Indices tumble in early trade; Nifty cracks 15,950
Published on May 12, 2022 09:30
The domestic equity benchmarks opened lower and traded with major losses in early trade. The Nifty traded below the 15,950 mark. All sectoral indices on the NSE traded in the red with PSU bank, consumer durables and media shares falling the most. Domestic sentiment was dented amid negative global cues.
At 09:22 IST, the barometer index, S&P BSE Sensex was down 795.62 points or 1.47% to 53,292.77. The Nifty 50 index lost 243.15 points or 1.50% to 15,923.95.
In the broader market, the S&P BSE Mid-Cap index fell 1.56% while the S&P BSE Small-Cap index declined 1.98%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 439 shares rose while 1,965 shares fell. A total of 68 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 3,609.35 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,181.20 crore in the Indian equity market on 11 May 2022, provisional data showed.
Larsen & Toubro (down 1.71%), Tata Motors (down 2.78%), Siemens (down 1.27%), Honeywell Automation India (down 1.05%), Tube Investment of India (up 0.40%), Aditya Birla Capital (down 1.76%), Poonawalla Fincorp (down 3.48%), Sheela Foam (down 2.27%), Gujarat State Petronet (down 2.12%), CreditAccess Grameen (down 1.18%), Apollo Tyres (down 1.51%), Brigade Enterprises (down 1.36%), Anupam Rasayan (down 0.15%) and RBL Bank (down 3.28%) will announce their earnings today.
BSE down 1.47%. The company`s consolidated net profit rose 128.68% to Rs 74.48 crore and sales rose 34.44% to Rs 204.59 crore in Q4 March 2022 over Q4 March 2021.
Relaxo Footwears tumbled 6.36%. The footwear maker`s standalone net profit declined 38.41% to Rs 62.93 crore on 6.62% fall in net sales to Rs 698.19 crore in Q4 March 2022 over Q4 March 2021.
Punjab National Bank drop 9.82%. The PSU bank reported standalone net profit fell 65.62% to Rs 201.57 crore and total income fell 6.38% to Rs 21,095.17 crore in Q4 March 2022 over Q4 March 2021.
Sagar Cements fell 4.31%. The company reported a consolidated net loss of Rs 11.51 crore in Q4 March 2022 as against net profit of Rs 48.25 crore in Q4 March 2021. Net sales rose 20.13% to Rs 501.72 crore in Q4 March 2022 over Q4 March 2021.
Birla Corporation declined 6.09%. The company reported consolidated net profit declined 55.45% to Rs 111.08 crore and net sales rose 6.17% to Rs 2264.21 crore in Q4 March 2022 over Q4 March 2021.
Asian stocks were trading lower on Thursday as investors kept an eye on high inflation and tightening monetary policies. Adding to the uncertainty for investors are the war in Ukraine and Covid-19 lockdowns in China that threaten to hurt the global economy.
US stocks dropped overnight following the release of the U.S. consumer inflation data. The tech-heavy Nasdaq Composite tanked 3.18% while the broader S&P 500 shed 1.65%. The Dow Jones Industrial Average declined 1.02%.
The U.S. consumer-price index increased 8.3% in April from the same month a year ago, data released Wednesday showed, decelerating from an 8.5% annual rate in March.
Powered by Capital Market - Live News