Sensex, Nifty50 edge lower after a positive opening: SBI, Axis Bank among top losers

• India’s benchmark indices Sensex and Nifty50 edged lower in morning trade after opening on a positive note on Wednesday.
  
• Most sectoral indices were in the red, with PSU bank, healthcare and pharma indices losing the most.
  
• State Bank of India, Axis Bank and Dr. Reddy’s Laboratories were amongst the top losers in morning trade.
  

India’s benchmark indices Sensex and Nifty50 edged lower in morning trade after opening on a positive note on Wednesday. Most sectoral indices were in the red, with PSU bank, healthcare and pharma indices losing the most.

Both the indices were down by 0.3%, with Sensex hovering at 61,592 points and Nifty50 at 18,218 points. State Bank of India, Axis Bank and Dr. Reddy’s Laboratories were amongst the top losers in morning trade.

Top gainers and losers on Nifty50

Source: NSE, as on May 10, 2023
Earlier on Tuesday, both the benchmark indices rose in mid-market trading, with Sensex crossing the 62,000 mark for the first time since December. However, by markets close, both the indices pared their gains to end flat.

Gold prices edged up to ₹61,410 per 10 grams while silver stood at ₹77,455 per kilogram. Crude oil prices gained as well, with Brent crude prices hovering at $76.9 per barrel.

Global cues negative

Markets globally offered negative cues on Wednesday. US markets closed lower ahead of key inflation data, with Dow Jones closing 0.17% lower while S&P 500 fell 0.46%. The tech-heavy Nasdaq closed 0.63% in the red.

Asian markets were largely in the red on Wednesday morning, with Shanghai Composite falling the most at 1.12%, followed by Taiwan Weighted which was down 0.85%. Hang Seng fell 0.62%, while Nikkei 225 was down 0.44%. KOSPI was down only 0.15%.

Stocks to watch

Earnings today: L&T, Dr Reddy’s Laboratories, Godrej Consumer Products, Gujarat Gas, Relaxo Fotwears, Bosch, Escorts, Cera Sanitaryware, JBM Auto, Orchid Pharma, Pricol among companies to release its March quarter earnings today.

Nazara Technologies: The gaming company reported an 18% increase in consolidated net profit at ₹2.6 crore for March quarter while revenue from operations surged 65% on year to ₹289 crore. It has also increased stake in Nextwave Multimedia, developers of World Cricket Championship, to 71.88% from 52.38%.

Adani group: Three Adani group entities, namely Adani Green, Adani Ports & SEZ, and Adani Transmission have been removed from a UN-backed list of green companies. Further, the committee set up by the Supreme Court to look into the Hindenburg allegations has submitted its report to the court.

SpiceJet: The airline has submitted a request to the aviation regulator to deregister three aircraft. Currently, many aircraft of the low cost carrier are grounded due to various reasons.

Apollo Tyres: The company has reported a four fold increase in net profit at ₹427 crore while revenue from operations rose 12% on year to ₹6,247 crore.

Reliance Industries: The Delhi High Court on Tuesday dismissed a petition filed by the Union government against a consortium led by the company regarding a gas dispute in the Krishna Godavari basin.

Eveready Industries: The battery and lighting products manufacturer has narrowed its loss to ₹ 14 crore as against a loss of ₹38 crore last year. Meanwhile, its revenue increased 18% to ₹286 crore from ₹242 crore last year.

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