Sensex down 230 pts; Nifty holds 16,500 level

The domestic equity barometers were trading with modest losses in the morning trade. The Nifty regained the 16,500 mark. Metal, pharma, healthcare and oil & gas bucked the weak market trend.

At 10:24 IST, the barometer index, S&P BSE Sensex was down 232.08 points or 0.42% to 55,537.15. The Nifty 50 index fell 52.85 points or 0.32% to 16,531.45.

In the broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index fell 0.74% while the S&P BSE Small-Cap index lost 0.77%.

Sellers outnumbered buyers. On the BSE, 1,144 shares rose while 1,896 shares fell. A total of 164 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,770.51 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,360.51 crore in the Indian equity market on 3 June 2022, provisional data showed.

Buzzing Index:

The Nifty Media index fell 2.34% to 1,981.30 continuing its losing run to second day . The index declined 3.82% in two trading sessions.

Sun TV Network Ltd (down 3.09%), Inox Leisure Ltd (down 3.05%), Network 18 Media & Investments Ltd (down 2.87%), TV18 Broadcast Ltd (down 2.47%) and PVR Ltd (down 2.44%) were the top losers.

Stocks in Spotlight:

Ethos declined 3.39% to Rs 723.10. NORQAIN`s watches can be purchased in Ethos stores nationwide. Ethos on Friday (3 June 2022) announced an exclusive retail partnership with NORQAIN, a fully independent Swiss watch brand. NORQAIN makes its retail debut in India exclusively through Ethos Watch Boutiques, joining Ethos` portfolio of exclusive brands. Consumers can now explore all popular NORQAIN collections in-store and online.

Ducon Infratechnologies rose 3.59% to Rs 23.10 after the company announced that it has set up a new business division, "Hydrofule", to focus on reducing the production cost of Green Hydrogen. Ducon Infratechnologies has set up a new business division, �Hydrofule�, in its wholly owned USA based subsidiary to carry out research & development work on building a large scale economical Green Hydrogen Electrolyzer that will work with solar energy to achieve a conversion efficiency of at least 70%.

Ujjivan Small Finance Bank fell 0.31% to Rs 16.30 after the bank said that its board is scheduled to meet on Wednesday, 08 June 2022, to discuss and consider the proposal for raising of funds by way of issuance of debt securities. The debt securities would be issued in one or more tranches and would be placed privately, the bank added.

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