Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian benchmark indices erased previous day losses and ended nearly 3% higher. The BSE Sensex ended 1,534.16 points or 2.91% up at 54,326.39, and the NSE Nifty 50 shut shop at 16,266.20, up 456.80 points or 2.89%. Dr Reddy’s Laboratories, Reliance Industries, JSW Steel, Nestle India and Tata Motors were among the top Nifty gainers, while losers included Shree Cements and UPL. All the sectoral indices ended in the green with metal, pharma, capital goods, PSU bank and realty indices up 3-4% each. In the broader markets, the BSE midcap and smallcap indices rose 2% each.
Benchmark indices soared nearly 3% amid positive cues. The BSE Sensex rose 1,534 points or 2.9% to end at 54,326, while the NSE Nifty 50 climbed 456 points or 2.89% to settle above 16,250.
Shares of Dr Reddy’s Laboratories moved higher by 8% to Rs 4,259 on the BSE in Friday’s trade. The stock gained 9 per cent in two days after the pharma company reported better-than-expected revenue growth in March quarter (Q4FY22). The board also recommended a final dividend of Rs 30 (600%) per equity share of Rs 5 each for the financial year 2021-22. The stock witnessed its sharpest rally in intra-day since September 2020. Earlier, on September 18, 2020, it zoomed 14% in intra-day, and ended 10% on the BSE.
Housing Development Finance Corporation said Friday that as on May 13, 2022, the total foreign shareholding in the corporation is 68.56 per cent of its total issued and paid-up share capital. In a filing to the BSE and NSE stock exchange, the company said it has been receiving queries from several investors seeking information on its aggregate foreign shareholding.
Source: Exchange filing
In afternoon trading, BSE Sensex and Nifty 50 is in green. Dr Reddy, Tata Steel and Nestle are among the top performers on BSE Sensex, while the stock of PowerGrid is in red.
Shares of Equitas Small Finance Bank (SFB) dipped 11% to Rs 52.75 on the BSE in Friday’s trade in an otherwise strong market after P N Vasudevan resigned as the managing director and chief executive officer (MD & CEO) of the bank for a career in health and education. He, however, has not set a date for his exit. The S&P BSE Sensex was up 2.3% at 53,983. Meanwhile, the stock of holding company, Equitas Holdings traded 6% lower at Rs 108.50, after hitting an intra-day low of Rs 103 on the BSE.
Abhinav Capital Services, Chennai Petroleum Corporation, De Nora India, ESAB India, Gorani Industries, Hindustan Aeronautics (HAL), Honda India Power Products, ITC, KSB, Mehta Housing Finance, Nava Bharat Ventures, Prudent Corporate Advisory Services, SAI Capital, Shish Industries, Virat Industries, Titan Intech, Welspun Corp were among the stocks that 52-week high on BSE. Meanwhile, Bhartiya International, Indostar Capital Finance, JSW Holdings, Life Insurance Corporation of India (LIC), Novartis India, Supreme Industries, Xelpmoc Design and Tech and Vaksons Automobiles were among the scrips that hit new lows intraday.
Singapore based retailer Zilingo has fired co-founder and CEO Ankiti Bose, deepening a dispute over accounting practices that’s plunged the once high-flying startup into crisis and sent shockwaves through Singapore’s technology industry, according to a Bloomberg report Friday.
Benchmark indices were trading higher with Nifty above 16100. The Sensex was up 1,165 points or 2.21% at 53957.23, and the Nifty was up 352.60 points or 2.23% at 16162.
JK Lakshmi Cement was quoting at Rs 473.25, up Rs 51.10, or 12.10% and trading with volumes of 183,042 shares, compared to its five day average of 72,798 shares, an increase of 151.44%. The share touched a 52-week high of Rs 815.25 and a 52-week low of Rs 368.65 on 29 July, 2021 and 12 May, 2022, respectively. Currently, it is trading 41.95% below its 52-week high and 28.37% above its 52-week low.
Equitas Small Finance fell most in four months after MD & CEO P N Vasudevan resigned. Equitas Small Finance Bank was quoting at Rs 54.15, down Rs 5.15, or 8.68% and trading with volumes of 212,692 shares, compared to its five day average of 167,495 shares, an increase of 26.98%.
Analysts at JP Morgan have cut their outlook of India’s IT (Information Technology) sector to ‘Underweight’ and said it sees “peak revenue growth behind us”. It cited decelerating growth, high inflation and macro slowdown arising from war in Ukraine as the reasons behind the downgrade. Indian IT sector growth was accelerating till the third quarter of 2022 and has begun to slow down from the fourth quarter, analysts said.
