The domestic equity benchmarks reversed early gains and slipping into the negative terrain in morning trade. The Nifty regained the 15,600 mark after briefly slipping below that level. Selling was broad based with PSU banks declining the most.

At 10:23 IST, the barometer index, the S&P BSE Sensex, was down 227.19 points or 0.43% to 52,096.14. The Nifty 50 index lost 82.25 points or 0.52% to 15,609.15.

In the broader market, the S&P BSE Mid-Cap index fell 1.33% while the S&P BSE Small-Cap index declined 1.07%.

The market breadth was weak. On the BSE, 870 shares rose and 1975 shares fell. A total of 129 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 177,372,117 with 3,840,704 global deaths.

India reported 798,656 active cases of COVID-19 infection and 383,490 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty PSU Bank index fell 1.50% to 2,385.85, extending decline for fourth day. The index has added 4.13% in four sessions.

SBI (down 2.20%), Canara Bank (down 2.02%), Bank Of Baroda (down 1.77%), Union Bank of India (down 1.57%), Bank of India (down 1.30%), UCO Bank (down 1.08%), Indian Bank (down 1.07%) and Punjab National Bank (down 0.97%) declined.

Earnings Impact:

Power Grid Corporation of India shed 1.63% to Rs 235.80. On a consolidated basis, the company's net profit rose 6.42% to Rs 3,526.23 crore on 3.57% increase in revenue from operations to Rs 10,510.23 crore in Q4 March 2021 over Q4 March 2020.

The board has recommended a final dividend of Rs 3 per share for the FY 2020-21. It has also recommended issue of bonus shares in the ratio of 3:1 (one bonus share for every three existing equity share).

Natco Pharma declined 1.46% to Rs 1065.35. The drug maker posted a 43% decline in consolidated net profit to Rs 53 crore on a 27.15% fall in revenue from operations to Rs 331.3 crore in Q4 FY21 over Q4 FY20.

Tube Investments of India rose 1.08% to Rs 1245.55. The company's consolidated net profit surged 142% to Rs 143.84 crore in Q4 FY21 compared with Rs 59.46 crore in Q4 FY20. Net sales during the quarter surged 165.3% year-on-year (YoY) to Rs 2624.72 crore as against Rs 989.40 crore recorded in the same period last year.

The company's board has also approved fresh long-tern borrowing, to meet the company's fund needs during the financial year 2021-22, of a sum not exceeding in the aggregate Rs 200 crore, including by way of issue of privately placed secured non-convertible debentures, in one or more tranches.

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