The BSE Midcap Index is trading on a bearish note in the afternoon session, as strong selling was seen in Future Retail, NALCO, Torrent Power, Edelweiss and Balkrishna Industries.
The BSE Midcap Index was trading at 22,961.65, down 243 points or 1.05%, hitting a high of 23,253.48 and a low of 22,876.46 during intraday trading on Monday.
NALCO was among the top tailing bears at 10.5% after first-quarter earnings. The performance of the shares comes despite the record rise in net profit of Rs347.73cr in Q1FY22 versus Rs16.63cr a year ago in the same period. The company's earnings have exceeded market expectations despite a challenging business environment due to the Covid-19 pandemic.
SAIL also underperformed the mid-cap index, falling more than 4%. The company has posted a consolidated net profit of Rs3,897cr in Q1FY22 versus a loss of Rs1,226cr a year ago in the same quarter.
Future Retail shares tumbled after media reports on Friday indicated that the Supreme Court ruled in favor of Amazon.com Inc.'s efforts to halt the sale of debt-ridden and cash-starved Future Retail Ltd. to Reliance. Industries Ltd., is a huge boost. to the global retail giant's ambitions to dominate the crucial $ 1 trillion retail market.
Torrent Power also plunged more than 4.47%, IDFC First Bank fell 3.56%, Adani Power, Zeel, Muthoot Finance, Crisil and Central Bank also fell in the 3-4% range, respectively.
On the other hand, the IRCTC was the one that gained the most in the index, it shot up more than 5.5%, IDBI, Bayer Crop and Gland Pharma were located in the positive zone.
Meanwhile, BSE Sensex is currently at 54,294.41 up to 16.69 points and Nifty50 at 16,238.25 levels.
Axis Bank, Tech Mahindra, Mahindra & Mahindra, Bajaj Finserv and IndusInd Bank are the main winners. Coal India, Tata Consumer, Hindalco, Adani Ports and ONGC are the main losers.
