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Sensex, Nifty hit day`s low; auto shares decline

Published on May 26, 2022 11:30

The benchmarks indices further extended losses and hit fresh intraday low in mid-morning trade. The Nifty slipped below the 15,950 mark. Auto shares extended their decline for second day in a row. Continuous selling from FIIs, persisting inflation worries and looming fears of sharp interest rates hikes continued to spook investors.

At 11:27 IST, the barometer index, the S&P BSE Sensex, was down 304.82 points or 0.57% to 53,444.44. The Nifty 50 index slipped 111.60 points or 0.70% to 15,914.20.

In the broader market, the S&P BSE Mid-Cap index fell 0.88% while the S&P BSE Small-Cap index declined 1.46%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 777 shares rose and 2,346 shares fell. A total of 111 shares were unchanged.

Buzzing Index:

The Nifty Auto index lost 1.12% to 10,887.85. The index has fallen 2.06% in two sessions.

Tata Motors (down 2.24%), Maruti Suzuki India (down 1.88%), Bharat Forge (down 1.71%), Ashok Leyland (down 1.55%), Mahindra & Mahindra (down 1.18%), Bajaj Auto (down 0.94%) and TVS Motor Company (down 0.88%) declined.

Stocks in Spotlight:

ITI climbed 10.91%. The company`s consolidated net profit rose 78.33% to Rs 356.06 crore on 9.86% decline in net sales to Rs 1,141.50 crore in Q4 March 2022 over Q4 March 2021.

Apollo Hospitals Enterprise fell 2.97%. The healthcare provider reported 46.3% fall in consolidated net profit to Rs 90.14 crore in Q4 FY22 as against Rs 167.85 crore in Q4 FY21. Net sales surged 23.7% to Rs 3,546.43 crore for the quarter ended 31 March 2022 from Rs 2,867.95 crore recorded in the corresponding period last year.

MOIL slipped 1.07%. On a standalone basis, MOIL posted a 13% rise in net profit to Rs 131.07 crore in Q4 FY22 as against Rs 116.04 crore in Q4 FY21. Net sales rose by 3.9% year on year to Rs 467.89 crore from Rs 450.14 crore in the quarter ended 31 March 2022.

Global markets:

Most Asian markets traded lower on Thursday after U.S. Federal Reserve meeting minutes showed officials stressing the need to raise interest rates swiftly and potentially more than markets anticipated.

US stocks closed Wednesday`s volatile session higher after Federal Reserve meeting minutes indicated the central bank will stay on track for aggressive interest rate hikes and then take some time to gauge the economy`s response.

U.S. Fed minutes released Wednesday showed officials are prepared to move ahead with several 50 basis point interest rate hikes. The Federal Open Market Committee also said policy may have to move away from �neutral� and into �restrictive� territory.

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