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Share Market Highlights: Sensex ends 866 pts down, Nifty below 16500; LIC IPO subscribed 1.26 times

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian benchmark indices continued to reel under selling pressure and ended deep in red, tracking weakness in global markets. The BSE Sensex fell closed 866 points or 1.56% lower at 54,835, while the NSE Nifty 50 shed 271.4 points and settled at 16,366, down 1.63%.

In FY 22, the Sensex returned 18.29 per cent and the Nifty 18.88 per cent.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian benchmark indices continued to reel under selling pressure and ended deep in red, tracking weakness in global markets. The BSE Sensex fell closed 866 points or 1.56% lower at 54,835, while the NSE Nifty 50 shed 271.4 points and settled at 16,366, down 1.63%. In broader markets, BSE midcap and smallcap indices fell 2% each. Sectorally, metal and realty indices fell 3% each and IT index down 2%, however, power index rose 0.5%. Divis Labs, Bajaj Finance, Shree Cements, UPL and Tata Motors were among the top Nifty losers, while gainers were Hero MotoCorp, Tech Mahindra, Power Grid Corp, ITC and ONGC. The mega LIC IPO has been subscribed 1.27 times, with policyholders and employees driving the demand.

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Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates 6 May 2022 Friday

15:37 (IST) 6 May 2022
Sensex, Nifty end deep in red

Indian benchmark indices continued to reel under selling pressure and ended deep in red, tracking weakness in global markets. The BSE Sensex fell closed 866 points or 1.56% lower at 54,835, while the NSE Nifty 50 shed 271.4 points and settled at 16,366, down 1.63%. In broader markets, BSE midcap and smallcap indices fell 2% each. Sectorally, Among sectors, metal and realty indices fell 3% each and IT index down 2%, however, power index rose 0.5%. Divis Labs, Bajaj Finance, Shree Cements, UPL and Tata Motors were among the top Nifty losers, while gainers were Hero MotoCorp, Tech Mahindra, Power Grid Corp, ITC and ONGC.

15:30 (IST) 6 May 2022
Investors wealth tumbles over Rs 5.10 lakh crore in early trade

Tracking an extremely weak trend in equities, the market capitalisation of BSE-listed firms tumbled Rs 5,10,150.97 crore to Rs 2,54,54,738.40 crore in initial deals.

15:03 (IST) 6 May 2022
Zomato, Policybazaar, Info Edge down up to 9%

Shares of food delivery company Zomato, PB Fintech, which operates online insurance broker PolicyBazaar and loan marketplace PaisaBazaar, and online & offline services provider Info Edge (India) slipped by up to 9 per cent, hitting their respective 52-week lows on the BSE in intra-day trade on Friday.

15:01 (IST) 6 May 2022
Canara Bank falls 4%

State-owned Canara Bank on Friday reported a 65% jump in its standalone net profit at Rs 1,666.22 crore for quarter ended March 2022. Shares of Canara Bank were trading at Rs 214.05 apiece on BSE, down by 4.72% from previous close.

14:59 (IST) 6 May 2022
Markets likely to remain volatile

“Central bank actions kept domestic and global markets under pressure this week. In line with global markets, BSE Sensex and Nifty 50 index saw profit booking this week and was down by ~4%. Broader indices like BSE Midcap and BSE Small cap also saw meaningful correction. Majority of sectoral indices were down between 3-6%. Sustained high inflation continue to drive monetary tightening measures from Central Banks across different countries. This week markets reacted to interest rate increase by Central Banks like US Federal Reserve, Bank of England and RBI. In an off-cycle meeting, the RBI MPC hiked the repo rate by 40 bps to 4.4% and increased CRR by 50 bps to 4.5%. Amid rising interest rate, elevated crude oil price and high inflation, the markets will likely remain volatile. Further, stock specific action can be expected based on Q4 results and management commentary.”

~Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

14:49 (IST) 6 May 2022
Adani Wilmar share price hits lower circuit for 3rd day straight; tanks 26% in 5 days; here’s why

Adani Wilmar share price hit lower circuit for the third straight session on Friday, tumbling 26 per cent in five trading sessions. The stock hit a fresh 52-week high of Rs 878.35 apiece last week on Thursday, since then the stock has been charting a downward trajectory, with market capitalisation falling below Rs 85000 crore. Adani Wilmar posted a 25.6 per cent on-year decline in consolidated net profit to Rs 234.29 crore in the March quarter due to a steep increase in raw material prices. Read full story

14:39 (IST) 6 May 2022
LIC IPO subscribed 1.19 times so far in the day

LIC IPO subscribed 1.19 times at 2.09 PM of day 3. Overall 1.19 times subscribed, QIBs 0.41 times, NIIs 0.58 times, Retail 1.10 times, Employee Reserved 2.73 times & Policyholder Reserved 3.61 times.

