At 11:27 IST, the barometer index, the S&P BSE Sensex, was down 43.3 points or 0.07% at 60,092.16. The Nifty 50 index fell 12.8 points or 0.07% to 17,933.25.
The broader market traded with small gains. The S&P BSE Mid-Cap index rose 0.21% while the S&P BSE Small-Cap index gained 0.17%.
The market breadth was almost even. On the BSE, 1578 shares rose and 1585 shares fell. A total of 138 shares were unchanged.
Buzzing Index:
The Nifty IT index slipped 1.36% to 34,700.95, falling for second trading session. The IT index lost 4.68% in two days.
HCL Tech (down 4.35%), Tech Mahindra (down 2.06%), Coforge (down 2%), L&T Infotech (down 1.52%), Infosys (down 0.93%) and L&T Technology Services (down 0.93%) were top losers in IT space.
Earnings Impact:
Delta Corp jumped 8.5% after the company reported net loss of Rs 22.57 crore in Q2 FY22, lower than net loss of Rs 54.91 crore in Q2 FY21. Net sales surged 94.74% to Rs 74.72 crore in Q2 FY22 over Q2 FY21. On a sequential basis, net sales declined 1.52% in Q2 FY22 from Q1 FY22. The income from casino gaming division fell to Rs 40.05 crore in Q2 FY22 as against Rs 41.43 crore in Q1 FY22. The revenue from hospitality division rose 27.60% to Rs 12.53 crore from Rs 9.82 crore in the previous quarter.
HFCL was down 0.19%. The company reported 61.18% jump in consolidated net profit to Rs 85.94 crore on a 6.42% rise in revenue from operations to Rs 1122.05 crore in Q2 FY22 over Q2 FY21. As compared with Q1 FY22, the company's net profit and revenue, however, are lower by 5.23% and 7.03%, respectively. EBIDTA increased by 25.99% to Rs 173.20 crore in Q2 FY22 from Rs 137.47 crore in Q2 FY21. EBIDTA margin was at 15.44% as on 30 September 2022 as against 13.04% as on 30 September 2021.
Global Markets:
Asian markets were trading lower on Tuesday on concerns about elevated inflation stoked by energy costs and the possibility of a widening Chinese crackdown on private industry.
Investors will monitor developments for cues. There is Bank of Korea policy decision and briefing on Tuesday and also Atlanta Fed president Raphael Bostic speaking on inflation.
US stocks ended a choppy session lower on Monday as investors grew nervous ahead of third-quarter earnings reporting season.
Meanwhile, Goldman on Monday cut its U.S. economic growth forecast. The firm lowered its 2022 growth estimate to 4% from 4.4% and took its 2021 estimate down a tick to 5.6% from 5.7%. The firm cited the expiration of fiscal support from Congress and a slower-than-expected recovery in consumer spending, specifically services.
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