CLSA India has cut growth projection for India this yeat to below 7 per cent. CLSA's economist Indranil Sengupta told CNBC TV18, the research firm has cuts forecast to 6.9 per cent. CLSA also sees inflation this year to average at 6.3 per cent.
IDBI Bank Limited said Friday it has entered a share purchase agreement with Ageas Insurance International NV to sell the bank's entire stake of 20 crore equity shares or one-fourth stake in Ageas Federal Life Insurance for Rs 580.20 crore. The deal would be concluded subject to regulatory approvals. (Source: Exchange filing)
Sectorally, all major indices such as banks, metals, realty, auto and consumer were in green. Nifty Bank is up 2.33 per cent above 34,000 levels. Nifty FMCG is up 2 per cent at 38,490 points. Nifty IT is up 1.8 per cent at 28,882 points.
Nifty Vix, the volatility index, is down 4.38 per cent at 23.48 points.
Jubilant FoodWorks owned Domino's Pizza launches 'Parantha Pizza, which will be available in 1500 stores in India, the company announced Friday. It will be available in corn-cheese, paneer and chicken variants. “(The) launch will stimulate consumption and build excitement through flavours familiar to the Indian taste palate,” Sandeep Anand, CMO & EVP, Domino’s Pizza said. Shares of Jubilant are up 2 per cent on BSE in early trade.
“It is important to appreciate the fact that the dominant feature of this market is bearish in the short-term. Nasdaq is 30% down from the peak and S&P 500 is 19% down from the peak. These are reflections of weakness in the market. In India, FIIs are likely to continue selling since India is the only emerging market where they are sitting on good profits and the market provides the liquidity to sell.
~V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
“The excessive volatility in the market is broadly due to two reasons. One, the market has discounted severe monetary tightening by the Fed which is likely to take the Fed funds rate to around 3% in 2023. Two, the market has not fully discounted the probability of the US economy slipping into recession in 2023. Till there is clarity on the second issue, the 'risk-off, risk-on mode' in the market is likely to continue in the near-term. It may take a few weeks for the markets to stabilize.
~V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Prudent Corporate Advisory Services shares listed at a premium on Friday. Shares began trading at Rs 660 apiece, up 4 per cent from issue price of Rs 630. The IPO, which opened between May 10-12 with a price band of Rs 595-630 a share, received bids for 73.29 lakh equity shares.
JP Morgan has cut its outlook for India's IT sector to 'Underweight' citing decelerating growth, high inflation and macro slowdown arising from war in Ukraine. JP Morgan said Thursday it has also cut its rating for IT giants such as TCS, Wipro to Underweight from Neutral and maintained an overweight rating for Infosys and Tech Mahindra.
Prudent Corporate Advisory Services is going to list on the exchanges today. The public offer opened between May 10-12 with a price band of Rs 595-630 a share. The issue received bids for 73.29 lakh equity shares against an offer size of 60.18 lakh equity shares, subscribing 1.22 times on May 12, the final day of bidding. Retail investors have bought 1.29 times of the allotted quota and employees bid for shares 1.23 times the reserved portion. The part set aside for non-institutional investors has been booked 99 percent, while qualified institutional buyers (QIB) portion was booked 1.26 times.
Indian rupee opened 23 paise higher at 77.49 per dollar on Friday against previous close of 77.72.
The IPO (initial public offering) of eMudhra, the the largest licensed certified authority, is to open today, May 20. The price band for eMudhra’s IPO has been fixed between Rs 243 and Rs 256 per share for Rs 413 crore IPO raise.
JSW Steel, Hindalco Industries, Tata Steel, Tata Motors and Hero MotoCorp were among major gainers on the Nifty.
All Sensex shares opened higher, led by gains in Tata Steel, SBI, Axis Bank, IndusInd Bank, Bharti Airtel, Titan, HUL and L&T, up 1.7-3%. In the broader markets, the BSE MidCap and SmallCap indices were in the positive territory, rising up to 1.7 per cent.
Indian indices opened on positive with Nifty above 16,000. The Sensex was up 773.08 points or 1.46% at 53565.31, and the Nifty was up 240.40 points or 1.52% at 16049.80. About 1547 shares have advanced, 257 shares declined, and 64 shares are unchanged.
“SGX Nifty bucking the overnight weakness in US markets is indicating Nifty's downward momentum from yesterday's trades is likely to fizzle out. Another positive catalyst is the 3% drop in U.S Treasury bond yields and 1% fall in the US Dollar Index. However, Nifty is still at the risk of a collapse due to concerns of FII selling, higher oil prices, rising inflation, hawkish US Federal Reserve, and a probable aggressive rate hike by the RBI. Technically speaking, sell-off on Dalal Street can gain steam if Nifty slips below 15671 mark and below the same, it could slip further to 15000 mark. Bulls have a chance to fight only above 16411 mark.”
