Indices slump on weak global cues; breadth weak

The key equity indices traded with deep cuts in early trade amid across the board selling in index pivotals. Weak global cues played the spoilsport. The higher-than-expected US inflation data raised fears of aggressive rate hikes by the US Federal Reserve.

At 09:26 IST, the barometer index, the S&P BSE Sensex, was down 788.97 points or 1.34% to 58,137.06. The Nifty 50 index lost 204.30 points or 1.16% to 17,401.55.

In the broader market, the S&P BSE Mid-Cap index shed 1.05% while the S&P BSE Small-Cap index lost 1.09%.

The market breadth was weak. On the BSE, 761 shares rose and 1860 shares fell. A total of 86 shares were unchanged.

Stocks in Spotlight:

Hero MotoCorp fell 1.29% to Rs 2698.75. The company reported consolidated net profit of Rs 704.24 crore in Q3FY22 as compared to Rs 1029.17 crore in Q3FY21. Total income rose to Rs 8,133.30 crore from Rs 10,032.61 crore YoY.

Tata Chemicals shed 0.57% to Rs 953.70. The company's consolidated net profit surged 74.04% to Rs 349.35 crore on a 20.54% surge in revenue from operations to Rs 3,141.58 crore in Q3 FY22 over Q3 FY21.

Sun TV Network added 3.31% to Rs 538.50. The company reported consolidated net profit of Rs 471.19 crore in Q3FY22 as compared to Rs 445.41 crore in Q3FY21. Total income rose to Rs 1060.43 crore from Rs 994.14 crore YoY.

Zomato slumped 4.92% to Rs 89.85. The company reported consolidated net loss of Rs 67.20 crore in Q3FY22 as compared to net loss of Rs 352.60 crore in Q3FY21. Total income rose to Rs 1259.70 crore from Rs 637.30 crore YoY.

Global Markets:

Asian stocks are trading lower on Friday, tracking losses seen overnight on Wall Street after the release of a hotter-than-expected U.S. consumer inflation report.

Wall Street ended sharply lower on Thursday after US consumer prices data came in hotter than expected and subsequent comments from a Federal Reserve official raised fears the US central bank will hike rates aggressively to fight inflation.

St. Louis Federal Reserve Bank President James Bullard said the data had made him "dramatically" more hawkish. Bullard, a voting member of the Fed's rate-setting committee this year, reportedly said he now wanted a full percentage point of interest rate hikes by July 1.

On the data front, the consumer price index rose 0.6% from December, the Labor Department said, while in the 12 months through January, CPI jumped 7.5%, the biggest year-on-year gain since February 1982.

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