Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 plunged over 2.5 each on Thursday, a day of weekly F&O expiry, tacking a sharp global selloff. BSE Sensex tanked 1,416 points or 2.6 per cent to settle at 52,792.23, giving up 53000 levels. While NSE Nifty 50 index plunged 430 points or 2.65 per cent finish trade at 15,809.40. On S&P BSE Sensex, 28 out of 30 stocks ended in deep sea of red led by losses in HCL Technologies, Reliance Industries (RIL), Infosys and Tata Consultancy Services (TCS). On the flip side, ITC and Dr.Reddy’s Laboratories settled in the positive territory, gaining 3.5 per cent and 0.8 per cent, respectively.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
So far this year, the S&P 500 index has tanked 18.2% as inflation fears monetary policy tightening, and geopolitical worries take centre stage. Earlier on Wednesday this week, the S&P 500 index fell 4.04%, its biggest single-day fall since the middle of 2020. However, the bears are not done yet. According to targets pinned by Morgan Stanley’s equity strategists, S&P 500 could fall to 3900 points in the base case scenario and even further if things continue to go awry on Wall Street. “We see further de-rating and US weakness,” said Mike Wilson, Chief Investment Officer and Chief U.S. Equity Strategist.
BSE Sensex tanked 1,357 points or 2.5 per cent to settle at 52,851, giving up 53000 levels. While NSE Nifty 50 index plunged 430 points or 2.65 per cent finish trade at 15,809.40
Overall, given the hawkish rhetoric in the minutes and continued upside surprises in inflation even in April, we think the stage could be set for the central bank to undertake front-loaded rate hikes. We expect the RBI to now deliver at least a 50bp policy rate hike at the June policy meeting and to raise the rate to 5.15% by August, before assessing macroeconomic momentum and gauging the need for further hikes. We also believe the RBI will look to reduce liquidity in a calibrated manner, and may deliver another CRR hike of 50bp at the next MPC, but applicable only from a later date. Barclays
The initial public offering of Paradeep Phosphates, India’s second largest manufacturer of non-urea fertilisers and di-ammonium phosphates (DAP) in the private sector, was subscribed 1.51 times on day three or the final day with investors bidding for 40.15 crore shares against the IPO size of 26.86 crore units. Retail investors have bid for 1.23 times the 13.15 crore shares set aside for them while non-institutional investors’ portion was subscribed 48%. Qualified institutional buyers have subscribed 2.69 times against their quota of 8.07 crore.
The initial public offering of Ethos, one of the largest premium and luxury watch retailers in India, was subscribed 33% on the second day, with investors bidding for 13.29 lakh shares against the IPO size of 39.79 lakh units. Retail investors had bid for 62% of the portion set aside for them. Non-institutional investors had bid for 13% of the shares allotted to them, while qualified institutional buyers were yet to subscribe to the issue.
Sensex extends fall, down 1400 points as US futures slip. BSE Power index fell 2% dragged by the Tata Power, Torrent Power, Adani Green Energy.
Aether Industries’ Rs 808-crore IPO will open for subscription on 24 May and close on 26 May. The company has fixed a price band at Rs 610-642 per equity share of face value of Rs 10 each. Investors can make bids for a minimum of 23 equity shares and in multiples of 23 shares thereafter. Up to 50 per cent of the net offer will be reserved for Qualified Institutional Buyers (QIBs), 15 per cent for Non-Institutional Investors (NIIs), and the remaining 35 per cent for retail investors. The book running lead managers to the issue are HDFC Bank, and Kotak Mahindra Capital. While Link Intime India will be the registrar to the issue. Read full story
With the Reserve Bank of India’s Monetary Policy Committee (MPC) members voting to tame inflation expectations by tilting towards hawkish policy, experts are bracing for front-loaded interest rate hikes in the upcoming meetings, at least until the August meeting. RBI released the minutes of its off-cycle MPC meeting on Wednesday and cited ‘several storms’ hitting together as the reason for the monetary policy response. Experts see a 25-50 basis points rate hike in the upcoming June meeting of the Monetary Policy Committee. Read full story
Life Insurance Corporation of India (LIC) share price fell more than 2 per cent to Rs 855.80 on Thursday, taking the total fall to 9.8 per cent in three days since listing. LIC stock was listed at Rs 867 on BSE on Tuesday, against the IPO price of Rs 949 apiece. The Rs 21,000-crore public issue received nearly three times subscription earlier this month in a six-day long subscription window, unlike the usual three-day window. On the listing day of LIC IPO shares, Macquarie initiated coverage of the stock with a neutral rating and pegged a target price of Rs 1,000. Read full story
With an eye on rural recovery picking up pace, Bank of America Securities (BofA) has moved staples to overweight from the underweight rating. “Our analysis suggests robust Rabi production, normal monsoons likely driving good Kharif yields, coupled with elevated agriculture prices (above MSP in most cases) and government subsidies curtailing cost pressures, could mean 10-12% YoY rise in net farm incomes,” BofA said in a report. The global brokerage and research firm has cut the Nifty target by 1,000 points to 16,000 on faster than earlier expected monetary policy tightening and inflation worries.
