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Nifty pierces 16,400; bank stocks fall for 3rd day

Published on May 06, 2022 10:25

The benchmarks indices extended losses in morning trade, tracking negative global cues. The Nifty was trading a tad above 16,350 mark. Banks stocks extended their downfall for the third consecutive session.

At 10:25 IST, the barometer index, S&P BSE Sensex was down 1059.95 points or 1.90% to 54,642.28. The Nifty 50 index lost 327.65 points or 1.96% to 16,355.

Investor sentiment were dented on concerns that the US Federal Reserve`s 50 basis points rate hike would not be enough to control the multi-year high inflation. Further, raising of the inflation targets for 2022 from 5.75% to 10% by the Bank of England spooked markets globally. The British Central Bank also raised interest rates to their 13-year high, to tackle inflation.

The broader market tumbled. The S&P BSE Mid-Cap index fell 2.38% while the S&P BSE Small-Cap index declined 2.28%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 499 shares rose while 2539 shares fell. A total of 104 shares were unchanged.

Results Today:

Reliance Industries (down 0.43%), Tata Power (down 1.51%), Federal Bank (down 2.02%), Canara Bank (down 1.54%), CSB Bank (down 0.82%), Grindwell Norton (down 1.68%), Shipping Corporation of India (down 2.10%), Great Eastern Shipping (down 0.88%), Sundaram Clayton (down 0.94%), Greenpanel Industries (down 5.44%) and Bajaj Consumer (down 0.40%) are some companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty Bank index fell 2.18% to 34,463.25. The index has declined 4.70% in three sessions.

AU Small Finance Bank (down 3.56%), Axis Bank (down 3%), HDFC Bank (down 2.63%), IndusInd Bank (down 2.62%), RBL Bank (down 2.59%) and ICICI Bank (down 2.40%) edged lower.

Further, IDFC First Bank (down 2.30%), Kotak Mahindra Bank (down 1.91%), Bandhan Bank (down 1.64%), Punjab National Bank (down 1.31%) and SBI (down 1.29%) declined.

Stocks in Spotlight:

Blue Dart Express rose 1.28% to Rs 6915.55. The logistics services provider`s consolidated net profit rose 52.2% to Rs 136.97 crore on 20.41% increase in revenue from operations to Rs 1,165.91 crore in Q4 March 2022 over Q4 March 2021.

CEAT tumbled 4.40% to Rs 1042.25. The company reported consolidated net profit of Rs 25.4 crore in Q4 FY22 from Rs 153 crore in Q4 FY21, down 83.4% YoY. Net revenue from operations rose 13% to Rs 2,592 crore from Rs 2289.70 crore.

Hindustan Foods jumped 4.55% to Rs 1865.80. The company said its board will consider a stock split on Friday, 20 May 2022. At the same meeting, the company`s board will also consider audited standalone & consolidated financial results of the company for the quarter and financial year ended 31 March 2022.

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