & Finance Company (down 0.87%), HDFC Life Insurance Company (down 0.85%) and Indian Energy Exchange (down 0.83%) declined.

Stocks in Spotlight:

Birlasoft shed 0.53%. The company reported a consolidated net loss of Rs 16.36 crore in Q3 FY23 as against net profit of Rs 115.05 crore in Q2 FY23. The company reported a consolidated net profit of Rs 113.97 crore in Q3 FY22. Revenue from operations rose 2.5% quarter on quarter and 14% year on year to Rs 1,221.89 crore in the quarter ended 31 December 2022.

The company said it signed deals of total contract value (TCV) $231 million during the quarter. TCV of new deal wins was $102 million and renewals amounted to $129 million for Q3 FY23. Attrition last twelve month (LTM) was 25.5% in Q3 FY23 as against 27.4% in Q2 FY23 and 27.3% in Q3 FY22.

Karnataka Bank jumped 7.51% after the private lender's net profit surged 105.14% to Rs 300.68 crore on 16.68% increase in total income to Rs 2,055.31 crore in Q3 FY23 over Q3 FY22.

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