Nifty slides below 17,000 mark on weak global cues

Benchmark indices saw gap-down opening amid weak global cues in early trade. The Nifty slipped below the crucial 17,000 mark. Shares of ICICI Bank rose after declaring good Q4 results.

At 9:22 IST, the barometer index, S&P BSE Sensex declined 735.38 points or 1.29% at 56,541.13. The Nifty 50 index fell 203.4 points or 1.18% at 16,968.65.

The broader market traded with losses. The S&P BSE Mid-Cap index fell 1.34% while the S&P BSE Small-Cap index declined 1.23%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 783 shares rose while 1,917 shares fell. A total of 113 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,461.72 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,602.35 crore in the Indian equity market on 22 April, provisional data showed.

Stocks in Spotlight:

ICICI Bank gained 1.36%. The private lender's standalone net profit rose 59.42% to Rs 7018.71 crore on 14.44% increase in total income to Rs 27412.32 crore in Q4 March 2022 over Q4 March 2020.

Tata Metaliks declined 5.94%.The company's adjusted net profit declined 59.51% to Rs 30.36 crore. Net sales rose 22.25% to Rs 807.92 crore in Q4 March 2022 over Q4 March 2021.

Wendt (India) rose 0.59%. The company reported a 40.9% rise in consolidated net profit to Rs 7.47 crore in Q4 FY22 from Rs 5.3 crore posted in Q4 FY21. Net sales grew by 4.3% to Rs 47.3 crore in Q4 FY22 as compared to Rs 45.37 crore registered in Q4 FY21.

Global Markets:

Asian stocks were trading lower on Monday following a sell-off on Wall Street on Friday. Australia and New Zealand markets are closed on Monday for a holiday.

Wall Street tumbled on Friday as surprise earnings news and increased certainty around aggressive near-term interest rate rises took its toll on investors.

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