Get App
Domestic equity indices tanked ahead of the US inflation data due later on Friday as investors were worried over longer-than-expected inflation and aggressive monetary tightening by global central banks. The Sensex slumped 1.84% and the Nifty lost 1.68%.
In broader markets, Nifty Midcap 100 was down 0.83% and BSE Smallcap fell 0.7%.
Top Nifty sectoral losers were Financila Services [-2.24%], IT [-2.17%], Energy [-1.82%], Private Bank [-1.73%] and Bank [-1.71%]. All other sectoral indices closed in the red.
India rupee dropped by 6 paise to 77.83 against the US dollar on Friday.
Stock in News Today
IT companies: Shares of top IT companies plunged between 1%-3.5% after Tata Group’s chairman cautioned about “stagflationary impulse” that could led to low growth and high inflation regime. He was virtually addressing the 27th annual general meeting of TCS.
IndiGo: The company announced that it will restore the flying allowance of its pilots to pre-pandemic levels. Layover and deadhead allowances for IndiGo pilots will be reinstated from July 31, 2022. However, the airline is yet to reinstate pre-covid salaries for them.
Life Insurance Corporation (LIC): Shares of LIC fell to a fresh low for the fourth day in a row as the regulatory lock-in on shares allotted to anchor investors in IPO ends today. SEBI eased the rules for LIC and kept the number of days at 30 days. The insurer’s shares have tumbled 34% from its issue price.
Sugar companies: State fuel retailers have agreed to provide monetary relief to sugar mills and other producers of ethanol, Reuters reported citing a letter written by state fuel retailers to sugar manufacturers. The move is done to compensate for high energy costs to boost biofuel production. Shares of sugar companies rose.
Berger Paints: The company said that the expected quantum of loss/damage due to accidental fire at the company’s factory at Howrah is between Rs 75 lakh and Rs 1 crore. The company said that the loss is fully covered by insurance. The total sum insured for the Howrah factory is Rs 218 crore.
Alembic Pharmaceuticals: The company received tentative nod from the US health regulator (FDA) for Dasatinib tablets. The drug is expected to treat ‘Philadelphia Chromosome-positive Chronic Myeloid Leukemia’.