Share markets in India have extended early losses and are presently trading on a negative note.
Benchmark indices edged lower today, tracking a pause in global equities after the US central bank said that recovery from the pandemic would take years triggered.
The US Federal Reserve reassured investors of its support for the economy but projected a 6.5% decline in US GDP this year.
The BSE Sensex is trading down by 355 points, down 1.1%, at 33,900 levels.
Meanwhile, the NSE Nifty is trading down by 101 points.
The BSE Mid Cap index is trading on a flat note, while the BSE Small Cap index is trading up by 0.3%.
Sectoral indices are trading on a mixed note with stocks in the finance sector and energy sector witnessing most of the selling pressure.
The rupee is trading at 75.79 against the US$.
Gold prices are trading up by 1% at Rs 47,110 per 10 grams.
Moving on, market participants are tracking Future Retail share price.
In news from the chemical sector, Dhanuka Agritech on Wednesday reported a 45.8% growth in its profit after tax (PAT) at Rs 390 million for the quarter ended March (Q4FY20).
It had posted a PAT of Rs 267.5 million in the same quarter last year.
The company's total turnover rose from 18.1% to Rs 2,275.7 million compared to Rs 1,927.2 million in the same quarter last year.
For the year ended March 2020, the company's PAT jumped 25.7% to Rs 1,414.7 million as compared to Rs 1,125.8 million in FY19.
Dhanuka Agritech share price is presently trading up by 2.6%.
Moving on to news from the banking sector, shares of IndusInd Bank are trading higher for the fifth straight day today, rallying 8% intraday, after its promoters said that they would acquire additional shares of the bank from the secondary market.
In the past week, shares of the private lender have surged about 30%.
The promoters, IndusInd International Holdings Ltd. and IndusInd Ltd., currently hold 14.68% of the paid-up share capital of the bank.
In an exchange filing last week, IndusInd Bank said that the promoters shall now purchase additional shares from the open market within the overall regulatory limit prescribed for promoter equity holding cap.
Earlier in April, the bank had said that the promoters have applied to the Reserve Bank of India (RBI) for increasing their permissible holdings to 26%.
In other news, tech start-up WayCool Foods has received US$ 5.5 million in debt financing from IndusInd Bank guaranteed by US International Development Finance Corporation (DFC).
In a statement, WayCool on Wednesday said that DFC has extended a 100% guarantee to the company's latest round of fundraising of US$ 5.5 million through debt financing from IndusInd Bank.
IndusInd Bank share price is presently trading up by 8.6%.
Speaking of the banking sector, note that the Bank Nifty index was underperforming the benchmark index Nifty after they hit their lows in March.
There were several reasons behind its underperformance - a rising NPA risk, lack of credit growth, and overcautious nature of banks in lending.
However, it is interesting to note that these problems haven't gone away, but banks have still managed to outperform Nifty in the last two weeks, as can be seen in the chart below:
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