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Sensex tanks 471 points; Nifty ends below 14,700; banks, IT, metals drag

Stock Market Closing: Indices closed in the red for the second day on Wednesday.Premium
Stock Market Closing: Indices closed in the red for the second day on Wednesday.

  • Market Closing: Indian indices extended losses for the second day in a row on Wednesday dragged by banks, IT and metal stocks. Indusind Bank, HUL and ICICI Bank were among the top losers

Indian benchmark indices Sensex and Nifty closed 1% lower on Wednesday, extending losses from the previous day, tracking Asian markets which fell amid surging commodity prices and growing inflationary pressure in the US. Banks, metals and IT stocks were the biggest laggards today.

12 May 2021, 03:35:00 PM IST

Markets end lower for the second day in a row

Indian benchmark indices closed 1% lower on Wednesday, extending losses from the previous day, tracking Asian markets. Sensex ends 471 points lower at 48,690.80 and Nifty settled at 14,696.50. Among sectors, Nifty Metal cracked 3%, while banks and IT were the other big losers. . Indusind Bank, HUL and ICICI Bank were among the top losers among the 30 shares on the Sensex.

Sensex at close
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Sensex at close
12 May 2021, 03:27:23 PM IST

Cabinet approves ₹18,100 crore PLI scheme for promoting battery storage: PTI

12 May 2021, 03:20:18 PM IST

Asian Paints consol profit jumps to ₹8.52 billion

Asian Paints' consol net profit rose to 8.52 billion in the March quarter versus 4.62 billion a year ago. Consol revenue from operations rose to 66.51 billion against 46.36 billion a year ago.

12 May 2021, 03:11:03 PM IST

Nifty Metal down 3%

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12 May 2021, 02:59:48 PM IST

IEA sees oil demand recovery outpacing growth in supply

Oil demand is already outstripping supply and the shortfall is expected to widen even if Iran boosts exports as vaccinations against covid-19 bolster the global economy, the International Energy Agency (IEA) said on Wednesday.

"The anticipated supply growth through the rest of this year comes nowhere close to matching our forecast for significantly stronger demand beyond the second quarter," the IEA said in its monthly report, citing increased pumping from OPEC countries.

12 May 2021, 02:40:26 PM IST

Nifty PSU Bank zooms 5%

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12 May 2021, 02:31:45 PM IST

Markets tank globally

A sell-off in global shares extended to its longest losing streak in two months on Wednesday amid surging commodity prices and growing inflationary pressure in the US.

A limited equity market recovery emerged in European early trade, with the continent's shares STOXX 600 index adding 0.4% after Tuesday's slump.

Japan's Nikkei reversed early gains to shed 1.9%, while Taiwan's benchmark index plunged 6% from all-time highs to levels seen in February.

12 May 2021, 02:17:05 PM IST

Most of country should remain locked down for 6-8 weeks: ICMR chief

12 May 2021, 02:01:29 PM IST

ITD Cementation India wins order valued around ₹9.5 billion, shares up 3%

12 May 2021, 01:44:25 PM IST

Subject Expert Committee gives nod to Covaxin for Phase 2, 3 trials on children aged 2 to 18 years: ANI

12 May 2021, 01:30:04 PM IST

Passenger vehicles wholesales down 10% sequentially in April

Wholesale of passenger vehicles fell 10% on a sequential basis to 2,61,633 units in April, according to sales data released by Society of Indian Automobile Manufacturers (SIAM) on Wednesday. Vehicle sales were hit initially due to lockdown measures imposed in Maharashtra to contain the spread of Covid -19 and similar measures were implemented in other parts of the country as well in the second half of April which further impacted volumes.

12 May 2021, 01:16:43 PM IST

Bharat Biotech said can’t provide additional Covaxin doses to Delhi: Sisodia

12 May 2021, 01:04:26 PM IST

Nifty IT down 1%

Nifty IT
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Nifty IT
12 May 2021, 12:51:13 PM IST

Asian Paints up ahead of March quarter earnings

The paints major will report its March quarter earnings on Wednesday. The company had reported a 62.28% jump in its consolidated profit to 1,265.35 crore for the third quarter ended December, while revenue stood at 6,886.39 crore, up 25.43%.

