Sensex skids 575 pts, Nifty below 17,650; Tata Power sinks 4%, RIL 2%

CLOSING BELL: Adani Ports, Titan, HDFC, PowerGrid, Wipro, HDFC Bank, ONGC, PowerGrid, RIL, Bharti Airtel, TCS, Coal India, Tata Steel, and L&T fell between 1.5 per cent and 3.5 per cent

1:49 PM

Market Outlook :: Expect volatility to continue in the near term, says Motilal Oswal Broking and Distribution

>> The Nifty trades at a 12-month forward P/E of ~20x, which is at marginal premium to its long period average (LPA).

>> The next two quarters are going to see a sharp margin impact and corporate commentaries will worsen before it gets better.

>> The broader universe is bearing the brunt of commodity cost inflation – a trend which was visible even in 3QFY22 corporate earnings season. 

>> We expect market volatility to remain high in the near term, amidst global developments.

>> We are positive on IT, select BFSI, commodities, retail, real estate, defence and telecom for FY23. Also one can consider FMCG, autos and Cement as contra plays and accumulate them gradually for long term.

1:49 PM

BSE 500:: Top Weekly Losers

Ruchi Soya was the top weekly loser, down 15.5 per cent. V-Mart Retail, Fortis Healthcare, Century Plyboard and MphasiS were the other major losers.

1:41 PM

BSE 500:: Top Weekly Gainers

IOL Chemicals has zoomed over 45 per cent so far and tops the gainers list on a weekly basis. Swan Energy, Adani Power, Spandan Sphoorty and Vaibhav Global were the other major gainers.

1:40 PM

Flipkart ups IPO valuation target to $60 bn, eyes 2023 US listing: Report

Walmart's Indian e-commerce company Flipkart has internally raised its IPO valuation target by around a third to $60-70 billion, and now plans a U.S. listing in 2023 instead of this year, two sources with direct knowledge of the plan told Reuters. READ MORE

1:27 PM

Asian Markets Update:: Nikkei, Hang Seng Shanghai down over 1% each

Source: Yahoo Finance

1:26 PM

NEWS ALERT :: L&T Construction awarded contracts for various businesses

Water & Effluent Treatment

The Water & Effluent Treatment Business of UH Construction has secured a contract from the Rural Drinking Water & Sanitation Division, Karnataka to construct drinking water supply facilities for 396 rural habitations 

L& T GeoStructure

L&T GeoStructure Pvt Ltd. (LTGS) has bagged a strategic order from Tata Chemicals Ltd., to commission a jetty-based Marine ·Outfall System and allied works

Power Transmission & Distribution

The Power Transmission & Distribution Business has secured a 500kV Transmission Line project in the Philippines, to be executed along with an onshore partner, that will form part of the transmission backbone to meet the growing demand for electricity in the western parts of Luzon, Philippines.

Source: BSE filing

1:17 PM

NEWS ALERT :: India signs trade deal with Australia

1:14 PM

BSE 500:: Fall from intra-day highs

Cera Sanitary has shed 8.4 per cent from its high of the day so far. Similarly, Tata Tele Maharashtra, Bharat Dynamics and IDFC are some of the major stocks to lose ground from the highs of the day.

1:14 PM

IT stocks edge lower; L&T technology declines over 2%

1:02 PM

BSE 500:: Hourly gainers

DCB Bank has gained 4.5 per cent in this hour. HUDCO, Mahindra Holidays and Aegis Logistics were the other major gainers.

1:01 PM

Godrej Consumer surges over 4% on strong Q4 update

12:51 PM

Sensex recoups losses, down 130 odd points

12:51 PM

Jet Airways plans to return with a mix of premium, no-frills services

The consortium infused Rs 500 million into Jet Airways 2.0 -- as it is dubbed by the new owners -- in January, and lenders have said they don't object to an extension of 60 days. READ MORE HERE

 

12:34 PM

CNG price hiked by Rs 2.50 per kg for 2nd day; total increase at Rs 12.50

CNG prices in the national capital on Thursday were hiked for the second day in a row by Rs 2.50 per kilogram, taking the total increase since March to Rs 12.5 per kg. READ MORE HERE

12:27 PM

Nifty PSU Bank powers up! Central Bank surges over 4%