At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 184.05 points or 0.30% to 61,170.66. The Nifty 50 index lost 54.65 points or 0.30% to 18,093.

In the broader market, the S&P BSE Mid-Cap index and the S&P BSE Small-Cap index rose 0.44%.

The market breadth was positive. On the BSE, 1,825 shares rose and 1,302 shares fell. A total of 160 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,997.35 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 394.05 crore in the Indian equity market on 02 May, provisional data showed.

Results Today:

Titan Company (up 0.18%), Adani Wilmar (down 0.24%), Petronet LNG (up 0.57%), KEC International (up 0.27%), Havells India (down 0.72%), Tata Chemicals (up 0.42%), SIS (down 0.26%), ABB India (up 0.79%), Solar Industries (down 0.09%), KPR Mill (up 0.93%), Godrej Properties (up 1.65%), Sona BLW Precision Forgings (up 1.35%), Jyothy Labs (up 0.65%), Anupam Rasayan (up 2.73%), Bajaj Consumer Care (up 0.92%), MRF (up 0.14%), Reliance Power (down 0.74%), PNB Gilts (up 0.21%), Cholamandalam Investment & Finance (up 1.31%), Sula Vineyards (up 3.84%) will announce their quarterly earnings later in the day.

Buzzing Index:

The Nifty PSU bank index rose 1.04% to 4,140.70, snapping its six days gaining streak. The index jumped 7.75% in six trading sessions.

Central Bank of India (down 3.97%), UCO Bank (down 3.25%), Punjab & Sind Bank (down 3.2%), Bank of Baroda (down 2.76%), Union Bank of India (down 1.37%), Indian Overseas Bank (down 1.16%), Bank of India (down 0.77%), Indian Bank (down 0.53%), Bank of Maharashtra (down 0.5%) and Punjab National Bank (down 0.38%) declined.

Stocks in Spotlight:

Cipla rose 0.31%. A routine current Good Manufacturing Practices (cGMP) inspection was conducted by the United States Food and Drug Administration (USFDA) at the manufacturing facility of InvaGen Pharmaceuticals Inc. (wholly owned subsidiary of Cipla) located in Fall River, Massachusetts, USA, from 24th April 2023 to 1 May, 2023. The inspection concluded with zero Form 483 observations.

Indiabulls Housing Finance advanced 2.08%. The company said that it has received all the necessary approvals for the divestment of entire stake in its mutual fund (MF) business. In May 2021, the company had announced the execution of definitive transaction document to divest its mutual fund business to Nextbillion Technology, part of Groww Group, for about Rs 175 crore.

Bharti Airtel declined 0.62%. Dialog Axiata Plc (Dialog), Axiata Group Berhad (Axiata) and Bharti Airtel (Airtel) (collectively “the Parties”), have entered into a binding term sheet to combine operations of Bharti Airtel Lanka (Private) Limited, Airtel's wholly-owned subsidiary with Dialog, a subsidiary of Axiata Group Berhad. The proposed transaction envisages Airtel being granted a stake in Dialog, representing the fair value of Airtel Lanka. Airtel would accordingly be issued new shares in Dialog upon completion of the transaction.