Shares come off day`s low, breadth remains weak

The domestic equity barometers came off the day`s low and traded with modest cuts in early afternoon trade. The Nifty traded below the 15,950 mark. Shares of financial services, banks and IT were in the green while oil & gas, realty and FMCG stocks corrected. Continuous selling from FIIs, persisting inflation worries and looming fears of sharp interest rates hikes continued to spook investors.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 282.01 points or 0.52% to 53,467.25. The Nifty 50 index slipped 88.50 points or 0.55% to 15,937.30.

In the broader market, the S&P BSE Mid-Cap index fell 0.32% while the S&P BSE Small-Cap index declined 0.79%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 932 shares rose and 2,253 shares fell. A total of 119 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, fell 1.83% to 24.8175. The Nifty 31 March 2022 futures were trading at 15,917.55, at a discount of 19.75 points as compared with the spot at 15,937.30.

The Nifty option chain for 31 March 2022expiry showed maximum Call OI of 134.7 lakh contracts at the 16,000 strike price. Maximum Put OI of 108.2 lakh contracts was seen at 15,800 strike price.

IPO Updates:

The initial public offer (IPO) of Aether Industries received bids for 65,77,149 shares as against 93,56,193 shares on offer on Thursday (26 May 2022), according to stock exchange data at 12:09 IST. The issue was subscribed 70%.

The issue opened for bidding on Tuesday (24 May 2022) and it will close on Thursday (26 May 2022). The price band of the IPO is fixed at Rs 610 - 642 per share. An investor can bid for a minimum of 23 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Realty index fell 1.62% to 374.55.The index slipped 6.61% extending its losing run to fourth consecutive trading sesseion.

Among the components of the Nifty Realty index, Prestige Estates Projects (down 6.38%), Macrotech Developers (down 3.91%), Phoenix Mills (down 1.99%), Indiabulls Real Estate (down 1.79%) and Sobha (down 1.73%) were the top losers.

Among the other losers were Oberoi Realty (down 1.68%), Godrej Properties (down 0.95%), DLF (down 0.59%), Sunteck Realty (down 0.54%).

On the other hand, Brigade Enterprises (up 0.15%) advanced.

Stocks in Spotlight:

Apollo Hospitals Enterprise shed 3.29% after the healthcare provider reported a 46.3% fall in consolidated net profit to Rs 90.14 crore in Q4 FY22 from Rs 167.85 crore registered in Q4 FY21. Net sales surged 23.7% to Rs 3,546.43 crore for the quarter ended 31 March 2022 from Rs 2,867.95 crore recorded in the corresponding period last year.

Torrent Pharmaceuticals rallied 9.09% to Rs 2874.10. The company posted a consolidated net loss of Rs 118 crore in Q4 FY22 as compared to a net profit of Rs 324 crore in Q4 FY21. Net sales rose 9.9% to Rs 2,104 crore in quarter ended 31 March 2022 from Rs 1,915 crore reported in the same period last year. The company reported a pre-tax loss of Rs 87 crore in Q4 FY22 as against a profit before tax of Rs 383 crore recorded in Q4 FY21. Exceptional item stood at Rs 485 crores in Q4 FY22, relates to impairment provision and costs related to discontinuation of liquid business in the US.

Whirlpool of India rose 0.19% after the company reported 35% slump in consolidated net profit to Rs 84.48 crore on a 4.1% fall in net sales to Rs 1,706.91 crore in Q4 FY22 over Q4 FY21. Profit before tax in Q4 FY22 stood at Rs 112.85 crore, down by 34.6% from Rs 172.58 crore in Q4 FY21. Whirlpool said significant part of cost inflation was mitigated by price increase and cost take out action across all work streams.

Powered by Capital Market - Live News