Indian shares plunged on Thursday, mirroring weak cues from global markets amid fears that high inflation and the Fed’s tightening monetary policy may weigh on corporate profit margins and consumer spending.
The benchmark S&P BSE Sensex fell 962 points, or 1.8 percent, to 53,246 in early trade, while the broader NSE Nifty index was down 283 points, or 1.8 percent, at 15,956.
IT and metal stocks were hard hit, with Tata Steel, Wipro, Infosys, Tech Mahindra and Hindalco losing 3-4 percent.
On the positive side, ITC rallied 3.2 percent on reporting a 12 percent rise in Q4 net profit.
InterGlobe Aviation dropped 1.7 percent as it appointed industry veteran Pieter Elbers as its new CEO.
Sugar stocks such as Balrampur Chini Mills, Dhampur Sugar and Bajaj Hindusthan tumbled 3-4 percent after the Union Cabinet approved amendments to the national policy on biofuels.
Adani Enterprises lost 2 percent on news it is foraying into the healthcare business.
Market Analysis
Sensex, Nifty Follow Global Peers Lower On Inflation Concerns
2022-05-19 04:19:46
