The key domestic equities indices traded with substantial losses in mid-afternoon trade. The Nifty traded below the 22,400 level after hitting the day’s high of 22,794.70 in early trade. Oil & gas shares declined after advancing in the past trading session.
At 14:25 IST, the barometer index, the S&P BSE Sensex, tumbled 1016.29 points or 1.36% to 73,590.85. The Nifty 50 index fell 255.35 points or 1.13% to 22,392.85. The Nifty 50 reached an all-time high of 22,794.70 during early trade.
In the broader market, the S&P BSE Mid-Cap index shed 0.50% and the S&P BSE Small-Cap index fell 0.84%.
The market breadth was weak. On the BSE, 1,233 shares rose and 2,522 shares fell. A total of 134 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, climbed 11.95% to 15.05.
Buzzing Index:
The Nifty Oil& gas index declined 1.40% to 11,757.60. The index advanced in the past trading session.
Castrol India (down 3.41%), Aegis Logistics (down 3.22%), Reliance Industries (down 3.07%), Petronet LNG (down 2.32%) and Mahanagar Gas (down 2.28%) were the top losers.
Among the other losers were Indraprastha Gas (down 1.91%), Indian Oil Corporation (down 1.9%), GAIL (India) (down 1.49%), Oil India (down 1.25%) and Bharat Petroleum Corporation (down 1.03%).
Numbers to track:
The yield on India's 10-year benchmark federal paper shed 0.14% to 7.152 from previous close of 7.162.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.4050, compared with its close of 83.4675 during the previous trading session.
MCX Gold futures for 5 June 2024 settlement declined 0.16% to Rs 70,624.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.08% to 105.21.
The United States 10-year bond yield advanced 0.24% to 4.579.
In the commodities market, Brent crude for July 2024 settlement rose 17 cents or 0.20% to $83.84 a barrel.
Stocks in Spotlight:
Godrej Properties rose 0.29%. The company said that its consolidated net profit jumped 14.34% to Rs 471.26 crore in Q4 FY24 as compared with Rs 412.14 crore in Q4 FY23. Revenue from operations declined 13.37% YoY to Rs 1,426.09 crore in Q4 FY24.
Bajaj Finance added 1.88% after the Reserve Bank of India (RBI) lifted restrictions on the sanction and disbursal of new loans under 'eCOM' and online/digitally on 'Insta EMI Card'.
In exchange filings on Thursday, Bajaj Finance said that the RBI, based on the remedial actions taken by the company, has conveyed its decision of lifting the said restrictions on eCOM and online digital ‘Insta EMI Card’, with immediate effect.
'The company would now resume sanction and disbursal of loans in the above two business segments including issuance of EMI cards,” the NBFC said in a statement.
CEAT declined 3.96% after the company’s consolidated net profit fell 18.80% to Rs 108.56 crore in Q4 FY24 as compared net to Rs 133.70 crore posted in corresponding quarter last year. Revenue from operations increased 4.07% to Rs 2,991.85 crore in Q4 FY24 as against revenue of Rs 2,874.82 crore posted in Q4 FY23.