~Prashanth Tapse, Vice President (Research), Mehta Equities
Benchmark indices are trading higher in the pre-opening session. The Sensex was up 352.16 points or 0.67% at 53,144.39, and the Nifty was up 194.80 points or 1.23% at 16,004.20.
“Benchmark indices is expected to make gap up opening today as suggested by early trends on SGX nifty. Indices is set to trade with firm gains amid positive signals from its Asian peers. US markets ended the day in red as fear of rising inflation and slowdown in economic growth looms. On Thursday bears continued the downward pressure as nifty fell more than 2.5% amid global sell off. The IPO of eMudhra will be opening today for subscription. On the technical front, the key resistance level for Nifty50 is 15,900 followed by 16100 and on the downside 15,750 and 15,600 will act as strong support. They key resistance level for bank nifty is 33,550 followed by 33,800 and on the downside 33,100 and 32,900 will act as strong support.”
~Mohit Nigam, Head – PMS, Hem Securities
“The tussle between bulls and bears is likely to intensify amidst optimism about a global recovery in the backdrop of easing Covid-19 related restrictions in China as against stagflation fears. Technically, benchmark Nifty has support at 16027 and below the same, it could swiftly move to 15671 mark. The index could find strength only above 16607 mark on closing basis with 200- DMA at 17256 mark.”
~Prashanth Tapse, Vice President (Research), Mehta Equities
“On the technical front, the key resistance levels for Nifty50 are 16000 and on the downside 15600 can act as strong support. Key resistance and support levels for Bank Nifty are 33700 and 33000 respectively.”
~Mohit Nigam, Head – PMS, Hem Securities
“Rising inflationary pressure, continuous FIIs selling and rupee depreciating to all time low have turned investors pessimistic in the near term. After a minor pause, sharp selling was again seen in the market and it was unable to hold at higher levels. Rising VIX is further giving discomfort and suggesting wild swings ahead. Nifty has broken its key support levels and till it is below 16,000 – weakness may continue towards 15,500.”
~Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
“The daily timeframe of the Nifty also gives a weak outlook for the coming sessions. Nifty has been trending lower for the last few weeks and making lower tops and lower bottoms in the process. And Nifty has been moving lower after the recent breakdown from 16824-17415 trading range. While we recently saw a sharp pullback, it has not sustained and the Nifty reversed on Thursday, erasing the gains seen recently. While we remain open to pullback rallies in the very near term, we expect the downtrend to continue. The bears would gain more control once the recent intermediate low of 15735 is broken.”
~Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities
Hindustan Aeronautics (HAL): It announced that Type Certification of first Indigenous Light Transport civil passenger aircraft “Hindustan 228-201” was handed over by DGCA to Transport Aircraft R & D Center, HAL Kanpur at DGCA HQ New Delhi.
Ashok Leyland: It reported a 274% on-year jump in net profit at Rs 901.4 crore for the fourth quarter. Total income stood at Rs 8,744.3 crore during the quarter, up 24.9% against Rs 7,000.5 crore in the corresponding period of the preceding fiscal.
Asian stocks opened higher on Friday despite falls on Wall Street as bargain-hunting purchases offset some risk-off sentiment among investors. MSCI's index of Asia-Pacific shares outside Japan was up by 1.32 per cent. Japan's Nikkei gained 1.01 per cent. Australia's ASX 200 climbed 1.23 per cent. South Korea's Kospi jumped 1.52%. China's Shanghai added 0.98% while Hong Kong's Hang Seng rallied 2.31%.
The IPO (initial public offering) of eMudhra, the largest licensed certified authority (CA) in the digital signature certificates market in India, is to open today, May 20. The price band for eMudhra's IPO has been fixed between Rs 243 and Rs 256 per share for Rs 413 crore IPO raise. The IPO, sized at Rs 413 crore, comprises fresh shares of Rs 161 crore and an offer for sale worth Rs 252 crore by shareholders and promoters.
Wall Street ended lower after a volatile session on Thursday, as shares of Cisco slumped 13.7% after the networking gear maker lowered its 2022 revenue growth outlook, taking a hit from its Russia exit and component shortages related to COVID-19 lockdowns in China. Apple and chipmaker Broadcom declined 2.5% and 4.3%, respectively, and weighed on the S&P 500. The S&P 500 declined 0.58% to end the session at 3,900.79 points. The Nasdaq declined 0.26% to 11,388.50 points, while the Dow Jones Industrial Average declined 0.75% to 31,253.13 points.
Nifty futures traded 211 points, or 1.34%, higher at 15,996 on the Singapore Exchange, signaling that Dalal Street was headed for a positive start.
