Indian stocks tumbled on Wednesday, tracking weak cues from the U.S. and other stock markets, as rising concerns about global economic slowdown, looming interest rate hikes, and lockdowns in China due to a surge in coronavirus cases weighed on sentiment.
The benchmark BSE Sensex, which opened nearly 375 points down at 56,983.68, plunged to a low of 56.584.04 an hour past noon, before recovering to close at 56,819.39, still down with a sharp loss of 537.22 points or 0.94%.
The National Stock Exchange’s Nifty settled at 17,038.40 with a loss of 162.40 points or 0.94%. The index dropped to a low of 16,958.45 in the session.
Oil, power, bank, consumer durables and telecom stocks were among the major losers. The market breadth was weak. On BSE, 2208 stocks drifted lower and 1159 stocks moved up, while 118 stocks ended flat.
Reliance Industries scaled a record high at Rs 2,828.00 on NSE and became the first Indian listed company to breach the Rs 19-trillion market capitalisation mark in the process. The stock pared its gains and ended flat.
Reliance Industries said it has signed a formal shareholder agreement with Abu Dhabi Chemicals Derivatives Company RSC for TA’ZIZ EDC and PVC project. The project will involve a total investment of over $2 billion.
HeroMotocorp rallied nearly 4%. Tata Steel ended 1.25% up. Asian Paints, TCS, HCL Technologies and Divi’s Laboratories posted modest gains.
Bajaj Finance tumbled 7.2%. The company reported a consolidated net profit of Rs 2,420 crore for the quarter ended March 2022, up 80% over a net profit of Rs 1,347 crore the company had posted a year ago.
Bajaj Finserv shed 3.8%. Tata Consumer Products, Shree Cement, Adani Ports, ICICI Bank, Coal India, Apollo Hospitals Enterprises and Titan Industries fell 2 to 2.8%.
Dr Reddy’s Laboratories, SBI Life, BPCL, Wipro, Maruti Suzuki, UltraTech Cement, Infosys and UPL also ended notably lower.
Zomato, Indigo, MindTree, PayTM, Muthoot Finance, Adani Enterprises, Jubilant Foodworks, Bajaj Holdings and Piramal Enterprises lost 2 to 4%.
ACC, SBI Cards, Bank of Barod, PGHH, Biocon and Colgate Palmolive ended higher.
Sensex, Nifty Shed Nearly 1% As Weak Global Markets Hurt Sentiment
2022-04-27 10:53:02
