Equity indices trade flat, Nifty nears 16,600

Mumbai (Maharashtra) [India], June 1 (ANI): Indian stock markets’ key indices, Sensex and Nifty, were trading flat on Wednesday, with heavy selling pressure in power and technology stocks.

The 30 stock S&P BSE Sensex slipped 115.07 points or 0.21 per cent to close at 55,451.34 points at 10:00 am.

The broader Nifty 50 of the National Stock Exchange closed at 42.55 points or 0.26 per cent lower at 16,542 points.

At 10:33 am, Sensex was trading 73.18 points higher at 55,639.59, whereas Nifty was trading 20.75 points higher at 16,605.30

Power witnessed profit booking. Adani Power fell 4.99 per cent to Rs 307.60. Adani Transmission was down 3.83 per cent to Rs 1971.25. Adani Green Energy was also trading in the red.

Technology stocks also witnessed profit booking. Vodafone Idea fell 2.49 per cent to Rs 9.38. Tech Mahindra was down 1.41 per cent to Rs 1164.20. Wipro was also trading in the red.

Sun Pharma dipped 1.15 per cent to 850.55 after announcing disappointing Q4 results.

On Monday, Sun Pharmaceuticals Industries reported a consolidated net loss of Rs 2,227.38 crore for the quarter ended March 2022 as against a net profit of Rs 848 crore recorded in the corresponding period of the previous year, hit by one-time charges on settlement of a pending litigation in the US. The financial results were announced after the closing of trade on Monday.

Asian Paints, Tata Steel, NTPC Limited, and ITC Limited were among the major Sensex gainers.

Meanwhile, India’s gross domestic product (GDP) growth slowed to 4.1 per cent in January-March 2022 period, while for the full year 2021-22 the growth stood at 8.7 per cent, according to the government data released on Tuesday.

GDP at constant (2011-12) prices in Q4 2021-22 is estimated at Rs 40.78 lakh crore, as against Rs 39.18 lakh crore in Q4 2020-21, showing a growth of 4.1 per cent, as per the National Statistical Office (NSO) data.

India’s GDP growth has slowed for the third straight quarter.

Despite the downward revisions, India remains the fastest growing economy in the world, Chief Economic Advisor V Anantha Nageswaran said on Tuesday.

Briefing the media on the fourth-quarter Gross Domestic Product (GDP) numbers, Nageswaran said the GDP growth remains better than expected.

Nageswaran said that the geopolitical situation prompted a cut in growth projections, Despite growth revision, India is still the fastest-growing major economy. The IMF revised India’s GDP forecast from 9 per cent in January 2022 to 8.2 per cent in April 2022, whereas the World Bank revised its GDP forecast from 8.7 per cent to 8.0 per cent during the same period. (ANI)

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