The headline equity indices traded with steep losses in the early afternoon trade. The Nifty traded a tad below the 16,600 mark. Metal shares extended gains for the sixth consecutive session.
At 12:27 IST, the barometer index, the S&P BSE Sensex, was down 401.29 points or 0.72% to 55,609.60. The Nifty 50 index lost 121.75 points or 0.73% to 16,597.70.
In the broader market, the S&P BSE Mid-Cap index fell 0.24% while the S&P BSE Small-Cap index declined 0.17%.
The market breadth was negative. On the BSE, 1,335 shares rose and 1,958 shares fell. A total of 181 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 6.72% to 17.70. The Nifty 28 July 2022 futures were trading at 16,595.15, at a discount of 2.55 points compared with the spot at 16,597.70.
The Nifty option chain for the 28 July 2022 expiry showed maximum Call OI of 91.4 lakh contracts at the 17,000 strike price. Maximum Put OI of 70 lakh contracts was seen at 16,500 strike price.
Buzzing Index:
The Nifty Metal index rose 1.10% to 5,150.05, extending its winning streak to sixth session. The index added 6.61% in six trading sessions.
Tata Steel (up 2.4%), APL Apollo Tubes (up 1.78%), Adani Enterprises (up 1.57%), Jindal Steel & Power (up 1.35%), NMDC (up 1.11%), Hindalco Industries (up 1.01%), Steel Authority of India (up 0.6%), National Aluminium Company (up 0.33%), JSW Steel (up 0.3%) and Hindustan Copper (up 0.16%), edged higher.
On the other hand, Jindal Stainless (down 2.58%), Hindustan Zinc (down 1.21%) and Vedanta (down 0.7%) declined.
JSW Steel rose 0.3%. The company's consolidated net profit slumped 85.81% to Rs 838 crore in Q1 FY23 as against Rs 5,904 crore recorded in Q1 FY22. Revenue from operations surged 31.78% to Rs 38,086 crore in Q1 FY23 compared with Rs 28,902 crore in the same quarter last year. Crude Steel Production was at 5.77 million tones in Q1 FY23. Saleable Steel sales for the quarter stood at 4.49 million tonnes, lower by 25% QoQ, impacted by sharp reduction in exports due to levy of export duty and fall in apparent consumption due to destocking at the user level.
Earnings Impact:
Navin Fluorine International surged 9.24% after the company's consolidated net profit surged 33.2% to Rs 74.45 crore on 21.7% rise in net sales to Rs 397.52 crore in Q1 FY23 over Q1 FY22.
Finolex Industries slipped 5.11% after the company's standalone net profit tumbled 31.8% to Rs 100.09 crore in Q1 FY23 as against Rs 146.80 crore recorded in Q1 FY22. Total income from operations surged 23.2% to Rs 1,189.81 crore in a quarter ended 30 June 2022 from Rs 965.72 crore reported in same period last year.
Jyothy Labs rose 2.59% after the company reported 18.7% rise in consolidated net profit to Rs 47.7 crore on a 13.7% increase in revenue from operations to Rs 597 crore in Q1 FY23 over Q1 FY22.
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