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Benchmark equity indices tanked over 2% to hit 52-week lows as investors’ sentiments dampened due to recession fears. The Sensex slumped 1.99% and the Nifty 50 tanked 2.11%.
Broader markets suffered deeper losses compared to headline indices. The Nifty Midcap 100 lost 2.34% and the BSE Smallcap fell 2.87%.
Top Nifty sectoral losers were Metal [-5.24%], Media [-3.2%], Realty [-2.8%], PSU Bank [-2.7%] and IT [-2.43%]. All other indices closed in the red.
Indian rupee remained little changed at 78.07 against the US dollar on Thursday.
Stock in News Today
HDFC Ltd: The mortgage financier is in the final stages of selling four large distressed accounts to Assets Care and Reconstruction Enterprise (ACRE), according to Economic Times news report. The four distressed accounts include Subhash Chandra-promoted Siti Networks. ACRE has given Rs 270 crore upfront to acquire HDFC’s Rs 577-crore portfolio of the four corporate accounts.
State Bank of India (SBI): The lender has reshuffled the bank’s top management and its subsidiaries to improve efficiency, according to Indian Express news report. The portfolios of all four MDs have been reshuffled.
ITC: Brokerage firm Motilal Oswal Financial Services (MOSL) upgraded the rating of ITC with ‘Buy’ and set a target price of Rs 335 per share. The upgrade was on the back of strong outlook for its cigarette business.
Airline companies: Shares of airline companies plunged due to concerns over weak earnings on rising fuel prices and falling Indian rupee against the US dollar. Shares of IndiGo closed 5.16% lower, SpiceJet plunged 6.5% and Jet Airways tanked 4.2%.
Airtel and Vodafone Idea: Shares of both the telecom companies slumped after analysts said that the base prices for 5G spectrum auction exceeded the expectations of the industry.
Dredging Corp: The company has secured a contract worth Rs 250 crore for maintenance of Jawaharlal Nehru Port. JNPA awarded the maintenance of Mumbai & JNPA navigational channel to DCI that includes dredging of 20 million cubic meter. The contract is for three years.
Glenmark: The drugmaker has launched Indacaterol and Mometasone fixed-dose combination drug for Asthma in India.
Strides Pharma Science: The company’s subsidiary has received EU-GMP certification for two of its manufacturing facilities from Hungary’s National Institute of Pharmacy and Nutrition.