The domestic equity benchmarks reversed early losses and hit fresh intraday low in mid morning trade. The Nifty slipped below the 16,250 mark. Metal stocks bounced after correcting in the past two sessions.
At 10:20 IST, the barometer index, the S&P BSE Sensex, was down 117.7 points or 0.22% to 54,436.96. The Nifty 50 index lost 47.25 points or 0.29% to 16,232.85.
In the broader market, the S&P BSE Mid-Cap index fell 1.60% while the S&P BSE Small-Cap index slipped 2.64%.
The market breadth was negative. On the BSE, 402 shares rose and 2518 shares fell. A total of 88 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 203,980,078 with 4,314,007 global deaths.
India reported 386,351 active cases of COVID-19 infection and 429,179 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty Metal index rose 1.01% to 5,629.35. The index declined 4.59% in the past two sessions.
Jindal Steel & Power (up 1.95%), JSW Steel (up 1.82%), Vedanta (up 1.80%), Hindalco Industries (up 1.63%), Tata Steel (up 1.03%), SAIL (up 0.63%) and National Aluminum Co. (up 0.45%) advanced.
APL Apollo Tubes (down 3.11%), MOIL (down 2.56%), Adani Enterprises (down 1.94%), Welspun Corp (down 1.13%), Ratnamani Metals Tubes (down 0.77%) and Coal India (down 0.28%) declined.
Results Today:
Bata India (down 1.71%), Pidilite Industries (down 1.28%), Cadila Healthcare (down 1.58%), Bajaj Electricals (up 1.87%), Cummins India (down 1.83%), Endurance Technologies (down 3%), HEG (down 1.51%), The New India Assurance Company (down 1.62%), GE Power India (down 1.96%), PNC Infratech (down 5.76%), Greaves Cotton (down 5.16%), Ambika Cotton Mills, GIC Housing Finance (down 2.22%), Hindustan Foods (down 3.34%), JBM Auto (down 3.95%), Lemon Tree Hotels (down 3.65%), Likhitha Infrastructure (down 3.16%), VIP Industries (up 0.04%), Novartis India (down 2.99%), Safari Industries (India) (down 0.14%) and VA Tech Wabag (down 3.27%) will announce their quarterly earnings today.
Earnings Impact:
Power Grid Corporation of India rose 2.09% to Rs 176.15. The company reported a sharp spurt in consolidated net profit to Rs 5,998 crore in Q1 FY22 as compared to Rs 2,048 crore in Q1 FY21. Consolidated net sales grew 8% to Rs 10,216 crore in Q1 FY22 from Rs 9,457 crore registered in Q1 FY21.
Godrej Agrovet slumped 6.37% to Rs 635.40. On a consolidated basis, Godrej Agrovet's net profit rose 4.13% to Rs 104.75 crore on 28.22% jump in total revenue from operations to Rs 1,992.78 crore in Q1 June 2021 over Q1 June 2020.
Zomato jumped 4.56% to Rs 130.65. The food delivery firm posted a consolidated net loss of Rs 356.2 crore in Q1 FY22, higher than the net loss of Rs 99.8 crore in Q1 FY21. The company's net sales jumped 217% year on year to Rs 844 crore in Q1 FY22 over Q1 FY21. Zomato posted a pre-tax loss of Rs 359 crore in Q1 FY22, higher than pre-tax loss of Rs 99.8 crore in Q1 FY21. Hyperpure losses expanded in Q1 FY22 due to investments in growth, the company said.
"Adjusted revenue grew by 26% quarter-over-quarter (QoQ) to Rs 1160 crore; year-over-year (YoY) growth is irrelevant (and unnaturally high) here since Q1FY21 was severely impacted by the first wave oflockdowns in 2020," Zomato said in a release.
"Revenue growth was largely on the back of growth in our core food delivery business which continued to grow despite the severe COVID wave starting April. On the other hand, COVID significantly impacted the dining-out business in Q1 FY22 reversing most of the gains the industry made in Q4 FY21," it added.
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