Stock Market LIVE Updates: Sensex slips 1,100 points amid weak global cues, Nifty around 15,800

Shares of ITC rallied nearly 5 per cent in morning trade on Thursday after the company reported an 11.60 per cent rise in consolidated net profit for the fourth quarter ended in March 2022. The stock jumped 4.74 per cent to its 52-week high of Rs 279.15 on the BSE.

Equity investors became poorer by over Rs 5 lakh crore in early trade on Thursday as domestic benchmark indices tumbled mirroring weak trends in global equities. The 30-share BSE benchmark sensex tanked 1,154.78 points to 53,053.75 in early deals tracking weak global markets, persistent foreign fund outflows and a spurt in crude oil prices.

The rupee extended its losses and slipped 12 paise to 77.74 against the US dollar in early trade on Thursday, weighed down by a muted trend in domestic equities and unabated foreign fund outflows. At the interbank foreign exchange, the rupee opened at 77.72 against the American dollar, then lost ground to quote at 77.74, registering a fall of 12 paise from the last close. On Wednesday, the rupee declined by 1​7 paise to close at its fresh lifetime low of 77.6​1 against the US dollar.

Aluminium and copper producer Hindalco Industries and software services provider Infosys were the top percentage losers in the Nifty 50, falling 3.9% each.

Broader Asian equities tumbled after a sell-off in US indexes overnight, with the Nasdaq and the S&P 500 dropping 3% as a rally in growth shares faded amid slowdown concerns.

Barring ITC, all constituents are trading in the red

Sensex opens 975 points lower, Nifty trades below 16,000

Domestic cooking gas LPG price was on Thursday hiked by Rs 3.50 per cylinder, the second increase in rates this month. Non-subsidised LPG now costs Rs 1,003 per 14.2-kg cylinder in the national capital, according to a price notification of state fuel retailers. The hike comes on the back of a Rs 50 per cylinder increase effected on May 7. Prior to that, prices were increased by the same amount on March 22.

Sensex slips over 1,300 points; Nifty around 16,200

The tea traders of North Bengal said that the present condition in Sri Lanka, which has been unable to export its tea, can create opportunities for the new market in India.

Top executives in India are expected to receive an increment of 8. 9% this year, the highest in six years, according to a survey. The meatiest hikes are expected to be witnessed in sectors such as manufacturing, technology and ITeS, followed by life sciences and finance.

India’s locally developed 5G stack would be ready by September-October, telecom minister Ashwini Vaishnaw said on Wednesday as he pitched to nations the solutions that are cost-effective but high-quality products.

Power minister R K Singh insists that there is no coal shortage and states need to import coal to plug the mismatch between rise in electricity demand and fuel supply snags caused by spike in global prices. In an interview, he tells TOI that generation companies have been asked to buy rakes to meet the shortfall from railways.

After chalking out aforay into the cement sector through the acquisition of Holcim’s India assets, Gautam Adani, head of the eponymous Adani Group, is gearing up for a larger play in healthcare.

South Korean shares fell more than 1% on Thursday, tracking the overnight plunge in Wall Street, as nagging doubts about inflation and the prospects of tighter monetary policies reignited worries over global economic slowdown. The Korean won weakened, while the benchmark bond yield fell.