SENSEX down 200 pts, NIFTY50 above 24,250; L&T jumps 5% on strong Q2 results

At 9:30 AM, the S&P BSE SENSEX was trading at 79,705.90, down 236 points, or 0.30%, while the NSE's NIFTY50 index was trading at 24,273.95, down 67 points, or 0.27%.

The top losers on the NSE were Tech Mahindra, Infosys, TCS, Trent, and Shriram Finance. The top gainers were Cipla, L&T, Sun Pharma, Dr Reddy's, and Hero MotoCorp. 

Buzzing Stocks

L&T reported a 21% YoY jump in consolidated revenue to ₹61,555 crore, compared to ₹51,024 crore in the previous year's corresponding quarter. 

The bottom line (net profit) grew by 5.5% YoY as the net profit for the quarter stood at ₹3,395 crore compared to ₹3,222 crore. The overall tax expense for the quarter also jumped by 28% YoY ₹1442 crore.

Broader Market

The BSE MidCap index was trading at 46,088.43 levels, down 33 points, or 0.07%. The BSE SmallCap index was trading 410 points, or 0.76% higher at 54,517.70 points. 

Sector Watch

Industrial stocks were the biggest gainers in morning trade, followed by healthcare. The BSE Industrials index was trading 2.05% higher at 14,987.88 levels. 

On the other hand, technology stocks were the top losers.

Global Markets

Asian stocks slid on Thursday as chip-sector stocks tracked overnight declines by Wall Street peers, and Facebook owner Meta Platforms warned of accelerating costs for artificial intelligence.

More megacap tech earnings are due later in the day from Apple and Amazon.

Japan's Nikkei fell 0.5% as of 01:55 GMT. South Korea's Kospi dropped 1.3%. 

North Korea stirred regional tensions by test-firing what a US official said was an intercontinental ballistic missile into the sea off the reclusive nation's east coast on Thursday.