Stock Market Highlights: Nifty forms small bullish candle; what does it signal for Tuesday’s trade?

Benchmark indices continued to remain under pressure on Monday, with the Sensex tumbling nearly 365 points following a sell-off in global markets and decline in shares of index major Reliance Industries. Unabated foreign fund outflows and rupee hitting an all-time low also weighed on sentiment. The 30-share BSE Sensex settled 364.91 points or 0.67 per cent lower at 54,470.67. During the day, it tanked 917.56 points or 1.67 per cent to 53,918.02.

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Wall Street slides at open as rising bond yields hit growth stocks

Wall Street’s major indexes opened lower on Monday as rising U.S. Treasury yields amid prospects of aggressive monetary policy tightening weighed on growth stocks, with the sentiment taking a hit from fears of an economic slowdown in China.

  • The Dow Jones Industrial Average fell 214.2 points, or 0.65%, at the open to 32685.17
  • The S&P 500 fell 42.1 points, or 1.02%, at the open to 4081.27, while the Nasdaq Composite dropped 221.6 points, or 1.82%, to 11923.029 at the opening bell.

What to expect from Tuesday’s trade?

We’re not seeing any respite in the global markets, especially the US, and we’re largely reflecting the same trend at our end too. Besides, mixed Q4 earnings are further adding to the negativity. We reiterate our view to focus on shorting opportunities on the rise until we see some sign of reversal. On the index front, support is intact at 16,000 in Nifty and the 16,550-16,650 zone would act as immediate hurdle. — Ajit Mishra, VP – Research, Religare Broking

I look at the rupee continuing its downward journey as dollar prices rise is a major risk to prices. A relief on the rupee front can only be seen if the dollar index cools off hence rupee can be seen as weak till the time it’s below 76.50 on the lower-end rupee can touch 78.00 incoming sessions which shall create fresh short unwinding in the dollar and making rupee even weak.

– Jateen Trivedi, Senior Research Analyst at LKP Securities

The market continued its downward rally amid lingering concerns over the weakening rupee, global interest rate hikes and tightening lockdowns in China. The relentless rise in the US dollar index owing to interest rate hikes and rising US treasury yield hammered investor’s risk appetite. Strong US jobs data indicated possibilities of faster rate hikes forcing investors to opt for safe-haven assets.

– Vinod Nair, Head of Research at Geojit Financial Services

RBI intervenes to defend rupee as currency slides to record low

India’s central bank is intervening in all foreign-exchange markets and will continue to do so to protect the rupee that slid to a record low Monday, said a person familiar with the matter. The Reserve Bank of India sees its foreign-currency reserves of about $600 billion as a formidable stockpile that it will put to use against speculators, the person said, asking not to be identified as the deliberations aren’t public. The RBI is seeking an orderly depreciation, the person said. A central bank spokesperson wasn’t immediately available for comment.

Rupee plummets 60 paise to close at all-time low of 77.50/USD

The rupee extended its losses and slumped 60 paise to close at a record low of 77.50 (provisional) against the US dollar on Monday, pressured by the strength of the American currency overseas and unabated foreign fund outflows. Forex traders said risk appetite has weakened amid mounting concerns about inflation that may trigger more aggressive rate hikes by global central banks.

CIPLA Q4 EARNINGS PREVIEW

The Bank Nifty index yesterday filled the previous gap of 34000 and needs to sustain above this level for a relief rally. The immediate resistance on the upside stands at the 34600-34800 zone and a break above this will lead to short covering towards the levels of 35500. The index, however, if breaks the level of 34000 will witness further downside towards the levels of 32500.

– Kunal Shah-Senior Technical & Derivative Analyst at LKP Securities

BSE advance-decline ratio at 1:2

BSE advance-decline ratio at 1:2

All sectors, barring NIFTY IT pack end in the red

  • Media, Metal and PSU Bank indices tank over 2% each to emerge among the worst hit sectors
All sectors, barring NIFTY IT pack end in the red

Sensex Heatmap: 13 of 30 index stocks end higher

Sensex Heatmap: 13 of 30 index stocks end higher

CLOSING BELL: Sensex cuts losses, ends 365 pts lower; Nifty barely holds 16,300; RIL plunges 4%

NSE scam: Court defers order on bail pleas of Chitra Ramkrishna, Anand Subramanian

A special CBI court here on Monday deferred the verdict on the bail applications of former NSE head Chitra Ramkrishna and former employee Anand Subramanian, who were arrested by the probe agency in connection with the NSE co-location case.

