Indices trim some losses

Indices trimmed some losses but continued to trade in the negative zone in mid afternoon trade. All the sectoral indices on the NSE were in red. The Nifty hovered at the 17,050 level.

At 14:32 IST, the barometer index, S&P BSE Sensex dropped 486.17 points or 0.85% at 56,870.15. The Nifty 50 index fell 149.5 points or 0.87% at 17,051.30.

In broader market, the S&P BSE Mid-Cap index lost 0.78% while the S&P BSE Small-Cap index declined 0.75%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 1021 shares rose while 2,312 shares fell. A total of 109 shares were unchanged.

LIC IPO Update:

The initial public offering of Life Insurance Corporation of India (LIC) will open on 4 May 2022 and will close on 9 May 2022. The price band has been set at Rs 902 to Rs 949, with a discount of Rs 60 for LIC policyholders. For retail investors and eligible employees, the discount will be of Rs 45 a share.

Broader Market Losers:

PB Fintech (down 5.33%), Navin Fluorine (down 3.99%), Trent (down 3.79%), AU Small Finance Bank (down 3.66%) and Hindustan Petroleum Corporation (down 3.52%) were top losers in Mid Cap space.

UTI Asset Management Company (down 7.62%), Brightcom Group (down 5%), Suzlon Energy (down 4.21%), EID Parry (down 3.97%) and Sunteck Realty (down 3.9%) were top losers in Small Cap space.

Stocks in Spotlight:

Dilip Buildcon rose 3.61% to Rs 275.30 after the company was declared as the lowest (L-1) bidder for a tender floated by the National Highways Authority of India for a Jharkhand-based road project. The project involves four laning of the Mehgama-Hansdiha section of NH-133 in the State of Jharkhand on hybrid annuity basis. The company's bid project cost is Rs 976 crore. The project is to be completed within a period of 24 months. The operation period is 15 years from the commercial operation date (CoD).

TVS Motor Company rose 0.59%. The two wheeler maker signed a Memorandum of Understanding (MoU) with Rapido to strengthen its commitment to hyperlocal mobility. As part of the MoU, TVS Motor and Rapido will collaborate by leveraging synergies of their respective businesses in the fast-moving mobility market in India.

Numbers to Track:

The yield on the 10-year benchmark federal paper rose to 7.058% from its previous close of 7.053%.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 76.6225, compared with its close of 76.56 during the previous trading session.

MCX Gold futures for 3 June 2022 settlement gained 0.28% to Rs 51,537.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.32% to 102.65.

In the commodities market, Brent crude for June 2022 settlement rose 48 cents or 0.46% at $105.09 a barrel.

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