Nifty ends below 7,850 ahead of US FOMC meet
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Markets ended lower, amid weak global cues, as investors booked profits in financial shares which had gained in the previous session on rate cut hopes by the RBI amid easing consumer price inflation for August.
Further, traders maintained cautious stance ahead of the two-day US Federal Reserve meet which begins tomorrow.
The 30-share Sensex ended at 25,705.93 down 150.77 points and the 50- share Nifty slipped 43.15 points to close at 7,829.10.
The broader markets ended weak in line with the benchmark indices- BSE Midcap and Smallcap indices fell nearly 1% each.
Market breadth on the BSE ended weak with 1,523 shares declining and 1,096 shares advancing.
In the currency front, the Indian rupee was trading lower by 12 paise at 66.45 to the US dollar amid demand from banks and importers while weakness in domestic equities also dampened sentiment.
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Shares of Bharat Heavy Electricals Limited (BHEL) fell as much as 7.58 per cent to hit an intraday low of Rs 295 per share, on Wednesday.
The fall came after the company announced its Q4 results, which missed street expectations.
BHEL’s net profit fell approximately 26 per cent on a year-on-year (Y-o-Y) basis to Rs 489.6 crore in the March quarter of financial year 2024 (Q4FY24), from Rs 658 crore in the same quarter a year ago (Q4FY23).
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Indian digital payments firm Paytm’s losses widened to Rs 549.6 crore for the quarter ending on March 31 (Q4) in financial year 2023-24 (FY24), the company reported on Wednesday. During the same period last year, net loss stood at Rs 219.8 crore. The fintech had reported a net loss of Rs 168.4 crore in the last quarter.
Consolidated revenue from operations fell 2.9 per cent year-on-year (Y-o-Y) to Rs 2,267.1 crore, from Rs 2,334.5 crore. Sequentially, revenue dropped 20.5 per cent from Rs 2,850.5 crore.
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Mahindra & Mahindra Financial Services on Tuesday said it has appointed Mahesh Rajaraman as Chief Risk Officer (CRO) of the company with effect from August 1, 2024.
In a regulatory filing, Mahindra Finance said Mallika Mittal has tendered her resignation and ceased to be the CRO of the company with effect from May 17.
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AstraZeneca aims to grow revenue by about 75% to $80 billion by 2030, it said on Tuesday, boosted by the expected launch of 20 new medicines and through growth in its existing oncology, biopharmaceuticals and rare disease portfolio.
The Anglo-Swedish drugmaker had reported total revenue of $45.81 billion last year and earlier expected to launch at least 15 new medicines between 2023 and 2030.
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Realty firm Shriram Properties Ltd has partnered with a landowner to develop a 4-acre housing project in Bengaluru with an estimated revenue potential of more than Rs 250 crore.
In a regulatory filing on Tuesday, the company informed that it has signed a Joint Development Agreement (JDA) for the development of a prime 4-acre land parcel located at Yelahanka in Bengaluru.
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