The Indian stock market is down sharply Wednesday morning after opening with a big negative gap, tracking weak global cues.
The mood in the market is quite bearish following the overnight setback on Wall Street and European markets and largely weak Asian markets today.
Mirroring widespread sellling, all the sectoral indices are down in negative territory. Technology, metal, oil, power and financials shares are among the most prominent losers.
The BSE benchmark Sensex, which opened nearly 375 points down at 56,983.68 and fell to 56,852.68 subsequently, was down 438.71 points or 0.76% at 56,917.90 a little while ago.
The broader Nifty index of the National Stock Exchange, which dropped to 16,953.95, was down 152.70 points or 0.89% at 17,048.10.
On Tuesday, the Sensex climbed up 1.37%, while the Nifty gained 1.46%.
Reliance Industries hit a new record high at Rs 2,828 on NSE Wednesday morning, and became the first Indian listed company to breach the Rs 19-trillion market capitalisation mark in the process. The stock is currently up 1.5% at 2,816.00.
Reliance Industries 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.
Shares of Bajaj Finance Limited are down nearly 5% despite the company reporting 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 is down 2.7% and Wipro is lower by about 2.1%. Titan Industries is also down more than 2%.
ICICI Bank, Hindustan Unilever, Tech Mahindra, Infosys, Tata Steel, UltraTech Cement, Dr Reddy’s Laboratories, HCL Technologies, State Bank of India, Axis Bank, Maruti Suzuki and Mahindra & Mahindra are down 1 to 2%.
HeroMoto Corp is gaining nearly 1%, while HDFC Bank and Kotak Bank are up marginally.
HDFC Life Insurance is down 1.4% despite reporting a 12.4% growth in net income at Rs 357.52 crore for the January – March 2022 quarter over a year ago.
Tata Coffee is down 1.7%. The company’s consolidated net profit grew 12.04% in the quarter ended March 2022.
United Breweries reported a sharp 68% surge in its consolidated net earnings. The stock is down marginally.
Realtor Macrotech Developers said its consolidated net profit rose multi-fold to Rs 1,202.37 crore in the latest financial year. The stock is down by about 0.4%.
Market Analysis
Sensex, Nifty Fall As Stocks Slide On Weak Global Cues; RIL Scales New High
2022-04-27 05:34:46