The special CBI judge of the Rouse Avenue court deferred the order for May 12.

Both Ramkrishna and Subramanian, currently lodged in Tihar Jail under judicial custody, have been charge sheeted under various sections of the IPC.

Rupee fell to fresh all-time lows today as the dollar rose broadly against its major crosses. Last week’s central bank policy action led to heightened volatility in most of the currencies. Stronger dollar and sustained upmove in global crude oil price is weighing on the overall market sentiment. This week, focus will be on the inflation number that will be released on the domestic front as well as from the US. We expect the USDINR (Spot) to trade with a positive bias and quote in the range of 77.20 and 77.80.

– Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services

Steel prices may fall to Rs 60,000/tonne by March: Report

Steel prices, which have been on a song for the past two years, are finally set to correct on weak seasonality, and may trade at around Rs 60,000/tonne by the end of the current fiscal year, down from the Rs 76,000/tonne peak it scaled last month, says a report. Prices are still holding high because of the continuing uncertainty over supply disruptions, decarbonization measures globally, especially in China and geopolitical risks stemming from the Russia-Ukraine war, which has driven up raw material costs, Crisil said in a report on Monday.

Rupee can hit 80 mark against US dollar: Jamal Mecklai

Global market check: Europe joins equity rout

Futures on the S&P 500 and Nasdaq 100 indexes fell at least 0.9% each, after five successive weeks of declines for U.S. equities. Europe’s Stoxx 600 gauge declined for a fourth day, testing a two-month low. An Asia-Pacific equity gauge shed 1.7%. The Bloomberg Dollar Spot Index rose for a third day. (Source: Bloomberg)

Bitcoin drops 50% from peak, near lowest levels in last one year

A sharp selloff in riskier assets has been weighing hard on sentiments around cryptocurrencies as well. Bitcoin, the largest crypto token in terms of market capitalization and dominance, dropped below the $33,400 mark on Monday. It has wiped out more than half of investors’ wealth since hitting a lifetime peak of $67,566 in November 2021. According to industry players, the anticipation of a sluggish global economy, rising interest rates, inflationary worries, global economic crisis and risk aversion are key reasons dragging the price of Bitcoin lower.

Bitcoin drops 50% from peak, near lowest levels in last one year

Inox Green Energy Services gets board nod for IPO with increased offer size

Price as on 09 May, 2022 02:06 PM, Click on company names for their live prices.

Will the banking sector relative to IT be an outperformer?

“Yes. Banks will outperform IT. Within banking, what should be the outperformers? Very clearly PSU as a theme should outperform the private sector. Given that the growth sector has peaked out in terms of valuation multiples; it is the value theme which will play out from a decade perspective. I would like to play value in that basket; so all PSU banks and there are large public sector banks, will qualify. They are grossly under owned and currently quoting below the book or maybe closer to the book. Those are the names which one should capitalise on,” said Sandeep Tandon, CIO – Quant Mutual Fund.

Market Strategy: Should you buy the dip or sell on rise?

After falling about 4 per cent last week, domestic equity markets were trading lower again on Monday thanks to a slew of global and domestic factors, with inflation being the biggest worry. After the recent selling pressure, investors are hunting for a prudent approach in a volatile market. They are wondering if the correction would be over soon or should one short the market on rise. Market experts have a mixed opinion on the current market situation. However, they are suggesting to be cautious and look for stock specific approach in the market.

Sensex today LIVE: These stocks are supporting Sensex recovery

Sensex today LIVE: These stocks are supporting Sensex recovery

Q4 EARNINGS: UPL

Market LIVE updates: NIFTY TOPS 16,300

Market LIVE updates: NIFTY TOPS 16,300

Adani Airport Holdings, a wholly owned subsidiary of Adani Enterprises, announced successful closure of funding of $250 million senior secured 3-year ECB facility from consortium of Standard Chartered Bank (SCB) and Barclays Bank PLC. The facility has an option to raise additional $200 million.

