The key barometers traded near day's low in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, dropped 492.70 points or 0.80% at 60,767.26. The Nifty 50 index lost 130.90 points or 0.72% at 18,135.70.

In the broader market, the S&P BSE Mid-Cap index shed 0.73% while the S&P BSE Small-Cap index declined 0.51%.

The market breadth was negative. On the BSE, 1,480 shares rose and 1,666 shares fell. A total of 148 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 0.21% to 18.3525. The Nifty 28 October 2021 futures were trading at 18,167.55, at a premium of 31.85 points as compared with the spot at 18,135.70.

The Nifty option chain for 28 October 2021 expiry showed maximum Call OI of 36.1 lakh contracts at the 18,500 strike price. Maximum Put OI of 25 lakh contracts was seen at 17,000 strike price.

Buzzing Index:

The Nifty IT index lost 2.29% to 36,003.60. The index shed 2.97% in the two trading sessions.

MindTree (down 7.27%), Coforge (down 5.86%), L&T Technology Services (LTTS) (down 5.24%), L&T Infotech (LTI) (down 3.68%) and Mphasis (down 3.32%) were the major losers in the IT segment.

Stocks in Spotlight:

Tejas Networks was locked in a lower circuit of 5% at Rs 444.10 after the company posted a 19.2% drop in consolidated net profit to Rs 3.66 crore in Q2 FY22 as compared to a net profit of Rs 4.53 crore posted in Q2 FY21. Revenue from operations increased by 57% to Rs 172.78 crore in Q2 FY22 over Q2 FY21. The profit before stood at Rs 3.33 crore in Q2 FY22, 26.5% lower than Rs 4.53 crore in Q2 FY22 over Q2 FY21. Profitability was impacted after total expenses spiked 52.7% to Rs 173.62 crore in Q2 FY22 over Q2 FY21.

Supreme Petrochem dropped 6.34%. The company's standalone net profit jumped 47.49% to Rs 127.07 crore on a 71.56% surge in total income from operations (net) to Rs 1,190.76 crore in Q2 FY22 over Q2 FY21.

Tata Steel Long Products skid 4.09% after the company's net profit declined by 59.36% to Rs 134.77 crore in Q2 FY22 from Rs 331.60 crore in Q1 FY22. The company had recorded a net profit of Rs 59.05 crore in Q2 FY21. Revenue from operations in the second quarter fell by 2.98% to Rs 1,637.37 from Rs 1,687.64 reported in the first quarter of the financial year 2021-22. As compared with Q2 FY21, revenue in Q2 FY22 has risen by 38.07%.

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