Sensex Loses Over 700 Points, Nifty Hovers Around 15,400; Rupee Falls To Record Low
Catch all live updates on share prices, index moves, corporate announcements and more from the Sensex and Nifty, today.
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India's stock benchmarks snapped a two-day winning streak and fell most in four sessions, dragged by metal stocks, amid fall in crude oil prices. Focus shifts to U.S. Federal Reserve chair Jerome Powell's two-day testimony before the Congress, as investor look for cues on rate hike trajectory and tackling inflation.
The Sensex lost over 700 points (1.35%) to 51,822.53, about 100 points of the intraday low. The Nifty declined by similar magnitude to 15,413.30.
The MidCap gauge underperformed its larger peers, falling 1.5% while the SmallCap index outperformed, shedding 1.1%. All the 19 sectoral indices declined, with metal index leading the losses shedding nearly 5%.
The market breadth is skewed in favour of bears. About 1,249 stocks advanced, 2,081 declined and 110 remained unchanged
BofA Cuts Year-End Nifty Target To 14,500
Nifty earnings growth moderation to 15% in FY23/24E could further drive down target to 13,500 (14% downside).
Remains 'overweight' on staples, healthcare and utilities.
Upgrades energy to 'overweight' from 'underweight' on higher energy prices.
Maintains 'neutral' on information technology.
BofA remains cautious on Indian markets despite recent market correction, citing four key reasons
1. Fast tightening monetary conditions
2. Fears of recession
3. Potential EPS cuts
4. Rising crude prices
Source: BofA Global Research note
Nifty Metal Index Falls Over 5% In Intraday Trade
Copper-linked stocks like Hindustan Copper, Hindalco, Vedanta , which rose on Tuesday as copper prices rose on the London Metal Exchange, tumbled in today's session and were among the top losers in Nifty Metal Index.
Source: Bloomberg
Greenlam Industries To Buy Bloom Dekor's Laminate Manufacturing Plant; Stock Surges
Shares of Greenlam Industries climbed 5% after the company entered into an asset purchase agreement with Bloom Dekor Ltd to buy laminate manufacturing plant in Gujarat
A total investment of Rs 51 crore (Rs 36 crore for acquisition of Bloom Dekor's facility and Rs 15 crore to operationalise) will be required for the purchase which will be financed through internal accruals
The proposed capacity will be operationalised by Q2FY2022-23
The laminate manufacturing plant has an existing capacity of 15.62 million sheets per annum and the capacity utilisation is 106% as on Q4FY2021-22.
Trading volume is 1.5 times the 30-day average. Of the seven analysts tracking the company, six maintain 'buy' and one suggests 'hold'. The return potential of the stock is at 11.5%.
Source: Exchange filing, Bloomberg