Shares trade with limited losses; market breadth remains strong

The domestic equity benchmarks continued to trade with limited losses in mid-afternoon trade. At 14:25 IST, the S&P BSE Sensex was down 229.09 points or 0.39% to 59,218.09. The Nifty 50 index fell 40.70 points or 0.23% to 17,743.65.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.65% while the S&P BSE Small-Cap index rose 0.63%.

The market breadth was strong. On the BSE, shares 2,169 rose and 1,352 shares fell. A total of 129 shares were unchanged.

Buzzing Index:

Capital Goods stocks were trading in red, with the S&P BSE Capital Goods index declining 0.65% to 28655.83.

Among the index components, Larsen & Toubro (down 1.87%), Honeywell Automation India (down 1.16%), Finolex Cables (down 1.1%), Siemens (down 0.96%) and Carborundum Universal (down 0.66%), were the top losers.

Further, SKF India (down 0.51%), Bharat Forge (down 0.46%), Sona BLW Precision Forgings (down 0.4%), and ABB India (down 0.22%) edged lower.

On the other hand, Hindustan Aeronautics (up 3.84%), Lakshmi Machine Works (up 3.49%), and AIA Engineering (up 3.14%) managed to outperform.

Stocks in Spotlight:

Lasa Supergenerics surged 16.91% to Rs 63.25 after the company's net profit surged to Rs 12.28 crore in Q4 FY22 from Rs 3.79 crore in Q4 FY21. Revenue from operations increased by 31% YoY to Rs 51.21 crore during the quarter.

IDBI Bank shed 0.42% at Rs 47.30. The Reserve Bank of India (RBI) on Friday, 8 April 2022 imposed an aggregate penalty of Rs 90 lakh on IDBI Bank for non compliance with certain regulatory provisions.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 7.141% from its previous close of 7.119%.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 75.9400, compared with its close of 75.9350 during the previous trading session.

MCX Gold futures for 3 June 2022 settlement gained 0.80% to Rs 52,490.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.03% to 99.82.

In the commodities market, Brent crude for May 2022 settlement rose $2.31 or 2.25% at $100.47 a barrel.

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