14:34 (IST) 6 May 2022
Dabur India: Near-term headwinds remain; maintain buy

Despite volatile demand and raw material prices, it expects margins to remain at the current level in FY23 through price hikes, judicious A&P spend, and cost optimization. Maintain BUY with revised TPD of Rs 620 (vs earlier TP of Rs 680) as we continue to value it at 49x FY24E, implying an upside of 17% from the CMP. Axis Securities

14:33 (IST) 6 May 2022
Key factors to watch out for market direction

Market participants would likely be watching out for corporate earnings of Q4FY22 and management commentary on demand and margins for FY23. Duration of Russia-Ukraine war, interest rate hikes by global central banks, supply chain disruptions and commodity inflation would be some of the other key factors. Shibani Kurian, Senior EVP & Head- Equity Research, Kotak Mahindra Asset Management Company

14:07 (IST) 6 May 2022
Have a risk-averse, cautious approach

“There are a lot of uncertain global factors playing out in the market right now, leading the market to move sharply and India VIX to remain above 20. However, the recent fall in the market has primarily to do with aggressive rate hikes by RBI as well as by major central banks around the globe to combat inflation. Inflation and interest rate have caused valuation to become more sensitive and thus we are experiencing such volatility in the market. We believe the market to remain under pressure until we see the global macros, inflation and monetary policy become stable and the market may see time correction in the near term. Investors are advised to have a risk-averse, cautious approach and may look out for value play opportunities as the market is correcting.”

~Omkar Mistry, Research Associate, Choice Broking

13:48 (IST) 6 May 2022
Gradually increase allocation to equities

“The Indian equity market has fared significantly better than global markets not just over the past year, but also in the Q4FY22 where we witnessed a sell-off. Presently, there are headwinds for equities as well as bonds in general. Asset-allocation would vary depending upon the age, risk appetite, time-horizon and income /liquidity requirements of an individual. Post the initial risk-off, equity returns hold the scope to accelerate in 2023 and beyond. We suggest investors use periods of volatility to gradually increase allocation to equities to benefit from healthy earnings growth that can unfold over the next two – three years. We expect the equity markets to recover soon after this knee-jerk reaction to the hike in rates and cutting the balance-sheet size.”

~Mohit Nigam, Head – PMS, Hem Securities

13:47 (IST) 6 May 2022
What is pulling Sensex, Nifty lower?

“The US Fed, Bank of England and the RBI have hiked their benchmark rates by 50bps, 25bps, and 40bps respectively to help fight surging inflation which has cast a shadow on global equity markets. These coupled with NASDAQ falling 24% from its peak, rising dollar index and the prolonged war in Ukraine have changed the international dynamics and have added selling pressure worldwide. Therefore the direction of markets is highly volatile and uncertain. The frontline indices – the S&P BSE Sensex and the Nifty 50 – have dropped around 1.5% each mostly owing to these developments. However, with a higher GDP growth compared to most other large economies, strong forex reserves, the longer-term position for FIIs on Indian equities is likely to be further strengthened, since some of the other emerging markets have concerns on the economic/geopolitical front. Apart from that, given the significantly high level of vaccination in India and the relatively limited impact from the Omicron variant witnessed as compared to the earlier waves, fortunately, concerns have thankfully eased on this front.”

~Mohit Nigam, Head – PMS, Hem Securities

13:11 (IST) 6 May 2022
Sensex, Nifty extend gains

The key benchmark indices continued to reel under selling pressure, tracking weakness in global markets. The BSE Sensex fell over 1,000 points to 54,668, while the NSE Nifty shed 316 points to 16,366.

