Key equity barometers retraced to the day's low in mid-afternoon trade. The Nifty traded fell below 14,350 level. Selling was triggered by concerns that the spike in COVID-19 cases in the country could derail the economic recovery.
At 14:26 IST, the barometer index, the S&P BSE Sensex, declined 229.48 points or 0.48% at 47,840.07. The Nifty 50 index declined 75.85 points or 0.53% at 14,330.65.
The broader market outperformed the benchmarks. The S&P BSE Mid-Cap index rose 0.08%. The S&P BSE Small-Cap index added 0.33%.
Buyers outnumbered sellers. On the BSE, 1,589 shares rose and 1,284 shares fell.
A total of 167 shares were unchanged.
Buzzing Index:
The Nifty Realty index slipped 1.07% to 301.9, snapping its two day rising streak. The index rose 1.62% in two days.
DLF (down 2.23%), Brigade Enterprises (down 1.4%), Phoenix Mills (down 1.06%), Godrej Properties (down 0.88%) and Oberoi Realty (down 0.74%) were top losers in realty segment.
Stocks in Spotlight:
Alembic Pharma fell 0.98%. The drug maker has received final approval from the US drug regulator for its Abbreviated New Drug Application (ANDA) doxepin hydrochloride capsules USP, 10 mg, 25 mg, 50 mg, 75 mg and 100 mg. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Sinequan capsules of Pfizer Inc. The drug is is used to treat mental/mood problems such as depression and anxiety. The capsules have an estimated market size of $41 million for twelve months ending December 2020 according to IQVIA.
LT Foods rose 0.56% to Rs 72.05 after the company announced the expansion of its premium rice-based snacks brand "Kari Kari" to Australia and UAE. The company said that its joint venture company with Kameda Seika, Japan's largest Rice Crackers Company, has started exporting Kari Kari in the markets of Australia & UAE.
Numbers to Track:
In the foreign exchange market, the partially convertible rupee fell to 74.9850 compared with its previous closing of 74.94.
The yield on 10-year benchmark federal paper rose to 6.051% as compared to its previous close of 6.050%.
MCX Gold futures for 4 June 2021 settlement slipped 0.1% to Rs 47,725.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.34% to 91.015.
In the commodities market, Brent crude for June 2021 settlement rose 15 cents to $65.55 a barrel. The contract rose 0.12% to settle at $65.4 in the previous trading session.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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