Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian benchmark indices erased most of the intraday gains and ended on a flat note in the highly volatile session. While BSE Sensex closed 33.20 points or 0.06% higher at 55,702.23, NSE Nifty 50 settled 5.10 points or 0.03% up at 16,682.70. Among sectors, power, capital goods and IT indices rose 1-2% each. However, realty, FMCG and pharma indices fell 0.5-1.5%. In broader markets, BSE midcap and smallcap indices ended marginally lower. IndusInd Bank, Tata Consumer Products, Britannia Industries, UltraTech Cement and Nestle India were among the top Nifty losers, while gainers were Tech Mahindra, Hero MotoCorp, Infosys, HCL Technology and Wipro.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates 5 May 2022
Benchmark indices erased majority intraday gains to end flat. While the BSE Sensex closed 33.20 points or 0.06% up at 55,702, while the NSE Nifty settled mere 5 points or 0.03% higher at 16,682.
Adani Power’s consolidated net profit jumped to Rs 4,645.47 crore in the March quarter from Rs 13.13 crore in the year-ago period, mainly on the back of higher revenues. Total income of the company rose to Rs 13,307.92 crore in the quarter ended on March 31, 2022 from Rs 6,902.01 crore in the same period a year ago, it said in a statement on Thursday.
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LIC (Life Insurance Corporation of India) IPO has finally hit Dalal Street and is on the verge of sailing through. The insurance behemoth has come with the largest public offering ever witnessed by Dalal Street street, looking to raise Rs 21,000 crore. The public sector giant is also a major force in the stock market, with holdings valued at Rs 9.89 lakh crore at the end of March 2022, data sourced by PrimeInfobase showed. The value of LIC’s holdings is at an all-time high. LIC owns a large stake in blue-chip companies including Reliance Industries, TCS, SBI, and even ITC. Here are some of LIC’s largest stock holdings.
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India VIX, the volatility gauge, was still sitting deep in red even though benchmark indices trimmed almost all gains to trade flat. India VIX was just above 20 levels, down more than 6%.
At a time when domestic investors were watchful of US Fed rate hike and its future course, RBI went ahead and announced an unscheduled repo rate hike of 40bps to 4.4%. Consequently, the standing deposit facility (SDF) rate is adjusted to 4.15% and the marginal standing facility (MSF) rate and the Bank Rate to 4.65%. Apart from the timing of the announcement, what caught the market off-guard was a 40bps hike instead of 25bps rate hike as expected in its upcoming June meeting. Although April 2022 meet minutes reaffirmed MPC moving to address inflation related concerns emanating from global factors; inter-policy meeting rate action was not expected. Read full story
Shares of Future Retail were locked in the 5% lower circuit for the eighth straight trading day, at Rs 19.60, on the BSE after the company's Managing Director Rakesh Biyani stepped down while officials, including the company secretary of the debt-ridden firm, tendered resignations. The stock was trading at record low levels and has slipped 36% in the past two weeks.
LIC (Life Insurance Corporation) IPO has been subscribed 0.84 times so far on the second day of sale with policyholders of LIC and employees of the company oversubscribing their quota already. The largest public issue, worth Rs 21,000 crore, has witnessed a strong response from investors so far. The issue was subscribed 0.67 times on day one. The government of India is looking to trim its stake in the insurance behemoth, offering a 3.5% stake in the company at a fixed price band of Rs 902-949 per share.
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On day 2, LIC IPO received a subscription of more than 83%, and IPO continued to receive a good response from retail investors. As of now, the policyholder's category has received the highest subscription as of now, the policyholder's category has received a subscription of 2.54 times and employee category has received a subscription of 1.73 times along with the retail investor's category has received the subscription of 0.77 times and application wise it is 0.63 times.
“Overall IPO has received a subscription of 0.83 times as of now on the back of retail participation, we expect as the IPO proceeds it will receive a good response from qualified institutions as well. We have a subscribe rating to the LIC IPO.”
~Yash Gupta- Equity Research Analyst, Angel One
Benchmark indices were off day's low but were still trading higher in the afternoon session with Nifty above 16800. The Sensex was up 551.98 points or 0.99% at 56221.01, and the Nifty was up 158.40 points or 0.95% at 16836.
