The key equity indices ended with modest losses on Monday, tracking negative global cues. The Nifty closed below the 17,800 mark. Traders were cautious ahead of RBI's monetary policy announcement on Wednesday.

The barometer index, the S&P BSE Sensex declined 334.98 points or 0.55% to 60,506.90. The Nifty 50 index lost 89.45 points or 0.50% to 17,764.60.

Kotak Mahindra Bank (down 1.87%), Infosys (down 1.79%), ICICI Bank (down 1.18%) and Reliance Industries (down 0.75%) were major drags.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.75% while the S&P BSE Small-Cap index gained 0.49%.

The market breadth was positive. On the BSE, 1,846 shares rose, and 1,760 shares fell. A total of 187 shares were unchanged.

Among the sectoral indices, the S&P BSE Telecommunication index (up 3.42%), the S&P BSE Services index (up 2.29%) and the S&P BSE Realty index (up 0.61%) outperformed the benchmark Sensex. Concurrently, the S&P BSE Metal index (down 2.03%), the S&P BSE Utilities index (down 1.26%) and the S&P BSE Power index (down 1.01%) underperformed.

Numbers to track:

The yield on India's 10-year benchmark federal paper advanced 0.59% to 7.320 from 7.277 previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.7700, compared with its close of 82.0800 during the previous trading session

MCX Gold futures for 5 April 2023 settlement advanced 0.83% to Rs 57,055.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.41% to 103.34.

The United States 10-year bond yield rose 2.15% to 3.608.

In the commodities market, Brent crude for April 2023 settlement gained 82 cents or 1.03% to $80.76 a barrel.

Global Markets:

The Dow Jones futures were down 223 points, indicating a negative opening in the US stock market today.

European shares tumbled while most Asian stocks declined on Monday as a stronger-than-expected jobs report from the U.S. worrying investors the Federal Reserve has room for more interest rate hikes, as it continued its efforts to control inflation.

US stocks dropped on Friday after a shockingly strong US jobs report renewed concerns the Federal Reserve may remain aggressive in its path of interest rate hikes as it tries to tame inflation.

US job growth accelerated sharply in January while the unemployment rate hit more than a 53-1/2-year low of 3.4%. The survey of establishments showed nonfarm payrolls surged by 517,000 jobs last month. Data for December was revised higher to show 260,000 jobs added instead of the previously reported 223,000.

Stocks in Spotlight:

Vodafone Idea surged 19.88% to Rs 8.26 after the government agreed to convert the telecom operator's interest dues into equity. Vodafone Idea, in an exchange filing, said that the government directed it to issue shares worth Rs 16,133.10 crore at an issue price of Rs 10 per share.

Adani Group promoters have paid the amounts to prepay $1,114 million ahead of its maturity of September 2024. With the repayment of such amount, 16.82 crore shares of Adani Ports & Special Economic Zone (12% of the promoters' holding); 2.75 crore shares of Adani Green Energy (3% of promoters' holding); and 1.17 crore shares of Adani Transmission (1.4% of promoters' holding) will release in due course.

Shares of Adani Ports & Special Economic Zone surged 9.46%. However, Adani Green Energy and Adani Transmission were locked in lower circuit of 5% and 10%, respectively.

Meanwhile, Adani Transmission's consolidated net profit surged 72.8% to Rs 478 crore on 15.8% rise in revenue to Rs 3,037 crore in Q3 FY23 over Q3 FY22. The growth in the profit was primarily driven by one-time income from regulatory order.

One 97 Communications (Paytm) surged 6.31% after the company reported a consolidated net loss of Rs 392 crore as against a net loss of Rs 778.4 crore posted in Q3 FY22. Revenue from operations surged 41.62% to Rs 2062.2 crore in the quarter ended 31 December 2022 from Rs 1456.1 crore recorded in the same period last year.

Varun Beverages jumped 5.15% after the company's consolidated net profit zoomed 150.15% to Rs 81.52 crore in Q4 CY22 from Rs 32.59 crore reported in Q4 CY21. Revenue from operations (net of excise / GST) stood at Rs 2,214.23 crore in Q4 CY22, registering a growth of 27.7% as against Rs 1,734.34 crore posted in the corresponding quarter previous year.

State Bank of India (SBI) rose 0.17%. The banking giant reported 68.47% jump in standalone net profit to Rs 14,205.34 crore on a 25.18% rise in total income to Rs 98,083.77 crore in Q3 FY23 over Q3 FY22.

ITC rose 0.74%. The company's standalone net profit rose 21.05% to Rs 5,031.01 crore on 2.51% increase in net sales to Rs 16,082.40 crore in Q3 December 2022 over Q3 December 2021. EBITDA improved 22% to Rs 6,223 crore in Q3 FY23 from Rs 5,102 crore in Q3 FY22.

InterGlobe Aviation (Indigo) fell 1.32%. Indigo reported a consolidated net profit of Rs 1,422.6 crore in Q3 FY23, steeply higher than Rs 129.79 crore posted in Q3 FY22. Revenue from operations surged 60.66% to Rs 14,932.97 crore in the quarter ended 31 December 2022 from Rs 9,294.77 crore recorded in Q3 FY22.

Tata Power Company advanced 1.56% after the company's consolidated net profit soared 121.9% to Rs 945.02 crore in Q3 FY23 as against Rs 425.81 crore in Q3 FY22. Net sales jumped 29.5% to Rs 14,129.12 crore during the quarter as against Rs 10,913.14 crore in corresponding quarter last year, on account of capacity addition in renewables, higher generation in thermal plants and higher sales in distribution companies.

Multi Commodity Exchange of India (MCX) slumped 5.62%. The exchange platform recorded 13% increase in consolidated net profit to Rs 38.79 crore on a 57% rise in total income to Rs 163.65 crore in Q3 FY23 over Q3 FY22.

Wardwizard Innovations & Mobility jumped 10.07% after the company reported 18,600 bookings for its new high-speed electric scooter, MIHOS. The company said that it received this customers response in just 15 days, since the bookings opened on 22 January 2023.

Separately, Wardwizard announced its Q3 results today. On a consolidated basis, the company's net profit rose 17.13% to Rs 3.36 crore on 20.17% increase in net sales to Rs 69.83 crore in Q3 December 2022 over Q3 December 2021. Profit before tax (PBT) rose 15.25% YoY to Rs 4.46 crore in Q3 FY23.

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