The key equity benchmarks declined further in morning trade. The Nifty was trading below the 17,850 mark. IT shares declined for the fifth consecutive session.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was down 398.37 points or 0.66% to 59,700.45. The Nifty 50 index lost 100.65 points or 0.56% to 17,837.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.09% while the S&P BSE Small-Cap index added 0.29%.

The market breadth was positive. On the BSE, 1756 shares rose and 1384 shares fell. A total of 109 shares were unchanged.

Results Today:

Hindustan Unilever (down 0.63%), Asian Paints (down 0.83%), Bajaj Finserv (down 0.96%), Bajaj Holdings & Investment (up 0.78%), Havells India (down 0.52%), Biocon (down 0.68%), Mphasis (up 0.17%), Persistent Systems (up 1.88%), PNB Housing Finance (up 1.69%), Hatsun Agro Product (down 0.10%), Container Corporation Of India (down 0.95%), Cyient (down 0.32%), Century Textiles & Industries (up 0.69%), Bank of Maharashtra (up 0.93%), Orient Electric (down 0.14%), Dodla Dairy (down 0.07%), Shoppers Stop (down 0.40%) and VST Industries (down 0.11%) will announce their quarterly earnings today.

Buzzing Index:

The Nifty Pharma index fell 0.76% to 13,578.50, extending losses for third day. The index has declined 3.36% in five sessions.

Gland Pharma (down 1.78%), Lupin (down 1.45%), Divi's Labs (down 1.23%), Cipla (down 0.85%), Laurus Labs (down 0.83%), Sun Pharma (down 0.82%), Dr. Reddy's Labs (down 0.66%), Ipca Laboratories (down 0.60%) and Strides Pharma (down 0.58%) declined.

Concurrently, Granules India (up 2.05%), Pfizer (up 0.74%), Torrent Pharma (up 0.12%) and Alkem Laboratories (up 0.11%) outperformed.

Stocks in Spotlight:

CEAT fell 3.65% to Rs 1092.10. The tyre maker posted a consolidated net loss of Rs 20.18 crore in Q3 FY22 as compared with net profit of Rs 132.34 crore in Q3 FY21. Total income rose to Rs 2416.44 crore from Rs 2225.30 crore.

Dhunseri Tea & Industries added 4.44% to Rs 319.65. The company has entered into an agreement for sale dated 19 January 2022 with Warren Tea for acquisition of Balijan North Tea Estate.

Glenmark Pharma shed 0.84% to Rs 494.30. The company said that its subsidiary, Glenmark Specialty S.A, has entered into an exclusive licensing agreement with Lotus International for commercializing its nasal spray Ryaltris in Singapore, Hong Kong and Vietnam.

COVID-19 Update:

In last 24 hours, India registered 3,17,532 new COVID-19 infections in a day, according to the Union Health Ministry data on Thursday. The country reported 491 new deaths taking the death toll to 4,87,693. The country recorded 2,23,990 recoveries, taking the total number of recoveries to 3,58,07,029. The active cases comprise 5.03% of the total infections, while the national COVID-19 recovery rate has decreased to 93.69%, the ministry said.

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