Indian equity indices opened in the green but within minutes turned red on Tuesday, February 7. The BSE Sensex fell 48.41 pts or 0.08% to 60,458.49 and NSE Nifty 50 slipped 2.30% or 0.01% to 17,762.30. The top gainers on Sensex were IndusInd Bank (up 1.35%), Bajaj Finance (up 0.83%), Bajaj Finserv (up 0.59%), UltraTech Cement (up 0.58%) and Reliance Industries Ltd (up 0.48%) while Tata Steel (down 3.44%), ITC (down 2.41%), Tata Motors (down 1.10%), Sun Pharma (down 1.02%) and Maruti (down 0.91%) were the top laggards.
Adani Transmission shares, Tata Steel stock in focus today
Adani Transmission shares were locked in the upper circuit, rising 5% to Rs 1324.45 after the company’s net profit rose 73% on-year to Rs 478 crore in the third quarter of the current fiscal, aided by a one-time income of Rs 240 crore from a regulatory order. Revenue for the quarter ended 31 December 2022 rose 16% on-year to Rs 3,037 crore, the company reported in a stock exchange announcement. The transmission company’s EBITDA grew 28.9% on-year to Rs 1,708 crore.
Tata Steel shares fell 3.49% to Rs 113.50 after the company posted a consolidated net loss of Rs 2,223.84 crore for the third quarter ended December 31, 2022, impacted by multiple factors, including a rise in energy prices, and a drop in realisations and prices in Europe. The steel major had posted a net profit of Rs 9,572.67 crore a year ago. The Tata group firm’s consolidated total revenue from operations fell to Rs 57,083.56 crore from Rs 60,783.11 crore a year ago. The consolidated Ebitda fell to Rs 4,154 crore from Rs 15,853 a year ago.
The sectoral indices were trading mostly lower. Bank Nifty rose 0.02%, Nifty IT was up 0.03% while Nifty PSU Bank was down 0.01%, Nifty Pharma was down 0.15%, Nifty Media was down 0.48%, Nifty Auto fell 0.85%, Nifty Metal dropped 0.18%.
Asian and US stock markets
Asian markets were trading in the green on Tuesday. China’s Shanghai Composite index rose 7.37 pts or 0.23% to 3,246.07, Japan’s Nikkei 225 climbed 60.71 pts or 0.22% to 27,754.36, Hong Kong’s Hang Seng advanced 241.74 pts or 1.14 to 21,463.90 and South Korea’s KOSPI increased 14.94 pts or 0.61% to 2,453.13.
The US markets ended in red on Monday. The Dow Jones Industrial Average fell 34.99 pts or 0.10% to 33,891.02, S&P 500 lost 25.40 pts or 0.61% to 4,111.08 and Nasdaq dipped 119.50 or 1% to 11,887.45.
FII and DII data
Foreign institutional investors (FII) sold shares worth a net Rs 1218.14 crore while domestic institutional investors (DII) bought shares worth a net Rs 1203.09 crore on Monday, February 6, 2023, according to the data available on NSE. For the month till February 6, FIIs sold shares worth a net Rs 3,430.72 while DIIs bought shares worth a net Rs 5,368.66 crore.
NSE F&O Ban
Adani Ports is the stock/security placed on the National Stock Exchange’s futures and options (F&O) ban for trade on Tuesday, February 7. During the F&O ban period, no new positions are permitted for F&O contracts in that stock.