Indices extend losses; Nifty slips below 16,900

The benchmark indices hit day`s low and trade with major losses in early afternoon trade. All the sectoral indices on the NSE traded in red. The Nifty traded below the 16,900 mark.

At 12:35 IST, the barometer index, S&P BSE Sensex was down 640.9 points or 1.12% to 56,335.09. The Nifty 50 index lost 196.85 points or 1.15% and traded at 16,872.25.

In the broader market, the S&P BSE Mid-Cap index shed 0.92% while the S&P BSE Small-Cap index slipped 0.51%.

Sellers outpaced buyers. On the BSE, 1,244 shares rose while 1,976 shares fell. A total of 157 shares were unchanged.

Media houses reported that RBI governor Shaktikanta Das will make a statement at 2pm today.

LIC IPO:

The initial public offering (IPO) of insurance behemoth Life Insurance Corporation (LIC) of India received bids for 2.55 crore shares as against 16.20 crore shares on offer, according to stock exchange data at 12:18 IST on Wednesday (4 May 2022). The issue was subscribed 16%.

The issue opened today (4 May 2022) and it will remain open for bidding till 9th May 2022. The IPO price band is Rs 902 to Rs 949 per equity share. An investor can bid for a minimum of 15 equity shares and in multiples thereof.

Derivatives:

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, rose 6.65% to 21.43. The Nifty 26 May 2022 futures were trading at 16,885.55, at a premium of 13.3 points as compared with the spot at 16,872.25.

The Nifty option chain for the 26 May 2022 expiry showed maximum Call OI of 25.4 lakh contracts at the 17,000 strike price. Maximum Put OI of 40 lakh contracts was seen at 16,500 strike price.

Buzzing Index:

The Nifty Consumer Durables index fell 2.10% to 26,397.25, extending its losing run to third trading session. The index has declined nearly 5% in three trading sessions.

Among the components of the Nifty Consumer Durables index, Voltas (down 5.06%), Dixon Technologies (India) (down 2.93%), Havells India (down 2.23%) and Amber Enterprises India (down 1.4%) were the top losers. Among the other losers were V-Guard Industries (down 1.31%), Whirlpool of India (down 1.16%), Rajesh Exports (down 1.09%), Crompton Greaves Consumer Electricals (down 0.77%) and Relaxo Footwears (down 0.62%).

Titan declined 3% to Rs 2,315 after the Tata Group company reported 7.18% decline in standalone net profit to Rs 491 crore in Q4 FY22 from Rs 529 crore in Q4 FY21. Total income for the quarter ended March 2022 stood at Rs 7,352 crore, rising 3% from Rs 7,169 crore posted in Q4 FY21. Excluding bullion sale, revenue declined by 2% compared to Q4 FY21.

Earnings Impact:

Symphony jumped 3.46% to Rs 1,151.50 after the company`s consolidated net profit rose 1.6% to Rs 63 crore on a 13.3% rise in net sales to Rs 384 crore in Q4 FY22 over Q4 FY21. On a consolidated basis, profit before tax (PBT) grew by 9.8% year on year to Rs 90 crore in the quarter ended 31 March 2022. EBITDA grew 8.9% to Rs 98 crore in Q4 FY22 over Q4 FY21.

Home First Finance Company India rose 4.55% to Rs 765.55 after the company`s net profit rose 92.36% to Rs 60.19 crore on 14.90% increase in total income to Rs 156.09 crore in Q4 March 2022 over Q4 March 2021. Profit before tax jumped 48.69% year-on-year to Rs 63.21 crore in Q4 March 2022. The company`s asset under management (AUM) rose 29.9% to Rs 5380 crore in Q4 March 2022 over Q4 March 2021.

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