Hawkish US Fed tone hits D-Street; Sensex slips 179 pts; IT stocks shine

A mild recovery post a gap-down start quickly dismantled during the last hour of the session as market participants offloaded metal and rate-sensitive counters

3:46 PM

Broader market :: BSE MidCap index slips 1.3%, ends near day's low

3:44 PM

Sectoral trends on the NSE :: IT stocks rally on weaker rupee

3:42 PM

Sensex Heatmap

Top gainers: TCS, UltraTech Cement, Infosys

Top losers: IndusInd Bank, NTPC, Dr Reddys

3:36 PM

CLOSING BELL

The frontline S&P BSE Sensex declined 484 points from the day's high and hit a low of 52,040. However, it ended at 52,323 levels, down 179 points or 0.34 per cent.

On the NSE, the Nifty50 index breached below its immediate support of 15,650 and hit a low of 15,616. It recovered marginally to end at 15,691 levels, down 76 points or 0.48 per cent.

3:30 PM

Returned Rs 17,777 cr to investors of shuttered schemes: Franklin Templeton

Franklin Templeton Mutual Fund (MF) on Thursday said it has returned Rs 17,777 crore to unit holders of six shuttered debt schemes till June 15.

 

This amounts to 71 per cent of assets under management (AUM) as on April 23, 2020, when the fund house shut its six debt mutual fund schemes citing redemption pressures and lack of liquidity in the bond market. READ MORE

3:22 PM

Liquor stocks rally; Globus Spirits zooms 20%, Radico Khaitan surges 10%

Among individual stocks, Globus Spirits hit a new high of Rs 531, and shares were locked in the 20 per cent upper circuit on the BSE. In the past four days, the stock has rallied 36 per cent after reporting an over two-fold jump in consolidated profit after tax (PAT) at Rs 50.63 crore in the March quarter (Q4FY21), on the back of strong revenue. It had posted a PAT of Rs 19.35 crore in the year-ago quarter. READ MORE

3:06 PM

US Fed prepping the markets for taper; a correction will be good: Analysts

The US Federal Reserve (US Fed) rejigged its expectations for inflation this year and signaled that it expects two rate increases by the end of 2023 as their Covid-impacted economy stutters back to life. However, the US central bank gave no exact date as to when the rollback of its bond buying program will begin. While the inflation projections confirm that the Federal Open Market Committee (FOMC) still thinks the current surge in inflation is transitory, they no longer feel comfortable waiting for 2024 to start the hiking cycle. READ MORE

2:53 PM

Indian rupee at six-week low; bond yields rise after hawkish Fed signal

The Indian rupee weakened to its lowest level since early May on Thursday while bond yields rose as the U.S. Federal reserve stunned investors by signalling it might raise interest rates as early as 2023, faster than assumed.

 

The partially convertible rupee was trading at 73.79/80 per dollar at 0816 GMT compared with its close of 73.3225, after touching 73.83, its lowest since May 6. READ MORE

2:40 PM

India unlikely to see a V-shaped economic recovery in Q1FY22: Report

Lockdowns imposed by the states in April and May to contain the second wave of the deadly COVID-19 pandemic has likely led to the economy contracting 12 per cent in the June quarter as against 23.9 per cent contraction in the same quarter in 2020, says a brokerage report. READ MORE

 

2:32 PM

NEWS ALERT :: Lupin Receives US FDA Approval for Sevelamer Hydrochloride Tablets

2:25 PM

MARKET UPDATE:: Sensex at day's low

2:15 PM

PNB Housing hits 5% upper circuit after 25% fall from 52-week high

Till 01:42 pm, a combined around 1,90,000 shares of PNB Housing had changed hands and there were pending buy orders for 12,000 shares on the NSE and BSE. In comparison, the S&P BSE Sensex was down 0.22 per cent at 52,384 points. READ MORE

2:04 PM

Heatmap :: Here are the top gainers and losers as Sensex dips 170 pts

1:51 PM

European markets check

(Source: Reuters)

1:42 PM

Cement shares in focus; Ambjua, JK Lakshmi Cement hit record highs

Shares of cement companies were in focus on Thursday as they surged up to 7 per cent on the BSE in intra-day trade in an otherwise subdued market on expectation of demand recovery in the coming quarters. Ambuja Cements and JK Lakshmi Cement each hit their respective record highs in intra-day trade today while Saurashtra Cement, Andhra Cements, KCP, JK Lakshmi Cement and Gujarat Sidhee Cement gained between 4 per cent and 7 per cent. READ MORE