The BSE Sensex fell 440.38 points or 0.66 per cent to close at 66,266.82, while Nifty slipped 118.40 points or 0.60 per cent to settle at 19,659.90
Indian equity benchmark indices opened higher and started declining after early trade under heavy selling pressure on Thursday as investors pared exposure to bellwhether stocks HDFC Bank, Mahindra & Mahindra, Nestle and Reliance Industries amid a mixed trend in global markets.
The 25 basis points interest rate hike by the US Federal Reserve failed to boost sentiments in the domestic market, which witnessed a sharp decline led by banking and auto stocks.
The BSE Sensex fell 440.38 points or 0.66 per cent to close at 66,266.82, while Nifty slipped 118.40 points or 0.60 per cent to settle at 19,659.90.
"The FOMC's decision aligned with market expectations as they implemented a 25bps hike and expressed a data-centric approach for future rate actions. Positive global sentiment prevailed due to the reduced prospects of a US recession. Despite this, the domestic market witnessed sharp corrections led by banks and autos, while pharma stocks performed on a positive start to their earnings season," Vinod Nair, Head of Research at Geojit Financial Services.
Top Stocks To Watch On 28 July:
Bharat Electronics
The Navratna defence PSU posted a 23 per cent year-on-year (YoY) growth in net profit at Rs 530.8 crore for the first quarter ended 30 June 2023. In the first quarter, the total revenue came in at Rs 3,510.8 crore, rising 12.8 per cent as against Rs 3,112.8 crore in the same quarter of previous financial year.
Indus Towers
India’s largest telecom infrastructure company reported a massive 182 per cent YoY growth in profit at Rs 1,348 crore for the quarter ended 30 June fiscal 2024, on the back of healthy operating performance. Revenue from operations rose 3 per cent to Rs 7,027 crore compared to the year-ago period. On the operating front, EBITDA increased 51 per cent YoY to Rs 3,514 crore during the quarter, with the highest quarterly tower additions in the company’s history. The company’s total tower base stood at 1,98,284, increasing by 11,810 YoY and 5,410 QoQ, while sharing revenue per tower per month slipped by 3.2 per cent YoY to Rs 73,286.
Indian Hotels
India’s largest hospitality company reported net profit of Rs 222.4 crore for April-June quarter fiscal 2024, rising 31 per cent over a year-ago period. Revenue from operations grew 17 per cent YoY to Rs 1,516 crore. EBITDA increased 13 per cent YoY to Rs 459 crore for the quarter. The Tata Group-backed company will acquire 100 per cent equity in Zambia-based Pamodzi Hotels Plc, from Tata International Singapore Pte Ltd.
Lupin
The pharmaceutical giant has received correspondence from the US FDA stating that it has now addressed the concerns raised in the warning letter for its facilities in Goa and Pithampur Unit-2, Indore. This comes after the evaluation of corrective actions taken by the company in response to the warning letter. The US FDA issued a warning letter to the company in November 2017.