The domestic barometers traded near the day's low with significant losses in mid-morning trade. The Nifty slipped below the 18,150 mark. Media shares saw profit booking after gaining for six consecutive trading sessions.
The barometer index, the S&P BSE Sensex, was down 462.58 points or 0.75% to 61,286.67. The Nifty 50 index lost 120.15 points or 0.66% to 18,135.65.
In the broader market, the S&P BSE Mid-Cap index slipped 0.16% while the S&P BSE Small-Cap index shed 0.29%.
The market breadth was negative. On the BSE, 1,460 shares rose and 1,824 shares fell. A total of 128 shares were unchanged.
Results Today:
Britannia Industries (up 0.81%), Bharat Forge (up 0.86%), Federal Bank (down 1.72%), Marico (up 0.09%), Gujarat Fluorochemicals (up 0.31%), Alembic Pharmaceuticals (down 0.19%), Piramal Enterprises (down 0.65%), Blue Dart Express (up 0.31%), Ajanta Pharma (up 1.64%), Equitas Small Finance Bank (down 0.44%), DCB Bank (down 0.27%), Stylam Industries (0%), Go Fashion India (up 1.14%), Tatva Chintan Pharma Chem (down 2.28%), KFin Technologies (down 0.92%), Tata Investment Corporation (up 0.28%), Sundaram-Clayton (up 1.29%) will announce their quarterly earnings later in the day.
Union Bank of India (up 0.74%), Bank of India (up 2.39%), 3i Infotech (up 0.99%), ADF Foods (down 1.04%), Aether Industries (down 0.25%), Computer Age Management Services (up 1.11%), Gujarat Ambuja Exports (up 1.42%), Greenpanel Industries (down 1.43%), Grindwell Norton (up 1.05%), TVS Electronics (down 0.22%), and Zen Technologies (down 1.08%) will announce their quarterly results on Saturday, 6 May 2023.
Buzzing Index:
The Nifty Media index fell 1.27% to 1,715.90. The index advanced 3.93% in past six trading sessions.
Dish TV India (down 2.77%), Network 18 Media & Investments (down 1.68%), Sun TV Network (down 1.45%), Navneet Education (down 1.29%), TV18 Broadcast (down 1.28%), Zee Entertainment Enterprises (down 1.23%), New Delhi Television (down 0.82%), PVR Inox (down 0.72%), Hathway Cable & Datacom (down 0.36%) declined.
Buzzing Index:
The Nifty Financial Services index fell 0.94% to 19,296.80. The index rose 1.55% in the past trading session.
HDFC Bank (down 4.5%), Housing Development Finance Corporation (down 4.26%), REC (down 0.73%), Power Finance Corporation (down 0.09%) declined.
On the other hand, Indian Energy Exchange (up 3.63%), SBI Cards & Payment Services (up 2.64%) and Axis Bank (up 2.14%) edged higher.
Stocks in Spotlight:
Blue Star rose 0.86% The home appliances company's consolidated net profit zoomed 195.8% to Rs 225.25 crore in Q4 FY23 from Rs 76.16 crore reported in Q4 FY22. Revenue from operations grew by 16.4% year on year to Rs 2,623.83 crore in the quarter ended 31 March 2023.
CEAT rallied 4.01% after the company reported consolidated net profit of Rs 133.70 crore in Q4 FY23, steeply higher from Rs 25.25 crore posted in Q4 FY22. Revenue from operations jumped 10.9% to Rs 2,874.82 crore in Q4 FY23 as compared with Rs 2,591.99 crore in Q4 FY22.
Global Markets:
Asian stocks traded mixed as banking fears were reignited on Wall Street, sending the three major U.S. indexes into a four day losing streak. Markets in Japan and South Korea are closed for a holiday Friday.
Wall Street ended lower on Thursday after PacWest's move to explore strategic options deepened fears about the health of U.S. lenders and hit shares of regional banks as well as JPMorgan Chase, Wells Fargo & Co and other major financial players.
The European Central Bank (ECB) announced a 0.25% raise on Thursday, bringing the eurozone's key interest rate to 3.75% in a bid to curb inflation. ?The inflation outlook continues to be too high for too long,? the central bank said in a statement.
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