Sensex tumbles 1350 pts; Nifty at 15,822

The equity indices extended losses and hit the day's low in the mid-afternoon trade. Weak global cues dented investors' sentiment. All the sectoral indices on the NSE were in the red with IT, metal and media index losing the most. Trading was volatile due to expiry of weekly index options on the NSE.

At 14:27 IST, the barometer index, the S&P BSE Sensex, tumbled 1,350.12 points or 2.49% at 52,858.41. The Nifty 50 index slumped 418.05 points or 2.59% at 15,822.25.

In the broader market, the S&P BSE Mid-Cap index lost 2.81% while the S&P BSE Small-Cap index slipped 2.37%.

The market breadth was weak. On the BSE, 731 shares rose and 2,557 shares fell. A total of 107 shares were unchanged.

In the US, Dow Jones index futures was down 414 points, indicating a weak opening in the US stocks today. Shares in Europe and Asia also tumbled. Rising inflation, the conflict in Ukraine, prolonged supply chain snarls, pandemic-related lockdowns in China and prospects of aggressive policy tightening by central banks have weighed on the markets recently.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 7.340% as compared with 7.355% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 77.7025, compared with its close of 77.62 during the previous trading session.

MCX Gold futures for (3 June 2022) settlement fell 0.15% to Rs 50,143.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.28% to 103.52.

In the commodities market, Brent crude for (June 2022) settlement rose 6 cents or 0.05% at $ 109.17 a barrel.

Buzzing Index:

The Nifty Media index fell 4.15% to 1,923.70 extending its losing streak to the second day. The index lost 4.34% in two trading sessions.

Among the components of the Nifty Media index, Zee Entertainment Enterprises Ltd (down 5.24%), TV18 Broadcast Ltd (down 4.03%), Sun TV Network Ltd (down 3.71%), Nazara Technologies Ltd (down 3.27%) and Inox Leisure Ltd (down 3.23%) declined.

Earnings Impact:

Shyam Metalics and Energy fell 3.85% to Rs 328.85. The company reported 12% rise in consolidated net profit to Rs 433.2 crore on a 22% jump in net sales to Rs 2,856.8 in Q4 FY22 over Q4 FY21. Profit before tax rose 5.8% year on year to Rs 581 crore in Q4 FY22 over Q4 FY21. EBITDA improved by 6% to Rs 663.1 crore in Q4 FY22 from Rs 626.8 crore in Q4 FY21. Meanwhile, EBITDA margin declined to 23.2% in Q4 FY22 from 26.7% in Q4 FY21 and Blended EBITDA per tonne fell 17% to Rs 15,179 in Q4 FY22.

Ucal Fuel Systems surged 13.32% to Rs 131 after the company's consolidated net profit surged 276.04% to Rs 12.71 crore on 13.01% decline in net sales to Rs 170.76 crore in Q4 March 2022 over Q4 March 2021. On a consolidated basis, profit before tax (PBT) surged 213.64% year-on-year (YoY) to Rs 12.42 crore in Q4 March 2022. During the quarter, total expenses fell 7.33% to Rs 185.68 crore.

Barbeque-Nation Hospitality fell 2.13% to Rs 975.05 after the company reported a consolidated net loss of Rs 6 lakh in Q4 FY22 compared with net profit of Rs 6.19 crore in Q4 FY21. Net sales rose 10.9% to Rs 251.02 crore in Q4 FY22 as against Rs 226.35 crore in Q4 FY21. Profit before tax stood at Rs 23 lakh in the fourth quarter, down by 97.2% from Rs 8.32 crore in the same period last year.

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