Benchmark equity indices closed more than 2% lower as high inflation and aggressive rate hike weighed heavily on investors’ sentiments. The Sensex slumped 2.14% and the Nifty tanked 2.22%.
Broader markets plunged mirroring headline indices. The Nifty Midcap 100 fell 2.33% and BSE Smallcap lost 1.96%.
Top losers among Nifty sector indices were PSU Bank [-5.39%], Metal [-3.7%], Private Bank [-3.5%], Bank [-3.35%] and Financial Services [-3.05%]. All indices closed in red.
Indian rupee fell 17 paise to 77.41 against the US dollar on Thursday.
Stock in News Today
Hindalco Industries: Shares of the company fell 6.6% in intraday trading after its subsidiary Novelis posted a 15% fall in its Ebitda to $431 million during the Jan-Mar quarter due to short-term production and logistics challenges. Jefferies downgraded the stock and cut Hindalco’s target price to Rs 475 apiece from Rs 700 per share citing weakening global metal demand outlook.
Meanwhile, Novelis plans to build a $2.5 billion low-carbon aluminium recycling and rolling plant in the US to cater to the growing demand for beverage can sheets and the automotive market.
NTPC: The state-owned power company has invited bids for raising term-loan of up to Rs 5,000 crore, which would be utilised for capital expenditure for ongoing or new electricity generation capacity addition projects.
JSW Group: Its Infrastructure arm has started commercial operations at the Paradip East Quay coal terminal in Odisha, developed at an investment of around Rs 1,300 crore.
JMC Projects: The construction company secured new orders of Rs 2,348 crore, including water supply projects in India worth Rs 2,193 crore and Building & Factories Projects in India worth Rs 155 crore.