The benchmark indices further extended losses in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, dropped 240.66 points or 0.40% at 60,682.84. The Nifty 50 index lost 92.65 points or 0.51% at 18,085.45.
Sentiment took a hit after the media reported that China has started shutting down schools, cancelling hundreds of flights and ramping up mass testings following a new outbreak of Covid-19.
Infosys (down 2.50%), ITC (down 3.35%) and Tata Consultancy Services (TCS) (down 1.29%) were major drags.
Index heavyweight Reliance Industries (RIL) (up 0.38%) will announce its Q2 result today.
The broader market tumbled. The S&P BSE Mid-Cap index slipped 1.47%. The S&P BSE Small-Cap index shed 1.66%.
Sellers outnumbered buyers. On the BSE, 1,101 shares rose and 2,100 shares fell. A total of 167 shares were unchanged.
Gainers & Losers:
Bajaj Auto (up 2.16%), Housing Development Finance Corporation (HDFC) (up 1.82%), Kotak Mahindra Bank (up 1.46%), Oil & Natural Gas Corporation (ONGC) (up 1.29%) and Bajaj Finserv (up 1.24%) were major gainers in Nifty 50 index.
Hindalco Industries (down 4.45%), Coal India (down 3.56%), Tata Motors (down 3.44%), ITC (down 3.35%) and Tata Steel (down 3%) were major losers in Nifty 50 index.
Nifty Results Today:
Reliance Industries (up 0.27%) and HDFC Life Insurance Company (down 0.21%) will announce their quarterly results today.
Earnings Impact:
JSW Steel shed 1.94%. The company reported a 350% year-on-year (Y-o-Y) jump in consolidated net profit to post its highest quarterly profit of Rs 7,179 crore for the second quarter ending 30 September. The company also reported its highest-ever quarterly revenue from operations at Rs 32,503 crore for the quarter, against Rs 19,264 crore a year ago.
TVS Motor Company soared 7.56%. The company posted a consolidated net profit of Rs 234.37 crore in Q2 FY22 over net profit of Rs 181.41 crore in Q2 FY21. Total income rose to Rs 6,491.18 crore for the second quarter as compared to Rs 5,269.59 in the year-ago period.
Global Markets:
European stocks rallied across the board while Asian stocks were mixed on Friday, as fears over the Chinese property market cooled, while investors monitored corporate earnings and key economic data.
Shares of China Evergrande Group bounced in Hong Kong following media reports that the embattled developer is set to pay off a coupon payment on a dollar-denominated bond.
In the US, the number of Americans applying for unemployment benefits fell last week to a new low point since the pandemic erupted. Unemployment claims dropped 6,000 to 290,000 last week, the third straight drop, the Labor Department said Thursday. That's the fewest people to apply for benefits since March 14, 2020, when the pandemic intensified.
Powered by Capital Market - Live News