Nifty hovers below 18,050; Sensex down 80 pts; breadth turns positive

4 Nov 2022 , 11:32 AM

The key equity benchmarks traded with moderate losses in the mid-morning trade. The Nifty traded below the 18,050 level. Pharma shares snapped its four day rising streak. At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 80.29 points or 0.13% to 60,756.12. The Nifty 50 index lost 14.95 points or 0.08% to 18,037.75. In the broader market, the S&P BSE Mid-Cap index shed 0.22% while the S&P BSE Small-Cap index gained 0.28%. The market breadth was positive. On the BSE, 1,900 shares rose and 1,353 shares fell. A total of 162 shares were unchanged. Buzzing Index: The Nifty Pharma index declined 0.93% to 13,433.10. The index has advanced 3.92% in previous four trading sessions. Among the components of the Nifty Pharma index, Laurus Labs (down 2.78%), Biocon (down 1.93%), Abbott India (down 1.59%), Gland Pharma (down 1.56%), Dr Reddys Laboratories (down 1.4%) Aurobindo Pharma (down 1.26%), Divis Laboratories (down 1.23%), Alkem Laboratories (down 1.16%) and Sun Pharmaceuticals Industries (down 1.01%) and Granules India (down 0.83%) were the top losers. On the other hand, Zydus Lifesciences (up 0.22%),Sanofi India (up 0.07%) advanced. Earnings Impact: Adani Enterprises rose 0.63% after the companys consolidated net profit zoomed 117% to Rs 460.94 crore in Q2 FY23 as against Rs 212.41 crore posted in Q2 FY22. The companys net sales surged 188.8% to Rs 38,175.23 crore in Q2 FY23 from Rs 13,218.02 crore recorded in the corresponding quarter previous year. Total income surged 183% to Rs 38,441.46 crore in Q2 FY23 from Rs 13,597.11 crore recorded in Q2 FY22. The increase in total income was on account of strong performance by IRM and Airport business. Adani Wilmar fell 1.01% after the company reported 73% drop in net profit to Rs 49 crore in Q2 FY23 from Rs 182 crore in Q2 FY22. Revenue during the quarter rose by 5% YoY to Rs 14,209 crore. In Q2 FY23, Edible Oil revenue was Rs 11,221 crore (down 2% YoY), Food & FMCG revenue was Rs 1,015 crore (up 58% YoY) and Industry Essentials revenue was Rs 1,914 crore (up 33% YoY). Adani Total Gas slipped 0.95%. The companys consolidated net profit rose 1.2% to Rs 160.02 crore on 72.1% jump in revenue from operations to Rs 1,115.50 crore in Q2 FY23 over Q2 FY22. EBITDA declined 4% to Rs 236 crore in Q2 FY23 over Rs 246 crore posted in the corresponding quarter previous year. Global markets: Asian stocks were trading mostly higher on Friday with investors awaiting domestic earnings reports for cues on corporate health and U.S. jobs data for hints on future rate hikes. The Fed had raised rates by 75 basis points on Wednesday and said its battle against inflation will require borrowing costs to rise further. Japans services sector activity grew at the fastest clip in four months in October, a private survey showed on Friday. The final au Jibun Bank Japan Services purchasing managers index (PMI) rose to a seasonally adjusted 53.2 from the prior months 52.2, growing at the quickest rate since June. US stocks closed lower for a fourth consecutive session on Thursday as markets awaited key US jobs data, while taking in hawkish moves by major central banks. US Federal Reserve and Bank of England in separate statements said it was premature to think about pausing as part of the fight against inflation. Investors will be watching the US employment report due out Friday for any signs of cooling in the economy. Powered by Capital Market – Live News