Nifty above 15,850 level; PSU bank stocks down for the ninth day

The equity benchmarks traded sideways with major losses in the early afternoon trade. The Nifty traded above 15,850 level. All sectoral indices on the NSE were trading in the red with metal, banking and financial stocks falling the most.

At 12:20 IST, the barometer index, S&P BSE Sensex slumped 952.23 points or 1.76% to 53,136.16. The Nifty 50 index was down 304.85 points or 1.89% to 15,862.25.

Selling pressure was broad based. The S&P BSE Mid-Cap index slipped 2.09% while the S&P BSE Small-Cap index fell 1.62%.

The market breadth was weak. On the BSE, 658 shares rose while 2,562 shares fell. A total of 89shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 9.97% to 25.0775. The Nifty 26 May 2022 futures were trading at 16,129.75 at a discount of 13.4 points as compared with the spot at 15,862.25.

The Nifty option chain for the 26 May 2022 expiry showed maximum Call OI of 33.5 lakh contracts at the 17,000 strike price. Maximum Put OI of 47.2 lakh contracts was seen at 16,000 strike price.

Broader Market Losers:

PB Fintech (down 5.6%), Shriram Transport Finance (down 5.58%), Dixon Technologies (down 5.52%), IDFC First Bank (down 5.31%) and Jindal Steel & Power (down 5.08%) were top losers in Mid Cap space.

Poonawalla fincorp (down 7.08%), Sapphire Foods India (down 6.6%), Fine Organics (down 5.96%), VIP Industries (down 5.51%) and Rain Industries (down 5.46%) were top losers in Small Cap space.

Earnings Impact:

Lakshmi Machine Works rose 0.28% in a weak market after the company reported a 217% jump in consolidated net profit to Rs 82.73 crore in Q4 FY22 from Rs 26.05 crore posted in Q4 FY21. Consolidated net sales grew by 46% to Rs 998.50 crore in Q4 FY22 from Rs 683.70 crore posted in the same quarter last year. Profit before tax surged 116.7% to Rs 90.1 crore in Q4 FY22 from Rs 41.58 crore posted in Q4 FY21.

Petronet LNG fell 2.20% to Rs 208.50. The company reported 20.3% rise in standalone net profit to Rs 750.14 crore on a 47.3% increase in net sales to Rs 11,160.37 crore in Q4 FY22 over Q4 FY21. Profit before tax in Q4 FY22 stood at Rs 984.38 crore, up by 15% from Rs 856.12 crore in Q4 FY21.

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