As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 150.48 points or 0.28% to 53,026.97. The Nifty 50 index lost 51.10 points or 0.32% to 15,799.10.
In the broader market, the S&P BSE Mid-Cap index declined 0.70% while the S&P BSE Small-Cap index fell 0.18%.
The market breadth was negative. On the BSE, 1,522 shares rose and 1,778 shares fell. A total of 150 shares were unchanged.
Buzzing Index:
The Nifty IT index fell 1.29% to 28,140.10, snapping its two days gaining streak. The index has gained 2.6% in two trading sessions.
Among the components of the Nifty IT index, Larsen & Toubro Infotech (down 3.63%), Mindtree (down 2.94%), L&T Technology Services (down 2.8%), Mphasis (down 2.36%) and Coforge (down 2.2%) were the top losers.
Among the other losers were Wipro (down 1.81%), HCL Technologies (down 1.49%), Infosys (down 1.22%), Tata Consultancy Services (down 0.94%) and Tech Mahindra (down 0.36%).
Stocks in Spotlight:
Reliance Industries rose 1.82%. RIL's digital arm Reliance Jio Infocomm has reportedly approved the appointment of Akash Ambani, its non-executive director, as the chairman of the company. Mukesh Ambani has stepped down as the company's director, effective from the close of working hours on June 27. Mukesh Ambani will continue to be the chairman of Jio Platforms Ltd, the flagship company that owns all Jio digital services brands, including Reliance Jio Infocomm, the reports added. Akash Ambani, the elder son of RIL chief Mukesh Ambani, had reportedly joined Jio's board of directors in 2014.
Route Mobile tumbled 6.83%. The board of the company on Tuesday approved the share buyback of upto Rs 120 crore at a price not exceeding Rs 1,700 per equity share via open market. The maximum buyback price of Rs 1,700 per equity share represents a 27.94% premium to Tuesday's closing price of Rs 1328.70 on the BSE. The indicative maximum number of equity shares bought back would be 705,882 (maximum buyback shares), which is 1.12% of the total number of paid-up equity shares of the company.
Acrysil rallied 9.91% after the company said that it has completed the capacity expansion of an additional 160,000 units of Quartz Kitchen Sinks at its Bhavnagar plant in Gujarat. The household appliances company said that the commercial production of additional 160,000 units has commenced from 28 June 2022. The manufacturing capacity of Quartz Kitchen Sinks has increased from 840,000 units to 1,000,000 units per annum (p.a), it added.
Hindalco Industries rose 0.51%. The Aditya Birla Group company on Wednesday announced that its board has given approval to make an investment of 71.50 lakh in the equity share capital of Cleanwin Energy SIX. The aggregate cost of acquisition is Rs 71,50,000 for acquiring 26% stake in Cleanwin Energy SIX. The company said that it has contributed its initial equity contribution on 30 May 2022. Further the firm will continue to update the project details at later stage, it added.
Hazoor Multi Projects locked in 5% upper circuit after the company said it received work order aggregating to Rs 14.11 crore from Nagpur Mumbai Super Communication Expressway. As per the regulatory filing, the company has received work order from Nagpur Mumbai Super Communication Expressway for execution of change of scope work from ch.502.698 to ch.532.094 (Village Dhotre to Village Derde Korhale) in district Anmednagar of package-11 on EPC mode.
Genus Paper & Boards was locked in an upper circuit of 5% at Rs 17.20 after the company announced on Tuesday that it has commenced commercial production of Kraft Paper Machine Line, at its new unit located at Muzaffarnagar, Uttar Pradesh. The production at the Muzaffarnagar has unit commenced on 27 June 2022. This unit has manufacturing facilities for production of kraft paper (two lines) and duplex paper.
Mastek fell 2.30%. The company selected Netskope, a company specialised in security service edge (SSE) and zero trust, as the company's simplified, unified and secure connectivity platform for cloud applications and infrastructure. Netskope will help Mastek deliver its work from anywhere initiative, facilitating secure access to the internet and SaaS applications as well as providing Identity-as-a-Service (IaaS) capabilities.It will allow Mastek's employees to work on a zero-trust basis from any device and any location, improving the employee experience without compromising data security.
Ramco Systems fell 2.28%. The company said that it has been chosen by Al Faisal Holding, one of Qatar's largest privately held diversified groups, to enhance its HR and payroll systems. Al Faisal operates through its subsidiaries and associated companies in a variety of sectors, including real estate, hospitality, trading, construction and project management, services and strong focus on education, culture and sports.
Global Markets:
Shares in Europe and Asia slipped across the board on Wednesday after Wall Street's negative performance on Tuesday.
Meanwhile, China cut the quarantine period for international travelers on Tuesday, in a step away from its strict Covid controls that have been in place for more than two years. People arriving from overseas will now need to quarantine for seven days upon arrival and three days at home, compared to up to 21 days in a centralized facility previously.
Retail sales in Japan rose 3.6% in May compared to a year ago, a third consecutive month of growth, government data showed. South Korea's consumer sentiment index fell, standing at 96.4 for June 2022, down 6.2 points from May's print, according to Bank of Korea's survey.
US stocks fell sharply on Tuesday after a report showed US consumer confidence dropped in June amid concerns about inflation, while oil prices gained for a third day.
US Federal Reserve policymakers on Tuesday promised further rapid interest-rate hikes to bring down high inflation, but pushed back against growing fears among investors and economists that sharply higher borrowing costs will trigger a steep downturn, as per reports.
On the macro front, the consumer confidence index fell to a reading of 98.7, down from 103.2 in May, according to The Conference Board. The Conference Board also said 12-month inflation expectations for its consumer confidence survey were at 8% for June, the highest level in data going back to August 1987.
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