The broader 50-share Nifty tumbled 187.85 points or 0.86 per cent to 21,555.40 points while the 30-share Sensex crashed 675.79 points or 0.94 per cent to 70,879.40 points.
Share Market News: Despite markets trading in red, the shares of Standard Capital Market registered a rise of 2.64 per cent and were trading at the level of Rs 2.72. Shares of Standard Capital Market, with a market cap of around Rs 398 crore, have given returns of four per cent to investors in the last one week, 49 per cent in the last three months and 189 per cent in the last one year.
In the last 3 years, Standard Capital Market shares have given investors a return of over 6000 per cent, while in the last 5 years, Standard Capital Market shares have given investors more than 6821 per cent returns.
Meanwhile, the company has informed exchanges that its board of directors has approved the incorporation of a wholly-owned subsidiary company.
“The Subsidiary is incorporated to carry on the business of merchant banking to act as managers, registrars, issue house to issues of shares, stocks, debentures, bonds, units, participation certificates, deposit certificates, notes, bills, warrants, commercial bills, bills of exchange, promissory notes, commercial paper of any company, corporation or association or any other instrument,” the company said in an exchange filing.
Meanwhile, Equity benchmark indices plummeted in early trade on Wednesday and Sensex slumped more than 675 points tracking negative cues in the global market as higher than expected inflation numbers in the US hit investor sentiments.
The broader 50-share Nifty tumbled 187.85 points or 0.86 per cent to 21,555.40 points while the 30-share Sensex crashed 675.79 points or 0.94 per cent to 70,879.40 points.
The latest inflation data from the US has upended expectations of when the Federal Reserve might start slashing interest rates. As many as 27 scrips in the Sensex index declined. Infosys, Tech Mahindra, Wipro, HDFC Bank and TCS were among the major losers in the early trade.
Disclaimer: The article is for informational purposes only and not investment advice.