Domestic markets have been range-bound for the last few weeks now and earnings have not been stellar as we had witnessed in the previous few quarters. Given multiple headwinds ahead, earnings of sectors other than financials and oil & gas, could be on the lower side, said Shyamsunder Bhat, CIO, Exide Life Insurance in an interview with Kshitij Bhargava of FinancialExpress.com. He further shared his views on new-age internet companies, and offered investors a piece of advice amid the current market uncertainty. Shyamsunder Bhat also added that he has a positive long-term view of markets but remains cautious at current valuations. Here are the edited excerpts.
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Berkshire Hathaway’s annual “Woodstock for Capitalists” was held on 30 April. After two years of virtual annual meetings, the energy and enthusiasm among attendees was high for this year’s meeting. This was the first in-person meeting that I attended since 2019. Tens of thousands of shareholders came to hear what the iconic duo had to say about business, the economy and investing. Warren Buffett and Charlie Munger answered questions from shareholders for over five hours. Here are my five biggest takeaways and learnings from the 2022 meeting.
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Shares of SpiceJet continued to reel under pressure, hitting a 18-month low of Rs 52.30, down 1% on the BSE. In comparison, the S&P BSE Sensex was up 1.4% at 56,468 points.
Delhivery has fixed a price band of at Rs 462-487 per share for its Rs 5,235-crore IPO. Logistics services player Delhivery will issue and sell shares of face value of Re 1 each. The IPO will open on 11 May for subscription and close on 13 May. The logistics and supply chain startup cut its total issue size to Rs 5,235 crore from Rs 7,460 crore planned earlier. The public issue comprises the fresh issuance of shares worth Rs 4,000 crore. The offer for sale (OFS) portion has been reduced to Rs 1,235 crore from Rs 2,460 crore. Upon successful listing on BSE, NSE, Delhivery will join the likes of Blue Dart Express, TCI Express, and Mahindra Logistics. Read full story
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices jumped over 1 per cent in India on Thursday, on the back of positive global trends. On Multi Commodity Exchange, gold June futures were ruling 1.12 per cent or Rs 567 higher at Rs 51,177, as against the previous close of Rs 50,610 per 10 gram. Silver July futures were trading at Rs 63,740 per kg, up Rs 1,626 or 2.7 per cent. In the global markets, spot gold was up 1.1 per cent at $1,901.56 per ounce, after rising to its highest since April 29 earlier in the session. US gold futures gained 1.8 per cent to $1,902, according to Reuters.
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Housing Development Finance Corporation (HDFC) share price has plunged 16% so far in 2022. After the initial surge in share price immediately after the merger announcement with HDFC Bank on 4 April 2022, HDFC Bank stock has corrected 15.65%. However, brokerages remain bullish and see up to 37% potential rally going forward, given that housing demand is very strong, across tier I, II & III cities and HDFC being a leader would be able to capture the large opportunity. Additionally, the merger is a step in the right direction and investors should look at it that way, they said. Several brokerages have maintained their buy call on the stock.
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The mega share-sale of Life Insurance Corporation (LIC) had been subscribed 73% so far, with policyholder and employee categories registering highest subscriptions at 2.2 and 1.4 times, respectively.
Reliance Industries shares see sharp rebound from lows, RIL share price gains 1%.
Shares of Matrimony.com traded 6% higher at Rs 733 on the BSE. The spike comes after the company announced that the board will consider share buyback proposal on May 12, 2022. The stock of the leading online matrimony company opened 11% higher at Rs 770 on the BSE. In comparison, the S&P BSE Sensex was up 0.87% at 56,152 points. Earlier, the stock had hit a 52-week low of Rs 660.35 on March 28, 2022.
India VIX, the volatility gauge, was down 9% on Thursday morning. The index had shot up, past the 22 level mark yesterday as bears ran riot. Today the index was below 20 levels.