12 May 2021, 12:30:38 PM IST

India's GDP to grow 7.5% in 2021, outlook fragile: UN

12 May 2021, 12:23:14 PM IST

Godrej Consumer’s investors euphoric on new leadership; stock jumps over 20%

GCPL shares rose over 20% in early trading hours on Wednesday, hitting a new 52-week high of 892 apiece. The reason for the re-rating in the GCPL stock is simple: new leadership. The company said it has appointed Sudhir Sitapati as GCPL’s managing director & CEO for five years effective 18 October. Investors are visibly thrilled about Sitapati’s rich experience of more than two decades (a 22-year stint) at bigger peer Hindustan Unilever Ltd (HUL). Currently, Sitapati is the executive director and vice president for the foods & refreshment business at HUL.

12 May 2021, 12:11:30 PM IST

Sensex at noon: Down 336 points at 48,825

BSE Sensex
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BSE Sensex
12 May 2021, 11:55:13 AM IST

Vodafone up nearly 10%, telco adds wireless customers for the first time since October 2019

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12 May 2021, 11:40:28 AM IST

Cadila to sell animal health biz, shares up 3%

Zydus Animal Health and Investments Ltd (ZAHL), a wholly owned subsidiary of Cadila Healthcare Ltd, has entered into a agreement to sell its Animal Healthcare Established Markets Undertaking (Zydus AH) to a consortium led by private equity firm Multiples Alternate Asset Management.

Zydus AH is the animal health business of ZAHL focused on India and certain other countries.

The consortium, including Canada Pension Plan Investment Board and Rakesh Jhunjuwala’s RARE Enterprises, has agreed to purchase the business through an SPV - Zenex Animal Health India Pvt Ltd.

12 May 2021, 11:25:24 AM IST

ICICI Bank, HDFC, Reliance drag Sensex to day's low

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12 May 2021, 11:19:00 AM IST

Siemens up 6%

The company posted an over 90% rise in consolidated net profit at 334.4 crore for the March quarter, mainly on the back of higher revenues. Total income rose to 3,540 crore in the quarter from 2,722.1 crore in the same period a year ago. The company follows the October to September financial year.

12 May 2021, 11:08:18 AM IST

As Cholamandalam Investment’s resilience is put to test, investors turn wary

Cholamandalam Investment and Finance Company Ltd has weathered the pandemic far better than peers in FY21 and investors have rewarded the company by making its shares outperform the broad market. But will the Murugappa group’s vehicle financier be able to do a repeat performance in FY22?

Investors don’t seem to be so sure about the company coming unscathed from the second wave of the pandemic and even the company’s management sounded cautious on the outlook. The company said its disbursements were affected in April and May due to the second wave. Shares of the lender have dropped 4.5% since it announced it March quarter results on Friday. (Full report)

12 May 2021, 10:45:42 AM IST

Covid update: India reports over 4,200 deaths, new cases close to 3.5 lakh

New cases in India saw a slight increase with 3,48,421 more people testing positive for Covid-19 in the last 24 hours, said the Union health ministry on Wednesday morning. The cumulative caseload in the country has risen to 2,33,40,938.

In the last 24 hours, 4,205 people succumbed to the disease, taking the cumulative death toll in India to 2,54,197.

12 May 2021, 10:29:21 AM IST

Nifty Bank down nearly 1%

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12 May 2021, 10:18:29 AM IST

Indian rupee opens at 73.50 per US dollar vs 73.34 on Tuesday

12 May 2021, 10:11:33 AM IST

MidCaps outperform

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12 May 2021, 10:02:58 AM IST

Petrol and diesel prices hiked again

Fuel prices were hiked for the seventh time this month to break the previous records. In Delhi, both petrol and diesel prices were up by 25 paise per litre at 92.05 and 82.61, respectively, on Wednesday.

