The domestic equity benchmarks extended losses and hit fresh intraday low in morning trade. The Nifty traded below the 18,550 mark. Metals extended their decline for second trading session.
At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 331.49 points or 0.53% to 62,637.64. The Nifty 50 index lost 88.75 points or 0.48% to 18,545.10.
In the broader market, the S&P BSE Mid-Cap index rose 0.14% while the S&P BSE Small-Cap index gained 0.24%.
The market breadth was positive. On the BSE, 1,603 shares rose and 1,546 shares fell. A total of 140 shares were unchanged.
Investor sentiment took a hit after disappointing economic data from China brewed more concerns over sluggish demand and weak recovery in the world's second largest economy.
Buzzing Index:
The Nifty Metal index declined 0.85% to 5,885.85. The index has fallen 1.76% in two sessions.
Vedanta (down 2.21%), National Aluminium Company (down 1.43%), Adani Enterprises (down 1.3%), Jindal Steel & Power (down 1.16%) and Hindalco Industries (down 1.11%) were the top losers.
Among the other losers were JSW Steel (down 1.08%), Ratnamani Metals & Tubes (down 0.95%), Jindal Stainless (down 0.9%), NMDC (down 0.89%) and Steel Authority of India (down 0.72%).
Stocks in Spotlight:
HDFC Life Insurance Company rose 2.05%. On the BSE, 359.47 lakh shares were traded in the counter so far compared with average daily volumes of 61,279 shares in the past two weeks.
UK-based investment company Abrdn is reportedly likely to sell its entire 1.66% equity in HDFC Life Insurance Company via block deals.
HDFC Asset Management Company shed 0.08%. Keki Mistry has expressed the desire not to be re-appointed as a non-executive director of the company and will retire after the upcoming AGM on June 26.
Lupin rose 0.78%. The pharma major announced a strategic collaboration with Enzene Biosciences to launch Cetuximab in India, the first biosimilar developed for Cetuximab.
Mazagon Dock Shipbuilders added 1.74%. The company's standalone net profit surged 119.4% to Rs 318 crore in Q4 FY23 as against Rs 144.92 crore posted in Q4 FY22. Revenue from operations jumped 48.9% year on year to Rs 2,078.59 crore in Q4 FY23 over Q4 FY22.
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