Domestic equities languished in the red on Thursday as weak global cues and nervousness ahead of the Reserve Bank of India’s monetary policy outcome tomorrow kept investors on the sidelines. Besides, global markets turned lower and US Treasury yields for 5-year/30-year bonds inverted on Thursday after Fed meeting minutes, released on Wednesday afternoon, showed that US central bank officials planned to shrink its balance sheet by $95 billion a month. Fed officials also indicated that there could be one or more 50-basis-point interest rate increases ahead.
Against this backdrop, the BSE Sensex index fell 575 points to close at 59,035 while the NSE Nifty50 ended at 17,639.5, down 168 points. In the broader markets, the BSE MidCap and SmallCap indices slipped up to 0.6 per cent relative to the benchmarks’ 0.97 per cent fall.
Adani Ports, Titan, HDFC, PowerGrid, Wipro, HDFC Bank, ONGC, PowerGrid, RIL, Bharti Airtel, TCS, Coal India, Tata Steel, and L&T fell between 1.5 per cent and 3.5 per cent. On the upside, Axis Bank, Divis Labs, Dr Reddy’s Labs, and HUL added over a per cent.
Meanwhile, within the mid- and small-cap space, Ruchi Soya, Bharat Electronics, YES Bank, NHPC, Shree Renuka Sugars, and BLS International Services were the outperforming stocks, soaring in the range of 4 per cent to 20 per cent.
Sectorally, The Nifty Oil and Gas, and Consumer Durable indices ended over 2 per cent and 1.7 per cent lower, respectively. On the upside, the Nifty Pharma index added 0.4 per cent.
Shares of Titan Company declined 3.3 per cent to Rs 2,457 apiece on the BSE on Thursday after the company reported sluggish growth in its jewellery business in March quarter of FY22 (Q4FY22). READ MORE
Zee Entertainment shares slipped 3.4 per cent to a low of Rs 281.10 in the intra-day trades on the NSE on Thursday amid heavy volume. The shares, however, trimmed losses to end little over 1.5 per cent down. READ MORE
That apart, shares of IDFC plunged 7 per cent to Rs 63 apiece on the BSE on Thursday, a day after the company announced the divestment of IDFC and IDFC Financial Holdings’ entire shareholding in IDFC AMC and IDFC AMC Trustee to a consortium led by Bandhan Financial Holding Limited for Rs 4,500 crore.
On the upside, shares of YES Bank surged 10.6 per cent to Rs 16.25 per share, hitting 52-week high in an otherwise weak market, after ratings agency CARE Ratings upgraded infrastructure, lower tier-2, and upper tier-2 bonds to positive.
Global cues
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