Share Market HIGHLIGHTS: Sensex ends in red for 6th day straight, Nifty below 15800; ICICI Bank, SBI top drags

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Sensex and Nifty ended in red for the 6th consecutive day on Friday.

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Global cues were mixed as Asian Stock markets gained while on Wall Street Dow Jones and S&P 500 had ended with losses. (Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity benchmarks BSE Sensex and Nifty 50 ended in for the sixth day straight on Friday, on the back of fag-end selling. BSE Sensex settled 137 points or 0.3 per cent down at 52,794, while NSE’s Nifty finished trade at 15,782, down 26 points or 0.2 per cent. The top BSE Sensex draggers were ICICI Bank, State Bank of India (SBI), HDFC Bank, Bharti Airtel, Axis Bank, Housing Development Finance Corporation (HDFC), among other. On the flip side, gains in Reliance Industries Ltd (RIL), ITC, HUL, Sun Pharmaceuticals, and M&M capped the index losses.

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15:56 (IST) 13 May 2022
Weakness in banking sector triggered a late selloff

High domestic inflation data failed to spook investors since the recent selloff has already absorbed the ongoing uncertainties in the market. Domestic markets witnessed a rebound as buyers took the recent correction into their advantage following the trend of the global market. However, the weakness seen in the banking sector triggered a late selloff. The US Fed cautioned against an aggressive policy stance in order to bring inflation under the Fed’s comfort zone of 2%. Vinod Nair, Head of Research at Geojit Financial Services

15:54 (IST) 13 May 2022
Rising bond yields, inflation, monetary policy tightening by Central Banks globally will weigh on near-term sentiments

Global and domestic equity markets saw sharp decline this week as investors are worried about growth expectations amid elevated inflation levels. Sensex 30 and Nifty 50 index was down by close to 3%. BSE Midcap and BSE Smallcap index saw higher correction in the range of 5-6%. Almost all sectoral indices reported decline this week. In India, the CPI inflation in April 2022 surged to 7.79% (March 2022 : 6.95%), while March 2022 IIP growth remained subdued at 1.9% (February 2022: 1.5%). FII’s continued their selling of Indian equities this week. Rising bond yields, high inflation levels and monetary policy tightening action by Central Banks globally will weigh on near term sentiments which could keep markets volatile. Stock specific action will continue due to ongoing result season. Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

15:45 (IST) 13 May 2022
BSE Sensex, NSE Nifty 50 end in red for 6th day straight

BSE Sensex settled 137 points or 0.3 per cent down at 52,794, while NSE's Nifty finished trade at 15,782, down 26 points or 0.2 per cent

15:17 (IST) 13 May 2022
SBI reports 40% jump in net profit to Rs 9,113 crore in Q4; shares jump 3%

The State Bank of India reported a 41.2 per cent year-on-year jump in net profit for the quarter ended March 31 at Rs 9,113 crore driven by increase in net interest income, the company said Monday. Sequentially, the company’s profits rose 8 per cent. The net profit missed analysts’ expectations of Rs 9,927.6 crore profits, according to a CNBC TV18 poll. Shares of the company jumped over 3 per cent in intraday trading after the results. Read full story

14:55 (IST) 13 May 2022
Rupee to trade between 75.0-79.0/$ this year

” The deterioration in the CAD, monetary policy tightening across the globe and the risk aversion towards EM assets are expected to impart a depreciating bias to the INR. However, large forex reserves, narrower inflation differentials and the likely stemming of FII debt outflows would contain the further depreciation from the recent record low. We expect the INR to trade between 75.0-79.0/US$ in the remainder of H1 FY2023, ”  Aditi Nayar, Chief Economist, ICRA Limited said.

14:54 (IST) 13 May 2022
Merchandise trade deficit widens in April

“While imports and exports displayed a similar sharp expansion, the merchandise trade deficit widened to US$20.1 billion in April 2022 from US$15.3 billion in April 2021, driven by oil. Total merchandise imports remained above US$60 billion for the second month in a row, given the elevated commodity prices after the Russia-Ukraine conflict,” Aditi Nayar, Chief Economist, ICRA Limited said.

14:53 (IST) 13 May 2022
SBI Results: Net profit jumps 40% Y-O-Y

The State Bank of India reported a 40 per cent year-on-year jump in net profit for the quarter ended March 31 at Rs 9,113 crore, the company said Monday. India's largest bank's gross NPA for the fourth quarter fell to 3.97 per cent, from 4.98 per cent in the fourth quarter of last year.

