Sensex, Nifty open lower amid weak global cues

Equity indices opened lower amid negative global cues and traded in losses in early trade. The Nifty slipped below the 17,250 level. Sentiment was dented after Federal Reserve Chair Jerome Powell hinted a two or more half percentage-point interest-rate increases in the upcoming policy meeting.

At 9:27 IST, the barometer index, S&P BSE Sensex declined 582.44 points or 1.01% at 57,329.13. The Nifty 50 index fell 179.7 points or 1.03% at 17,212.65.

In the broader market, the S&P BSE Mid-Cap index fell 0.14% while the S&P BSE Small-Cap index added 0.14%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,323 shares rose while 1,173 shares fell. A total of 105 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 713.69 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,823.43 crore in the Indian equity market on 21 April, provisional data showed.

Earnings Impact:

L&T Technology Services fell 3.3%. The pure-play engineering services 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. EBITDA rose 3.5% quarter-on-quarter (QoQ) and 29.8% year-on-year (YoY) to Rs 380.40 crore in Q4 FY22. EBITDA margin was at 21.7% as in Q4 FY22 as against 21.8% in Q3 FY22 and 20.3% in Q4 FY21. L&T Technology Services (LTTS)`s USD revenue stood at $232 million for the quarter, a growth of 3.1% QoQ and 17.5% YoY. In constant currency, it reported a growth of 3.6% QoQ and 19.4% YoY.

HCL Technologies rose 1.84% to Rs 1119.80 after 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. In dollar terms, the company`s revenue stood at $2,993 million, up 0.5% QoQ and it increased 11% YoY. Constant currency revenue rose 1.1% QoQ and it increased 13.3% YoY.

Global Markets:

Asian stocks were trading lower on Friday as investors watch for market reaction to overnight remarks from U.S. Federal Reserve Chairman Jerome Powell.

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.

Powell hinted at more aggressive rate hikes ahead by the central bank as it seeks to bring down inflation. He said the Fed is committed to hiking rates �expeditiously� to tame inflation. �I would say 50 basis points will be on the table for the May meeting,� Powell said.

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