Share Market News Today | Sensex, Nifty, Share Prices Highlights: Benchmark indices on Dalal Street started the week in the red amid weak global cues. S&P BSE Sensex ended 364.91 points or 0.67% lower at 54,470 while the NSE Nifty 50 fell 109 points or 0.67% to settle at 16,301. Bank Nifty closed 0.91% lower while India VIX soared higher to close above 22 levels. Broader markets fared worse than benchmarks with most midcap and small-cap indices ending nearly 2% lower. Power Grid was the top Sensex gainer, surging 3.44%, followed by HCL Technologies, Bajaj Auto, Infosys, and Maruti Suzuki. Reliance Industries was the worst-performing Sensex constituent on Monday, falling 3.97%, followed by IndusInd Bank, and Nestle India.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
Bears dominated the first trading session of the week, forcing benchmark indices to close with losses. S&P BSE Sensex slumped 364.91 points or 0.67% lower at 54,470 while the NSE Nifty 50 fell 109 points or 0.67% to settle at 16,301. Power Grid was the top Sensex gainer, surging 3.44%, followed by HCL Technologies, Bajaj Auto, Infosys, and Maruti Suzuki. Reliance Industries was the worst-performing Sensex constituent on Monday, falling 3.97%, followed by IndusInd Bank, and Nestle India. Bank Nifty closed 0.91% lower while India VIX soared higher to close above 22 levels. Broader markets fared worse than benchmarks with most midcap and small-cap indices ending nearly 2% lower each.
Sensex and Nifty closed with losses on Monday, starting the week in the grip of bears. Sensex fell 0.67% or 364 points to settle at 54,470 while the NSE Nifty 50 index slumped 109 points or 0.67% to end at 16,301.
Listing at a premium to the IPO price, Campus Activewear shares soared higher during the day to jump 28.63% from the issue price to trade at Rs 375.6 per share just ahead of the closing bell.
Index heavyweight Reliance Industries was down nearly 3.5% on Monday as the worst-performing Sensex stock. RIL shares fell days after the company reported its quarterly earnings.
After trimming losses earlier in the day, Sensex and Nifty were once again seen moving lower with little over an hour left before the closing bell. Sensex was down 500 points or 0.93% while NSE Nifty 50 was down 0.93% or 150 points around 16,250.
Abhinav Capital Services, Campus Activewear, Coromandel International, De Nora India, Galactico Corporate Services, Knowledge Marine & Engineering Works, Mehta Housing Finance, Nitta Gelatin India, Powergrid, SEL Manufacturing Company, Shanthi Gears, Virat Industries were among the securities that hit 52-week high on BSE. On the flipside, 3M India, Aarti Industries, Bajaj Steel, CanFin Homes, Dilip Buildcon, Fortis Malar Hospitals, Future Retail, Glenmark Pharmaceuticals, HDFC AMC, Hindusthan Urban Infrastructure, IDFC First Bank, Indigo Paints, Nestle India, Nazara Tech, PB Fintech (PolicyBazaar), Medplus Health Services, PNB Housing Finance, RBL Bank, Wipro, Zomato were among the stocks that were at fresh lows.
India VIX, the volatility index, was still near 22 levels on Monday afternoon even as Sensex, Nifty trimmed losses. India VIX hit an intra-day high of 22.47.
Sensex and Nifty were looking to recoup losses and turn green on Monday. Sensex fell close to 800 points earlier in the day but was now down just 150 points. NSE Nifty 50 index fell 50 points and was above 16350.
Bajaj Finserv was the top Sensex gainer, up 2.28%, followed by HCL Technologies, Power Grid, and Infosys.
LIC IPO: Life Insurance Corporation of India (LIC) IPO was oversubscribed by all categories of investors on Monday morning as the issue entered the last day of the 6-day bidding period. The Rs 21,000-crore IPO was fully subscribed last week but Qualified Institutional Buyers (QIBs) were yet to bid for their portion entirely. LIC IPO has so far received bids for 32.35 crore equity shares, against the 16.2 crore shares on offer, taking the overall subscription tally to 2 times the issue size. LIC IPO continued to get traction over the weekend after investors were allowed to bid for the mega-issue even over the weekend.
Following the sharp pull back that resulted in a close above 76.4, we had indicated a trend reversal last Friday, aiming 77.4. A consolidation near 77 today, without pulling back much below 76.9 would set up for a push above 77.15, the record peak.
