Broader market bleeds; breadth weak

Benchmark indices traded near the day's low with modest losses in morning trade. The Nifty hovered around above the crucial 18,000 mark. Banks and financial stocks bucked the broader selling pressure.

At 10:21 IST, the barometer index, the S&P BSE Sensex, fell 160.75 points or 0.26% to 60,660.58. The Nifty 50 index declined 83.8 points or 0.46% to 18,031.10.

The broader market witnessed heavy selling. The S&P BSE Mid-Cap index lost 2.34% while the S&P BSE Small-Cap index slumped 2.52%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 693 shares rose and 2320 shares fell. A total of 154 shares were unchanged.

Results Today:

Tech Mahindra (down 0.45%), HDFC AMC (down 1.6%), Colgate-Palmolive (India) (down 1.78%), Kansai Nerolac Paints (down 2.58%), CEAT (down 1.49%), CSB Bank (up 2.94%), SRF (down 1.69%), Home First Finance Company India (down 3.51%), ICRA (down 2.59%), Newgen Software Technologies (down 3.65%) and The Ramco Cements (down 3.48%) will announce their quarterly results today.

Aditya Birla Sun Life AMC will announce its first quarterly result after listing on bourses on 11 October 2021.

Buzzing Index:

The Nifty Metal index slipped 1.87% to 5,583.85, falling for fifth consecutive trading session. The metal index has lost 10.7% in five days.

APL Apollo Tubes (down 5.34%), Vedanta (down 2.38%), Hindalco Industries (down 2.02%), NMDC (down 1.96%) and JSW Steel (down 1.84%) were the top losers. Among the other losers were Coal India (down 1.84%), Tata Steel (down 1.77%), Steel Authority of India (down 1.63%), Jindal Steel & Power (down 1.6%) and Hindustan Zinc (down 1.12%).

Stocks in Spotlight:

Multi Commodity Exchange of India (MCX) tumbled 4% to Rs 1726.35 after the exchange reported 44% fall in consolidated net profit to Rs 32.66 crore in Q2 FY22 from Rs 58.55 crore in Q2 FY21. Revenue from operations declined by 30% YoY to Rs 83.19 crore during the quarter. EBITDA fell by 40% to Rs 49.88 crore in Q2 FY22 from Rs 83.52 crore in Q2 F2Y21. For the quarter ended 30 September 2021, the EBITDA margin was 50%.

Apollo Tyres fell 1.18%. The company announced the launch of the premium European brand, Vredestein in India. Vredestein brand of tyres will be manufactured in India, and will cater to the premium and luxury segment in passenger cars. The two-wheeler tyres from the brand would cater to the growing superbiking segment in India, Apollo Tyres said in a press release.

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