Key benchmark indices reversed early gains and hit fresh intraday low in morning trade. Rising COVID-19 cases continue to weigh on investors' sentiment. At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 371.43 points or 0.77% at 48,172.49. The Nifty 50 index declined 105 points or 0.73% at 14,399.95.
In the broader market, the S&P BSE Mid-Cap index fell 1.28% while the S&P BSE Small-Cap index was down 1.11%.
The market breadth turned negative. On the BSE, 751 shares rose and 1687 shares fell. A total of 119 shares were unchanged.
Total COVID-19 confirmed cases worldwide stood at 138,056,297 with 2,971,539 deaths.
India reported 14,71,877 active cases of COVID-19 infection and 173,123 deaths while 124,29,564 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India on Wednesday reported 2,00,739 new COVID-19 cases and 1,038 deaths in last 24 hours, according to data from the Union Health Ministry.
IT major Wipro (up 2.85%) will announce its quarterly result today.
The Nifty Pharma index added 1.2% to 12,960.85, snapping its two day losing streak. The index has slipped 1.45% in two days.
Cipla (up 3%), Cadila Healthcare (up 1.93%), Torrent Pharmaceutical (up 1.64%), Dr. Reddy's (up 1.24%), Sun Pharmaceutical (up 1.21%) and Aurobindo Pharma (up 1.07%) were major gainers.
Infosys dropped 3.66%. On a consolidated basis, Infosys reported 2.3% decline in net profit to Rs 5,076 crore on 1.5% increase in revenues to Rs 26,311 crore in Q4 March 2021 over Q3 December 2020. The company's consolidated net profit rose 17.5% and revenues rose 13.1% in Q4 March 2021 over Q4 March 2020. In its outlook for FY22, Infosys has guided for 12% to 14% sales growth in constant currency terms in 2021-22 and an operating margin band of 22% to 24%.
The company reported 15.2% voluntary attrition rate for the quarter ended 31 March. It was 10% during the October-December quarter, Infosys said in the regulatory filing. The total number of employees at Bengaluru-based company stood at over 2.59 lakh as on 31 March, 2021.
Tata Metaliks fell 2.43% to Rs 881.10 after the company posted a 2.7% decline in net profit to Rs 74.99 crore in Q4 March 2021 from Rs 77 crore posted in Q4 March 2020. Net sales rose 26.7% to Rs 660.87 crore in Q4 March 2021 from Rs 521.60 crore registered in Q4 March 2020. Profit before tax increased by 28.5% year on year to Rs 123.73 crore in Q4 March 2021 over Q4 March 2020.