Indices tumble in early trade on weak global stocks; Nifty drops below 16,000

Benchmark indices slumped at opening bell on Thursday, amid dismal global cues. All the sectoral indices on the NSE were trading in the red. The Nifty dropped below the key 16,000 level.

At 9:22 IST, the barometer index, the S&P BSE Sensex, tumbled 1,055.45 points or 1.95 % at 53,153.80. The Nifty 50 index was down by 307.60 points or 1.89% at 15,932.70.

The broader market underperformed the benchmark indices , the S&P BSE Mid-Cap index declined 2.16% while the S&P BSE Small-Cap index slipped 2.48%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 432 shares rose and 2,119 shares fell. A total of 68 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,254.64 crore, while domestic institutional investors (DIIs) and were net buyers to the tune of Rs 375.61 crore in the Indian equity market on 18 May, provisional data showed.

Stocks in Spotlight:

Adani Enterprises fell 1.51% to Rs 2,146.60. The company incorporated a WOS namely, Adani Health Ventures Limited (AHVL), to carry on the business of healthcare related activities including, inter alia, setting up, running, administrating medical and diagnostic facilities, health aids, health tech based facilities, research centers and to do all other allied and incidental activities in this regard.

IDBI Bank slipped 2.10% to Rs 37.30. The bank said that it has offloaded 6,23,23,800 fully paid-up equity shares constituting 19.18% stake in Asset Reconstruction Company (India) (ARCIL) to Avenue India Resurgence Pte Ltd.

LIC Housing Finance rose 0.54% to Rs 360.60. The company reported standalone net profit of Rs 1118.64 crore in Q4 FY22 as compared to net profit of Rs 398.92 crore in Q4 FY21. Total income rose to Rs 5308.59 crore from 4964.37 crore.

ITC rose 0.91% to Rs 268.95. The company reported 11.8% growth in consolidated net profit to Rs 4191 crore on 15.7% rise in gross revenue to Rs 16227 crore in Q4 FY22 over Q4 FY21.

Global Markets:

Asian stocks fell across the board on Thursday, mirroring heavy losses on Wall Street overnight, as investors fretted over rising global inflation.

Wall Street ended sharply lower on Wednesday, with Target losing around a quarter of its stock market value and highlighting worries about the US economy after the retailer became the latest victim of surging prices.

US retail giant Target plunged 25% as higher costs and disrupted logistics hit its profit margins. Walmart, the world`s largest bricks-and-mortar retailer, cut its earnings guidance on challenging soaring inflationary trends.

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