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14:47 (IST) 13 May 2022
Spike up in inflation intensifies RBI’s challenge

April CPI inflation witnessed sharp increase across food and core inflation. While inflation has likely peaked out, persistence of supply-chain disruptions and resurgence in Covid cases in China will keep the trajectory’s descent prolonged. We expect CPI inflation to average 6.7% in FY2023E necessitating frontloaded policy withdrawal. From current levels, we pencil in cumulative repo rate hikes of 90-110 bps in the rest of CY2022 with 35-40 bps of repo rate hike and another CRR hike of 50 bps in the June policy. Kotak Securities

14:18 (IST) 13 May 2022
Future Retail, HDFC AMC among 75 stocks to hit 52-week low on BSE, 42 scrips at fresh highs

Indian equity markets on Friday bounced back slightly from Thursday’s rout as the key benchmark indices were trading higher amid high volatility, mixed global cues. In noon deals, the BSE Sensex was up 600 points to 53,550, while the NSE Nifty 50 was around 16,000 level. The broader markets were outperforming the benchmarks with the BSE MidCap and SmallCap indices rising up to 2.2%. Sectorally, Metals, Auto, Media and Pharma indices on the Nifty led gains, rising up to 2 per cent. Read full story

14:17 (IST) 13 May 2022
Matrimony.com share price soars over 18%, board approves share buyback via tender offer; what should you do?

Matrimony.com share price rallied 18.5 per cent to Rs 790 apiece on BSE on Friday, after the board approved share buyback worth up to Rs 75 crore, at price of Rs 1,150 per share through tender offer. The board has also recommended a final dividend of 100 per cent (Rs 5 per equity share of par value of Rs 5 each), subject to the approval of the shareholders. The company said that the indicative maximum number of equity shares proposed to be bought back would be 6.52 lakh shares. The maximum buyback price is at 72.5 per cent premium to the stock’s yesterday’s closing price of Rs 666.65 apiece. Read full story

13:24 (IST) 13 May 2022
Axis Mutual Fund saga: What the recent MF controversy is and what can be done to safeguard investors

With great power comes great responsibility; and while wielding power is easy, fulfilling responsibilities is often overlooked. This is what played out in the recent Axis Mutual Fund ruse where a fund manager and an analyst allegedly skirted their regulatory and legal responsibilities towards investors and their fund house. 

Read full story

13:01 (IST) 13 May 2022
Tata Steel outlook revised by S&P Global
  • We expect Tata Steel Ltd. to generate substantial free operating cash flows over the next two years owing to continuing strong steel prices.
  • The resilience of the company's credit metrics to steel price cycles has also strengthened following a significant reduction in debt over the past 18 months. We estimate Tata Steel's adjusted debt-to-EBITDA ratio will stay below 2.5x at the bottom of the cycle.
  • We are therefore revising our rating outlook on Tata Steel and its subsidiary ABJA Investment Co. Pte. Ltd. to positive from stable. At the same time, we are affirming our 'BBB-' long-term issuer credit ratings on the two companies and the 'BBB-' long-term issue rating on the senior unsecured notes that ABJA issued.
  • The positive outlook reflects the potential for a upgrade of Tata Steel over the next 12-24 months if the company continues to reduce leverage and improves its resilience to steel price cycles.
  • ~ S&P Global

    12:32 (IST) 13 May 2022
    India VIX in red

    India VIX, the volatility gauge, was down 4.88% on Friday, hovering just above 23 levels.

    11:56 (IST) 13 May 2022
    Tata Motors share price skyrockets 9% despite net loss in Q4; targets cut but analysts remain bullish

    Tata Motors' share price rallied 9.6% on Friday to hit an intraday high of Rs 408 per share as investors reacted to the auto major's January-March quarter results. Tata Motors reported a consolidated net loss of Rs 1,033 crore in the fourth quarter of the previous fiscal year, down from Rs 7,605 crore in the same period last year. Analysts believe Tata Motors’ results were a mixed bag, and expect near term headwinds for the stock. They have trimmed the target prices, but have maintained their ‘Buy’ calls on Tata Motors stock.

    Read full story

    10:58 (IST) 13 May 2022
    Aditya Birla Capital Q4 Results: PAT rises 20% to Rs 450 crore

    Aditya Birla Capital on Thursday reported a rise of 20% in its consolidated profit after tax at Rs 450 crore in quarter ended March 2022. The consolidated revenue of the company for Q4 FY22 grew 18 per cent from a year ago to Rs 6,962 crore, Aditya Birla Capital (ABCL) said in a release. For the entire financial year 2021-22, the consolidated revenue grew 16% year on year to Rs 23,633 crore. Aditya Birla Capital shares were trading at Rs 101, up 1.86% on BSE.