Growth momentum in the global economy is slowing down due to liquidity tightening by Central Banks. Russia – Ukraine conflict is also not showing any signs of easing with newer categories of weapons introduced in the conflict, which will keep Energy and Food prices high. Both these variables point to a stagflation kind of scenario globally, which can lead to discretionary spending going down. This is fueling greater volatility in global equity markets, including in India. We expect markets to remain volatile in the near term but expect better market conditions in the second half of the financial year once markets price in the impact of global slowdown and higher rates. So sectors which we like are good quality private sector banks, Oil Refiners and exploration companies, Agri linked companies including tractor manufacturers, Hospitality, Film Exhibitors and Hospitals. Naveen Kulkarni, Chief Investment Officer, Axis Securities
Indian equity markets declined 2% on Thursday tracking losses in global markets. Central bank minutes released on Wednesday also spooked investors and flamed interest rate hike concerns. Benchmark BSE Sensex sank around 1,100 points to intraday low of 52,996, and the NSE Nifty 50 tanked over 300 points to 15,903. The broader markets were also weak in line with frontline indices. The India VIX surged 9% to 24 levels indicating high nervousness amid investors. Markets are likely to remain highly volatile in upcoming weeks, said analysts. Read full story
BSE Sensex and Nifty 50 index tumbled nearly 2 per cent on Thursday, a day of weekly F&O expiry, as bears clutched D-Street. Amid bearish market sentiment, index heavyweights such as HDFC Bank, Nestle India, and Wipro made fresh 52-week lows on S&P BSE Sensex. HDFC Bank fell to Rs 1,282.35, crossing the previous low of Rs 1,285, Nestle India touched Rs 16000, surpassing the last low of Rs 16,140, and Wipro made a fresh low of Rs 461. Despite market sell-off, ITC stocks rose to fresh 52-week high of Rs 279.15 apiece, surpassing the previous high of Rs 273.10 apiece. Read full story
Since the open, Nifty is trying to find support near Tuesday's low of 15900. Stability below this level would pave the way for a potential retest of the 15735-15670 support zone. This support zone will be a litmus test for Nifty. A break below that would open the door for further correction towards 15000 level. On the upside, immediate resistance for Nifty is seen at 16400 level. Abhishek Chinchalkar, CMT Charterholder & Head of Education, FYERS
Gold is bouncing from the lows of $1800 but the overall trend still is bearish. Small bounce might be because gold prices are trading near an oversold region but investors are reluctant to take long positions when fundamentals point to lower prices. Rally in US dollar and treasury yields are providing a lid to gold prices. The entire premium from the war between Russia and Ukraine has been eroded away and even if conflict worsens, we may not see any spike in prices as investors are focused on inflation and higher interest rates. Read full story
Domestic stock markets continue to remain volatile as multiple headwinds weigh on investor sentiment, not just on Dalal Street but globally as well. Amid heightened uncertainty, analysts at ICICI Direct have picked two stocks out of the futures & options universe, based on their stock filtration model, anticipating an up-move. These include TVS Motors and Bharat Electronics Limited (BEL). On Thursday, Sensex and Nifty started the day with weakness, falling nearly 2% each while India VIX was up 5%, breaching 23 levels yet again.
