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Indian shares followed global peers lower on Friday after comments from Federal Reserve Chairman Jerome Powell suggested the U.S. central bank would move aggressively to curb inflation.<\/p>\n
Powell said he saw merit in “front-end loading” policy moves, including a 50 basis point rate hike at the May FOMC meeting.<\/p>\n
The benchmark S&P BSE Sensex dropped 514 points, or 0.9 percent, to 57,397, while the broader NSE Nifty index was down 162 points, or 0.9 percent, at 17,231.<\/p>\n
Among the prominent decliners, Mahindra & Mahindra, HDFC Life, Dr Reddy’s Laboratories, Eicher Motors and Hindalco lost 2-4 percent. <\/p>\n
HCL Technologies rallied 2.6 percent after more than tripling its Q4 profit. Peers Infosys, TCS and Wipro all were down around 1 percent. <\/p>\n
BPCL fell over 1 percent on reports the government may revise the terms of sale for its privatization. <\/p>\n
Reliance Industries dropped 1 percent. Its arm Reliance Retail has unveiled plans to launch a dedicated artisan-only store format ‘Swadesh’ as part of its ‘Handmade in India’ program.<\/p>\n
Tata Communications fell nearly 2 percent while CRISIL jumped 2.5 percent after declaring their quarterly earnings results. <\/p>\n
ICICI Lombard General Insurance Company plunged 5.3 percent on reporting a 10 percent fall in quarterly profit. <\/p>\n
TVS Motor Company declined 1.3 percent after it announced an additional investment of 100 million pound in Norton Motorcycle, Britain’s most iconic sporting motorcycle brand. <\/p>\n<\/p>\n
Market Analysis<\/p>\n<\/div>\n