The key equity indices traded with significant losses in mid-afternoon trade. The Nifty traded below the 22,300 level after hitting the day's high of 22,499.05 in early trade. Pharma shares witnessed profit booking after advancing in the past three consecutive trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex slipped 513.6 points or 0.70% to 73,381.94. The Nifty 50 lost 172.15 points or 0.77% to 22,270.55.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index dropped 2.02% and the S&P BSE Small-Cap index fell 1.69%.

The market breadth was weak. On the BSE, 971 shares rose and 2,805 shares fell. A total of 118 shares were unchanged.

Politics:

On 7 May 2024, the Lok Sabha elections will enter their third phase with voting in 96 parliamentary constituencies across 12 states such as Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Uttar Pradesh, and West Bengal. The BJP is seeking a third consecutive term, facing opposition from a coalition named the Indian National Developmental Inclusive Alliance (INDIA), which includes the Congress party. This round is part of a seven-phase election process running from April 19 to June 1, with the final election results scheduled to be revealed on June 4.

Buzzing Index:

The Nifty Pharma index slipped 2.12% to 18,796.40. The index rallied 1.30% in past three consecutive trading sessions.

Lupin (down 5.46%), Aurobindo Pharma (down 4.36%), Zydus Lifesciences (down 3.44%), Ipca Laboratories (down 3.2%), J B Chemicals & Pharmaceuticals (down 3.11%), Torrent Pharmaceuticals (down 3.1%), Mankind Pharma (down 2.97%), Cipla (down 2.63%), Glenmark Pharmaceuticals (down 2.6%) and Granules India (down 2.56%) declined.

Lupin slipped 5.46%. The pharma major’s consolidated net profit surged 52.33% to Rs 359.43 crore in the quarter ended March 2024 as against Rs 235.96 crore during the previous quarter ended March 2023. Sales jumped by 13.04% to Rs 4,895.11 crore in the quarter ended March 2024 as against Rs 4330.30 crore during the previous quarter ended March 2023.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.17% to 7.120 as compared with previous close 7.108.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.5050, compared with its close of 83.5200 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement lost 0.29% to Rs 71,165.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.14% to 105.20.

The United States 10-year bond yield fell 0.62% to 4.459.

In the commodities market, Brent crude for July 2024 settlement gained 31 cents or 0.37% to $ 83.64 a barrel.

Stocks in Spotlight:

Route Mobile dropped 4.98% after the company’s consolidated net profit fell 13.3% to Rs 88.10 crore in Q4 FY24 as compared with Rs 105.74 crore posted in Q3 FY24. Revenue from operations increased 0.83% YoY to Rs 1017.03 crore in Q4 FY24.

Gujarat Fluorochemicals slipped 5.20% after the company’s consolidated net profit tumbled 69.58% to Rs 100.97 crore in Q4 FY24 as against Rs 331.88 crore recorded in Q4 FY23. Revenue from operations fell 23% year on year (YoY) to Rs 1,133.03 crore in quarter ended 31 March 2023.