12 May 2021, 09:52:18 AM IST

Godrej Consumer Products surges 15%; hits 52-week high

The company reported a consolidated net profit of 366 crore in the quarter ended March. Consolidated sale rose nearly 27% to 2,706 crore. The company appointed Sudhir Sitapati as MD & CEO with effect from 18 October. Localised lockdowns could impact frontline servicing and replenishment of outlets, it said.

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12 May 2021, 09:41:50 AM IST

M&M down 2%

The country’s leading tractor and automobile manufacturer expects its vehicle sales to drop 15%-20% in the June quarter as a consequence of the second wave of covid-19 infections which has forced state governments to impose lockdowns. The company also expects revenue and net profit to be impacted in line with the impact on sales and it is taking measures to limit the adverse impact on it businesses.

12 May 2021, 09:30:08 AM IST

Nifty below 14,800: M&M, HDFC biggest laggards

Nifty open
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Nifty open
12 May 2021, 09:26:16 AM IST

Sensex slips 250 points after opening flat; HDFC, HUL top losers

Sensex at open
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Sensex at open
12 May 2021, 09:18:41 AM IST

Markets open in the red

12 May 2021, 09:03:29 AM IST

Markets in the green in pre-opening session

Sensex at pre-open
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Sensex at pre-open
12 May 2021, 08:56:02 AM IST

Moody’s slashes FY22 GDP forecast for India to 9.3%

Moody’s Investors Service has slashed its FY22 economic growth forecast for India from 13.7% estimated earlier to 9.3%, citing negative impact of the second wave of coronavirus pandemic. The rating agency cautioned that risks from deeper stresses in the economy and financial system could lead to a more severe and prolonged erosion in fiscal strength, exerting further pressure on the credit profile of Asia’s third largest economy.

12 May 2021, 08:53:07 AM IST

Oil prices rise

Oil prices rose on Wednesday, extending overnight gains, after industry data showed a drop in US crude inventories, which reinforced OPEC's robust demand outlook, and as the shutdown of the biggest U.S. fuel pipeline headed into a sixth day.

U.S. West Texas Intermediate (WTI) crude futures rose 21 cents, or 0.3%, to $65.49 a barrel, adding to a 36 cent rise on Tuesday. Brent crude futures climbed 15 cents, or 0.2%, to $68.70 a barrel, adding to a 23 cent gain on Tuesday.

12 May 2021, 08:40:30 AM IST

Stocks to Watch: M&M, Dr Reddy's, Godrej Consumer

Besides M&M, Dr Reddy's and Godrej Consumer, stocks of telecom companies, Infosys, and CG Power will be in news today. Key companies which will announce March quarter results on Wednesday are Asian Paints, Tata Power, Lupin, Jindal Steel and Power, UPL, Voltas, Happiest Minds and Apollo Tyres.

12 May 2021, 08:26:20 AM IST

Indian markets may remain weak

Indian equity markets are likely to remain weak on Wednesday following global cues, while trends in SGX Nifty suggest a flat opening for domestic benchmark indices. On Tuesday, markets snapped a four-day gaining streak to end lower. The BSE Sensex ended at 49,161.81, down 340.60 points or 0.69%, and the Nifty closed at 14,850.75, down 91.60 points or 0.61%.

12 May 2021, 08:12:26 AM IST

Asian shares fall

Asian shares fell for a second straight session on Wednesday to one-month lows tracking US markets.

MSCI's broadest index of Asia-Pacific shares outside Japan faltered 0.5%. Shares in China opened in the red, with the blue-chip index off 0.2%.

Australian stocks slipped 0.6% while South Korea's KOSPI index skidded 0.7%. Japan's Nikkei reversed early gains to be down 0.4%.

12 May 2021, 07:32:20 AM IST

Wall Street ends lower on Tuesday

U.S. stocks ended lower on Tuesday amid speculation that rising inflation pressure could prompt interest rate hikes sooner rather than later.

The Dow Jones Industrial Average fell 473.66 points, or 1.36%, to 34,269.16, the S&P 500 lost 36.33 points, or 0.87%, to 4,152.1 and the Nasdaq Composite dropped 12.43 points, or 0.09%, to 13,389.43.

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