Top-tier stock indexes extended losses and were at session lows in midday trading, each down 1.4 percent. The BSE Sensex fell 814 points to 57,830, while the NSE Nifty lost 250 points to 17,266.
On Sensex, L&T is now the biggest loser, down 2.6%, followed by HDFC Bank, Bajaj Twins, Dr Reddy’s and Infosys. SBI, Tata Steel PowerGrid, NTPC, Tech M and Reliance were the only six gainers on the Sensex index. Meanwhile, only 10 stocks in the Nifty50 index are in the green.
In the broader market, the BSE midcap and small cap indexes lost 0.9% and 0.6%, respectively.
In the primary market, the pace of Vedant Fashions’ IPO remains sluggish, with 17% subscribed so far as of the 2nd, while the retail segment is 27% subscribed.
Among stocks, Lupin fell 6% to Rs 816.25, down 9% in the past two sessions, as the drugmaker reported lower-than-expected margins and net profit in the third quarter of FY12 (Q3FY22) due to One-time costs associated with residues Provision for metformin returns and oseltamivir legacy returns.
Against the backdrop of the recently announced results for the quarter ended December 2021 (Q3-FY22), foreign brokerages remain divided on the outlook for Paytm’s stock and the company’s performance.
Asian shares were mixed on Monday, with mainland Chinese markets gaining after reopening after the Lunar New Year holiday last week. In midday trade, the Shanghai Composite was up 2.06%, while the Shenzhen Composite was up 1%.
On the other hand, Hong Kong’s Hang Seng lost 0.33%. In Japan, the Nikkei 225 lost 0.76% and the Topix lost 0.27%. The KOSPI also fell 0.43%.
Complete News Source : Business Standard