    10:48 (IST) 13 May 2022
    Futures & Options outlook: Stay cautious, Nifty may face selling pressure near 16200-16400 resistance

    Post last week’s expiry, we witnessed a gap down opening for our markets and selling pressure was seen throughout the week. Both Nifty and Bank Nifty continue to add short positions in the derivatives segment which added fuel to the ongoing correction. In the middle of the series, the option writers had positioned themselves in 16000 strike in the weekly as well the monthly expiry contracts. As this level got breached on the weekly expiry day (Yesterday), they had to run to cover their positions which resulted into added selling pressure.

    Read full story

    10:21 (IST) 13 May 2022
    Tata Motors shares rally

    Tata Motors shares rallied 8% on Friday morning to hit an intraday high of Rs 403 per share. The auto major reported its January-March quarter results yesterday.

    10:17 (IST) 13 May 2022
    Gold outlook: Any upside should be seen with caution; Fed interest rate hike, strong USD headwinds for gold

    Gold prices are near to its support of $1800. Breach below that could open doors to $1750. This week the US dollar has been strong as the US CPI came higher than expected and employment numbers came strong indicating that the US Fed will maintain their aggressive monetary tightening and rate hikes. This pushed investors into safety of US dollar and US Treasury yields. USD is trading at 20 year high while US Treasuries are trading at 3 year high. Many of the emerging market currencies are trading at all-time low against USD. The dollar has firmly put gold in the danger zone and a break of the $1,800 level could lead to further technical selling.  

    Read full story

    10:00 (IST) 13 May 2022
    Adani Power, Jindal Steel & Power, Tata Elxsi to be added to MSCI India index, HDFC AMC removed

    MSCI (Morgan Stanley Capital International) has added Adani Power, Jindal Steel & Power, AU Small Finance Bank, and Tata Elxsi to the MSCI India Index after the semi-annual review 2022. Additionally, HDFC Asset Management Company will be booted out from the index. The move is largely in line with expectations pinned by analysts earlier. According to estimates derived earlier, the addition of the stocks to MSCI Indices could result in inflows worth somewhere in the range of $367-490 million. MSCI reviews its global and domestic indices semi-annually based on various factors. 

    Read full story

    10:00 (IST) 13 May 2022
    As CPI inflation hits 8-year high, experts say brace for rapid RBI rate hikes

    Consumer Price Index (CPI) inflation in April accelerated to the highest level in eight years, higher than analyst expectations indicating the 'spectre of a generalisation of inflationary pressures' which has seeped into everyday needs. Experts expect the latest reading to put pressure on the Reserve Bank of India to further raise rates as much as 50 basis points in the upcoming June MPC meeting.

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    09:58 (IST) 13 May 2022
    As CPI inflation hits 8-year high, experts say brace for rapid RBI rate hikes

    Consumer Price Index (CPI) inflation in April accelerated to the highest level in eight years, higher than analyst expectations, which indicates the 'spectre of a generalisation of inflationary pressures' which has seeped into everyday needs.

    Experts expect the latest reading to put pressure on the Reserve Bank of India to further raise rates as much as 50 basis points (bps) in the upcoming June monetary policy (MPC) meeting.

    Read more

    09:44 (IST) 13 May 2022
    High quality financials and IT provide investment opportunities

    “This is the season of headwinds for markets. High inflation in the US and the hawkish Fed has pushed up bond yields, negatively impacting equity markets. Global economic uncertainty and market turbulence have triggered safe haven dollar buying, pushing the dollar index to 104.8. In this backdrop FPIs continue their selling spree further impacting sentiments. To top it all, CPI inflation for April has come at a disturbingly high level of 7.79 leaving no option for RBI, but to turn hawkish in the coming policy meets.
    The positive side is that all this bad news is already known and factored-in by the market. Since the market is oversold, a bounce back can be expected but the texture of the market remains weak. For long-term investors, high quality financials and IT provide investment opportunities,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

    09:25 (IST) 13 May 2022
    Nifty resistance at 16000

    “Immediate support and resistance for Nifty are 15,600 and 16,000 respectively. Immediate support and resistance for Bank Nifty are 33,500 and 34,500 respectively,” said Mohit Nigam, Head – PMS, Hem Securities

    09:20 (IST) 13 May 2022
    Down from highs

    Sensex and Nifty were down from opening highs but still in the green on Friday morning. India VIX gave up 24 levels.

    09:17 (IST) 13 May 2022
    OPENING BELL

    Sensex rose on the opening bell, climbing more than 550 points to regain 53000 levels. Nifty 50 was nearing 16000. Bank Nifty was up more than 1%.

    09:05 (IST) 13 May 2022
    In green

    Sensex and Nifty were both trading with gain in the pre-open session, suggesting a gap-up start.

    09:01 (IST) 13 May 2022
    Pre-open

    Sensex was seen rising higher at the start of the pre-open session while NSE Nifty 50 was down with losses.

