Indian shares opened on a cautious note Thursday, tracking weak global markets after the release of hawkish FOMC minutes as a number of Fed officials said talking about tapering might be needed at an upcoming meeting.
The benchmark S&P BSE Sensex dropped 85 points, or 0.2 percent, to 49,817 in early trade, while the broader NSE Nifty index was down 67 points, or 0.4 percent, at 14,963.
Rashtriya Chemicals and Fertilizers soared 6 percent, Madras Fertilizers rallied 5 percent and GSFC surged 4 percent after the government hiked fertilizer subsidy from Rs. 500 to Rs 1,200 per bag of DAP.
Dewan Housing Finance Corp jumped nearly 5 percent. The National Company Law Tribunal has directed lenders of the bankrupt company to consider former promoter Wadhawan’s offer.
Indiabulls Housing Finance was little changed despite reporting a two-fold jump in its Q4 profit.
Likewise, Indian Oil Corp fell over 1 percent despite reporting better-than-expected earnings for the fourth quarter ended March.
JK Tyre & Industries climbed 3 percent. The company reported a consolidated profit of Rs. 189.12 crore in the March quarter against loss of Rs. 47.2 crore in the same quarter last year.
Sensex, Nifty Dip On Hawkish Fed Minutes
2021-05-20 04:13:33
