Indian shares sank on Thursday after U.S. consumer price inflation data released overnight did little to ease investor worries over the outlook for inflation and interest rates.
The benchmark S&P BSE Sensex tumbled 928 points, or 1.7 percent, to 53,160 in early trade, while the broader NSE Nifty index was down 275 points, or 1.7 percent, at 15,891.
Bajaj Finance, IndusInd Bank, Tata Motors and Hindalco fell 3-4 percent in the Nifty pack.
Ultratech Cement slumped nearly 4 percent on reports it has joined the race to acquire the Swiss cement giant Holcim’s stake in Ambuja Cement and ACC.
Shares of Ambuja and ACC were down 1.4 percent and 2.4 percent, respectively.
PNB plunged 9 percent on reporting a 66 percent fall in quarterly profit.
Tata Motors lost 3 percent and Larsen & Toubro declined 2 percent ahead of their earnings results.
Indian Bank fell over 2 percent as it posted a 42 percent dip in its standalone net profit in the quarter ended March 2022.
Pfizer dropped 1.1 percent despite LIC increasing its stake in the company to 6.05 percent from 4.02 percent.
Market Analysis
Sensex Slumps 928 Points In Early Trade; Nifty Dips Below 15,900
2022-05-12 04:41:15
