Indian shares closed over 1% lower on Friday to log losses for a second straight week, with declines seen across the board, as global sentiment soured after the US Federal Reserve hinted at an increasingly aggressive rate hike. The NSE Nifty 50 index was down 1.27% at 17,171.95 at close, with all of its major sub-indexes in the negative territory. The S&P BSE Sensex fell 1.23% to 57,197.15.
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Wall Street opens lower as mixed earnings, hawkish Fed view weigh
Wall Street’s main indexes opened lower on Friday on mixed earnings, while growth stocks cut some losses in a torrid week marked by surging bond yields as investors braced for higher interest rates.The Dow Jones Industrial Average fell 65.4 points, or 0.19%, at the open to 34,727.38.The S&P 500 fell 7.8 points, or 0.18%, at the open to 4,385.83, while the Nasdaq Composite dropped 5.9 points, or 0.04%, to 13,168.796 at the opening bell.
BofA Securities says market may remain sideways in near term, sees Nifty@ 17K
BofA Securities said the market is likely to remain sideways in the near term given inflation impacting volume growth and margins across several sectors. The foreign brokerage has suggested a year-end Nifty 50 target of 17,000, suggesting no upside ahead. BofA felt that despite markets correcting since the October 2021 peak, the prevailing 1-year forward Nifty valuations at 19.2 times look elevated given global geopolitical, monetary tightening and elevated inflation backdrop.
Weak IT results has prompted the market to be worried about the headwinds like attrition, wage inflation, lower utilization, and possible cut in IT spending by industries due to geopolitical and macro issue. The degree of downfall is high because the sector is trading at high valuation and risk of downgrade is increasing, affecting the short & medium-term performance.
– Vinod Nair, Head of Research at Geojit Financial Services
Tech View: Nifty Bank
The Bank Nifty bears again attacked the index with full strength which led to a steep fall in the index. The near term support stands at 35800 and if it fails to hold will lead to a further slide down towards the level of 35000. The upside momentum will begin only above the level of 37000.
Analyst: Kunal Shah – Senior Technical & Derivative Analyst at LKP Securities
What will move market on Monday?
Markets will react to the ICICI Bank numbers in early trade on Monday. Besides, global cues like updates on the Russia-Ukraine crisis, and China’s COVID situation will also remain on the participants’ radar. The slide in the Nifty index has faded hopes for a directional move and we may see further consolidation ahead. Amid all, participants should maintain focus more on stock selection and overnight risk management.
— Ajit Mishra, VP – Research, Religare Broking
UBS trims India growth forecast to 7% as global macro risks worsen
UBS cut India’s 2022-23 economic growth forecast by 70 basis points to 7% on Friday, citing slowing global growth due to high commodity prices, and weak local demand because of energy price hikes, inflationary pressures and a struggling labour market. The downgrade comes a week after the World Bank lowered its economic growth forecast for India and the whole South Asia, citing worsening supply bottlenecks and rising inflation risks along with the Ukraine crisis.
The recent trend of the market was due to the release of high inflation data, the uncertainty surrounding Russia -Ukraine peace talks , volatile crude prices and weak quarter results. Fed chair’s comment of aggressive rate hike of 50bps by May made investors extra cautious. Inflation is not expected to remain elevated in the long term, a change from hyperinflation to normal is likely in the short to medium term in anticipation of improvement in supply. However, the short-term apprehensions are FIIs selling and elevated level of the Indian broad market.
– Vinod Nair, Head Of Research at Geojit Financial Services
On the daily chart, Nifty has failed to close above 17200 level, indicating traders will opt to sell on rise. Immediate support of 17,000 has already been violated already, so next strong support would be on 16,800 followed by 16,600. Short term investors may opt for stock specific action with positive bias. Indicators as MACD and RSI show negative crossover further indicating weakness in price action. Overall, the Nifty index is having support at 16,800 marks while resistance at 17,550 followed by 17,650, while Banknifty support is placed at 35,500 followed by 35,200 and resistance at 37,200.
– Sumeet Bagadia, Executive Director, Choice Broking
The Indian equity markets have been gyrating in the past few days after a healthy pullback witnessed since the geopolitical crisis-led lows seen in the early part of March. While the headline indices seem to be in a consolidation mode, the larger activity seems to have shifted to the broader markets, with a large number of small caps and midcaps seeing greater market participation, especially in select sectors such as Sugar, Fertilisers, Textiles, Paper, etc. The markets seem to be slightly cautiously positioned, as the Q4FY22 earnings season has begun on a mixed note with small disappointments from a couple of large sectoral majors. Hence, investors might prefer to wait out for more results to be announced and hear out the accompanying commentaries to gauge in case there are any concerns of earnings cuts creeping in.
