Investors poorer by Rs 7 trn as Sensex crashes 1,416pts; Nifty holds 15,800

CLOSING BELL: The Nifty IT index plunged 6 per cent on the NSE today after global brokerage JPMorgan downgraded the sector to "underweight".

SI Reporter New Delhi

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3:06 PM

Currency check :: USD appreciates further against INR

2:58 PM

JPMorgan downgrades India's IT sector performance as pandemic boom fades

The brokerage expects the slowdown to worsen in 2023 partly due to a potential decline in orders from the key market of United States, where economic growth has started to weaken. Read here

In the April-June quarter of FY20, Wipro paid a retention bonus of ~1,00,000 to the freshers, who were hired via campus placement and completed one year

2:39 PM

MARKET CHECK: Sensex extends fall, down 1400 pts as US futures slip

2:27 PM

US equity futures sharply extend fall; slip over 1%

2:18 PM

Telecom industry is at last seeing healthy improvement in key parameters

But more gains are crucial to telecom industry given investment plans and elevated debt levels. Read here

The move will benefit companies as their cash requirement would come down. It will unblock the cash of telecom operators that they keep with banks to furnish bank guarantees.

2:06 PM

Crypto-loving S Koreans bet on Luna rising from ashes, worrying regulator

Both tokens are affiliated with Terra, a blockchain platform co-founded by Korean developer Do Kwon and, according to blockchain analytics firm Elliptic, investors in them have lost around $42 billion. READ MORE

1:54 PM

Dr Reddy's Q4 PAT falls 76% YoY on impairment costs; misses estimates

The company's board also recommended a final dividend of Rs 30 per equity share of face value of Rs. 5 each for the financial year 2021-22.

Co-Chairman and MD G.V.Prasad said that inspite of multiple challenges, the company's core business performed well, driven by market share gains, some strong launches and productivity improvement. READ MORE

1:40 PM

Q&A :: 'We have seen a drop in retail participation in the cash segment'

We have seen a drop in retail participation in the cash segment. NSE’s cash turnover (retail) last month was averaging around Rs 34,000 crore a day, which for this month is around Rs 25,000 crore. That said, the derivative market average turnover has improved in May. So with volatility, the derivative trading has improved, while the cash market investment has taken a dip. It looks like traders are having a busy day amid this volatility and investors are waiting for a good opportunity to re-enter. READ INTERVIEW HERE

1:26 PM

Nifty IT index slips 5%; Infosys, Tech Mahindra, LTTS, Wipro down over 5%

Domestic brokerage firm Nirmal Bang Equities has slashed both target PE multiples as well as FY24 earnings estimate for the sector amid margin concerns. The brokerage firm believes that the pain it had anticipated for the sector will likely be felt earlier on both valuation as well as earnings. The deterioration of the US corporate sector profitability would lead to tighter IT spending, and is playing out earlier than anticipated. READ MORE

1:12 PM

Sri Lanka crisis :: Island nation defaults on debt payment

1:03 PM

March Quarter Result :: Dr Reddy's Labs' reverses losses as operational performance beats estimates

>> Net profit Rs 88 crore

>> Revenue at Rs 5,437 crore

>> Ebitda at Rs 1,298 crore

>> Ebitda margin at 23.9%

12:57 PM

Global economy loses $1.6 trn as world struggles to avoid a new Cold War

Russia's invasion of Ukraine and China's Covid Zero lockdowns are disrupting supply chains, hammering growth and pushing inflation to forty-year highs. Read more