12:55 (IST) 6 May 2022
Nifty Bank down 2%

Nifty Bank index shed 2% dragged by the Axis Bank, IndusInd Bank, Federal Bank

12:31 (IST) 6 May 2022
Domestic equities plunge tracking global US market, Asian market losses

Domestic equities tanked in intra-day trade as US markets sank overnight on fears of aggressive measures that the Fed may take to curb inflation and subdued earnings. The Nasdaq posted its worst single-day fall since 2020, plunging 5% at close. The Dow Jones lost 3.12 and the S&P 500 fell 3.56%. This was a sharp reversal from a day before when the markets had surged after the US Fed delivered an in-line 50-bps rate hike, assuring that a 75-bps increase was not being actively considered. Tracking this, Asian stocks also tanked on Friday led by Hang Seng index, which slipped 4%.

12:20 (IST) 6 May 2022
Benchmark indices trading near day’s low levels

Benchmark indices were trading near the day's low levels with Nifty below 16400. The Sensex was down 936.14 points or 1.68% at 54766.09, and the Nifty was down 292.30 points or 1.75% at 16390.40.

12:16 (IST) 6 May 2022
IPOs next week: Delhivery, Prudent to launch public issues, LIC IPO closes May 9; Campus, Rainbow D-St debut

Next week will be a busy one for the primary market, as three companies Delhivery, Prudent Corporate Advisory Services, and Venus Pipes & Tubes will launch their public issues. LIC IPO, the biggest issue in the history of Indian capital markets, will close for subscription on Monday, 9 May. While two companies, Campus Activewear, and Rainbow Children’s Medicare will make their stock market debut on BSE and the National Stock Exchange (NSE), in the coming week. Read full story

12:11 (IST) 6 May 2022
What is dragging markets today?

Tracking sharp losses in the US markets overnight and Asian stocks this morning, Indian benchmark indices tanked 1.5% on Friday. The BSE Sensex fell over 1,000 points to 54,668, while the NSE Nifty 50 shed 316 points to 16,366. All frontline stocks were in the red. In the broader markets, the BSE MidCap and SmallCap indices fell up to 2.2%. Sectorally, Nifty consumer durables, realty, IT, auto, financials, and metals were down 2-3%. Stock markets throughout the globe have become extremely fragile due to increasing inflation, central bank rate hikes have spooked Indian investors. Analysts expect downward movement to continue in coming sessions. Investors must stay with quality stocks with good growth outlook, they said.

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11:49 (IST) 6 May 2022
Bank stocks slips, HDFC Bank down 2.5%

Banking stocks slipped. Axis Bank has tumbled nearly 4%. HDFC Bank, ICICI Bank, IndusInd Bank, Bank of Baroda and Canara Bank were the other major losers

11:46 (IST) 6 May 2022
Reliance Industries share price slips ahead of Q4 results; ICICI Securities bullish, sees more than 13% upside

Reliance Industries Ltd. (RIL) shares were trading with losses on Friday morning, failing to hold on to opening gains amid bearish market sentiment. Mukesh Ambani-led Reliance Industries opened with marginal gains on Friday but was soon seen trading 1% lower. The oil-to-telecom behemoth is due to announce its quarterly earnings today. Ahead of the results, analysts at ICICI Securities have re-initiated the coverage of the stock with an ‘Add’ rating expecting growth across verticals. RIL shares opened at Rs 2,650 before hitting a low of Rs 2,602 per share intraday.

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10:47 (IST) 6 May 2022
Investors should remain calm in these turbulent times without taking aggressive positions

“The single important factor roiling global equity markets is the reemergence of inflation as a major threat and market's scepticism over the central banks' ability to contain inflation without triggering a sharp economic slowdown. Nasdaq is at one-year lows and S&P 500 appears to be moving in that direction. India cannot remain uncoupled from this trend particularly when FPIs are on a selling spree and has more fire power to remain bearish. 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”

~V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

10:35 (IST) 6 May 2022
Dabur India share price tanks 3% on fall in Q4 net profit; should you buy, sell or hold Dabur stocks

Dabur India share price fell 3 per cent to Rs 513.40 apiece on BSE, a day after the company posted a 22.1 per cent on-year decline in the consolidated net profit to Rs 294.2 crore for the quarter ended March 31, 2022. The company reported an exceptional item of Rs 85 crore on account of impairment of goodwill of Turkey business due to steep devaluation of Turkish Lira. At least three brokerage firms are bullish on this stock, and see up to 19 per cent potential rally from the last close.

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10:31 (IST) 6 May 2022
LIC IPO subscription status

The mega LIC IPO has been subscribed 1.06 times so far with policyholders and employeed driving the demand.

