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The top losers on the Nifty were Adani Ports, Adani Enterprises, ICICI Bank, SBI and BPCL. Nifty Auto, Pharma and FMCG managed to end higher, as other sectors tanked
Improving gross domestic product and inflation data in the United States provided hope that the U.S. Federal Reserve could slow its pace of interest rate hikes, reducing fear of curtailment in economic activity and consequent oil demand.
Elsewhere in Japan, core consumer prices in Tokyo, a leading indicator of nationwide trends, rose 4.3% in January from a year earlier, marking the fastest annual gain in nearly 42 years.
Fourth-quarter earnings season has hit full stride, with more than one fourth of the companies in the S&P 500 having reported. Of those, 69% have beaten consensus estimates, up from 67% on Wednesday, according to Refinitiv.
The revenue for Q3 was reported at Rs 865 crore as against Rs 741 crore, up 17%.
“One thing very important for the Budget is the rural stress. People will look forward to what the Budget does to address that. Second point to watch out for would be the long-term capital case”
On the BSE, bank, power and realty indices shed 2 percent each and information technology, capital goods, healthcare and oil gas indices fell 1-1.7 percent.
All sectors are trading in the red with financials taking the biggest hit. Nifty PSU Bank tanked over 3 percent and Nifty Bank fell over 2 percent