The key domestic indices witnessed significant losses in afternoon trade, as investors booked profits despite supportive global cues. Market participants turned cautious ahead of the ongoing Q4 earnings season, which is expected to steer sentiment in the coming days. The Nifty slipped below the 24,750 mark after hitting day’s high of 25,010 in early trade.
Media shares witnessing selling pressure for second consecutive trading session.
At 14:26 IST, the barometer index, the S&P BSE Sensex, tumbled 779.91 points or 0.95% to 81,279.51. The Nifty 50 index fell 241.10 points or 0.97% to 24,706.25.
In the broader market, the S&P BSE Mid-Cap index fell 1.48% and the S&P BSE Small-Cap index shed 0.95%.
The market breadth was weak. On the BSE, 1,329 shares rose and 2,586 shares fell. A total of 146 shares were unchanged.
Buzzing index:
The Nifty Media index declined 1.21% to 1,651.45. The index fell 1.78% in the two consecutive trading sessions.
PVR Inox (down 3.04%), Zee Entertainment Enterprises (down 1.75%), Network 18 Media & Investments (down 0.95%), Hathway Cable & Datacom (down 0.72%) and D B Corp (down 0.02%) declined.
Numbers to Track:
The yield on India's 10-year benchmark federal paper shed 0.14% to 6.222.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.5150, compared with its close of 85.4200 during the previous trading session.
MCX Gold futures for 5 June 2025 settlement added 0.14% to Rs 92,427.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.14% to 100.23.
The United States 10-year bond yield shed 0.78% to 4.440.
In the commodities market, Brent crude for July 2025 settlement shed 14 cents or 0.21% to $65.40 a barrel.
Stocks in Spotlight:
Lloyds Engineering Works declined 1.95%. The company said that it has acquired a 76% stake in Metalfab Hightech for a consideration of Rs 28.41 crore, thereby strengthening its footprint in the high-growth heavy fabrication and equipment manufacturing.
Eris Lifesciences added 1% after the company’s consolidated net profit jumped 32.1% to Rs 93.84 crore on 28.4% increase in revenue from operations to Rs 702.60 crore in Q4 FY25 over Q4 FY24.