10:30 (IST) 6 May 2022
Markets deep in red

The BSE Sensex fell over 1,000 points to 54,668, while the NSE Nifty shed 316 points to 16,366. All frontline stocks were in the red. Among the Sensex-30 shares, Bajaj Twins, Maruti, Wipro, Ultratech Cement, HCL Tech, Axis Bank, Infosys, HUL and Tata Steel were the top losers, down up to 3 per cent.

10:24 (IST) 6 May 2022
Economy facing stocks attractive

“Rather than tracking indices, stock specific approach is more appropriate and this correction provides a good opportunity to enter quality names. Indian economy is in a better shape compared to other nations and is poised to outperform in terms of growth, thus we recommend economy facing sectors like banking, infrastructure, capital goods and housing.”

~Parth Nyati, Founder, Tradingo

10:23 (IST) 6 May 2022
Indices may remain rangebound in coming days

“Yesterday, NASDAQ almost fell 5% as the investors believe that the actions of Federal Reserve won’t be able to tame the inflation and expect extreme moves from the central bank, further other factors like geopolitical tensions, stagflation risk, and global economic growth slowdown have spooked Indian Investors and this led to a 1.5% fall in Sensex and Nifty. The RBI rate hike on Wednesday marks the beginning of the rate hike cycle and to be honest, days of easy money seems to be over, reality often hits hard and we believe that the indices are going to stay range bound in coming days and there might be possibility of further correction.

~Parth Nyati, Founder, Tradingo

10:21 (IST) 6 May 2022
Further downward movement likely

“We have seen the bloodbath in Indian equity indices after the Bank of England projected inflation over 10% in 2023 and also warned that the UK economy could shrink. Central banks globally have started hiking interest rates in response to high inflation and faltering GDP are the key factors which are dragging the market. A day before yesterday, the US Fed had increased the interest rate by 50 basis points which is the highest in past 22 years and at least two more similar increases are expected. RBI has also increased the interest rate by 40 basis points. We may see further downward movement in the equity market and Nifty may test the support level 15700. At this current situation, one needs to be careful and should wait and assess the situation for few upcoming sessions.

~Rohit Gadia, CIO at CapitalVia Global Research

09:39 (IST) 6 May 2022
RIL, M&M sole Nifty gainers

Only Reliance Industries (RIL) and Mahindra & Mahindra (M&M) gain in Nifty 50 index.

09:38 (IST) 6 May 2022
Consumer durables, Realty, auto stocks lead losses

Sectorally, Nifty consumer durables, realty, IT, auto, financials, and metals were down 2-3%. Remaining sectors also held sharp losses. India VIX also rose 4% to 21 levels, indicating high anxiousness levels among investors.

09:29 (IST) 6 May 2022
Metals stocks drag

BSE Metals index shed 3% dragged by the APL Apollo Tubes, SAIL, Hindalco Industries

09:24 (IST) 6 May 2022
Nifty gainers, losers

Apollo Hospitals, Hindalco Industries, Bajaj Finserv, Bajaj Finance and HCL Tech were among major losers on the Nifty, while only gainer is M&M.

09:23 (IST) 6 May 2022
Sensex, Nifty fall over 1.5%

Tracking sharp losses in the US markets overnight and Asian stocks this morning, the domestic benchmark indices started today's session with deep cuts. The BSE Sensex fell 830 points to 54,870, while the NSE Nifty shed 260 points to 16,419. Among the Sensex-30 shares, Bajaj Twin, HCL Tech, Wipro, Axis Bank, Infosys, HUL and Tata Steel were the top losers, down up to 3 per cent. In the broader markets, the BSE MidCap and SmallCap indices fell up to 2.2%.

09:05 (IST) 6 May 2022
Sensex, Nifty fall in pre-open session

Benchmark indices are trading lower in the pre-opening session amid weak global cues. The Sensex was down 783.67 points or 1.41% at 54,918.56, and the Nifty was down 301.80 points or 1.81% at 16,380.90.

09:04 (IST) 6 May 2022
Immediate support, resistance for Nifty at 16,200 and 16,800 respectively

“Benchmark Indices are expected to open on a negative note as suggested by trends on SGX Nifty. US markets witnessed a relief rally on Wednesday after FOMC meeting but it tumbled on Thursday due to more anxiety over rising interest rates. Pound also fell on fears of UK recession. Asian markets are trading in red in the early Friday trade. US non farm payrolls data and unemployment rate will be announced today which may decide the direction of global markets. Earning today include Reliance Industries, Tata Power, Federal Bank, Apollo Pipes, Grindwell Norton etc. Immediate support and resistance for Nifty are 16,200 and 16,800 respectively. Immediate support and resistance for Bank Nifty are 34,500 and 35,500 respectively.”

