Nifty hovers near 17,800 mark

The main equity indices extended losses and hit fresh intraday low in mid afternoon trade. The Nifty took a support at 17,800 mark.

At 14:29 IST, the barometer index, the S&P BSE Sensex, skid 580.88 points or 0.96% at 59,771.67. The Nifty 50 index lost 182.55 points or 1.01% at 17,834.15.

Selling was wide spread. The S&P BSE Mid-Cap index fell 0.99% while the S&P BSE Small-Cap index slipped 0.69%.

Sellers outnumbered buyers. On the BSE, 1,337 shares rose and 1,913 shares fell. A total of 152 shares were unchanged.

Buzzing Index:

The Nifty Auto index declined 1.45% to 11,657.05, snapping its four day winning streak. The auto index saw profit booking after rising 3.75% in four days.

Balkrishna Industries (down 4.95%), Escorts (down 4.68%), Bosch (down 3.02%), Ashok Leyland (down 2.56%) and Motherson Sumi Systems (down 1.92%) were the top losers. Among the other losers were Eicher Motors (down 1.72%), Tata Motors (down 1.64%), MRF (down 1.38%), TVS Motor Company (down 1.21%) and Cummins India (down 1.15%).

Stocks in Spotlight:

Dhampur Sugar Mills fell 5.61% to Rs 309.40 after the company's consolidated net profit declined 6.78% to Rs 26.25 crore on 18.12% decrease in net sales to Rs 762.55 crore in Q2 FY22 over Q2 FY21 On a consolidated basis, profit before tax fell 5.29% Rs 35.11 crore in Q2 FY22 over Q2 FY21. During the quarter, raw material cost increased 74% YoY to Rs 61.48 crore. The board approved expansion of distillery capacity by 150 KLPD (incl. 50 KLPD from Grain) at Dhampur unit in Uttar Pradesh from 250 KLPD to 400 KLPD. The board also approved installation of country liquor plant at Asmoli unit in Uttar Pradesh.

TVS Srichakra fell 1.25% to Rs 2359.90 after the company reported 36.5% fall in consolidated net profit to Rs 25.31 crore on a 24.5% rise in revenue from operations to Rs 687.51 crore in Q2 FY22 over Q2 FY21. Total expenses during the quarter increased by 31% YoY to Rs 654.23 crore, due to higher raw material costs (up 44.5% YoY) and higher other expenses (up 97.1% YoY). Profit before tax in Q2 FY22 stood at Rs 33.99 crore, down by 36.6% from Rs 53.62 crore in Q2 FY21.

Numbers to Track:

MCX Gold futures for 3 December 2021 settlement rose 0.87% to 49,280.

The yield on India's 10-year benchmark federal paper rose to 6.369% from its previous close of 6.336%.

In the commodities market, Brent crude for January 2022 settlement rose 24 cents or 0.29% to $82.88 a barrel.

In the foreign exchange market, the partially convertible rupee fell to 74.53 from its previous closing of 74.34.

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