Price as on 09 May, 2022 11:45 AM, Click on company names for their live prices.

The pull back from the 16400 vicinity on Friday proved to be too feeble to attract fresh buyers, as bearish vibes continued as expected. While this keeps the 14500 fears in play, favored view expects a pull back, if early downsides do not slip much beyond 16250. Inability to do so, would mean a wait at least until 15800 before buyers regroup.

– Anand James – Chief Market Strategist at Geojit Financial Services

Sensex today LIVE: Index off day’s low, still down 450 points

Sensex today LIVE: Index off day's low, still down 450 points

LIC IPO subscribed 2 times so far; issue closes today

The IPO of Life Insurance Corporation of India was subscribed 2 times so far on Day 2 of the bidding process. It received bids for 32,49,54,825 shares against 16,20,78,067 shares on offer. Policyholder portion was subscribed the most at over 5x followed by employee portion that received nearly 4 times bids. Retail, NII and QIB quotas were oversubscribed 1 times.

Market LIVE updates: RIL shares fall nearly 10% in 6 sessions

Shares of Reliance Industries Ltd declined 3 per cent in early trade on Monday, after the company’s March quarter earnings failed to cheer investors. The stock has been quoting lower for the past many days and further slumped 3 per cent to Rs 2,542.10, amid a weak trend in the broader market. At the NSE, the stock declined 2.99 per cent to Rs 2,542.25. Since April 29, the stock has fallen 9.82 per cent.

Market LIVE updates: RIL shares fall nearly 10% in 6 sessions

Hawkish stance by the Fed, rate hikes by RBI, Bank of England and Australian central bank have created an atmosphere of risk-off for equities. We don’t know how long this will last. Nifty corrected by 3.9 percent last week, but investors should not commit the mistake of aggressively buying on this dip assuming that prices have corrected a lot. Even after the correction Nifty is trading at around 19 times FY23 earnings. This is higher than the long-term average of 16 times and certainly not buyable valuation, particularly when equity markets globally are facing many headwinds like risk of growth slowdown, Ukraine war and supply chain disruptions caused by stringent lockdown in China. However, long-term investors may start nibbling at high quality stocks in segments like financials where there is valuation comfort.

– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Indian IT’s unlikely to escape the US tech storm

The global aversion to technology shares has had a rub-off on shares of Indian software services providers such as TCS, Infosys and HCL Technologies, among others. Although shares of technology service providers have fallen less than the global and local technology giants, analysts said they will be vulnerable to further downsides as the likelihood of further earnings downgrades could make valuations look still expensive.

Campus Activewear shares list at 23% premium over issue price

Campus Activewear made a decent debut on Dalal Street on Monday as the footwear manufacturer listed at Rs 360 on the National Stock Exchange (NSE), a premium of 23 per cent over its issue price of Rs 292. On BSE, the counter was listed at a premium of 22 per cent or Rs 355, compared to the mentioned issue price. The initial public offering (IPO) of Campus Activewear was open for subscription between April 26-28 wherein the company raised Rs 1,400.14 crore by selling its shares in the range of Rs 278-292 per equity share.

These stocks defy market mood, jump up to 6%

Price as on 09 May, 2022 09:54 AM, Click on company names for their live prices.

EARNINGS IMPACT: Tata Power stock falls most in 6 months

Tata Power on Friday said its March quarter consolidated net profit came in at Rs 632.37 crore, up 31.41 per cent from Rs 481.21 crore in the same quarter last year. The company said its revenue from operations stood at Rs 11,959.96 crore, rising 15.41 per cent from Rs 10,362.60 crore from the corresponding quarter year ago. The Board also recommended a dividend of Rs 1.75 per equity share.

EARNINGS IMPACT: Tata Power stock falls most in 6 months

Stock Alert: HDFC Bank hikes MCLR by 25 bps across lone tenures: Informist

Vodafone Idea, Tata Power, HDFC Bank among most active stocks on NSE

Price as on 09 May, 2022 09:21 AM, Click on company names for their live prices.

SECTOR WATCH

Barring Nifty Media, all indices traded in the red. Metal, followed by IT, were among the top losers from the sectoral space in opening deals.