After increasing net longs single stock open interest since mid-Apr, Retail has started to trim long positions – they net long open interest is down $500 mn over the last 5 sessions. FII selling intensity in cash segment has also ebbed in this period. As a result, headline indices have bounced on low market volumes, from extremely oversold conditions. Metals stocks have been the weakest segment of the market, with long unwinding seen across ferrous as well as non-ferrous stocks. Autos and standalone refinery stocks have been the strongest sectors on account of revenue visibility. S Hariharan, Head of Sales Trading, Emkay Global Financial Services
COMEX gold trades marginally lower near $1815/oz weighed down by pause in recent slide in US dollar index and weaker ETF investor interest. Fed’s monetary tightening stance and safe haven buying helped US dollar index recover after three days of losses. However, supporting gold is renewed inflation concerns post inflation data from Europe and safe haven buying amid increasing challenges for global economy. Gold may remain in a range amid countering factors however with Fed’s tightening stance still in focus, the general bias may be on the downside. Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities
NYMEX crude shed early losses to trade higher near $108/bbl supported by bigger than expected decline in US crude oil stocks and signs of improvement in China’s virus situation. However, weighing on price is weakness in equity market amid growth and monetary tightening concerns and delay in EU’s decision on a proposed ban on Russian crude exports. Crude oil has stalled after the sharp rally in last few sessions and we may see some more correction if risk sentiment remains weak. Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities
Domestic cooking gas LPG price was on Thursday hiked by Rs 3.50 per cylinder, the second increase in rates this month. Non-subsidised LPG now costs Rs 1,003 per 14.2-kg cylinder in the national capital, according to a price notification of state fuel retailers. The hike comes on the back of a Rs 50 per cylinder increase effected on May 7. Prior to that, prices were increased by the same amount on March 22. (PTI)
Due to Tuesday’s massive relief rally, put writers have gained tremendous confidence at 16000-16100. Due to today’s surprising gap down, they are at risk and hence, it would be impossible to see whether they cover they positions or not. If they do, we can see further pressure towards 15850-15800. But as of now we are still hopeful and expect some buying at lower levels. More than opening, today’s close would be crucial. For Bank Nifty, supports are placed at 33200-33000 and on the higher side, 33700-34000 are the levels to watch out for. Sameet Chavan, Chief Analyst – Technical and Derivative at Angel Broking
ITC share price soared over 2.5 per cent to Rs 273.25 apiece on BSE, hitting a fresh 52-week high
India VIX, the volatility gauge, surged 8.74 per cent to 24.25 levels
ITC, the only gainer, was up nearly 2 per cent at Rs 271 apiece on BSE
Barring ITC, 29 stocks out 30 scrips were trading deep in red, led by losses in index heavyweights such as Infosys, Reliance Industries Ltd (RIL), HDFC Bank, ICICI Bank, and Housing Development Finance Corporation (HDFC).
BSE Sensex tumbled 1,154 points, giving up 54000 level to trade at 53053, while Nifty 50 index plunged over 300 points to begin trading below 16000.
The Initial Public Offering (IPO) of Chandigarh-based Ethos Limited, one of country’s largest luxury and premium watch retail player with 13% share of the total retail sales in premium and luxury segment and a share of 20% in exclusively luxury segment in the financial year 2020, received bids of 10,71,000 shares against the offered 39,79,957 equity shares, at a price band of ₹836-878, according to the data available on the stock exchanges. Overall the issue was subscribed 0.27 times on the first day of bidding.
BSE Sensex tumbled over 1100 points, while NSE Nifty 50 index plunged over 400 points in pre-open, following overnight losses on Wall Street
Indian benchmark indices are set to face heavy turbulence today amid negative global market cues. US markets saw the worst sell off since June 2020 as inflation fear looms. Indian economy is set to face jitters due to rising inflation in US thus, making further interest rate hikes all the more important.
