Sensex, Nifty50 slip in morning trade: Adani Transmission, Adani Total Gas fall 5% after MSCI drops them

• Indian equity markets slipped in morning trade on Friday amidst negative global cues.
  
• Adani Transmission, Adani Total Gas both fell 5% after being dropped by index provider MSCI.
  
• Both Sensex and Nifty50 were down 0.3% – while Sensex was trading 196 points lower at 61,708, Nifty50 was down 62 points to 18,235.

Indian equity markets slipped in morning trade on Friday amidst negative global cues. Adani Transmission, Adani Total Gas both fell 5% after being dropped by index provider MSCI.

Both Sensex and Nifty50 were down 0.3% – while Sensex was trading 196 points lower at 61,708, Nifty50 was down 62 points to 18,235.

Top gainers and losers on Nifty50

Source: NSE, as on May 12, 2023
Earlier on Thursday, both Sensex and Nifty50 closed on a flat note after a volatile day of trading. Sensex closed at 61,905 points while Nifty50 ended the day at 18,297 points.

Gold prices fell to ₹60,889 per 10 grams while silver stood at ₹73,781 per kilogram. Crude oil prices too declined, with Brent crude prices hovering at $75per barrel.

Global markets trend in the red

Markets in the US fell ahead of the crucial unemployment data. While Dow Jones closed 0.66% lower, S&P 500 fell 0.17%. The tech-heavy Nasdaq, however, gained 0.18%.

Asian markets were largely negative on Friday, with the exception of Nikkei 225 which gained 0.79%. Shanghai Composite and KOSPI both fell 0.53%, while Hang Seng declined 0.39%. Taiwan Weighted was down 0.25%.

Stocks to watch

Earnings today: Tata Motors, Hindustan Petroleum Corp, Hindustan Aeronautics, Cipla, Indraprastha Gas, Manappuram Finance, VST Tillers, Sapphire Foods India, Colgate - Palmolive (India) among companies to release its March quarter earnings today.

ONGC: State run ONGC has discovered oil and gas reserves in Mumbai offshore fields located in the Arabian Sea. A detailed assessment of the discoveries is in progress, the company said.

Adani Group: Index provider MSCI has removed Adani Total Gas and Adani Transmission from the MSCI India index, following the scheduled index review in May.

Reliance Industries: German retailer METRO AG announced the completion of the sale of its Indian cash and carry business to Reliance Retail Ventures. The deal includes all 31 wholesale stores operated by the German retailer along with the entire real estate portfolio.

Asian Paints: The company’s net profit jumped 45% to ₹1,268 crore in March quarter from ₹874 crore last year while revenue rose nearly 11% on year to ₹8,750 crore during the period.

Eicher Motors: The automaker’s net profit climbed 49% on year to ₹906 crore in March quarter on the back of robust sales across domestic and global markets. Meanwhile, revenues rose to ₹3,804 crore in Q4 from ₹3,193 crore last year.

Ujjivan Small Finance Bank: The bank reported a two fold rise in March quarter net profit at ₹309 crore led by improvement in asset quality, lower credit cost.. Net interest income of the lender rose 36% on year to ₹738 crore.

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