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Share Market Update: Sensex tanks 714 pts, Nifty below 17,200; SBI falls 3%

Share Market Update: Sensex tanks 714 pts, Nifty below 17,200; SBI falls 3%

Sensex falls 714 points to 57,197 and Nifty loses 220 points to 17,171 in the last session of this week.

Share Market LIVE: Sensex, Nifty likely to open lower today Share Market LIVE: Sensex, Nifty likely to open lower today

Good afternoon!

Equity markets closed higher for the second consecutive session on Thursday led by gains in Reliance Industries, Infosys and HDFC twins amid a mixed trend in global markets.

Sensex zoomed 874.18 points or 1.53 per cent to end at 57,911.68 and Nifty rallied 256.05 points or 1.49 per cent to 17,392.60.

What's next? Here are the latest updates!

Market update

3:35 pm: Sensex falls 714 points to 57,197 and Nifty ends  220 points lower at 17,171.

3:07 pm: Rallis India stock tanks 10% post Q4 earnings

Shares of Rallis India fell up to 9.84 per cent on Friday as the firm reported a consolidated loss of Rs 14 crore for the March quarter of last fiscal against Rs 8 crore profit in the corresponding quarter of previous fiscal.

Rallis India stock fell 9.84 percent to Rs 253.45 against the previous close of Rs 281.10 on BSE.

2:59 pm: Market update

Sensex falls 750 points to 57,161 and Nifty slips 234 points to 17,157 in the late afternoon session.

2:45 pm: Expert quote

Sakshi Jain, Senior Research Analyst, Capitalvia Global Research said, "In the late morning session, Indian equity benchmarks managed to recoup some of their losses. Bank credit increased by 10.09 percent to Rs 119.88 lakh crore in the fortnight ended April 8, while deposits increased by 10.06 percent to Rs 167.42 lakh crore, according to RBI statistics.

Negative indications from other Asian markets, on the other hand, kept Indian stocks in the red. Traders were wary, as former Reserve Bank governor Raghuram Rajan warned that a "anti-minority" image for India might result in a loss of market for Indian products, as well as foreign governments viewing India as an untrustworthy partner."

1:41 pm: Market update

Sensex falls 319 points to 57,592 and Nifty slips 97 points to 17,294 in the afternoon session

1:30 pm: Gland Pharma stock falls over 3 per cent

Shares of Gland Pharma fell over 3 per cent today after investor Nicomac Machinery reduced its stake in the pharma firm. The large cap stock touched an intraday low of Rs 3,319.85, down 3.58% on BSE. Gland Pharma stock has lost 26.13 per cent in a year and fallen 13.21 per cent in 2022.

The stock has fallen after two days of consecutive gain.

12:50 pm: ICICI Lombard General Insurance stock slips 6% post Q4 earnings

Shares of ICICI Lombard General Insurance fell nearly 6 per cent today after the insurance firm reported a 10 per cent decline in net profit for the fourth quarter ended March 2022. Profit fell to Rs 313 crore in Q4 against a net profit of Rs 346 crore in the corresponding period of 2020-21.

ICICI Lombard General Insurance stock declined up to 5.89 per cent to Rs 1317.85 against the previous close of Rs 1,400.30 on BSE. It opened with a loss of Rs 3.02 per cent at Rs 1358.

The stock has fallen after two days of consecutive gain.

12:00 pm: Sensex was trading 289 points lower amid weak global cues

SBI and Axis Bank were the top losers on Sensex.

11:00 am: Rakesh Jhunjhunwala portfolio: CRISIL shares zoom 4% post quarterly results

Shares of CRISIL, a part of Big Bull's portfolio jumped over 4 per cent to hit an intraday high of Rs 3382.20 on BSE after the company posted its results for the quarter ended March 2022. 

The stock opened 4 per cent higher at Rs 3,380 against the previous close of Rs 3246.15. With a market cap of more than Rs 24,000 crore, the shares stand higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. 