On the technical front, the key resistance level for Nifty50 is 16,350 followed by 16400 and on the downside 15,900 and 15,750 will act as strong support. They key resistance level for bank nifty is 34,500 followed by 34,800 and on the downside 33,500 and 33,100 will act as strong support.
~ Mohit Nigam, Head – PMS, Hem Securities
Domestically, the impact of the major fall in the US equities overnight will be reflected in the negative sentiment for the local equities and thus add pressure on the Rupee, besides major concerns of higher inflation, higher crude oil prices, and FII outflows. On the flows side, where FIIs are busy selling in the secondary market, FDI’s flows could help to set off the dollar outflow. The market is yet to analyze the likely dollar inflows from the Adani-Holcim deal as this will route through SPV (Special Purpose Vehicle). That apart, RBI’s intervention near 77.80-77.90 will be closely watched as it has to let the currency depreciate reflecting global weaker fundamentals. Overall, we expect the rupee to trade in a range of 77.30 – 78.50 in the short term. Amit Pabari, managing director, CR Forex Advisors
Nifty is likely to support at around 15800 while 16400 is likely to act as the resistance level. Bank Nifty likely to find support around 33800 while 34750 is likely to act as the resistance level on the upside.
~ IIFL Securities
Toxic trifecta of multiple compression (P of P/E getting adjusted lower or multiple de-rating ), cost-led margin compression and impending slowdown in sales growth where the lethal combination of the last two factors is leading to fears of estimated earnings or 'E' of P/E getting slashed
~ Ajay Bodke, Independent Market Analyst
Markets could be in for a bearish start, tracking overnight slump in US markets and subsequent fall in the SGX Nifty. Deteriorating macro sentiments such as soaring inflation, recession fears, and the prospect of the Federal Reserve getting even more hawkish will continue keep benchmarks on the edge. Another main reason for the pessimism can be attributed to relentless selling from the FII camp. FIIs continue to be net sellers for the 8th straight month since October 2021. They have sold shares worth Rs. 37,937 crore in the month of May so far. Technically, the sell-off on Dalal Street will gain steam if Nifty slips below 15971 mark. Below the same, the index could swiftly slip to 15671 mark. Bulls have a chance to fight only above the 16411 mark. Prashanth Tapse, Vice President (Research), Mehta Equities
Wall Street ended sharply lower on Wednesday, with Target losing around a quarter of its stock market value and highlighting worries about the US economy after the retailer became the latest victim of surging prices. It was the worst one-day loss for the S&P 500 and Dow Jones Industrial Average since June 2020. Read full story
With rising inflation and the longer-than-expected Russia-Ukraine conflict, S&P Global Ratings on Wednesday lowered India’s growth projection for the current fiscal year to 7.3% from 7.8% estimated earlier. In December 2021, S&P had pegged India’s GDP growth for FY23 at 7.8%. For the next fiscal, the growth has been pegged at 6.5%. The Indian economy is estimated to clock a GDP growth of 8.9% for FY22. Read full story
Indian equity markets are likely to open gap-down on Thursday, the weekly F&O expiry day, amid weak global cues. SGX Nifty was in red and the Nifty futures were trading around 17,908, down 327.50 points or 2.02% on the Singaporean Exchange signalling the benchmark indices BSE Sensex and NSE Nifty 50 were heading for a negative start. In the previous session, indices snapped two-day rally to end in red with mixed global market sentiments shadowing the support extended by pharma and FMCG names. Read full story
After a huge up move on May 17, the Nifty consolidated throughout the day on May 18 and closed on a flat note. Nifty reversed the trend toward north after finding forming a triple bottom at 15740 odd levels. Nifty managed to hold its level above February 2022 bottom of 15670. FIIs have started covering shorts in Index future segment. Advance decline ratio has been positive for last three consecutive sessions. Support for the Nifty has now shifted up to 16000, while resistance for the same is seen in the unfilled gap area of 16484-16551. Traders are advised to hold Nifty long positions with 16,000 stop-loss on a closing basis. Read full story
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: Petrol prices have been left untouched for 43 consecutive days by oil marketing companies (OMC). Prices have not been changed since April 6, after OMCs hiked fuel rate 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.