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Mid - Session

Market behaviours during the course of the trading session.

Nifty below 17,600 level, Oil & gas stocks tumble

30-Jan-23 10:37 Hrs IST

The domestic equity barometers pared early gains and traded with minor cuts in morning trade. The Nifty traded below the 17,600 level, after hitting the day's high of 17,709.15 in morning trade. Oil & gas stocks slipped for the fourth consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 26.92 points or 0.05% to 59,303.98. The Nifty 50 index shed 19.60 points or 0.11% to 17,584.75.

In the broader market, the S&P BSE Mid-Cap index fell 0.25% while the S&P BSE Small-Cap index rose 0.12%.

The market breadth turned negative. On the BSE, 1,587 shares rose and 1,662 shares fell. A total of 188 shares were unchanged.

Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 6.01% to 18.36.

Results Today:

Larsen & Toubro (L&T) (down 1.23%), Tech Mahindra (up 0.92%), Bharat Petroleum Corporation (BPCL) (up 0.12%), Bajaj Finserv (up 2.79%), Bajaj Holdings & Investment (up 1.40%), CSB Bank (down 1.47%), Emkay Global Financial Services (up 4.84%), Exide Industries (down 0.96%), GAIL (India) (down 1.16%), Inox Leisure (down 3.20%), Laurus Labs (up 0.20%), Mazagon Dock Shipbuilders (up 1.75%), Nippon Life India Asset Management (up 0.27%), Punjab National Bank (up 1.67%), REC (up 0.91%), SRF (down 0.78%), Trident was flat, and Welspun India (down 0.51%) will announce their quarterly results later today.

Buzzing Index:

The Nifty Oil & Gas index slipped 3.59% to 7,670.40, extending losses for the fourth session. The index tumbled 11.15% in four trading sessions.

Adani Total Gas (down 20%), Petronet LNG (down 2.39%), Oil & Natural Gas Corpn (down 1.42%), Oil India (down 1.19%), GAIL (India) (down 1.06%), Indraprastha Gas (down 0.89%), Hindustan Petroleum Corporation (down 0.81%), Gujarat Gas (down 0.66%), Castrol India (down 0.17%) and Bharat Petroleum Corporation (down 0.07%) declined.

On the other hand, Aegis Logistics (up 8.3%) ,Gujarat State Petronet (up 2.84%) and Mahanagar Gas (up 1.8%) edged higher.

Earnings Impact:

CARE Ratings declined 2.37%. The company reported 44% rise in standalone net profit to Rs 21.40 crore on an 18% rise in total income to Rs 65.68 crore in Q3 FY23 over Q3 FY22. Operating profit rose by 49% to Rs. 22.25 crore in the third quarter from Rs. 14.93 crore in the same period last year. The board of directors have declared an interim dividend of Rs 10 per share for the third quarter of FY23.

Aarti Drugs slipped 3.99% after the pharmaceutical company's consolidated net profit tumbled 37.1% to Rs 36.69 crore in Q3 FY23 as against Rs 58.29 crore posted in Q3 FY22. Net sales stood at Rs 663.96 crore in the quarter ended 31 December 2022, up 4.6% from Rs 634.80 crore reported in the corresponding quarter previous year.

Hi-Tech Pipes rallied 3.75% after the company's consolidated net profit zoomed 199.65% to Rs 13.02 crore in Q3 FY23 as against Rs 4.34 crore posted in Q3 FY22. Revenue from operations declined 4.89% YoY to Rs 569.28 crore in the quarter ended 31 December 2022.

AGI Greenpac surged 8.45% after the packaging company's net profit soared 80.7% to Rs 53.23 crore in Q3 FY23 as against Rs 29.45 crore posted in Q3 FY22. Revenue from operations stood at Rs 567 crore, registering a growth of 43% on a YoY basis in the quarter ended 31 December 2022. The sales and profitability improved on a YoY basis on account of an improved product mix, and an increase in demand from the non-alcoholic beverages, packed food, and beer segment for the glass containers products.