Stock market updates: Fanning inflation across the globe stoked fears in the investor community on Wednesday, keeping indices in the red for the second straight day. MSCI’s broadest index of Asia-Pacific shares outside Japan slumped 0.9 per cent while Japan’s Nikkei shedded 1.9 per cent and Taiwan’s index slumped over 4 per cent.
On Wall Street, E-mini futures for the S&P 500 stumbled 0.2 per cent while futures for the tech-heavy Nasdaq were down 0.5 per cent.
Data from China on Tuesday showed that consumer price inflation hit a seven-month high in April, and factory gate prices rose at the fastest rate in three and a half years. Meanwhile, in Germany, wholesale price inflation hit a decade high.
Now, ahead of retail inflation data from the US and India, slated to be released later in the day, domestic benchmark indices fell about a per cent on Dalal Street. Coupled with positions’ unwinding due to weekly F&O expiry, the BSE barometer of 30-shares dropped 471 points to close at 48,691 levels. In the intra-day trade, the index hit a low of 48,551 levels.
On the NSE, the Nifty50 declined 154 points and gave up 14,700-mark to settle at 14,696 levels. Earlier in the day, the index had touched a low of 14,650.
Tata Motors, PowerGrid, Titan Company, Maruti Suzuki, UPL, Cipla, State Bank of India, and NTPC were the top gainers on the 50-share index today, up between 1 per cent and 3 per cent. On the flipside, Tata Steel, JSW Steel, IndusInd Bank, Hindalco, HUL, SBI Life, and Grasim nursed losses up to 4 per cent.
The broader markets, too, succumbed to profit booking with the BSE MidCap and SmallCap indices falling 0.9 per cent and 0.6 per cent, respectively.
Among key sectoral indices, the Nifty metal index tumbled over 3 per cent, followed by the Nifty Private Bank index, down 1.6 per cent.
On the upside, the Nifty PSU Bank index zoomed 3.3 per cent on possible short covering. Individually, Punjab and Sind Bank, Central Bank of India, UCO Bank, PNB, Union Bank of India, Bank of India and Bank of Baroda soared in the range of 4 per cent to 10 per cent.
According to an Edelweiss Research report, the index has added 20 per cent open interest in the last four trading days, highest in last 5 months, with stocks like PNB and Canara Bank witnessing highest trading as well as delivery volume this week.
Shares of Godrej Consumer Products soared 25 per cent to Rs 895 on the BSE in the intra-day trade on Wednesday after the fast moving consumer goods (FMCG) major announced that Sudhir Sitapati will take over as its managing director (MD) and CEO in October 2021. Sudhir Sitapati—who spent over two decades at FMCG Hindustan Unilever—is stepping down from the role of executive director of the company’s foods and refreshment (F&R) business. READ MORE
Shares of Venky’s (India) hit a 52-week high of Rs 2,143 after rallying 20 per cent on the BSE in the intra-day trade on Wednesday after the company reported a standalone net profit of Rs 77.90 crore for the quarter ended March 2021 (Q4FY21). It had posted a net loss of Rs 96.73 crore in the year-ago quarter. On a sequential basis, however, the net profit was down 27 per cent from Rs 106.50 crore as the company witnessed some negative impact due to outbreak of bird flu. READ MORE
Siemens shares, on Wednesday, surged 10 per cent, hitting a new high of Rs 2,143.20, on the BSE in intra-day trade after the company reported a strong set of numbers for the quarter ended March 2021 (Q2FY21), with healthy order book position. The stock surpassed its previous high of Rs 2,055.10, hit on February 24, 2021. READ MORE
CATCH ALL THE LIVE UPDATES