Stock Market LIVE Updates: Sensex falls 1,200 points, Nifty below 16,950 after hawkish Fed; Zomato down 10%
Stock Market LIVE Updates: Indian equity benchmarks Sensex and Nifty50 fell sharply on Thursday tracking weakness across global markets after the Fed said it is likely to hike interest rates in March. A sell-off across sectors pulled the headline indices lower, with financial, IT, consumer and metal shares being the worst hit. The US central bank also reaffirmed plans to end its bond purchases in March in what Chairman Jerome Powell pledged will be a sustained battle to tame inflation. Investors awaited more of quarterly earnings reports from India Inc for cues.
Torrent Pharma tumbles 16% after disappointing quarterly numbers
Torrent Pharmaceuticals shares tumbled over 16 percent after the company reported a disappointing set of quarterly earnings. The company’s PAT fell 16 percent on a year-on-year basis to Rs 249 crore.)
Should you buy, sell or hold Maruti Suzuki shares after Q3 results?
Maruti Suzuki shares were in focus on Thursday after the country’s largest carmaker reported its financial results for the quarter ended December. At 11:12 am, the stock was down half a percent at Rs 8,556.6 apiece on BSE.
On Tuesday, Maruti Suzuki reported a 47.9 percent year-on-year fall in net profit to Rs 1,011 crore for the third quarter of FY22, which exceeded Street estimates. Its quarterly revenue came in at Rs 23,246 crore, down 0.9 percent compared with the corresponding period a year ago.
Zomato down 10% at Rs 90.5
At 11 am, Zomato shares were stuck in the lower circuit at 10 percent at Rs 90.5 apiece on BSE. Jefferies, however, has a ‘buy’ rating on Zomato with a target price of Rs 175. “We see a case for the India premium to sustain, as seen in other sectors, although short-listing history makes this difficult,” the brokerage said.
HDFC twins, Reliance Industries, Infosys, TCS pull headline indices lower
ICICI Bank, Titan, HCL Tech and Bajaj Finance were also among the biggest contributors to the headline indices.
BEL signs $73 million deal with Hyperion Global Group
Bharat Electronics signed a contract worth $73 million with Hyperion Global Group for supplying Internet of Things (IoT) devices to the US.. At 10:27 am, the BEL stock was down 0.9 percent at Rs 202.5 apiece.
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