The domestic benchmark indices ended with major losses on Thursday, amid weak global cues. The sentiment was weak following the rate hike concerns, as well as the Ukraine war and the latest coronavirus lockdowns in China. All the sectoral indices on the NSE settled in the red. Banks and financial shares tumbled. The Nifty 50 index bounced off the day's low of 15,735.75, to cross 15,800 level at the fag end of market hours.

The barometer index, S&P BSE Sensex fell 1,158.08 points or 2.14% at 52,930.31. The Nifty 50 index lost 359.10 points or 2.22% at 15,808. The 50-unit index has dropped 5.24% in five straight sessions.

Adani Ports & SEZ (down 5.82%), Indusind Bank (down 5.67%), Tata Motors (down 4.19%), Tata Steel (down 4.01%) and JSW Steel (down 3.75%) were major Nifty losers today.

Selling pressure was broad based. The S&P BSE Mid-Cap index lost 2.24% while the S&P BSE Small-Cap index shed 1.96%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 747 shares rose while 2,614 shares fell. A total of 86 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 8.74% to 24.79.

Numbers to watch:

The yield on India's 10-year benchmark federal paper rose to 7.248% as compared with 7.215% at close in the previous trading session.

In the foreign exchange market, the rupee was lower against the dollar. The partially convertible rupee was hovering at 77.4, compared with its close of 77.25 during the previous trading session.

MCX Gold futures for 3 June 2022 settlement fell 0.25% to Rs 50,696.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.55% to 104.445.

In the commodities market, Brent crude for July 2022 settlement fell 1.64% at $105.75 a barrel. The contract fell $5.05 or 4.93% to settle at $107.51 a barrel during the previous trading session.

Global Markets:

The Dow Jones Futures were down 113 points, indicating a negative start to the US market today.

Shares in Europe and Asia tumbled on Thursday as investors kept an eye on high inflation and tightening monetary policies. Adding to the uncertainty for investors are the war in Ukraine and COVID-19 lockdowns in China that threaten to hurt the global economy.

Finland's President Sauli Niinisto and Prime minister Sanna Marin have called for the country to apply for Nato membership without delay. Sauli Niinisto and Sanna Marin said in a joint statement they expected a decision in the next few days. The move comes amid a surge in public support for Nato membership following Russia's invasion of Ukraine. Finland shares a 1,300-km (810-mile) border with Russia.

The U.K. economy shrank by 0.1% in March but expanded by 0.8% for the first quarter of 2022 as a whole, official figures showed on Thursday.

The U.S. consumer-price index increased 8.3% in April from the same month a year ago, data released Wednesday showed, decelerating from an 8.5% annual rate in March.

Buzzing Segment:

The Nifty PSU Bank index dropped 5.39% at 2403.45. The index has slumped 14.33% in nine sessions.

Bank of India (down 5.93%), Punjab & Sind Bank (down 5.32%), Bank of Baroda (down 5.28%), Canara Bank (down 4.65%), Indian Bank (down 4.44%), Union Bank of India (down 3.43%), Indian Overseas Bank (down 3.05%) and State Bank of India (down 2.91%) tumbled.

Punjab National Bank tumbled 12.54% after the bank's net profit declined 65.6%to Rs 202 crore on 1.4% fall in total income to Rs 21,095 crore in Q4 March 2022 over Q4 March 2021. Net interest income (NII) improved by 5% to Rs 7,304 crore in Q4 FY22 from Rs 6,957 crore in Q4 FY21.

Stocks in Spotlight:

Indian Oil Corporation rose 1.25%. The company's board will consider bonus share issue on 17 May 2022.

KRBL rallied 15.31% after the company said that it received substantial relief against the impugned tax demand raised by the income tax department.

The Income Tax Appellate Tribunal has granted relief for income tax demand of Rs 97.88 crore for the appeals filed by the company. It also dismissed all the appeals for income tax demand of Rs 1170.36 crore filed by the income tax department (ITD) for the subject years. As result, the tax demand is reduced to approximately Rs 0.96 crore.

Avanti Feeds surged 13.65% after the company reported a 21% jump in consolidated net profit to Rs 84.35 crore on 21.3% rise in revenue from operations at Rs 1332.23 crore in Q4 FY22 over Q4 FY21. The board recommended a dividend of Rs 6.25 per equity share for the financial year ended 31 March 2022.

Nitin Spinners climbed 7.98% after the company's net profit almost doubled to Rs 85.47 crore in Q4 FY22 from Rs 42.85 crore in Q4 FY21. Revenue from operations rose by 50% YoY to Rs 769.06 crore during the quarter.

Skipper soared 8.10% after the company's standalone net profit surged 176.6% to Rs 25.12 crore on 11.1% rise in revenues to Rs 552.65 crore in Q4 March 2022 over Q4 March 2021. EBITDA jumped 44.1% YoY to Rs 61.67 crore during the quarter. EBITDA margin rose 260 bps to 11.2% in Q4 March 2022 compared with 8.6% in Q4 March 2021.

Sagar Cements fell 3.54% after the company reported consolidated net loss of Rs 11.51 crore in Q4 March 2022 as against net profit of Rs 48.25 crore in Q4 March 2021. Net sales rose 20.13% to Rs 501.72 crore in Q4 March 2022 over Q4 March 2021. Pre-tax loss stood at Rs 13.38 crore in Q4 March 2022 as against pre-tax profit of Rs 74.97 crore in Q4 March 2021.

IPO Updates:

Prudent Corporate Advisory Services: The initial public offer received bids for 73,16,507 shares as against 60,18,689 shares on offer, according to stock exchange data at 16:45 IST on Thursday (12 May 2022). The issue was subscribed 1.22 times.

The issue opened for bidding on Tuesday (10 May 2022) and it will close on Thursday (12 May 2022). The price band of the IPO is fixed at Rs 595-630 per share. The company will offer a discount of Rs 59 per share to eligible employees. The offer includes a reservation of shares worth upto Rs 6.50 crore for eligible employees. An investor can bid for a minimum of 23 equity shares and in multiples thereof.

Delhivery: The issue received bids for 1,44,66,270 shares as against 6,25,41,023 shares on offer, according to stock exchange data at 16:45 IST on Thursday (12 May 2022). The issue was subscribed 23%.

The issue opened for bidding on Wednesday (11 May 2022) and it will close on Friday (13 May 2022). The price band of the IPO is fixed at Rs 462-487 per share. An investor can bid for a minimum of 30 equity shares and in multiples thereof.

Venus Pipes and Tubes: The IPO received bids for 1,53,85,988 shares as against 35,51,914 shares on offer, according to stock exchange data at 16:45 IST on Thursday (12 May 2022). The issue was subscribed 4.33 times.

The issue opened for bidding on Wednesday (11 May 2022) and it will close on Friday (13 May 2022). The price band of the IPO is fixed at Rs 310-326 per share. An investor can bid for a minimum of 46 equity shares and in multiples thereof.

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