Equity markets nosedived in the late afternoon session on Wednesday after the Reserve Bank of India’s (RBI) sudden hike in the repo rate by 40 basis points (bps) to 4.40% to curb inflation.

The BSE Sensex fell 1,306.96 points or 2.29% to close at 55,669.03. The NSE Nifty fell 391.50 points or 2.29% to close at 16,677.60. BSE midcap index fell 2.63% and the small-cap index fell 2.11%.

Also Read | Sensex, Nifty crashes over 2% after RBI’s surprise rate hike

Here are the key stocks that moved the most on May 4: 

Titan Company: The jewellery-to-watch maker closed 4.46% down at Rs 2,280 after it reported a lower-than-estimated profit for the quarter ended March 2022. The Tata Group firm reported a 7.2% YoY fall in net profit to Rs 491 crore for the quarter ended March 2022. The revenue grew 2% YoY to Rs 7,276 crore. The company’s board has recommended a dividend of Rs 7.5 per share for the financial year 2021-22.

Also Read | RBI raises CRR by 50 bps to 4.5% from May 21 to tighten liquidity

Britannia Industries: Shares of FMCG major Britannia Industries jumped 3.29% to close at Rs 3,379.00 after the company reported a 5% growth in consolidated net profit at Rs 377.95 crore in the March 2022 quarter against Rs 360.07 crore in the same quarter of fiscal 2021. Total revenue from operations grew 15.5% to Rs 3,508 crore in the fourth quarter, up from Rs 3,038 crore in the March 2021 quarter.

Also Read | RBI raises repo rate by 40 bps to 4.40% says Governor Shaktikanta Das

Adani Ports and Special Economic Zone (APSEZ): Shares of APSEZ fell 5.21% to close at Rs 811.95 after the company said it handled a cargo volume of 28.64 MMT in April 2022, up 17% from 24.24 MMT in April 2021. The agriculture cargo and fertilizer handling at its port increased 350% YoY. Overall, April was the second straight month, with cargo volumes crossing a record level of 28 MMT, the company said in a release.

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Kotak Mahindra Bank: Shares of the private lender surged over 2% after it reported a strong quarterly report. However, the RBI’s sudden 40 bps hike in the repo rate drove selling in equities, resulting in the stock closing off its intra-day high, up 0.08% at Rs 1,775.90.