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BENGALURU (Reuters) - Indian shares were weighed down by financials on Wednesday as Asian peers slumped on concerns over a potential pickup in U.S. inflation, while domestic COVID-19 deaths crossed the quarter-million mark with no signs of infections peaking.
The NSE Nifty 50 index fell 0.9% to 14,717.8 by 0458 GMT, while the S&P BSE Sensex dropped 0.93% to 48,705.87.
Speculation that surging commodity prices and growing inflationary pressure in the United States could lead to earlier rate hikes and higher bond yields globally sent Asian shares to two-month lows, although U.S. Federal Reserve officials reiterated a firmly dovish policy stance. [MKTS/GLOB]
Godrej Consumer stock zooms 23% on new leadership, Q4 earnings
The company reported consolidated net profit of Rs 365.84 crore for the quarter ended March 31. Profit in the year-ago period stood at Rs 229.90 crore
BusinessToday.In | May 12, 2021 | Updated 12:35 IST
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Shares of Godrej Consumer Products soared 23 per cent to hit a fresh 52-week high of Rs 894.00 on BSE after the company reported strong earnings in Q4FY21 and appointment of new MD.
Godrej Consumer Products share is trading higher than 5 day, 10 day, 20 day, 50 day, 100 day, and 200 day moving averages.
The share of FMCG major has gained 71 per cent in one year and risen 20 per cent since the beginning of this year. Market cap of the firm rose to Rs 90,530.93 crore on BSE.
Key benchmark indices are trading weak in early trade on selling pressure in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 303.13 points or 0.62% at 48,858.68. The Nifty 50 index was down 82.75 points or 0.56% at 14,768. The Sensex dropped below the key 49,000 mark in early trade.
The S&P BSE Mid-Cap index was up 0.06%. The S&P BSE Small-Cap index was up 0.38%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1514 shares rose and 694 shares fell. A total of 96 shares were unchanged.
Indian stock markets will remain closed tomorrow, 13 May 2021 on account of Id-Ul-Fitr (Ramzan Id).
“Brilliant step in our view as it addresses questions on professionalization at the top. HULs systems and processes are Gold standard for the sector and it will be a very positive development for GCPL,” brokerage firm Edelweiss Securities said on Sitapatis appointment.
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