Benchmark indices were trading half a per cent lower during the afternoon session on Tuesday, tracking global sell-off.

Market opened on a weak note following negative global cues as concerns over the spread of the Delta virus and its economic impact have led to massive sell-offs in global markets. Indices dragged further, witnessing profit-booking across counters. However, value buying emerged at lower levels.

At 1 pm, the BSE Sensex was at 52,290.03, down 263.37 points or 0.50 per cent, recovered from day's low.of 52,013.51. It hit an intraday high of 52,465.03. The Nifty 50 was trading at 15,660.80, down 91.60 points or 0.58 per cent. It hit an intraday high of 15,728.45. The index fell below the 15,600 mark during the morning session to hit an intraday low of 15,578.55.

Ultratech Cement, Asian Paints, Hindustan Unilever, Shree Cements and Bajaj Auto were the top gainers on the Nifty 50 while Hindalco, IndusInd Bank, Mahindra & Mahindra, HCL Tech and Bharti Airtel were the top laggards. 

HCL Technologies was trading 2.14 per cent lower on the NSE after its Q1 FY 2022 results failed to meet market  expectations. It reported a 9.9 per cent rise in its consolidated net profit to ₹3,214 crore for the first quarter ended June and a revenue of ₹20,068 crore.

According to Gaurav Garg, Head of  Research, CapitalVia Global Research Ltd, investor sentiments were negative impacted by the Minister of State for Finance indicating that the recovery as a percentage of gross non-performing assets fell to 12.8 per cent in 2020-21 from 15.8 per cent the previous fiscal year amid the second wave of the Covid-19 pandemic. 

Concerns over the recurrence of coronavirus cases in numerous countries, as well as geopolitical concerns, drained investors' desire for risky assets, added Garg. 

FMCG, IT in focus

On the sectoral front, all indices except Nifty FMCG and IT were in the red. Financials continued the losing streak. Metals, Auto and Realty also dragged.

Nifty Bank and Nifty Financial Services were down 1.57 per cent and 1.28 per cent, respectively. Nifty Private Bank was down 1.66 per cent while Nifty PSU Bank was 1.38 down per cent. Nifty Metal, Nifty Auto and Nifty Realty were down 1.71 per cent, 0.91 per cent and 1.48 per cent, respectively. Meanwhile, Nifty FMCG was up 0.43 per cent while Nifty IT was up 0.11 per cent.

Broader indices  

Midcap and Smallcap stocks also witnessed sustained selling pressure. Nifty Midcap 50 was down 1.27 per cent while Nifty Smallcap 50 was down 1.37 per cent. The S&P BSE Midcap was down 1.07 per cent while the S&P BSE Smallcap was down 1.21 per cent. The volatility index rose 4.12 per cent to 13.20.

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