The key benchmark indices ended lower for the fourth straight trading day as global cues remained subdued ahead of key macro-economic data. The US is slated to release its April inflation numbers later today. At Close, the Sensex was down 276.46 points or 0.51 per cent at 54,088.39, and the Nifty was down 72.90 points or 0.45 per cent at 16167.10. About 787 shares have advanced, 2531 shares declined, and 116 shares are unchanged.
Shree Cements, Bajaj Finserv, Larsen and Toubro, Bajaj Finance and NTPC were among the top Nifty losers, while gainers included ONGC, Axis Bank, IndusInd Bank, Cipla and HDFC.
Among sectors, bank and realty indices were up 0.5 percent each, while IT, auto, FMCG, pharma, power and capital goods indices shed 0.5-1 per cent.
The broader markets too came off the day’s low but eventually ended with notable losses. The BSE Midcap index was down 0.3 per cent, and the Smallcap index declined 2.2 per cent. The overall breadth was extremely negative, with more than three declining stocks for every advancing share on the BSE.
Similarly, Zensar Technologies gained 7 per cent after the company posted a 30.4 per cent jump in Q4FY22 net profit at Rs 105.60 crore when compared with Rs 81 crore in Q4FY21.
Mohit Nigam, Head – PMS, Hem Securities, said: “The key Indian benchmark indexes recovered some of their losses in the late afternoon session and came off the day’s lows as private bank giants regained lost ground but the market ended in the red for the fourth consecutive session. On the global front, Asian markets were divided, while European markets were higher ahead of the release of US inflation data, which may provide a clue as to how aggressively the Federal Reserve would hike interest rates. The real estate sector remains focused, as Crisil Ratings stated in its most recent research demand for housing is projected to continue solid, despite increases in property prices and loan interest rates.”
“According to the report, housing demand in the top six cities is predicted to rise by 5-10 per cent, with the growth noticeable despite a high base. India is in a lot better position to deal with unfavorable foreign spillovers. An improved macroeconomic stability profile, the government’s capex push, external sector buffers, and a broadly supportive fiscal and monetary policy environment would all help for a sharp recovery. Investors should exercise caution in these markets and take advantage of any drops in fundamentally sound stocks,” Nigam said.
Global Cues
The S&P 500 and Nasdaq ended higher on Tuesday, with big growth shares rising after the previous day’s selloff as Treasury yields tumbled. The Dow Jones Industrial Average fell 84.96 points, or 0.26 per cent, to 32,160.74, the S&P 500 gained 9.81 points, or 0.25 per cent, to 4,001.05 and the Nasdaq Composite added 114.42 points, or 0.98 per cent, to 11,737.67.
Tokyo stocks opened lower on Wednesday after a mixed close on Wall Street, with investors awaiting Toyota’s earnings report due later in the trading day. The benchmark Nikkei 225 index was down 0.60 per cent, or 158.31 points, at 26,008.79 in early trade, while the broader Topix index was off 0.54 per cent, or 10.00 points, at 1,852.38.
Australian shares fell for a fourth straight day on Wednesday, with mining and gold stocks leading the declines, as caution around U.S. inflation data amid risks of sharp interest-rate hikes and a global recession weighed on equities. The S&P/ASX 200 index slid 0.5 per cent to 7,018.80 by 0035 GMT, after having ended 1 per cent lower on Tuesday.
Hong Kong equities opened slightly lower on Wednesday, steadying after losses from Wall Street’s rout on fears of economic risks from surging inflation. The Hang Seng Index dipped 0.62 per cent at open, or 121.89 points, to 19,511.80. The Shanghai Composite Index rose 0.32 per cent, or 10.19 points, to 3047.76, while the Shenzhen Composite Index on China’s second exchange rose 0.61 per cent, or 11.62 points, to 1,906.01.
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