“With the rapidly changing geopolitical scenario that continues to pressurize the global supply chain and commodity prices, domestic policy rates were expected to be realigned to the changing scenario. Therefore, while not unexpected, as the RBI Governor had already shared concerns over rising inflation, the interest rate hike amidst rising input costs is expected to have its impact on real estate. The sector has vastly benefited by the low interest rates in the last two years. This policy rate hike will translate into higher EMIs for home loans. However, we believe that improved homebuyer attitude, preference for owning a house and strong wage growth will continue to support the housing market. The monetary policy stance is still accommodative and with the receding pandemic and economic growth, we expect that consumer demand will remain buoyant in the near term.”
~ Gulam Zia, Senior Executive Director- Knight Frank India
Prudent Corporate Advisory Services has set the price band for its IPO (Initial Public Offering) at Rs 595-630 per equity share of face value Rs 5 each. The independent retail wealth management services firm’s IPO will open on Dalal Street on May 10 next week. The issue is entirely an offer for sale by existing investors of the company. Prudent Corporate Advisory is amongst the top mutual fund distributors in terms of average assets under management (AAUM) and commission received. Ahead of the issue, shares of Prudent were trading at a grey market premium of Rs 35 per share in the unlisted space.
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While, HeroMotocorp, ONGC, and Hindalco were the top Nifty winners, Tata Consumer, Apollo Hospitals, Nestle, HUL, Bharti Airtel, and NTPC, meanwhile, were the top losers.
Barring Nifty FMCG, all sectoral indices open in green
Infosys, Tata Steel, Tech M, Wipro, Mahindra and Mahindra, Kotak Bank, ICICI Bank, Axis Bank, and IndusInd Bank were the top gainers in the Sensex pack, while Nestle, HUL, Bharti Airtel and NTPC, meanwhile, were the sole losers.
Indian indices opened on positive note with Nifty above 16,800 on the back of firm global cues. The Sensex was up 516.68 points or 0.93% at 56185.71, and the Nifty was up 157.20 points or 0.94% at 16834.80.
“Benchmark Indices are expected to open on a positive note as suggested by trends on SGX Nifty. US markets closed higher yesterday after FED announced interest rate hike of 50 bps. Jerome Powell said “75 bps hike is not something that the committee is actively considering”. This statement led to market rally as the FED signalled similar moves for nest few meetings. Investors should be cautious in these markets and can use these dips to make fresh positions in fundamentally sound stocks. Asian markets are also trading in green in the early morning trade. Earnings today include Adani Transmission, Dabur, Marico, Indus Towers, Voltas, TVS Motor, Sona BLW Precision Forgings, Happiest Minds, CEAT etc. Immediate support and resistance for Nifty are 16,500 and 17,000 respectively. Immediate support and resistance for Nifty are 34,800 and 36,000 respectively.”
~Mohit Nigam, Head – PMS, Hem Securities
Sensex gains nearly 500 points, Nifty above 16,800 in pre-open session amid positive global cues.
The Indian Rupee is likely to appreciate on Thursday amid retreat in US dollar. The local unit may strength on LIC IPO related inflows and as RBI surprised market by raising rates to tighten liquidity, according to Forex analysts. Rupee appreciated against the U.S. dollar in the previous session following RBI’s surprise rate hike ahead of the U.S. Federal Reserve’s policy decision. At the interbank forex market, the domestic unit opened at 76.46 against the greenback. It moved in the range of 76.17 to 76.58 during the session before finally settling at 76.40, registering a rise of 8 paise over its previous close.
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“The area of 16800 has been instrumental with regards to a sustainable trend of Nifty in last few months. The market has displayed movement of around 1000 points after its downside breakout and next upside breakout of 16800-17000 levels in the past (24th Feb and 17th March respectively). Having broken again below the important support of 16800, the chances of further steep weakness in the near term. This anticipated market action could open a possibility of larger degree of lower bottom formation below 15670 levels in the next few weeks. Any upside bounce from here could find strong resistance around 16800-17000 levels. Immediate downside targets to be watched for Nifty around 16200 levels.”
~Nagaraj Shetti, Technical Research Analyst, HDFC Securities
Nifty index opened positive on Wednesday but failed to hold above 17130 zones and cascaded down throughout the session. Weakness got a tailwind in the second half of the session after the RBI Statement and the index breached its crucial support zones to touch the intraday low of 16623 levels. It formed a strong Bearish candle on the daily scale and closed with losses of 390 points.
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