The key equity indices managed to pare most losses and traded with minor cuts in mid-afternoon trade. The Nifty traded above the 17,550 mark. IT shares, however, declined for fifth day in a row.
At 14:25 IST, the S&P BSE Sensex shed 248.92 points or 0.42% to 58,715.65. The Nifty 50 index dropped 107.75 points or 0.61% to 17,567.20.
In the broader market, the S&P BSE Mid-Cap index fell 1.43% while the S&P BSE Small-Cap index slipped 1.44%.
The market breadth remained weak. On the BSE, shares 1,067 rose and 2,322 shares fell. A total of 95 shares were unchanged.
Buzzing Index:
The Nifty IT index fell 1.39% to 34,412.40. The index has declined 5.63% in five sessions.
L&T Technology Services (down 4.35%), Coforge (down 3.76%), MindTree (down 3.44%), Larsen & Toubro Infotech (down 3.28%), Tech Mahindra (down 2.04%), Mphasis (down 1.69%), Wipro (down 1.68%) and Infosys (down 1.49%) declined.
Among mid-cap IT stocks, Birlasoft (down 6.06%), KPIT Technologies (down 4.90%), Persistent Systems (down 3.26%), Cyient (down 3.11%) and Happiest Minds Technologies (down 2.36%) edged lower.
TCS rose 0.29% to Rs 3,707.20. The IT major's consolidated net profit rose 1.61% to Rs 9,926 crore on 3.49% increase in net sales to Rs 50,591 crore in Q4 March 2022 (Q4 FY22) over Q3 December 2021 (Q3 FY22). On a year-on-year (YoY) basis, the IT major's net profit rose 7.35% and net sales rose 15.76% in Q4 FY22. The board recommended a final dividend of Rs 22 per share.
Stocks in Spotlight:
G.M. Breweries tumbled 4.06% to Rs 681.15 after the company reported 11.6% fall in net profit to Rs 40.08 crore despite a 11.2% rise in total revenue from operations to Rs 142.03 crore in Q4 FY22 over Q4 FY21.
Info Edge (India) fell 2.59% to Rs 4754.80. The company said that it has invested about Rs 3.70 crore in Terralytics Analysis. It has agreed to acquire 6,650 compulsorily convertible preference shares as part of a larger fundraising exercise by Terralytics. The aggregate shareholding of the company in the said entity would be 20.50% on a fully converted & diluted basis.
Numbers to Track:
The yield on the 10-year benchmark federal paper rose to 7.185% from its previous close of 7.149%.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 76.1325, compared with its close of 75.9100 during the previous trading session.
MCX Gold futures for 3 June 2022 settlement gained 0.50% to Rs 52,440.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.24% to 100.18.
In the commodities market, Brent crude for May 2022 settlement rose $2.66 or 2.70% at $101.14 a barrel.
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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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