At 13:25 IST, the barometer index, the S&P BSE Sensex, was down 85.97 points or 0.16% to 54,202.64. The Nifty 50 index lost 47.50 points or 0.29% to 16,167.20.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index fell 0.70% while the S&P BSE Small-Cap index declined 0.58%.

The market breadth remained weak. On the BSE, 1,158 shares rose and 2,060 shares fell. A total of 132 shares were unchanged.

Investors continued to assess the global macroeconomic outlook as they await the minutes from the last U.S. Federal Reserve meeting, due on Wednesday, which could give clues on whether the monetary tightening would continue.

New Listing:

Shares of Delhivery were currently trading at Rs 537.15 on the BSE, at a premium of 10.30% compared with the issue price of Rs 487. The scrip was listed at Rs 493, representing a premium of 8.56% to the issue price.

Shares of Venus Pipes and Tubes were locked in an upper circuit of 5% at Rs 351.75, a premium of 7.90% compared with the issue price of Rs 326. The scrip was listed at Rs 335, representing a premium of 2.76% to the initial public offer (IPO) price.

Gainers & Losers:

PowerGrid (up 1.40%), Kotak Bank (up 1.40%), HDFC (up 1.31%), Nestle India (up 0.98%) and Mahindra & Mahindra (up 0.93%) were major Nifty gainers.

Divis Lab (down 5.11%), Grasim (down 3.47%), Tech Mahindra (down 3.05%), ONGC (down 2.61%) and Hindustan Unilever (down 2.54%) were majority Nifty losers.

Stocks in Spotlight:

Bharat Electronics (BEL) fell 0.52% to Rs 230.05 after the PSU company reported a 15.6% fall in standalone net profit of Rs 1,141.81 crore in Q4 FY22 from Rs 1,352.38 crore posted in Q4 FY21. Net sales declined 8.2% to Rs 6,200.69 crore for the quarter ended 31 March 2022 from Rs 6,757.05 crore recorded in the corresponding period last year.

Rupa & Co fell 15.73% to Rs 434.50 after the innerwear maker accepted the resignation of Dinesh Kumar Lodha as the chief executive officer and Ramesh Agarwal as the chief financial officer, with effect from 31 May 2022. Rupa & Company said that Dinesh Kumar Lodha has resigned for personal reasons, and he is and will be a part of the selection process for the new CEO to ensure a smooth transition.

Life Insurance Corporation rose 1.13% to Rs 826.10 after the insurance major said that its board will meet on 30 May 2022 to consider and approve the audited standalone and consolidated financial results for the quarter and year ended 31 March 2022. On the same day, the board will also consider and approve dividend, if any, for FY22.

Global Markets:

Shares in Europe and Asia declined on Tuesday, as investors weighed a possible thawing of U.S.-China trade relations as U.S. President Joe Biden floated the idea of tariff cuts on Chinese goods.

China announced that it will offer more than 140 billion yuan ($21 billion) in additional tax relief as it seeks to offset the impact of coronavirus lockdowns that have battered the economy.

US stocks ended higher on Monday as gains from banks and a rebound in market-leading tech shares supported a broad-based rally. Sentiment appeared to have gotten a boost after President Joe Biden said he was considering reducing tariffs on some products imported from China.

The United States announced on Monday the Indo-Pacific Economic Framework with Asian partners including Australia, Japan and the Republic of Korea. The group wants to set international rules on the digital economy, supply chains, decarbonization and regulations applying to workers.

U.S. President Joe Biden has said tackling inflation is a priority and this framework is designed to help lower costs by making supply chains more resilient in the longer term.

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