Equity indices saw gap-down opening and traded with losses in early trade amid negative global cues. The Nifty traded below the 17,100 level.
At 9:20 IST, the S&P BSE Sensex fell 390.73 points or 0.68% to 56,965.13. The Nifty 50 index declined 113.55 points or 0.66% to 17,087.25.
The broader market traded with losses as well. The S&P BSE Mid-Cap index fell 0.29% while the S&P BSE Small-Cap index lost 0.38%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 989 shares rose while 1462 shares fell. A total of 93 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,174.05 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,643.84 crore in the Indian equity market on 26 April, provisional data showed.
Bajaj Finance declined 3.54%. The NBFC reported a 80% rise in consolidated net profit to Rs 2420 crore on a 26% rise in total income to Rs 8630 crore in Q4 FY22 over Q4 FY21. Net interest income grew by 32% to Rs 5,672 crore in Q4 FY22 from Rs 4,287 crore in Q4 FY21. Loan losses and provisions for Q4 FY22 was Rs 664 crore as against Rs 1,201 crore in Q4 FY21.
VST Industries rose 1.44%. The company reported a 19.7% year-on-year growth in Q4FY22 profit to Rs 87.2 crore driven by higher other income and operating income. Net sales during the quarter increased by 8.7% to Rs 302 crore compared to year-ago period.
Asian markets were trading lower on Wednesday after overnight losses saw the tech-heavy Nasdaq Composite sliding to a fresh low for 2022. China's industrial profits rose 8.5% year-on-year in the January-March period, official data showed.
U.S. stocks fell sharply on Tuesday with shares selling off into the close, as investors dumped equities on fears of an economic slowdown.
Worries about the global economy loomed. Investors are worried about a Covid surge in China. Regarding the war in Ukraine, a top Russian official said the threat of nuclear war is real. Plus, high inflation in the U.S. is denting demand for goods from houses to sneakers.
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