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Benchmark equity indices ended lower for the third straight day this week as global cues remained muted and investors’ focus shifted to U.S. inflation data for April, scheduled to be announced later today. The Sensex dropped 0.51% and the Nifty closed 0.45% lower.
Broader markets underperformed with the Nifty Midcap 100 declining 0.36% and BSE SmallCap tumbling 2.23%.
Top losers among Nifty sector indices were IT [-1.24%], Auto [-0.91%%] and FMCG [-0.69%]. Top gainers were Realty [0.73%], Bank [0.61%] and Private Bank [0.53%].
Indian rupee rose 10 paise to 77.24 against the US dollar on Wednesday.
Meanwhile, China’s consumer price index (CPI) for April grew 0.4 per cent month-on-month compared to 0.6 per cent in March due to Covid-19 related supply disruptions.
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Tata Motors: The automaker has expanded its electric vehicle range in the country with the launch of Nexon EV MAX, priced between Rs 17.74 and Rs 19.24 lakh (ex-showroom). It is equipped with a 40.5 kWh lithium-ion battery pack and offers 33 per cent higher battery capacity than the Nexon EV, delivering ARAI certified range of 437 km.
IOCL, BPCL and HPCL: The oil marketing companies (OMCs) have entered into long-term purchase agreement for upcoming dedicated ethanol plants across India. The agreement was signed among OMCs, project proponents and banks of the respective ethanol plant projects. SBI, Indian Overseas Bank and Indian Bank are the three banks involved in the agreement.
Aurobindo Pharma: The drug firm has received a ‘Form 483’ from the U.S. FDA with six observations after inspecting the company’s manufacturing facility in Hyderabad on Tuesday. The inspection on Unit VII, an oral manufacturing facility at Jedcherla in Hyderabad. The pharma company said that it will respond to the U.S. drug regulator within the stipulated timeline and address the concerns.
Alembic Pharmaceuticals: The drug firm has received final approval from the US health regulator for its generic version of Arformoterol Tartrate inhalation solution indicated for long-term treatment of bronchoconstriction in patients with chronic obstructive pulmonary disease.
Karnataka Bank: The lender has declared its outstanding dues of around Rs 12.81 crore to SREI Equipment Finance as fraud and reported this to the Reserve Bank of India. The bank has also reported a fraud to RBI in respect of investment made in Non-Convertible Debentures issued by SREI Infrastructure Finance Limited amounting to Rs.10 crore which was NPA since September 2021.