~ Anand James – Chief Market Strategist at Geojit Financial Services
Federal Bank share price opened with gains on Monday morning as investors reacted to the modest January-March quarter financial results reported by the lender that were in line with expectations. However, minutes into the day’s trade the overall bearish market sentiment took over, sending the stock down nearly 2% to hit a low of Rs 89.35 per share. The lender reported its January-March quarter results last week where net profit rose 13.1% on year. Ace investor Rakesh Jhunjhunwala owned a 3.65% stake in Federal Bank at the end of the January-March quarter.
The Indian Rupee extended its losses and touched an all-time low of 77.42 against the US dollar in Monday's early trade, weighed down by the strength of US dollar in the overseas market, foreign fund outflows fall in domestic equities, and risk aversion in global markets. “We are victims of that time when the Rupee is hitting an all-time- low due to multiple reasons. To describe a few points- a stronger USD, weaker Asian currencies, rebound in oil prices, ongoing Russia-Ukraine war, FII outflow, and a surprise hike by the RBI to tackle inflation could be the major reasons behind the same,” said Amit Pabari, MD, CR Forex Advisors.
“Hawkish stance by the Fed, rate hikes by RBI, Bank of England and Australian central bank have created an atmosphere of risk-off for equities. We don't know how long this will last. Nifty corrected by 3.9 percent last week, but investors should not commit the mistake of aggressively buying on this dip assuming that prices have corrected a lot. Even after the correction, Nifty is trading at around 19 times FY23 earnings. This is higher than the long-term average of 16 times and certainly not buyable valuation, particularly when equity markets globally are facing many headwinds like risk of growth slowdown, Ukraine war and supply chain disruptions caused by stringent lockdown in China. However, long-term investors may start nibbling at high quality stocks in segments like financials where there is valuation comfort,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Campus Activewear shares made a positive listing on the stock exchanges on Monday, despite bearish market sentiment. Shares of Campus Activewear began trading at Rs 355 per share, up 21.58 per cent or Rs 63 from the upper end of IPO price band of Rs 292 per share. At the time of listing, the market capitalisation of the company stood at Rs 10,803.57 crore. The overall market sentiment was negative as BSE Sensex and NSE Nifty 50 were down in the red. The IPO was subscribed 51.75 times with all investor categories oversubscribing their portion of the issue.
Travel and hospitality technology platform OYO on Monday said it has concluded the acquisition of Europe-based company 'Direct Booker' with the transaction valuing the latter at around USD 5.5 million (over Rs 40 crore). Direct Booker has over 3,200 homes and serviced 20 lakh customers so far, OYO said in a statement.
~ PTI
Importers need to hedge all dips as we got one last Wednesday of 76.00. Exporters may sit quite for the moment with a stop below 76.75. Range for the day should be 76.80 to 77.30.
~ Anil Kumar Bhansali, Head of Treasury, Finrex Treasury AdvisorsÂ
The breach of Friday’s low signifies extended correction. Hence, after a negative opening use pullback towards 16320-16352 for creating short position for the target of 16231 Going forward, key support is placed at 16100 levels being 80% retracement of March rally.
~ ICICI Direct
All Sensex stocks were down with losses on Monday morning as the index tanked nearly 800 points or 1.5%.
Sensex tanked more than 1% or 600 points on Monday's opening bell as bears asserted control on Dalal Street. Nifty 50 was down nearly 200 points, holding just above 16200.
Sensex tanked 500 points during the pre-open session while Nifty was down nearly 200 points — both falling more than 1%.
Petrol prices have been left untouched for more than a month now (33 days) by oil marketing companies (OMC). Prices have been steady since April 6 after OMCs hiked prices by Rs 10 per litre through 14 price hikes across major cities that started on March 22. Petrol in the National Capital of Delhi is currently priced at Rs 105.41 per litre, after the last hike of 80 paise nearly a month ago. Diesel in the city is priced at Rs 96.67. In Mumbai, a litre of petrol and diesel cost Rs 120.51 and Rs 104.77, respectively. Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international prices and foreign exchange rates.Â
Sensex was down 300 points at the start of the pre-open session while NSE Nifty 50 was down 200 points, nearing 16,150.
