The domestic equity benchmarks drifted in negative zone amid volatility in early trade. The Nifty traded tad above the 17,050 mark. Barring pharma, healthcare, and metals, all the sectoral indices on the NSE edged higher.
At 09:22 IST, the barometer index, S&P BSE Sensex was down 50.08 points or 0.09% to 56,925.91. The Nifty 50 index lost 11.35 points or 0.07% to 17,057.75.
Investors remained cautious as they geared up for the biggest U.S. Federal Reserve interest rate hike since 2000 and awaited cues from the American central bank for tackling inflation.
In the broader market, the S&P BSE Mid-Cap index rose 0.15% while the S&P BSE Small-Cap index gained 0.38%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1615 shares rose while 862 shares fell. A total of 124 shares were unchanged.
LIC IPO:
The subscription for the initial public offering (IPO) of insurance behemoth Life Insurance Corporation (LIC) of India has opened today and it will remain open for bidding till 9th May 2022. The IPO price band is Rs 902 to Rs 949 per equity share.
Stocks in Spotlight:
Tata Steel rose 0.17% to Rs 1297.35. The steel major reported consolidated net profit of Rs 9,835 crore in Q4 FY22 from Rs 7,162 crore in Q4 FY21. Turnover for the quarter ended March 2022 stood at Rs 69,324 crore, rising from Rs 50,028 crore posted in Q4 FY21. The company recommended a dividend of Rs 51 per share for the financial year ended 31 March 2022. The company's board also recommended a 10:1 stock split.
Titan Company shed 0.50% to Rs 2374.70. The Tata Group company reported 7.18% decline in standalone net profit to Rs 491 crore in Q4 FY22 from Rs 529 crore in Q4 FY21. Total income for the quarter ended March 2022 stood at Rs 7,352 crore, rising 3% from Rs 7,169 crore posted in Q4 FY21.
Britannia Industries jumped 5.50% to Rs 3452.60. The FMCG major reported 4.3% rise in consolidated net profit to Rs 379.87 crore on a 15.5% increase in net sales to Rs 3,508.35 crore in Q4 FY22 over Q4 FY21.
Jindal Stainless advanced 2.20% to Rs 183.70. The stainless steel maker reported 152% rise in standalone net profit to Rs 669 crore in Q4 FY22 from Rs 265 crore in Q4 FY21. Total revenue during the period under review was Rs 6,287 crore, up 65% YoY.
Global Markets:
Asian stocks traded mixed on Wednesday, with investors looking ahead to the U.S. Federal Reserve's interest rate decision expected later stateside. Markets in Japan and mainland China are closed on Wednesday for holidays.
As per reports, the U.S. Federal Reserve is expected to raise interest rates Wednesday for the second time since 2018, boosting the fed funds target rate by a half-percentage point. The central bank is also expected to launch a program to reduce its massive bond holdings by $95 billion a month, starting in June.
Wall Street stocks ended higher on Tuesday after a choppy session in which each of the major indexes fluctuated between gains and losses as a key meeting of the Federal Reserve got under way.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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