Back home, domestic indices shed nearly 1% on Wednesday, dragged by weak global cues and disappointing earnings from stocks like ONGC, Colgate, and HG Infra. Meanwhile, the rupee breached the 86-mark once again against the US dollar, reflecting sustained pressure.
In a key development, CNBC-TV18 has learnt that the NSE has approached SEBI seeking Tuesday as its weekly options expiry day. On the corporate front, ITC posted a four-fold jump in net profit for Q4 FY25, driven by exceptional gains, while Bajaj Auto has secured €800 million to take majority control of KTM.
In legal news, the Supreme Court came down hard on the ED over its handling of the TASMAC money laundering probe. Globally, OpenAI’s $6.5 billion acquisition of Jony Ive’s AI startup marks a major push into hardware. Also on the radar — Glance’s new AI-native shopping app and a tragic shooting outside a Jewish museum in DC.
Scroll on for today’s Top10@10.
Asian markets trade lower tracking overnight decline on Wall Street
Japan’s Nikkei fell to a two-week low, while a spike in US Treasury yields and a stronger yen weighed on sentiment. The Nikkei dropped 0.8% to 37,007.79, after dropping to 36,873.61, the lowest since May 8. The Topix slipped 0.45%.
South Korea’s Kospi declined 0.59% and the Kosdaq fell 0.69%. Hong Kong’s Hang Seng index futures indicated a lower opening.
Meanwhile, Gift Nifty was trading around 24,783 level, a discount of nearly 48 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.
U.S. stocks closed sharply lower on Wednesday as Treasury yields spiked on worries that U.S. government debt would swell by trillions of dollars if Congress passes President Donald Trump’s proposed tax-cut bill. All three major Wall Street indexes closed with their biggest daily losses in a month.
Also Read: Bitcoin tops $110,000 for first time as US optimism lifts crypto
Stock Market Highlights: Sensex sheds 645 points, Nifty falls 1% as weak global cues drag indices
Indian equities slipped on Wednesday amid weak global cues, with both the Sensex and Nifty declining nearly 1% each. 41 out of the 50 Nifty stocks ended in the red.
FMCG and IT stocks were among the top drags. ONGC emerged as the worst performer on the Nifty, sliding 3% after posting a 20% year-on-year decline in its Q4 net profit, despite a mixed set of earnings. Colgate shares tumbled 6% after the company’s revenue fell short of expectations, while Mankind Pharma dropped 4% as both revenue and margins missed street estimates. HG Infra also witnessed sharp selling, shedding 7% after a 28% fall in EBITDA and a dip in margins to 17.6% from 19.5% a year ago.
The Nifty Bank index also ended in the red, falling 134 points to 54,941. On the currency front, the rupee weakened further against the dollar, breaching the 86-mark once again.
Here are today’s stock market highlights
NSE wants weekly expiry on Tuesday, writes to SEBI: Exclusive
India’s market regulator Securities & Exchange Board of India (SEBI) is likely to grant the National Stock Exchange (NSE) Tuesday as the day for its expiry, sources with knowledge of the matter told CNBC-TV18.
Sources said that SEBI’s circular on index expiry days for the exchanges may come soon, where NSE is likely to have applied for Tuesday as its expiry day.
SEBI’s Secondary Market Advisory Committee (SMAC) recently met to discuss the rules on the expiry days for exchanges.
ITC Q4 FY25 results: Net profit jumps aided by exceptional gain, revenue beats street estimates
ITC Ltd standalone net profit surged four-fold to ₹19,561.6 crore in the fourth (January-March) quarter of FY25, aided by an exceptional gain of ₹15,179.4 crore from discontinued operations. ITC’s net profit came in significantly higher than the CNBC-TV18 poll estimate of ₹4,960 crore. ITC’s net profit in Q4FY24 was ₹5,020 crore.
The company’s standalone revenue came in at ₹17,248 crore, surpassing the expected ₹16,820 crore as per CNBC-TV18’s poll. This marks a 9.4% increase from ₹15,733.4 crore in Q4 FY 2023-2024.
Also Read: Sun Pharma posted an 8.1% revenue rise in Q4, but profit fell 19%. EBITDA margins expanded sharply, and the company announced a ₹5.50 final dividend.
Bajaj Auto to take majority control of KTM, fund €800 million to rescue Austrian brand
Homegrown motorcycle manufacturer Bajaj Auto, on Thursday, announced to take majority control of Austrian motorcycle brand KTM through its subsidiary Bajaj Auto International Holdings BV (BAIHBV).
The company announced this move in an exchange filing and aims to grow its presence in the global motorcycle market, particularly in the premium and sports segment.
BAIHBV has secured €800 million in debt funding to support KTM’s business revival and debt restructuring. This includes €450 million as a secured term loan to KTM and €150 million in convertible bonds issued by Pierer Bajaj AG, subscribed by BAIHBV.
TASMAC money laundering case: ED crossing all limits, says CJI Gavai
Chief Justice of India BR Gavai on Thursday (May 22) slammed the Enforcement Directorate (ED) over investigations in Tamil Nadu State Marketing Corporation Limited (TASMAC)-linked money laundering case. CJI Gavai said, “ED is crossing all limits. You are totally violating the federal structure of the country.”
While issuing a notice to the ED on pleas of Tamil Nadu and TASMAC, the court asked, “How can ED raid TASMAC?”
The apex court was hearing a plea by the Tamil Nadu government against the order of the Madras High Court that gave a free hand to ED in the probe in the alleged ₹1,000 crore scam in the TASMAC.
US President Trump Again Claims Credit For India, Pakistan Ceasefire
Also Read: Cessation of firing negotiated directly between India and Pakistan, says S Jaishankar
Two Israeli embassy staff members killed in shooting near Jewish museum in DC, says Noem
Two staff members of the Israeli embassy in Washington were shot and killed on Wednesday evening near a Jewish museum, Homeland Security Secretary Kristi Noem said.
Noem announced the deaths in a post on X after the shooting outside the Capital Jewish Museum, which is located steps away from the FBI’s field office in the nation’s capital.
Glance launches AI-native shopping app, ushering in era of ‘AI Consumers’
Google-backed consumer tech company Glance, on Thursday, May 22, announced the launch of Glance AI — an AI-native commerce platform that replaces traditional search-based shopping with inspiration-led discovery.
According to the company, Glance AI is built for the “AI consumer”—someone who expects technology to anticipate their tastes and spark desire before they even know what they want.
OpenAI to acquire AI startup io from Jony Ive in $6.5 billion deal
OpenAI is set to acquire io, an AI device startup co-founded by Apple veteran Jony Ive, in a $6.5 billion all-stock deal, marking its largest acquisition to date. The move signals OpenAI’s push into AI-powered hardware, securing Ive’s expertise alongside former Apple designers who helped shape iconic products like the iPhone, iPod, iPad, and Apple Watch.
Beyond #Newsroom
Follow the CNBC-TV18 channel on WhatsApp
Catch crispy news updates on the go!- CNBCTV18 Minis
Watch all #videos under one segment- CNBCTV18 Binge
We bring you real-time updates and analysis of the stock market- Real-time market updates
We’ll see you tomorrow with another engaging ‘Top 10@10.’