The benchmark indices tumbled further and hit fresh intraday low in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, dropped 613.23 points or 1% at 60,646.73. The Nifty 50 index lost 169.85 points or 0.93% at 18,096.75.
Reliance Industries (RIL) (down 2.83%), Infosys (down 2.61%) and Tata Consultancy Services (TCS) (down 1.97%) were major drags.
In the broader market, the S&P BSE Mid-Cap index slipped 0.96%. The S&P BSE Small-Cap index shed 0.81%.
Sellers outnumbered buyers. On the BSE, 1,424 shares rose and 1,754 shares fell. A total of 168 shares were unchanged.
Gainers & Losers:
Kotak Mahindra Bank (up 4.73%), Grasim Industries (up 2.14%), Housing Development Finance Corporation (HDFC) (up 1.96%), Bharat Petroleum Corporation (BPCL) (up 1.77%) and Tata Motors (up 1.08%) were major gainers in Nifty 50 index.
Hindalco Industries (down 3.16%), Tata Steel (down 3.07%), Reliance Industries (RIL) (down 2.83%) and Dr Reddy's Laboratories (down 2.82%) were major losers in Nifty 50 index.
Nifty Results Today:
Asian Paints (down 1.60%) and JSW Steel (down 3.55%) will announce their quarterly results today.
Earnings Impact:
Havells India slumped 6.44%. The company's standalone net profit declined 7.18% to Rs 301.56 crore on 31.38% rise in net sales to Rs 3221.03 crore in Q2 September 2021 over Q2 September 2020. The company reported healthy growth across business verticals. It added that increase in commodity cost remained unabated with severe escalation in a rather short period. Price increase have been staggered creating a lag affect on margins. However, we maintain a positive outlook on demand growth which could support margin as well, the company said.
L&T Finance Holdings dropped 5.14%. The company reported consolidated profit of Rs 222.99 crore in Q2 FY22 against Rs 247.72 crore in Q2 FY21. Total income stood at Rs 3,134.46 crore in Q2 FY22, declining from Rs 3,508.91 crore in Q2 FY21.
Angel Broking tumbled 11.03%. The company reported 80% rise in consolidated adjusted profit to Rs 134.30 crore in Q2 FY22 against Rs 74.6 crore in Q2 FY21. Total income jumped 69.3% to Rs 538.20 crore from Rs 317.90 crore Y-o-Y.
Global Markets:
European stocks fell across the board while Asian stocks were mixed on Thursday, 21 October 2021 as concerns about the Chinese property sector returned to the fore, while investors also monitored a slew of corporate earnings.
Evergrande said on Wednesday it had scrapped a deal to sell a 50.1% stake in Evergrande Property Services Group Ltd to Hopson Development Holdings Ltd as the smaller rival had not met the prerequisite to make a general offer.
In US, the Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts, attributed the slowdown to supply chain disruptions, labor shortages, and uncertainty around the Delta variant of COVID-19. The Fed also said employment increased at a modest to moderate rate in recent weeks, as demand for workers was high, but labor growth was dampened by a low supply of workers.
Powered by Capital Market - Live News