At 14:27 IST, the barometer index, S&P BSE Sensex slumped 700.32 points or 1.22% at 56,496.52. The Nifty 50 index shed 239.55 points or 1.4% at 16,932.70.
The broader market traded with losses as well. The S&P BSE Mid-Cap index slipped 1.83% while the S&P BSE Small-Cap index fell 1.66%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 983 shares rose while 2,504 shares fell. A total of 137 shares were unchanged.
Broader Market Losers:
Tata Communications (down 8%), PB Fintech (down 6.2%), Hindustan Zinc (down 5.7%), National Aluminum (down 4.95%) and Indian Energy Exchange (down 4.54%) were top losers in Mid Cap space.
MMTC (down 6.49%), Rain Industries (down 5.04%), Sunteck Realty (down 4.99%), Brightcom Group (down 4.97%), Sterlite Technologies (down 4.55%) were top losers in Small Cap space.
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Numbers to Track:
The yield on the 10-year benchmark federal paper fell to 7.060% from its previous close of 7.167%.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 76.6125, compared with its close of 76.42 during the previous trading session.
MCX Gold futures for 3 June 2022 settlement lost 0.69% to Rs 51,900.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.28% to 101.51.
In the commodities market, Brent crude for June 2022 settlement fell $4.79 or 1.84% at $101.86 a barrel. The contract fell $1.68 or 1.55% to settle at $106.65 a barrel during the previous trading session.
Stocks in Spotlight:
Bhansali Engineering Polymers (BEPL) lost 5.2% after the company reported a 55.2% fall in consolidated net profit to Rs 73.27 crore on a 5.9% decline in net sales to Rs 445.67 crore in Q4 Fy22 over Q4 FY21. Profit before tax fell 52.9% year on year to Rs 103.16 crore in Q4 FY22 over Q4 FY21. Profitability was dented after the company reported a 35.7% jump in total expenses to Rs 344.64 crore in Q4 FY22 over Q4 FY21.
Cummins India fell 5.23% to Rs 1006.05 after the government amended rules mandating power distribution companies to supply 24x7 electricity in metros and large cities to dissuade diesel generation in five years. The Union Ministry of Power issued a gazette notification to amend the Electricity (Rights of Consumers) Rules, 2020. "In view of the increasing pollution level particularly in the metros and the cities with a population 1,00,000 and above, the distribution licensee shall ensure 24x7 uninterrupted power supply to all the consumers, so that there is no requirement of running the diesel generator sets," the notification said
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