The domestic equity barometers ended with significant losses after a weak session on Wednesday. Oil & gas, metals and financial stocks declined while consumer durables, healthcare and pharma shares managed to end with decent gains.

As per provisional closing data, the barometer index, the S&P BSE Sensex, declined 346.89 points or 0.55% to 62,622.24. The Nifty 50 index lost 99.45 points or 0.53% to 18,534.40.

After opening near the 18,600 level, sharp selling pressure pushed the Nifty lower and it hit the day's low at 18,483.85 in early afternoon trade. As value buyined emerged, the Nifty managed to pare some losses and closed above the 18,500 mark.

In the broader market, the S&P BSE Mid-Cap index rose 0.54% while the S&P BSE Small-Cap index gained 0.68%.

The market breadth was negative. On the BSE, 1,721 shares rose and 1,792 shares fell. A total of 132 shares were unchanged.

Investor sentiment took a hit after disappointing economic data from China fueled fears about sluggish demand and weak recovery in the world's second largest economy.

Buzzing Index:

The Nfty Oil & Gas index fell 1.26% to 7,432.15. The index has declined 1.97% in three sessions.

Adani Total Gas (down 4.99%), Aegis Logistics (down 2.58%), Oil & Natural Gas Corporation (down 2.42%), Reliance Industries (down 2.1%) and Castrol India (down 1.32%) were the top losers.

Among the other losers were GAIL (India) (down 0.99%), Gujarat State Petronet (down 0.92%) and Indian Oil Corporation (down 0.61%).

On the other hand, Hindustan Petroleum Corporation (up 1.34%) ,Bharat Petroleum Corporation (up 0.87%) and Petronet LNG (up 0.87%) moved up.

Stocks in Spotlight:

Adani Ports and Special Economic Zone (APSEZ) rose 0.77%. The company reported 5.1% rise in consolidated net profit to Rs 1,158.88 crore in Q4 FY23 as against Rs 1,102.61 crore posted in Q4 FY22. Revenue from operations surged 40% year on year to Rs 5,796.85 crore in the quarter ended 31 March 2023.

Coal India fell 1.17%. The board of directors of Coal India has approved revision of non-coking coal prices with effect from 31st May 2023. The board has approved price increase of 8% over the existing notified prices for high grade coal of grade G2 to G10. Due to this revision, Coal India will earn approx. incremental revenue of Rs 2,703 crore for the balance period of financial year 2023-24.

HDFC Life Insurance Company added 1.35%. On the BSE, 360.82 lakh shares were traded in the counter so far compared with average daily volumes of 61,279 shares in the past two weeks. UK-based investment company Abrdn is reportedly likely to sell its entire 1.66% equity in HDFC Life Insurance Company via block deals.

HDFC Asset Management Company rose 0.44%. Keki Mistry has expressed the desire not to be re-appointed as a non-executive director of the company and will retire after the upcoming AGM on June 26.

Dixon Technologies (India) jumped 5.22%. The company announced partnership with Xiaomi India to carry out manufacturing and export of mobile phones of Xiaomi. The two companies would also explore enhancing component ecosystem in India through the wholly owned subsidiaries of Dixon.

Torrent Pharmaceuticals surged 6.05%. The pharmaceutical company reported a consolidated net profit of Rs 287 crore in Q4 FY23 as against a net loss of Rs 118 crore posted in Q4 FY22. Net revenue from operations grew by 17% year on year to Rs 2,491 crore in the quarter ended 31 March 2023.

Mankind Pharma shed 0.12%. The company's consolidated net profit rose 52% to Rs 294 crore in Q4 FY23 as against a net profit of Rs 193 crore in Q4 FY22. Revenue from operations rose 19% to Rs 2053 crore in the quarter ended 31 March 2023 from Rs 1726 crore recorded in Q4 FY22.

Mazagon Dock Shipbuilders added 0.81%. The company's standalone net profit surged 119.4% to Rs 318 crore in Q4 FY23 as against Rs 144.92 crore posted in Q4 FY22. Revenue from operations jumped 48.9% year on year to Rs 2,078.59 crore in Q4 FY23 over Q4 FY22.

Suzlon Energy zoomed 9.84%. The company reported consolidated net profit of Rs 279.89 crore in Q4 FY23 as against net loss of Rs 204.29 crore posted in Q4 FY22. However, revenue from operations declined 30.8% year on year (YoY) to Rs 1,689.91 crore in the quarter ended 31 March 2023.

KRBL slumped 9.75%. The company's net profit rose 8.11% to Rs 117.81 crore on 29.61% increase in net sales to Rs 1279.73 crore in Q4 March 2023 over Q4 March 2022.

Patanjali Foods rose 2.33%. The FMCG company's net profit rose 12.49% to Rs 263.71 crore on 18.15% increase in revenue from operations to Rs 7,872.92 crore in Q4 FY23 over Q4 FY22.

Rhi Magnesita India fell 3.13%. The company reported a consolidated net loss of Rs 679.36 crore in Q4 FY23 as against a net profit of Rs 99.84 crore recorded in Q4 FY22. Revenue from operations surged 47.89% to Rs 874.78 crore in Q4 FY23 from Rs 591.51 crore posted in Q4 FY22.

Prestige Estates Projects gained 1.91%. The company's consolidated net profit slipped 50.1% to Rs 468.40 crore in Q4 FY23 as against Rs 939.30 crore reported in the same period last year. However, revenue from operations rose 9.6% year on year (YoY) to Rs 2,631.80 crore in the quarter ended 31 March 2023.

Greenply Industries tumbled 4.53%. The company's consolidated net profit tumbled 61.79% to Rs 11.07 crore on 4.59% increase in net sales to Rs 469.16 crore in Q4 March 2023 over Q4 March 2022.

Uflex slipped 1.82%. The company's net profit tumbled 99.7% to Rs 0.88 crore in Q4 FY23 as compared with Rs 350.28 crore in Q4 FY22. Revenue from operations declined 14.03% to Rs 3,320.18 crore in Q4 FY23 as compared with Rs 3,861.86 crore in Q4 FY22.

Graphite India rose 1.76%. The company reported 69.5% drop in consolidated net profit to Rs 29 crore on 3.4% decline in revenue from operations to Rs 815 crore in Q4 FY23 over Q4 FY22.

Global markets:

Markets in Europe mostly advanced while their Asian peers declined across the board on Wednesday.

China's official measure of factory activity for May slid for a second-straight month in May to 48.8, a steeper contraction than March's 49.2.

US stocks ended mixed on Tuesday as Wall Street considered the likelihood of Congress passing a tentative deal on raising the U.S. debt ceiling amid growing opposition within the GOP.

The U.S. debt ceiling remained in focus with markets hoping an agreement President Joe Biden struck with the top congressional Republican to suspend the United States' borrowing limit can pass through Congress in coming days.

The plan cleared a House committee overnight and is set for debate and passage on Wednesday, which would send it to the Senate where debate could stretch to the weekend.

Fed Bank of Richmond President Thomas Barkin said he is looking for signs that demand is cooling to be convinced that US inflation will ease.

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