Benchmarks edge lower; European markets decline

The domestic equity benchmarks continued to trade with limited losses in afternoon trade. The Nifty continued to trade below the 17,300 level. Banks, financials, metal, and pharma shares edged lower.

At 13:22 IST, the barometer index, S&P BSE Sensex was down 377.9 points or 0.65% to 57,533.78. The Nifty 50 index shed 119.30 points or 0.69% to 17,273.30.

Hindalco (down 3.72%), Cipla (down 2.70%), HDFC Life (down 2.64%), Dr Reddy`s Lab (down 2.34%) and Axis Bank (down 2.02%) were the top Nifty losers.

Maruti Suzuki (up 1.58%), Mahindra & Mahindra (up 1.45%), ITC (up 0.42%), Bajaj Finance (up 0.39%) and Bharti Airtel (up 0.31%) outperformed.

In broader market, the S&P BSE Mid-Cap index slipped 0.13% while the S&P BSE Small-Cap index rose 0.15%.

The market breadth was negative. On the BSE, 1,587 shares rose while 1,715 shares fell. A total of 139 shares were unchanged.

Investor sentiment simmer after US Fed Chair Jerome Powell hinted toward the possibility of a half-percentage point rate hike at the Fed meeting next month.

Stocks in Spotlight:

L&T Technology Services shed 0.28% to Rs 4232.40. The company reported 5.3% rise in consolidated net profit to Rs 262 crore on 4.1% increase in revenue to Rs 1756.10 crore in Q4 March 2022 over Q3 FY22.

HCL Technologies declined 0.11% to Rs 1098.40. The IT company reported 4.4% rise in consolidated net profit to Rs 3,593 crore and 1.2% increase in revenue to Rs 22,597 crore in Q4 FY22 over Q3 FY22.

CRISIL advanced 3.81% to Rs 3369.95. The credit rating agency recorded 45.6% rise in consolidated net profit to Rs 121.6 crore in Q1 March 2022 from Rs 83.5 crore in Q1 March 2021. Consolidated income from operations for the quarter ended 31 March 2022 increased by 20.1% YoY to Rs 594.9 crore.

Tata Communications slipped 3% to Rs 1242.90. The firm reported a 22% rise in consolidated net profit to Rs 365 crore on a 4.7% increase in net sales to Rs 4,263 crore in Q4 FY22 over Q4 FY21.

ICICI Lombard General Insurance Company slumped 5.09% to Rs 1329. The company`s net profit for the quarter ended 31 March 2022 declined 9.6% YoY to Rs 312.51 crore. Total income increased by 32.3% YoY to Rs 4,801.32 crore in Q4 FY22.

Cyient surged 6.40% to Rs 884.35. The IT firm`s consolidated net profit rose 17% to Rs 154.20 crore while revenue declined 0.19% to Rs 1,181.20 crore in Q4 FY22 over Q3 FY22.

Rallis India tumbled 9.28% to Rs 255. The company reported a consolidated net loss of Rs 14.19 crore in Q4 FY22 as against a net profit of Rs 8.12 crore posted in Q4 FY21. Net sales grew by 7.7% to Rs 507.54 crore in Q4 FY22.

Adani Ports and Special Economic Zone rose 3.76% to Rs 882 after the company announced the acquisition of Ocean Sparkle, India`s largest third-party marine services provider.

JSW Energy gained 1.25% to Rs 344.20. The company, through its wholly-owned subsidiary JSW Neo Energy, has entered into a memorandum of understanding (MoU) with the Government of Telangana for setting up a 1,500 megawatt (MW) capacity hydro pumped storage project in the State.

Global Markets:

European markets declined while markets in Asia mostly edged lower on Friday after Federal Reserve Chair Jerome Powell said a half-percentage point rate hike is �on the table� for next month.

Earlier on Thursday, Federal Reserve Chair Jerome Powell commented on the possibility of a larger-than-usual rate hike next month, spooking markets. Speaking during an International Monetary Fund panel, Powell reportedly said that taming inflation is "absolutely essential.�

"I would say 50 basis points will be on the table for the May meeting,� he reportedly added.

French voters are heading to the polls Sunday. The second � and final � round of the election puts incumbent Emmanuel Macron up against anti-immigrant party leader Marine Le Pen.

China`s central bank will maintain prudent monetary policy and increase support for the economy, Governor Yi Gang has reportedly said on Friday as part of the annual Boao Forum for Asia. Yi reportedly said the priority for China`s monetary policy is ensuring stable prices, especially in food and energy.

Yi`s comments come as investors have been watching for signs of policy support from Chinese authorities. China`s markets have struggled for gains most of this week as investors worry about a range of concerns from the country`s economic outlook to an ongoing Covid outbreak on the mainland.

Wall Street reversed course and posted losses on Thursday while oil gained as Federal Reserve Chairman Jerome Powell suggested the US central bank would move aggressively to curb inflation.

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