The domestic equity barometers further extended losses in mid morning trade. The Nifty was trading below the 18,150 mark. PSU banks advanced for the second consecutive trading session.
At 11:23 IST, the barometer index, the S&P BSE Sensex, was down 459.34 points or 0.75% to 60,800.62. The Nifty 50 index lost 129.90 points or 0.71% to 18,136.70.
In the broader market, the S&P BSE Mid-Cap index lost 0.95% while the S&P BSE Small-Cap index declined 0.75%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1335 shares rose and 1732 shares fell. A total of 153 shares were unchanged.
Buzzing Index:
The Nifty PSU Bank index rose 1.34% to 2,798.25. The index has added 2.91% in two sessions.
Union Bank of India (up 5.45%), Jammu and Kashmir Bank (up 4.38%), Bank of Maharashtra (up 3.58%), Bank of India (up 2.85%), Punjab National Bank (up 2.44%) and UCO Bank (up 2.31%) advanced.
Further, Indian Overseas Bank (up 2.11%), Bank of Baroda (up 1.79%), Indian Bank (up 1.74%), Punjab & Sind Bank (up 1.38%), Central Bank of India (up 1.78%) and Canara Bank (up 0.95%) edged higher.
Stocks in Spotlight:
Shoppers Stop surged 16.25% to Rs 326.15. The company reported net loss of Rs 3.58 crore in Q2 September 2021, lower than net loss of Rs 97.70 crore in Q2 September 2020. Net sales surged 116.20% to Rs 642.07 crore in Q2 September 2021 over Q2 September 2020.
The company said it witnessed strong recovery in demand after the second wave across the formats, with sales moving swiftly close to pre-pandemic levels in August and September. All the stores are now fully operational, with overall store operation days at 87% for the quarter.
Syngene International fell 3.34% to Rs 586.20. The company's consolidated net profit (after exceptional items) dropped 20.68% to Rs 66.70 crore on a 17.43% surge in revenue from operations to Rs 610.20 crore in Q2 FY22 over Q1 FY21.
Global markets:
Asian stocks were trading mixed on Thursday as investors weighed corporate earnings, elevated inflation and risks from China's property sector. Evergrande shares dropped sharply on Thursday, returning to trade on Thursday after a halt that lasted more than two weeks.
Evergrande said on Wednesday it had scrapped a deal to sell a 50.1% stake in Evergrande Property Services Group Ltd to Hopson Development Holdings Ltd as the smaller rival had not met the prerequisite to make a general offer.
In US, the S&P 500 and the Dow climbed on Wednesday with the Dow hitting an intraday record high as investors eyed better than expected third-quarter earnings from U.S. companies.
On the macro front, the Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts, attributed the slowdown to supply chain disruptions, labor shortages, and uncertainty around the Delta variant of COVID-19. The Fed also said employment increased at a modest to moderate rate in recent weeks, as demand for workers was high, but labor growth was dampened by a low supply of workers.
Powered by Capital Market - Live News