– Milind Muchhala, Executive Director, Julius Baer
Top 5 gainers & losers in today’s trade
Price as on 22 Apr, 2022 03:41 PM, Click on company names for their live prices.
Banking pack leads among sectoral losers
Sensex Heatmap: 25 of 30 stocks end in the red
CLOSING BELL: Sensex falls after 2-day rally, down 715 pts; Nifty cracks below 17,200; SBI, HUL drop 3% each
HIND ZINC Q4 RESULTS
#EarningsWithETNOW | Hind Zinc Q4 Cons revenue at Rs 8,797 cr vs Rs 6,947 cr YoY Cons PAT at Rs 2,928 cr vs Rs 2,… https://t.co/2Eifghkahy
— ET NOW (@ETNOWlive) 1650620012000
Market live updates: Nifty PSU Bank index tanks 1.85%; all constituents in the red
Sensex today live: Index tanks over 700 points
Market live updates: Nifty Bank and Pharma biggest sectoral losers at this hour
Sensex today live: Index nears day’s low
NSE IFSC is launching India’s first International Sustainability Platform at GIFT IFSC
NSE IFSC announced the launch of an exclusive International Sustainability Platform at GIFT IFSC. It is expected to get operationalised in the second half of 2022 subject to Regulatory approvals.
Top 5 losers on NSE
Price as on 22 Apr, 2022 02:00 PM, Click on company names for their live prices.
Market live updates: BSE Metal index rises 1.4%, among worst sectoral losers
Telecom stocks trade marginally in the green
Price as on 22 Apr, 2022 01:12 PM, Click on company names for their live prices.
- Gautam Adani-led Adani Power has been in buzz ahead of the company’s likely inclusion in the MSCI India Index in the next semi-annual review. The probability of Adani Power’s inclusion is low but if it happens the stock is likely to witness an inflow of $132 million, suggests a report from Emkay Global.
- Adani Power has delivered multibagger returns to investors. The scrip has rallied about 870 per cent since April 2021, whereas it up by 200 per cent in the last one year. The stock has gained over 155 per cent in year 2022 so far. This stellar upside has put Adani Power in the top 50 most valued companies of India, with market capitalisation just shy of Rs 1 lakh crore.
Zen Technologies secures an Annual Maintenance Contract worth Rs 55 crore
Price as on 22 Apr, 2022 12:50 PM, Click on company names for their live prices.
Nifty above 17,300
Market live updates: NIFTY BANK index tanks over 1%
> All index constituents in the red
> Index worst sectoral performer at this hour
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Govt looks to cut IPO size by 40%: Agencies
Govt looking to raise Rs 30,000 crore via IPO
Sah Polymers files DRHP with Sebi for IPO
Sah Polymers has filed its draft red herring prospectus (DRHP) with the capital markets regulator Securities and Exchange Board of India (Sebi) to float its initial public offering (IPO). The IPO will consist of the issuance of 1.02 crore fresh equity shares, with a face value of Rs 10 each, the company said in the DRHP. Promoters and existing shareholders will not be offloading their stakes via IPO.
Sensex today live: Index off day’s low!
Market live updates: Nifty recovers mildly, back above 17,250
#SupremeCourt sets aside HC order, attaches assets of #63Moons Technologies SC allows appeal by #Maharashtra, NSEL… https://t.co/pxzpHPnmiR
— ET NOW (@ETNOWlive) 1650605292000
These stocks defy market mood, rally up to 14%
Price as on 22 Apr, 2022 10:46 AM, Click on company names for their live prices.
The 17380 objective was fully achieved yesterday, with Nifty showing no intention to make further advance beyond. While rejection trades remain the underlying theme, we will hunt for bounce back possibilities, as long as within the 17180-290 band, and will be patient until below 17080 to switch to downsides.
– Anand James – Chief Market Strategist at Geojit Financial Services
Adani Ports and Special Economic Zones (APSEZ) on Friday said its subsidiary Adani Harbour Services has entered into a definitive agreement to acquire leading third-party marine services provider Ocean Sparkle Ltd (OSL).
Price as on 22 Apr, 2022 10:00 AM, Click on company names for their live prices.
