Sensex down 428 points amid negative global cues

The main indices traded in a narrow range with losses in mid-morning trade. The Nifty hovered at the 17,050 level. All sectoral indices traded in the red with IT, metal and healthcare stocks losing the most. Domestic sentiment was negative amid weak global cues.

At 11:22 IST, the S&P BSE Sensex fell 428.82 points or 0.75% to 56,927.13. The Nifty 50 index declined 145.3 points or 0.84% to 17,055.25.

Selling was broad based. The S&P BSE Mid-Cap index fell 0.95% while the S&P BSE Small-Cap index lost 0.96%.

The market breadth was negative. On the BSE, 977 shares rose while 2246 shares fell. A total of 102 shares were unchanged.

Buzzing Index:

The Nifty Metal index slipped 1.35% to 6,251, extending its losing run after a day's pause. The metal index has declined nearly 3% this week.

Welspun Corp (down 3.25%), APL Apollo Tubes (down 3%), Hindalco Industries (down 2.72%), Jindal Stainless (Hisar) (down 2.69%) and National Aluminium Company (down 2.41%) were the top losers. Among the other losers were Hindustan Zinc (down 2.14%), Steel Authority of India (down 1.99%), Hindustan Copper (down 1.31%), Adani Enterprises (down 1.18%) and JSW Steel (down 1.1%).

Stocks in Spotlight:

Lasa Supergenerics advanced 3.63% to Rs 60 after the company announced the receipt of new orders worth Rs 50 crore from 5 customers. Dr. Omkar Herlekar, chairman & managing director of Lasa Supergenerics said, "We are looking forward to receive such bulk orders from overseas customers in near future. Moreover, we are working in making all our products fully backward integrated which shall boost return on capital of the company, we shall continue to remain committed to growth."

Wipro fell 1.79%. The IT major has signed a definitive agreement to acquire US-based Rizing Intermediate Holdings, Inc. ("Rizing"), a global SAP consulting firm, for about $540 million. Rizing is a global SAP consulting firm with industry expertise and consulting capabilities in enterprise asset management, consumer industries, and human experience management and has more than 1300 employees in 16 countries across North America, Europe, Asia, and Australia. Its consolidated net revenues in the year ending 31 December 2021 stood at $193.8 million. Upon completion of the acquisition, Rizing will operate as Rizing, a Wipro company, under the leadership of Maiolo.

Global Markets:

Asian markets were trading lower on Wednesday after overnight losses saw the tech-heavy Nasdaq Composite sliding to a fresh low for 2022. China's industrial profits rose 8.5% year-on-year in the January-March period, official data showed.

U.S. stocks fell sharply on Tuesday with shares selling off into the close, as investors dumped equities on fears of an economic slowdown.

Worries about the global economy loomed. Investors are worried about a Covid surge in China. Regarding the war in Ukraine, a top Russian official said the threat of nuclear war is real. Plus, high inflation in the U.S. is denting demand for goods from houses to sneakers.

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