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Sensex Plunges 1,416 pts, Nifty Below 16,000; ITC Rises 3%; 5 Points

Key benchmark indices opened in the red on Thursday tracking sentiments of its global peers.

Key benchmark indices opened in the red on Thursday tracking sentiments of its global peers.

Tracking the US market's worst intra-day fall in two years overnight, the Sensex and Nifty opened in the red on Thursday morning.

Global markets roiled on Thursday, a day after Wall Street witnessed its worst one-say sell-off since June 2020. With this, investors became poorer by Rs 6.75 trillion in a day as the market capitalisation of all the companies on the BSE tumbled from Rs 255.77 trillion to Rs 249.02 trillion. At close, the Sensex was down 1,416.30 points or 2.61 per cent at 52,792.23, and the Nifty was down 430.90 points or 2.65 per cent at 15,809.40. Overall 838 shares have advanced, 2413 shares declined, and 122 shares are unchanged.

Top Losers and Gainers

Wipro, HCL Technologies, TCS, Tech Mahindra and Infosys were among the top Nifty losers, while gainers included ITC, Dr Reddy’s Laboratories and Power Grid Corporation.

All Sectors in The Red

Sectorally, all the indices drowned in losses. The Nifty IT index plunged 6 per cent on the NSE today after global brokerage JPMorgan downgraded the sector to “underweight”. The Nifty Metal and Media indices were the other worst hit sectors as their respective indices sunk 4 per cent each. All other indices fell over 2 per cent each.

Rupee Close

Indian rupee ended 14 paise lower at 77.72 per dollar versus Wednesday’s closing of 77.58.

ITC Defies Bearish Market Sentiment, Shares Surge 3 per cent in Opening Trades 

ITC Ltd posted a 16 per cent growth in revenue from operations at Rs 16,426 crore for the fourth quarter ending March as compared to the same period last year, while net profit went up by 11.8 per cent to Rs 4190.96 crore in the period under review. The conglomerate said there was strong growth across all businesses despite the third Covid wave.

Lupin Slips 9 per cent, Hits 2-year Low on Disappointing March Quarter Results

Lupin’s performance was skewed on the revenues front amid US and India posting lower than expected sales while RoW and South Africa saw better than anticipated traction this quarter.

S Hariharan, Head of Sales Trading, Emkay Global Financial Services, said: “After increasing net longs single stock open interest since mid-April, Retail has started to trim long positions – their net long open interest is down USD 500 mn over the last 5 sessions. FII selling intensity in the cash segment has also ebbed in this period. As a result, headline indices have bounced on low market volumes, from extremely oversold conditions. Metals stocks have been the weakest segment of the market, with long unwinding seen across ferrous as well as non-ferrous stocks. Autos and standalone refinery stocks have been the strongest sectors on account of revenue visibility.”

Global Cues
A sharp sell-off was witnessed in US stocks on inflation fears. The Dow Jones Industrial Average sank more than 1,100 points and the S&P 500 had its biggest drop in nearly two years Wednesday, as big earnings misses by Target and other major retailers stoked investors’ fears that surging inflation could cut deeply into corporate profits. The Dow dropped 3.6 per cent, while the Nasdaq fell 4.7 per cent. The three indexes are on pace to extend a string of at least six weekly losses.
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first published:May 19, 2022, 09:18 IST