Shares hit fresh intraday low; most Asian stocks decline

The domestic equity benchmarks extended losses and hit fresh intraday low in morning trade. The Nifty was trading below the 17,350 mark. Weak global cues spoiled investors sentiment as the higher-than-expected US inflation data raised fears of aggressive rate hikes by the US Federal Reserve.

At 10:36 IST, the barometer index, the S&P BSE Sensex, was down 910.36 points or 1.54% to 58,015.67. The Nifty 50 index lost 263.60 points or 1.50% to 17,342.25.

In the broader market, the S&P BSE Mid-Cap index shed 1.40% while the S&P BSE Small-Cap index lost 1.26%.

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

Results today:

Oil and Natural Gas Corporation (down 0.35%), Oil India (up 0.15%), Power Finance Corporation (down 0.81%), Apollo Hospitals Enterprises (down 1.79%), Ashok Leyland (down 1.54%), Cholamandalam Financial Holdings (down 0.23%), Divi's Laboratories (down 0.73%), Fortis Healthcare (down 1.42%), Glenmark Pharmaceuticals (down 2.06%), Globus Spirits (down 1.87%), Godrej Industries (down 0.95%), Honeywell Automation India (down 0.47%), Metropolis Healthcare (down 2.30%), Motherson Sumi Systems (down 2.38%), NHPC (down 0.10%), The New India Assurance Company (up 0.40%), Star Health and Allied Insurance Company (down 1.46%) and Voltas (down 3.94%) are some of the large firms slated to announce their financial results today.

Further, Akzo Nobel India (down 0.08%), Allcargo Logistics (up 0.64%), Anupam Rasayan India (up 0.44%), Fine Organic Industries (down 1.34%), HLE Glascoat (down 0.81%), Housing & Urban Development Corporation (down 0.25%), IDFC (down 0.25%), India Cements (down 2.11%), Indigo Paints (down 0.60%), ITI (down 0.35%), Kalpataru Power Transmission (down 1.30%), Mazagon Dock Shipbuilders (down 0.66%), MOIL (down 1.29%), Nazara Technologies (down 0.90%), Shree Renuka Sugars (down 1.70%), Sapphire Foods India (down 0.20%) and Sobha (down 1.34%) are some of the companies that will announce thier quarterly earnings today.

Stocks in Spotlight:

Cochin Shipyard declined 2.55% to Rs 332.40 after the company's consolidated net profit dropped 42.17% to Rs 129.38 crore on a 27.27% increase in revenue from operations to Rs 952.88 crore in Q3 December 2021 over Q3 December 2020.

Rashtriya Chemicals & Fertilizers (RCF) added 3.4% to Rs 80.45 after the company's consolidated net profit surged 45% to Rs 143.15 crore in Q3 FY22 from Rs 98.7 crore posted in Q3 FY21.

Trent rose 1.21% to Rs 1,088.60 after the company reported a 77.7% increase in consolidated net profit to Rs 113.78 crore on a 75.6% increase in revenue from operations to Rs 1,499 crore in Q3 FY22 over Q3 FY21.

Global Markets:

Most Asian stocks were trading lower on Friday, tracking losses seen overnight on Wall Street.

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.

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.

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.

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