Sensex Falls 500 points, send under 17,250; Hindalco, Sbi, Dr. Reddy’s top losers

The Nikkei slipped 1.8% while the Shanghai Composite fell 0.1%. The Hang Seng is down 0.5%.

In US stock markets, Wall Street indexes ended lower on Thursday as investors reacted to Federal Reserve officials, including Chairman Jerome Powell, offering further signs of aggressive rate hikes this year.

A 50 basis point rate hike “will be on the table” when the Federal Reserve meets May 3-4 to approve the next in a series of rate hikes this year, Fed Chair Jerome Powell said on Thursday.

The Dow Jones plunged 1.1% while the Nasdaq fell 2.1%.

At home, Indian stock markets are deep in the red.

Market participants are following shares of Tejas Networks, MMTC and Hindustan Zinc as these companies are expected to report earnings later in the day.

The BSE Sensex is down 497 points. Meanwhile, the NSE Nifty is trading 157 points lower.

HCL Tech is among the top winners today. dr Reddy’s Lab and SBI, on the other hand, are among the top losers today.

The BSE Mid Cap Index is flat while the BSE Small Cap Index is trading up 0.2%.

Sector indices traded mixed, with stocks in the banking sector, real estate sector and healthcare sector seeing the most selling.

Telecom stocks, on the other hand, trade green.

Garden Reach Shipbuilders and Polycab India shares hit 52-week highs today.

The rupee is trading at 76.25 against the US dollar.

Crude oil prices fell about $1 and are headed for a nearly 4% decline this week, weighed down by the prospect of rate hikes, weaker global growth and Covid-19 lockdowns in China hurting demand even as the European Union was considering a ban on Russian oil.

Speaking of the current stock market scenario, given the continued volatility, take a look at the following two charts in the order in which they were placed:

Show full picture

Short-term volatility in Sensex offset by long-term gains.

The annual change in the Sensex was hardly predictable, but someone who stayed invested multiplied every lakh nearly 14 times.

Market timing could be suicidal as valuations and volatility put markets into seesaw mode.

As an individual investor, you need to keep an eye on high-conviction stocks and invest consistently to see the magic of compound interest.

Because 2022 could become hugely profitable over time, provided you reset your portfolio with the right kind of safe assets and safe stocks.

Coming to commodity news, experts believe gold and silver prices are expected to rise due to the high inflation situation and upcoming wedding season and Akshaya Tritiya 2022.

Akshaya Tritiya, which is considered a good opportunity to buy gold and silver, falls on May 3rd.

Gold prices are currently trading 0.2% higher 52,498 per 10 grams while silver is down 0.1% 67,050.

HCL Technologies is among the top stocks today in IT sector news.

The country’s third-largest IT services company, HCL Tech, reported strong numbers for the January-March quarter on Thursday, beating analysts’ expectations.

For fiscal 2023, the company expects currency-neutral revenue growth of between 12% and 14% and an EBIT margin of between 18% and 20%.

The company’s consolidated net profit at 36 billion was up 4.4% sequentially. The Group’s total output was 229.1 billion, vs 225.9 billion recorded in the previous December quarter.

Commenting on the performance, CEO and Managing Director C Vijayakumar said:

We delivered another outstanding quarter in our services business where revenue increased 5% q/q and 17.5% y/y at constant exchange rates.

Over the past three quarters, our Services business has consistently grown organically at +5% and has achieved one of the highest CQGRs in the industry.

For fiscal 2022, the company’s total contract value (TCV) from new business won was $8.3 billion, up 14% year over year. ACV was up 21% year over year.

In March 2022, HCL Tech’s full-time employment was 208,877, while net hiring was 11,000 worldwide for the quarter ended March 2022 and 39,900 for the year ended March 2022.

The IT company hired 23,000 first-year students in the 2022 financial year.

The company’s customer growth was strong in all categories.

HCL Technologies stock price is currently trading 2.1% higher.

Turning to automotive news, TVS Motor Company will make an additional £100m investment in Norton Motorcycles, the iconic British brand it acquired in April 2020.

TVS, manufacturer of two and three wheelers, said trade and investment between the UK and India would create good jobs and livelihoods in our two countries.

Norton have recently opened their new manufacturing facility in Solihull, West Midlands to build bikes using traditional craftsmanship and modern machinery to ensure consistently high quality.

The company said this investment will go toward electrification, cutting-edge technology, best-in-class vehicles, manufacturing, sustainability and the future of mobility.

This is expected to create 250-300 direct jobs and a further 500-800 indirect jobs in the supply chain over the next 3 years.

TVS Motor Company stock is currently down 1%.

(This article is syndicated from

Subscribe to something Mint newsletter

* Enter a valid email address

* Thank you for subscribing to our newsletter.

Comments are closed.