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Benchmark indices were trading in the red during the afternoon on Thursday amid profit-booking ahead of the weekly options expiry.
Market, which soon slipped into the red during the early trade amid mixed global cues, dragged further, witnessing profit-booking across counters. All eyes are on TCS, the first big company set to report results for Q1 FY22 today.
At 1 pm, the BSE Sensex was trading at 52,641.56, down 413.2 points or 0.78 per cent. It hit an intraday high of 53,103.03 and a low of 52,613.52. The Nifty 50 was trading at 15,747.80, down 131.85 points or 0.83 per cent. It hit an intraday high of 15,885.75 and a low of 15,747.15.
Bajaj Auto, Shree Cements, NTPC, Tech Mahindra and Ultratech Cement were the top gainers on the Nifty 50 while Hindalco, JSW Steel, Tata Motors, Tata Steel and Sun Pharma were the top laggards.
According to Gaurav Garg, Head of Research, CapitalVia Global Research Ltd, investor sentiments were further impacted by Fitch Ratings decreasing India’s GDP outlook for the current financial year (FY22) to 10 per cent from 12.8 per cent earlier, citing a sluggish recovery following the second wave of Covid-19 as a reason.
Losses remain capped as the domestic agency ICRA said the banking system’s gross non-performing assets (GNPAs) are anticipated to decrease to at least 7.1 per cent by March 2022, down from 7.6 per cent at the end of FY21, said Garg.
“After minutes from the Federal Reserve’s most recent meeting mostly supported the market expectations, U.S. Treasuries prices maintained advances on Wednesday, holding down yields, while two stock indexes set new highs. Asian markets were mostly trading with slight negativity despite positive cues from the global market,” Garg added.
All fall down
On the sectoral front, all indices were in the red. Nifty Metal suffered the highest losses and was down 1.76 per cent.
Nifty Bank and Nifty Financial Services were down 0.91 per cent and 0.79 per cent, respectively. Nifty Auto was down 0.75 per cent, Nifty FMCG down 0.77 per cent and Nifty Pharma was down 0.86 per cent. Nifty IT was trading 0.44 per cent lower.
Broader indices
As for broader indices, midcaps also witnessed selling pressure while smallcaps were trading flat. Nifty Midcap 50 was down 0.37 per cent while Nifty Smallcap 50 was up 0.08 per cent.
The S&P BSE Midcap was down 0.12 per cent while the S&P BSE Smallcap was up 0.09 per cent. Notably, the volatility index rose 11.27 per cent to 13.59.
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