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The key equity indices tumbled further and hit fresh intraday low in mid-morning trade. The Nifty was trading below the 17,150 mark. Realty stocks declined for the fourth consecutive session.
The barometer index, the S&P BSE Sensex, was down 335.53 points or 0.58% to 57,285.66. The Nifty 50 index lost 96.55 points or 0.56% to 17,117.05.
In the broader market, the S&P BSE Mid-Cap index slipped 0.90% while the S&P BSE Small-Cap index declined 1.69%.
The market breadth was weak. On the BSE, 734 shares rose and 2,433 shares fell. A total of 106 shares were unchanged.
Primary Market:
The initial public offer (IPO) of Vedant Fashions (Manyavar) received bids for 54,88,926 shares as against 2,54,55,388 shares on offer, according to stock exchange data at 11:12 IST on Tuesday (8 February 2022). The issue was subscribed 22%.
The issue opened for bidding on 4 January 2022 and it will close on 8 February 2022. The price band of the IPO is fixed at Rs 824-866. An investor can bid for a minimum of 17 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Realty fell 1.80% to 459.75, extending decline for fourth day in a row. The index has declined 7.21% in four sessions.
Indiabulls Real Estate (down 4.99%), Macrotech Developers (down 3.35%), DLF (down 2.11%), Godrej Properties (down 1.83%), Sunteck Realty (down 1.72%) and Oberoi Realty (down 1.18%) declined.
Stocks in Spotlight:
Chemcon Speciality Chemicals declined 6.09% to Rs 340. The chemical maker posted a 18.1% fall in net profit to Rs 13.49 crore in Q3 FY22 from Rs 16.48 crore registered in Q3 FY21. Net sales fell 23.6% YoY to Rs 49.54 crore in Q3 FY22.
Jindal Stainless fell 2.87% to Rs 211.30. The company's consolidated net profit surged 159.6% to Rs 441.78 crore on a 58.2% surge in net sales to Rs 5,670.02 crore in Q3 December 2021 over Q3 December 2020.
The Phoenix Mills shed 0.45% to Rs 968.10. The company reported a 45% jump in consolidated net profit to Rs 98.9 crore on a 29.5% rise in net sales to Rs 425 crore in Q3 FY22 over Q3 FY21.
Global Markets:
Most Asian stocks were trading higher on Tuesday. Investors in the region continue to assess the inflation and central bank policy outlook.
Wall Street ended lower on Monday as traders weighed the latest quarterly earnings reports and awaited key U.S. inflation data. Corporate earnings were again a source of volatility for stocks on Monday.
Big inflation news is on the horizon, with the Labor Department on Thursday set to release consumer price index data for January.
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