Indian shares followed global peers lower on Friday after comments from Federal Reserve Chairman Jerome Powell suggested the U.S. central bank would move aggressively to curb inflation.
Powell said he saw merit in “front-end loading” policy moves, including a 50 basis point rate hike at the May FOMC meeting.
The benchmark S&P BSE Sensex dropped 514 points, or 0.9 percent, to 57,397, while the broader NSE Nifty index was down 162 points, or 0.9 percent, at 17,231.
Among the prominent decliners, Mahindra & Mahindra, HDFC Life, Dr Reddy’s Laboratories, Eicher Motors and Hindalco lost 2-4 percent.
HCL Technologies rallied 2.6 percent after more than tripling its Q4 profit. Peers Infosys, TCS and Wipro all were down around 1 percent.
BPCL fell over 1 percent on reports the government may revise the terms of sale for its privatization.
Reliance Industries dropped 1 percent. Its arm Reliance Retail has unveiled plans to launch a dedicated artisan-only store format ‘Swadesh’ as part of its ‘Handmade in India’ program.
Tata Communications fell nearly 2 percent while CRISIL jumped 2.5 percent after declaring their quarterly earnings results.
ICICI Lombard General Insurance Company plunged 5.3 percent on reporting a 10 percent fall in quarterly profit.
TVS Motor Company declined 1.3 percent after it announced an additional investment of 100 million pound in Norton Motorcycle, Britain’s most iconic sporting motorcycle brand.
Market Analysis
Sensex Slumps Over 500 Points; Nifty Dips Below 17,250
2022-04-22 04:18:00
