Barometers pare some losses; auto stocks edge lower

6 May 2022 , 02:28 PM

The key equity indices managed to pare some losses and came off the days low in mid-afternoon trade. The Nifty traded tad below the 16,450 level. Auto shares witnessed sharp sell-off. At 14:25 IST, the barometer index, S&P BSE Sensex tumbled 740.98 points or 1.33% to 54,961.25. The Nifty 50 index lost 233.70 points or 1.40% to 16,448.95. Investor sentiment were dented on concerns that the US Federal Reserves 50 basis points rate hike would not be enough to control the multi-year high inflation. In broader market, the S&P BSE Mid-Cap index fell 1.82% while the S&P BSE Small-Cap index lost 1.92%. Sellers outnumbered buyers. On the BSE, 685 shares rose while 2,598 shares fell. A total of 111 shares were unchanged. Numbers to Watch: In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 76.79, compared with its close of 76.35 during the previous trading session. MCX Gold futures for 3 June 2022 settlement rose 0.26% to Rs 51,030. The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, was down 0.33% to 103.44. In the commodities market, Brent crude for June 2022 settlement advanced $1.75 or 1.58% to $112.65 a barrel. Buzzing Segment: The Nifty Auto index fell 1.42% to 10,553.30. The index had advanced _ % to end at 10,705.70 yesterday. Tata Motors (down 3.80%), Ashok Leyland (down 2.99%), Bharat Forge (down 2.65%), Eicher Motors (down 2.64%), Maruti Suzuki (down 1.30%) and Bajaj Auto (down 0.62%) declined while Hero MotoCorp advanced 2.89%. Stocks in Spotlight: Adani Transmission added 0.31% to Rs 2810.90. The company reported 7.6% fall in consolidated net profit to Rs 237 crore on a 13.5% increase in revenue to Rs 2,582 crore in Q4 FY22 over Q4 FY21. Canara Bank shed 0.38% to Rs 223.80. The bank reported a 64.8% jump in standalone net profit to Rs 1,666.22 crore in Q4 FY22 from Rs 1,010.87 crore posted in Q4 FY21. The banks total income stood rose 6.1% to Rs 22,323.11 crore in Q4 FY22 from Rs 21,040.63 crore posted in Q4 FY21. Fertilizers & Chemicals Travancore (FACT) jumped 4.09% to Rs 126.05. The companys consolidated net profit rose 57.46% to Rs 233.44 crore on 106.12% jump in net sales to Rs 1692.55 crore in Q4 March 2022 over Q4 March 2021. Computer Age Management Services (CAMS) slipped 1.34% to Rs 2388.40. CAMS reported a 22.8% rise in consolidated net profit to Rs 73.84 crore on a 21.7% increase in net sales to Rs 243.18 crore in Q4 FY22 over Q4 FY21. Powered by Capital Market – Live News