Sensex, Nifty edge lower as dull earnings offset upbeat US CPI data

Indian stocks reversed daily gains and posted losses on Thursday, as a slew of downbeat quarterly earnings reports overshadowed optimism from positive US inflation data.

the Nifty 50 It closed down 0.10 percent at 18,297, whereas S&P BSE Sensex It fell 0.06 percent to 61,904.52 points.

Eleven out of 13 major sectoral indicators advanced, with the financial indices with the heaviest weight increasing by 0.33 percent.

While the markets closed lower on Thursday, the benchmark Nifty 50 index has added more than 1 percent so far this week, gaining 5.5 percent since March 31, 2023.

shares Adani projects rose nearly 5 per cent after The company’s board of directors said it would look into fundraising.

while, Foreign Institutional Investors (FIIs) They bought shares worth Rs 17,641 crore over the past 10 sessions, according to interim data from the National Stock Exchange.

“The appreciation of the rupee is one of the reasons FII has shifted buyers. FII has also changed their ‘sell India, buy China’ strategy that they followed in January and February,” Vijayakumar added.

Pharmaceutical companies lost more than 1 percent, affected Dr. Reddy’s Laboratories Ltd. , which lost nearly 7 percent thereafter Reporting a lower-than-expected rise in March – the fourth quarterr consolidated profit on Wednesday.

Larsen & Toubro Ltd It fell more than 5 percent after analysts pointed to weak underlying profit margins in the March quarter.

Larsen & Toubro and Dr Reddy were among the top 50 Nifty losers.

Global stocks advanced after data showed that U.S. consumer inflation slowed to a two-year low in April, suggesting that the Fed’s interest rate hike has succeeded in tackling soaring inflation.

The probability of a rate hike at the next Fed meeting in June has fallen to 9.6 per cent as of 8:00 am EST from 21.9 per cent before the data was released.