~Mohit Nigam, Head – PMS, Hem Securities

09:00 (IST) 6 May 2022
India VIX to shoot up till 25 levels given the bearish outlook

“SGX Nifty is indicating a gap-down start for domestic stock markets thanks to overnight precarious Wall Street cues. While intra-day volatility will continue, the markets will keep an eye on Reliance Industries' earnings scheduled to be announced later today. With most of the negative factors in play, FII selling has once picked up, as overseas investors sold shares worth Rs 2,074.74 crores on Thursday. India VIX, which measures the expected volatility in the market, has inched up to 20.2925 levels in Thursday’s trade. But we suspect the VIX to shoot up till 25 levels given the bearish outlook. For Nifty, the interweek support is seen only at 15901 mark. Waterfall of selling is likely towards 15200-15250 mark if the index closes below 15901 mark.”

~Prashanth Tapse, Vice President (Research), Mehta Equities

08:59 (IST) 6 May 2022
16900 – 17000 becomes major hurdle for Nifty

“On May 5, for the major part of the day, markets maintained their positive posture and traded in the range of 16850 – 16950. However, as we approached the final hours, the nervousness came back and as a result, markets erased all their gains to slide towards yesterday’s close. The volatility was clearly higher side and the way we concluded the weekly expiry, certainly does not bode well for the bulls. But we reiterate, that we would avoid getting carried away by this; because we believe markets are a bit oversold and the last two days’ move could be a deceptive one. Hence, rather than jumping into this, we would stay on the sidelines and would assess the situation for the next 2 – to 3 days. As far as levels are concerned, 16600 – 16500 are to be treated as immediate supports; whereas on the flip side, 16900 – 17000 has now become a sturdy wall. Let’s see how things pan out on the domestic as well as the global front.”

~Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One

08:52 (IST) 6 May 2022
Petrol and diesel price May 6: Fuel cost unmoved for a month now; Check prices in Delhi, Mumbai, other cities

Petrol prices have been left untouched for an entire month by oil marketing companies (OMC) on May 6. Prices have been steady since April 6 after OMCs hiked prices by Rs 10 per litre through 14 price hikes across major cities. 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 95.87. In Mumbai, a litre of petrol and diesel cost Rs 120.51 and Rs 104.71, 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. 

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08:33 (IST) 6 May 2022
Rupee may depreciate on strong dollar, risk aversion in markets

The Indian rupee is likely to depreciate on Friday amid strong US dollar and risk aversion in global markets. Weak market sentiments amid aggressive monetary tightening by central banks will also weigh on the currency. The USDINR pair is expected to trade sideways to down. Softening crude oil prices may lend some support to the domestic unit. Rising for the fourth straight session, the rupee appreciated against the US dollar in previous session after the US Federal Reserve hiked rates by 50 basis points on expected lines but played down prospects of a more aggressive rate action at its next meeting. At the interbank forex market, the domestic unit opened at 76.17 against the greenback. It moved in a range of 75.99 to 76.30 during the session, before finally settling at 76.35, up 5 paise from its previous close.

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08:32 (IST) 6 May 2022
Nifty shorts still intact, avoid contra bets until any reversal signs emerge; support in 16500-16400 range

Nifty started the May series on a low open interest base and the stronger hands (FIIs) had rolled more short positions in the index futures segment. At the start of the new series, we did not witness any long formations as market participants were awaiting a decisive breakout beyond the recent consolidation range of 16800-17400. The U. S. Fed meet outcome was scheduled on Wednesday evening and it was anticipated that this event could lead to some conclusive breakout in the index. However, ahead of the expiry day, RBI came out with a surprise rate hike of 40 bps and this led to a sell-off in Nifty as well as Bank Nifty. 