    08:36 (IST) 13 May 2022
    Stocks in focus today

    Tata Motors: Tata Motors reported a consolidated net loss of Rs 1,032 crore for the quarter ended March as against a consolidated net loss of Rs 7,605 crore in the year-ago quarter. The company reported an 11.5% on-year decline in consolidated revenue from operations to Rs 78,439 crore for the reported quarter.

    Larsen & Toubro (L&T): The company reported a 10% on-year rise in consolidated net profit at Rs 3,621 crore. Consolidated revenue from operations rose 10% on-year to Rs 52,851 crore for the reported quarter, missing expectations. The company said it has bagged orders worth Rs 73,941 crore during the quarter ended March 2022, a growth of 46% over the corresponding quarter of last fiscal.

    Bharti Airtel: Bharti Airtel added the maximum number of subscribers in March at 2.25 million, followed by Reliance Jio, which added 1.26 million subscribers.

    Read full story

    08:32 (IST) 13 May 2022
    SGX Nifty up, Rupee at new low, Q4 results, CPI at 8-yr high, Delhivery, Prudent IPOs; key things to watch out

    BSE Sensex and Nifty 50 were staring at a positive start on Friday, as suggested by trends on SGX Nifty in early trade. Nifty futures were ruling at 15,797.50, up 163 points or 1.03 per cent. In the previous session, S&P BSE Sensex fell 1,158 points or 2.14% to end at 52,930 while the NSE Nifty 50 index tanked 359 points or 2.22% to settle at 15,808. Analysts say overall weakness is expected to continue, markets are now in oversold territory after witnessing a sharp decline in the last few trading sessions. Read full story

    08:23 (IST) 13 May 2022
    Short term Nifty trend continues to be negative

    “The short term trend of Nifty continues to be negative. There is a possibility of further weakness down to 15670 and one may expect downside breakout of it in the coming sessions. There is a higher possibility of Nifty forming lower bottom reversal around 15500 levels. Confirmation of reversal pattern could open upside bounce in the market,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

    08:15 (IST) 13 May 2022
    Petrol and diesel price May 13: Fuel cost unchanged; Check prices in Delhi, Mumbai, other cities here

    Petrol prices have now been left untouched for 37 consecutive 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. 

    Read full story

    07:57 (IST) 13 May 2022
    Dissecting inflation numbers

    Headline inflation came in at 7.8% YoY in Apr'22, higher than our/market forecast of 7.2%/7.4%. However, the details are not as concerning. Three things:

    1) Imported inflation was up 19.6% YoY last month and contributed 2pp to the headline CPI. It means the domestically generated inflation was 6.4% YoY last month.

    2) Core inflation (all items excluding food & energy) came in at 6.5% in line with expectations, higher than 6.2% YoY in Mar'22.

    3) Inflation in services (housing + core services) was 5% YoY last month, up from 4.7% each in the previous four months, while 'goods' inflation surged to 8.6%.

    — Overall, while headline inflation is likely to remain ~7% YoY in 1HFY23, it is expected to ease towards 6.5% by end-CY22 and <6% by Mar'23.

    Considering weak growth and relatively stable core inflation (6-6.5%) expectation, we argue that India should resist aggressive & deep rate hike cycle.

    ~ Nikhil Gupta, Chief Economist at Motilal Oswal Financial Services

    07:55 (IST) 13 May 2022
    SGX Nifty in green

    SGX Nifty was trading with gains on Friday morning. Nifty futures were up 161 points during the early hour of trade.

    07:53 (IST) 13 May 2022
    Asian stock market, US futures rise as Fed’s Powell simmers speculation over aggressive rate hikes; oil up

    Stocks and U.S. equity futures rose Friday amid a bout of calm in global markets after Federal Reserve Chair Jerome Powell again pushed back against speculation of more aggressive interest-rate hikes. Japan, China and Hong Kong helped an Asian share gauge climb 1%. US and European contracts advanced after a volatile S&P 500 session saw the index rebound to close little changed.

    Read full story

    07:52 (IST) 13 May 2022
    At 7.79%, inflation jumps to 8-year high; retail prices surge

    Retail inflation beat analysts’ expectations and surged to a 95-month high of 7.79% in April on a broad-based rise in price pressure across food, fuel and core segments, bolstering the chances of another round of aggressive rate hike by the central bank in June to break the back of inflation. Having refrained from an out-of-cycle revision of its inflation forecast earlier this month even as it hiked the repo rate by 40 basis points to 4.4%, the Reserve Bank of India (RBI) will now have to sharply raise its projection for the June quarter and for the full year (FY23) from the April projections of 6.3% and 5.7%, respectively.

    Read full story

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