Going forward, key support is placed at 16100 levels being 80% retracement of March rally. Only a decisive close below 16100 would lead Nifty 50 index to extended correction towards the March low of 15700. However, we observe that the past four weeks’ corrective move hauled daily and weekly stochastic oscillators in extreme oversold territory (currently placed at 8 and 16, respectively). In earlier occasions, during CY18-20, after approaching such lower reading below 20, markets have witnessed technical pullback. Read full story
“The steep fall in SGX Nifty is indicating a gap-down start much in line with global cues. India VIX, which measures the expected volatility in the market, had inched up to 21.25 levels in Thursday’s trade, and we suspect the VIX to shoot up till 25 levels given the bearish outlook. The recent rate hike by the US Fed has further intensified FII selling in the domestic market, which sold shares worth Rs 5,517.08 crores on Friday. Technically speaking, Nifty’s interweek support is seen only at 15901 mark, and below the same expect a waterfall of selling up to 15200-15250 mark,” said Prashanth Tapse, Vice President (Research), Mehta Equities.
The Sensex and Nifty benchmark indices plunged as policymakers across the globe aggressively paddle on monetary policy tightening. The Sensex tanked 2225 points or 4% to close at 54,836 and the Nifty shed 690 points or 4% to close at 16,411. This was the benchmarks' lowest level in two months. Record-high inflation levels, dented prospects of corporate profitability and the likelihood of contraction in economic growth continue to have a negative impact on the market. The single important factor roiling global equity markets is the reemergence of inflation as a major threat and Investors should remain calm in these turbulent times without taking aggressive positions. Calibrated buying on declines in small quantities in high quality stocks with preference for value over growth would be a good investment strategy.
For the week, we expect the Nifty to trade in the range of 16600-15700 with a negative bias. The daily and weekly strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. Read full story
Domestic equity market benchmarks BSE Sensex and Nifty 50 were likely to see a huge gap-down start on Monday, as suggested by trends on SGX Nifty in early trade. Nifty futures were ruling at 16,218 down 202 points or 1.23 per cent on Singaporean Exchange. In the previous session, the 30-share index Sensex fell 866 points or 1.56% to close at 54,835, while the NSE Nifty 50 shed 271.4 points and settled at 16,366, down 1.63%. Analysts say since global cues are largely dictating the trend, focus more on overnight risk management and maintain position on both sides. Read full story
The Nifty 50 was trading in a flag pattern formation for the last two weeks and formed lower band support at 16900 levels on the daily time frame. The prices on May 4 witnessed a massive sell-off and the index closed below 16900 levels given a breakdown of the bearish flag pattern and further that prices continued to close below its trend line resistance. This week Nifty closed below its 50-week exponential moving average and drift 4 per cent down from its previous week's close. A 4 per cent weekly close is a massive sell-off which we don’t see often and such type of selling requires weak global clues and a strong news impact. Last week both RBI and FED raise the repo rate by 40 & 50 basis points which impacted the market negatively.
Reliance Industries: RIL announced its quarterly results where the revenue from operations of the company came in at Rs 2.11 lakh crore, up 36% from the year-ago period. Net profit of the company stood at Rs 16,203 crore, a jump of 22.4%.
Campus Activewear: Shares of Campus Activewear, the largest sports and athleisure footwear brand in India, will debut on BSE and NSE on May 9. The company has raised Rs 1,400 crore through its public issue.
HCL Technologies: HCL Technologies UK Limited, a wholly owned subsidiary of HCL Tech has signed a definitive agreement for the acquisition of Confinale AG, a Switzerland-based digital banking and wealth management consulting specialist and Avaloq Premium Implementation Partner
“In the coming week, the market will track inflation numbers across the globe. Although the numbers will remain high, the chances of a major market reaction are low given that the impact has already been factored in. In this range-bound market, it is advised to stick with sectors that are expected to be least impacted by inflation & yield rise like banking, IT, Pharma, and themes like green energy,” said Vinod Nair, Head of Research at Geojit Financial Services.
SGX Nifty was down more than 200 points on Monday morning, suggesting a weak start to the day's trade on Dalal Street.
Foreign investors have pulled over Rs 6,400 crore from the Indian equity market in the first four trading sessions of the ongoing month when the Reserve Bank of India (RBI) and US Federal Reserve raised interest rates. Given the headwinds in terms of elevated crude prices, inflation, tight monetary policy among others, FPIs’ flows in India are expected to remain volatile in the near term, Shrikant Chouhan, Head – Equity Research (Retail), Kotak Securities, said.
Life Insurance Corporation’s IPO, the country’s biggest public offer, was subscribed 1.79 times on the penultimate day of the offer on Sunday. Against 16,20,78,067 shares on offer, 29,08,27,860 bids were received, according to the data posted on stock exchanges at 7 pm, Sunday evening.
