Indices trade near day`s low; Nifty hovers above 15,900

The major equity indices continued trading near the day`s low in the mid-morning trade. Global cues were weak amid fears over rampant inflation. All the sectoral indices on the NSE were trading in the red. The Nifty was hovering above 15,900 level.

At 11:22 IST, the barometer index, S&P BSE Sensex was down by 1,080.33 points or 1.99% at 53,128.20. The Nifty 50 index fell 329.85 points or 2.03% at 15,910.45.

The broader market slumped. The S&P BSE Mid-Cap index slumped 2.30% while the S&P BSE Small-Cap index declined 1.89%.

Sellers outnumbered buyers. On the BSE, 727 shares rose while 2,371 shares fell. A total of 115 shares were unchanged.

Buzzing Index:

The Nifty Metal index fell 3.27% to 5,522.55. The index has lost 3.57% in two trading sessions.

Among the components of the Nifty Metal index, Jindal Steel & Power (down 4.55%), Vedanta (down 4.53%), SAIL (down 4.08%), National Aluminium (down 3.94%) and Hindalco (down 3.49%) were major losers.

Earnings Impact:

Manappuram Finance tumbled 9.61% to Rs 94.55 after the company reported a 44.2% fall in consolidated net profit to Rs 261.10 crore on an 8.5% decline in total income to Rs 1,491.31 crore in Q4 FY22 over Q4 FY21. The NBFC`s revenue declined after its flagship Gold loans business income fell 17.6% to Rs 1109.18 in Q4 FY22 from Rs 1346.48 crore posted in Q4 FY21.

LIC Housing Finance rose 0.54% to Rs 365.60 after the company reported 180% rise in net profit to Rs 1118.64 crore in Q4 FY22 from Rs 398.92 crore in Q4 FY21. Revenue from operations increased 7% YoY during the quarter to Rs 5,299.66 crore. Net interest income improved by 9% to Rs 1637.49 crore in Q4 FY22 over Q4 FY21.

Granules India slumped 4.64% to Rs 254.15 after the drug maker reported a 13% fall in consolidated net profit to Rs 111 crore in Q4 FY22 from Rs 128 crore posted in Q4 FY21. Consolidated income from operations grew by 29% year on year to Rs 1,030 crore in Q4 FY22 as compared to Rs 799 crore posted in Q4 FY21, across all geographies and segments.

Global Markets:

Asian stocks fell across the board on Thursday, mirroring heavy losses on Wall Street overnight, as investors fretted over rising global inflation.

Wall Street ended sharply lower on Wednesday, with Target losing around a quarter of its stock market value and highlighting worries about the US economy after the retailer became the latest victim of surging prices.

US retail giant Target plunged 25% as higher costs and disrupted logistics hit its profit margins. Walmart, the world`s largest bricks-and-mortar retailer, cut its earnings guidance on challenging soaring inflationary trends.

In the U.K., data showed inflation soared to a 40-year high of 9% in April as food and energy prices spiraled.

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