At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 122.19 points or 0.20% to 61,651.59. The Nifty 50 index lost 38.90 points or 0.21% to 18,246.50.

In the broader market, the S&P BSE Mid-Cap index rose 0.09% while the S&P BSE Small-Cap index gained 0.22%.

The market breadth was positive. On the BSE, 1,787 shares rose and 1,305 shares fell. A total of 137 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,185.84 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 300.93 crore in the Indian equity market on 24 May, provisional data showed.

Results Today:

Zee Entertainment Enterprises (down 0.41%), AIA Engineering (down 0.90%), Aster DM Healthcare (down 0.34%), Bharat Dynamics (up 1.03%), Dredging Corporation of India (up 0.57%), eClerx Services (down 1.99%), Emami (up 0.14%), General Insurance Corporation of India (up 2.40%), GMM Pfaudler (down 0.51%), Gujarat State Fertilizers & Chemicals (up 2.28%), Vodafone Idea (down 0.43%), Indian Energy Exchange (down 0.48%), Infibeam Avenues (up 0.42%), Indian Railway Finance Corporation (down0.03%), ITD Cementation (up 0.48%), Kolte-Patil Developers (up 1.71%), Max India (up 0.36%), Mishra Dhatu Nigam (up 3.01%), Page Industries (down 0.13%), Radico Khaitan (up 0.37%), Steel Authority of India (down 0.48%), Shilpa Medicare (up 0.56%), Strides Pharma Science (up 0.45%), Triveni Engineering (down 0.39%) and TTK Prestige (down 0.79%) will announced their quarterly earnings later in the day.

Buzzing Index:

The Nifty Metal index fell 0.78% to 5,809.20. The index declined 2.33% in two trading sessions.

Adani Enterprises (down 3.24%), Jindal Stainless (down 1.78%), Hindalco Industries (down 1.51%), National Aluminium Company (down 1.05%), APL Apollo Tubes (down 0.85%), Hindustan Copper (down 0.64%), JSW Steel (down 0.5%), Tata Steel (down 0.48%), Hindustan Zinc (down 0.41%) and Jindal Steel & Power (down 0.36%) slipped.

Stocks in Spotlight:

Mahindra and Mahindra (M&M) declined 1.22% and Mahindra CIE Automotive skid 0.85%. Mahindra and Mahindra (M&M) sold its entire stake in Mahindra CIE Automotive. M&M sold 1,21,22,068 equity shares, representing 3.195% of the paid-up share capital of the company. The sale was executed on the stock exchanges on Wednesday, 24 May 2023, at a gross price of Rs. 447.65 per share.

Life Insurance Corporation of India advanced 2.07% after the state-run life insurer reported a standalone net profit of Rs 13,427.81 crore in Q4 FY23, steeply higher than Rs 2,371.55 crore recorded in Q4 FY22. Total premium income declined 8.34% to Rs 1,31,761.11 crore in the quarter ended 31 March 2023 as against Rs 1,43,745.92 crore posted in Q4 FY22.

FSN E-Commerce (Nykaa) added 0.68%. The company reported 71.8% decline in consolidated net profit to Rs 2.41 crore in Q4 FY23 as compared with Rs 8.56 crore in Q4 FY22. Revenue from operations jumped 33.7% to Rs 1,301.72 crore in Q4 FY23 from Rs 973.32 crore in corresponding quarter last year.