Sensex, Nifty Fall as Stocks Slide on Weak Global Indices; RIL hits a new high
(RTTNews) – India’s stock market is down sharply on Wednesday morning after opening with a big negative gap, tracking weakness in global indices.
The mood in the market is quite bearish following the overnight pullback on Wall Street and the largely weak European and Asian markets today.
Like a generalized sellling, all sector indices are in negative territory. Tech, metals, oil, power and financials stocks are among the biggest losers.
The benchmark BSE Sensex, which opened nearly 375 points lower at 56,983.68 and fell to 56,852.68 afterward, was down 438.71 points or 0.76% at 56,917.90 a short time ago.
The National Stock Exchange’s broader Nifty Index, which fell to 16,953.95, fell 152.70 points or 0.89% to 17,048.10.
On Tuesday, the Sensex climbed 1.37%, while the Nifty gained 1.46%.
Reliance Industries hit a new high at Rs 2,828 on Wednesday morning at the NSE and became the first listed Indian company to cross the Rs 19 trillion mark in market capitalization in the process. The stock is currently up 1.5% at 2,816.00.
Reliance Industries has signed a formal shareholders agreement with Abu Dhabi Chemicals Derivatives Company RSC for the TA’ZIZ EDC and PVC project. The project will require a total investment of over $2 billion.
Shares of Bajaj Finance Limited are down nearly 5% as the company reported consolidated net profit of Rs 2,420 crore for the quarter ended March 2022, up 80% from a net profit of Rs 1,347 crore that the company recorded a year ago.
Bajaj Finserv is down 2.7% and Wipro is down around 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 1-2%.
HeroMoto Corp gained almost 1%, while HDFC Bank and Kotak Bank rose slightly.
HDFC Life Insurance is down 1.4% despite a 12.4% growth in net profit to Rs 357.52 crore for the January to March 2022 quarter over a year ago.
Tata Coffee is down 1.7%. The company’s consolidated net income increased by 12.04% in the quarter ended March 2022.
United Breweries reported a strong 68% increase in consolidated net profit. The stock is down slightly.
Realtor Macrotech Developers said its consolidated net profit increased several fold to Rs 1,202.37 crore in the last financial year. The stock is down about 0.4%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.