The company posted a net profit of 121.62 crore for the quarter ended March 2022, up 46 per cent as against Rs 83.52 crore during the previous quarter ended March 2021.  

Net sales rose 20 per cent to Rs 594.94 crore in the quarter ended March 2022 as against Rs 495.20 crore during the previous quarter ended March 2021. 

10:30 am: Windlas Biotech stock climbs 4% after ICICI Prudential MF raises stake

Shares of Windlas Biotech rose over 4 per cent amid a falling market today after its investor ICICI Prudential MF raised stake in the firm.

The stock opened higher at Rs 262 against the previous close of Rs 261.60 on BSE. Windlas Biotech shares further zoomed 4.66 per cent to Rs 273.8 on BSE.

10:00 am: HCL Tech shares gain 2% post Q4 results

Shares of HCL Tech were trading 2 per cent higher in early trade on Friday after the company reported its earnings for the quarter ended March 2022. 

On Thursday, the stock closed 0.92 per cent higher at Rs 1,099.60 on BSE. Market cap of the firm rose to Rs 2,98,394.61 crore.

HCL Tech reported a jump of 226 per cent year-on-year in its consolidated net profit at Rs 3,593 crore for the quarter ended 31 March, 2022 mostly on strong booking performance and growth across verticals. The company had posted a net profit of Rs 1,102 crore in the year-ago period.

However, due to the impact of deferred tax credit and the one-time milestone bonus paid during Q4FY21, the adjusted net profit during the same period last fiscal stood at Rs 2,962 crore.

9:16 am: Market opening

Sensex tanked over 500 points to 57,333 and Nifty plunged over 170 points to 17,222 amid weak global cues.

HDFC twins were the top losers, followed by M&M, Kotak Mahindra Bank and Maruti Suzuki.

HCL Tech and NTPC were the only gainers.

8:55 am:  FII and DII action

Foreign institutional investors (FIIs) sold shares worth Rs 713.69 crore on April 21, and domestic institutional investors (DIIs) bought shares worth Rs 2,823.43 crore, as per provisional data available on NSE.

8:30 am: Global updates

Wall Street reversed course and posted losses on Thursday while oil gained as Federal Reserve Chairman Jerome Powell suggested the US central bank would move aggressively to curb inflation.

Powell said that a half-point interest rate increase will be "on the table" when the Fed meets in May, adding it would be appropriate to "be moving a little more quickly."

The Dow Jones Industrial Average ended down 1.05%, while the S&P 500 lost 1.48% and the Nasdaq Composite dropped 2.07%.

Shares in Asia-Pacific fell on Friday morning trade as investors watch for market reaction to overnight remarks from US Federal Reserve Chairman Jerome Powell.

The Nikkei 225 in Japan led losses among the region’s major markets, declining 1.71% as shares of conglomerate SoftBank Group dropped more than 2%. The Topix index shed 1.31%. South Korea’s Kospi traded 1.1% lower.

Australian stocks also declined as the S&P/ASX 200 dipped 0.97%. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.51% lower.

8:15 am: SGX Nifty

The Indian equity market is likely to open lower today as SGX Nifty was trading 208 points lower at 17,205.80.

The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:00 am: Market on Thursday

Equity markets closed higher for the second consecutive session on Thursday led by gains in Reliance Industries, Infosys and HDFC twins amid a mixed trend in global markets.

Sensex zoomed 874.18 points or 1.53 per cent to end at 57,911.68 and Nifty rallied 256.05 points or 1.49 per cent to 17,392.60.

M&M, Maruti, Bajaj Finserv, Asian Paints, Reliance Industries, Kotak Mahindra Bank, HDFC, TCS, Sun Pharma, Infosys and IndusInd Bank were the top Sensex gainers, rising up to 3.50 per cent.

Tata Steel, Nestle and Bharti Airtel were the only losers, falling up to 0.88 per cent.