Sensex today live: Index recovers a bit from day’s low
This excessively volatile market without any clear direction is being influenced on a daily basis by two factors- one, external and two, internal. The external factor is the erratic movement in the mother market US where the S&P 500 and Nasdaq go up by around 2% one day and go down by around 2% the next day. The internal factor influencing the market is the see-saw tussle between FIIs and DIIs. Both these external and internal factors are erratic now and that’s why the market is volatile without any direction. Yesterday’s comment by the Fed chief that a ’50 bps rate hike is possible in May’ and that ‘control of inflation has become absolutely essential’ has pushed the 10-year bond yield above 2.9% and consequently impacted equity markets. But this impact, too, is likely to be temporary since the market has already discounted this known hawkishness of the Fed. What investors should do in this time of high uncertainty is to buy high quality stocks on steep market corrections and wait with patience.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Sensex today live: RIL, banks among top index drags at this hour
India should list another 100-200 companies in the futures market: Samir Arora
For the sake of retail investors, India should list another 100-200 companies in the futures market. Particularly l… https://t.co/PJ14Ucghcl
— Samir Arora (@Iamsamirarora) 1650600072000
Market live updates: BSE Smallcap index recoups opening losses, trades marginally higher
Veteran market investor Shankar Sharma recently said the next big theme in the stock market is the smallcap space. Some smallcap stocks with PE of 5-10 times have robust business models, he said, adding that India is a quality market with quality companies and that the world has always found India markets expensive.
EARNINGS IMPACT: HCL Tech rises 2%, best Sensex performer at this hour
“Overall, the financial performance was below expectation due to volatility in P&P segment. However, the IT services segment continues to deliver among industry leading growth. Deal booking remains strong. Valuation remains attractive as it trades at PE of 16x on FY24E EPS. We currently have BUY Rating on the stock,” said YES Securities.
Vodafone Idea, L&T Financial, Adani Power among most active stocks on NSE
Price as on 22 Apr, 2022 09:22 AM, Click on company names for their live prices.
India VIX surges 5%, nears 19 level
Sector watch: All indices on NSE in the red
Sensex Heatmap: Only 4 index stocks in the green in opening deals
OPENING BELL: Sensex tanks 600 points, Nifty nears 17,200; Hindalco falls 2%, HCL Tech rises 2%
Pre-open session: Sensex drops 380 points, Nifty below 17,250
SGX Nifty signals a gap-down start
Nifty futures on the Singapore Exchange traded 205.50 points, or 1.18 per cent, lower at 17,201.50, signaling that Dalal Street was headed for a gap-down start on Friday.
Tech View: It is a ‘buy on dips’ market
Nifty50 on Thursday formed a bullish candle on the daily chart and moved above its 200-day moving average. A gap-up start and a follow-up buying to a Wednesday’s reversal candle is a positive sign and more upside is in the offing. However, the index may see some resistance at the 17,450 level, while support is at 17,200, analysts said, adding that this is a ‘buy on dips’ market.
Hong Kong stocks open sharply lower
Hong Kong stocks plummeted at the open on Friday, extending a week of losses after US Federal Reserve boss Jerome Powell suggested an interest rate hike was imminent. The Hang Seng Index fell 2.03 percent, or 420.61 points, to 20,261.61. The Shanghai Composite Index lost 0.69 percent, or 21.40 points, to 3,058.40, while the Shenzhen Composite Index on China’s second exchange dropped 0.65 percent, or 12.58 points, to 1,911.23.
Tokyo stocks open lower tracking US losses
Tokyo stocks opened lower on Friday, extending losses on Wall Street following hawkish comments from the Federal Reserve about its monetary tightening plans. The benchmark Nikkei 225 index was down 1.49 percent, or 410.48 points, at 27,142.58 in early trade, while the broader Topix index was down 1.16 percent, or 22.36 points, at 1,905.64.
Powell reinforces expectations of sharp rate hike in May
In a panel discussion held by the International Monetary Fund during its spring meetings, Chair Jerome Powell suggested that “there’s something in the idea of front-loading” aggressive rate hikes as the Fed grapples with inflation that has reached a four-decade high. “So that does point in the direction of (a half-point increase) being on the table” for the Fed’s next policy meeting May 3-4, Powell said.
Wall Streets ends lower on Powell comments
Wall Street reversed course and posted losses on Thursday while oil gained as Federal Reserve Chairman Jerome Powell suggested the US central bank would move aggressively to curb inflation. The Dow Jones Industrial Average ended down 1.05%, while the S&P 500 lost 1.48% and the Nasdaq Composite dropped 2.07%.
Rupee advances for 2nd day on weak dollar, rally in equities
The rupee appreciated by 13 paise to close at 76.17 against the US dollar on Thursday amid a weak greenback overseas and a rally in domestic equities. However, surging crude prices and persistent foreign fund outflows capped the gains, forex traders said. At the interbank forex market, the rupee opened slightly higher at 76.28 against the greenback and moved in a range of 76.36 to 76.09. It finally settled at 76.17, higher by 13 paise over its previous close of 76.30.
Sensex, Nifty on Thursday
The BSE Sensex defied gravity for the second session in a row on Thursday as market majors Reliance Industries, Infosys and HDFC twins continued to attract investor attention amid a sustained uptick in world markets. The 30-share BSE benchmark zoomed 874.18 points or 1.53 per cent to finish at 57,911.68. Similarly, the broader NSE Nifty rallied 256.05 points or 1.49 per cent to 17,392.60.