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08:29 (IST) 6 May 2022
Reliance Industries, Voltas, Marico, Ceat, Dabur India, Adani Transmission stocks in focus

BSE-listed companies such as RIL, Canara Bank, Sundaram-Clayton, Tata Power Company, CSB Bank, Federal Bank, Great Eastern Shipping Company, Bajaj Consumer Care, Apollo Pipes, Apollo Tricoat Tubes, Greenpanel Industries, Grindwell Norton, Hariom Pipe Industries, Kokuyo Camlin, Shipping Corporation of India, Paisalo Digital will release their Q4 results today. Read full story

08:26 (IST) 6 May 2022
RIL Q4 Preview: Reliance Industries may report tepid results, subscriber churn to continue at JIO

Mukesh Ambani’s Reliance Industries Ltd (RIL) may report sombre earnings for January-March quarter earnings due to a drag on its telecom business, shifting investor focus back on the energy vertical – the company’s traditional mainstay. The energy business could have come to the rescue for RIL in the fiscal fourth quarter, with refinery margins doubling on the back of tighter energy markets, said analysts at Morgan Stanley. The multi-year earnings upgrade cycle is still fully in play, according to analysts who have RIL stock as their top pick with a target price of Rs 2,926 per share, up 10.8% from Thursday’s closing price of Rs 2,640.75 per share.

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08:15 (IST) 6 May 2022
Oil price dip

Oil prices dipped at the start of Asian trade as worries about an economic downturn that could dampen demand for crude vied with concerns over new sanctions from the European Union against Russia, including an embargo on crude oil. Brent futures fell 37 cents, or 0.3%, to $110.53 a barrel by 0015 GMT, while U.S. West Texas Intermediate (WTI) crude fell 33 cents, or 0.3%, to $107.93 a barrel.

08:14 (IST) 6 May 2022
Bank of England raises rates to 1%

The Bank of England raised interest rates to their highest since 2009 at 1% on Thursday to counter inflation now heading above 10%, even as it sent a warning that Britain risks falling into recession. The BoE's nine rate-setters voted 6-3 for the quarter-point rise from 0.75%. But Catherine Mann, Jonathan Haskel and Michael Saunders called for a bigger increase to 1.25% to stamp out the risk of the inflation surge getting embedded in the economy.

08:13 (IST) 6 May 2022
Sensex, Nifty start at negative stare amid weak global cues; 5 things to know before opening bell

Domestic equity markets rebounded at the start of the weekly futures & options expiry session yesterday but failed to hold gains forcing headline indices to close flat. S&P BSE Sensex closed at 55,702, up 33.2 points or 0.06% while the NSE Nifty 50 gained 5 points or 0.03% to end at 16,682. Bank Nifty closed with losses. SGX Nifty was down deep in red, falling 250 points, hinting at another round of sell-off on Dalal Street. Global cues were also suggesting a weak start to the day with Wall Street equity indices having closed under the firm grip of bears.

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08:04 (IST) 6 May 2022
LIC IPO fully booked

Life Insurance Corporation of India (LIC) IPO was fully subscribed on day 2, as its maiden public issue garnered Rs 15,115.5 crore worth of bids on the second day. This was an increase from around Rs 10,000 crore worth bids in the first day. The IPO was subscribed 1.03 times, getting bids for more than Rs 16.68 crore equity shares against offer size of 16.2 crore shares. Policyholders and employees retained their leading position as they subscribed 3.11 times and 2.22 times the allotted quota, respectively, while others portion are yet to get fully subscribed. Retail investors have bought 93% shares of the reserved portion, while a part set aside for qualified institutional buyers and non-institutional investors were subscribed 40% and 47%, respectively.

08:04 (IST) 6 May 2022
Wall Street tumbles

U.S. stocks ended Thursday sharply lower amid a broad sell-off, as investor sentiment cratered in the face of concerns that the Federal Reserve's interest rate hike would not be enough to tame surging inflation. All three main Wall Street benchmarks erased gains made during a relief rally on Wednesday, with the Nasdaq posting its biggest one-day percentage decline since June 2020. The Dow's decline was its worst daily performance since October 2020. The Dow Jones Industrial Average fell 1,063.09 points, or 3.12%, to 32,997.97, the S&P 500 lost 153.3 points, or 3.56%, to 4,146.87 and the Nasdaq Composite dropped 647.17 points, or 4.99%, to 12,317.69

08:03 (IST) 6 May 2022
SGX Nifty signals a gap-down start for Sensex, Nifty

SGX Nifty hinted at gap-down start for benchmark indices. Nifty futures traded 258 points, or 1.5%, lower at 16,433 on the Singapore Exchange, signaling that Dalal Street was headed for a negative start.

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