SECTOR WATCH

Sensex Heatmap: Only 2 index stocks in the green

  • Top Gainers: Power Grid, Titan
  • Top Losers: TechM, TCS & Axis Bank
Sensex Heatmap: Only 2 index stocks in the green

OPENING BELL: Sensex sheds 600 points, Nifty below 16,250; Tata Power tanks 4%, Axis Bank 3%

JUST IN: Rupee falls to record low of 77.1325/USD

JUST IN: Rupee falls to record low of 77.1325/USD

Pre-open session: Sensex drops 470 points, Nifty below 16,150

Q4 results today

Q4 results today

SGX Nifty signals a gap-down start

Nifty futures on the Singapore Exchange traded 195 points, or 1.19 per cent, higher at 16,225, signaling that Dalal Street was headed for a negative start on Friday.

Tech View: Nifty50 chart signals weakness ahead

The Nifty50 on Friday saw a gap-down start but avoided further fall to eventually end up making an indecisive Doji candle on the daily chart. The index has been trading below its key moving averages now. Analysts said that while a small bounce can’t be ruled out, the ongoing pain in the market is unlikely to ease in the near future.

Oil slips as investors eye EU vote on Russian oil ban

Oil prices slipped in early Asian trade on Monday as investors eyed talks at the European Union on a Russian oil embargo that is expected to tighten global supplies. Brent crude dropped 67 cents, or 0.6%, to $111.72 a barrel while US West Texas Intermediate crude was at $109.02 a barrel, down 75 cents, or 0.7%. Last week, both contracts rose for the second straight week on supply concerns after the European Commission proposed a phased embargo on Russian oil. The proposal requires a unanimous vote among EU members.

Asian stocks open lower

Asian markets got off to a shaky start on Monday as US stock futures took an early skid on rate worries, while a tightening lockdown in Shanghai stoked concerns about global economic growth and possible recession. S&P 500 stock futures led the way with a drop of 1.0%, while Nasdaq futures shed 0.9%. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3%, and Japan’s Nikkei 1.2%.

US stocks settled lower on Friday

Long-dated US Treasury yields surged and global stock markets slid further on Friday as investors worried the Federal Reserve may not be able to curb inflation in the years ahead even as U.S. data showed decelerating wage growth in April. The S&P500 dropped 23.53 points, or 0.6%, to 4,123.34. The Dow Jones Industrial Average fell 98.60 points, or 0.3%, to 32,899.37. The Nasdaq lost 173.03 points, or 1.4%, to 12,144.66. The Russell 2000 index of smaller companies tumbled 31.58 points, or 1.7%, to 1,839.56.

FPIs withdraw Rs 6,400 cr from market in May so far

Foreign investors have pulled over Rs 6,400 crore from the Indian equity market in the first four trading sessions of the ongoing month when the Reserve Bank of India (RBI) and US Federal Reserve raised interest rates. FPIsremained net sellers for seven months to April 2022, withdrawing a massive amount of over Rs 1.65 lakh crore from equities. This was largely on the back of anticipation of a rate hike by the US Federal Reserve and due to the deteriorating geopolitical environment following Russia’s invasion of Ukraine.

Rupee plummets 55 paise to 76.90 per dollar

Snapping its four-day winning run, the rupee slumped 55 paise to close at 76.90 against the US dollar on Friday as heavy foreign fund outflows and hardening crude oil prices took a toll on sentiment. Global sentiment was risk-averse on renewed concerns over growth and inflation, which hit most emerging market currencies, forex traders said. At the interbank foreign exchange market, the rupee opened lower at 76.61 against the greenback, and moved in a range of 76.56 and 76.96.

Sensex, Nifty on Friday

Tracking weakness in the global equities the Indian stock markets’ key indices, Sensex and Nifty, slumped around two per cent on Friday dragged by heavy selling in banking and IT stocks. The 30 stock S&P BSE Sensex slumped 866.65 points or 1.56 per cent to 54,835.58 points against its previous day’s close at 55,702.23 points. The broader Nifty 50 of the National Stock Exchange slumped 271.40 points or 1.63 per cent to 16,411.25 points against its previous day’s close at 16,682.65 points.

Good morning, dear reader! Here’s something to kickstart your trading day

Good morning, dear reader! Here's something to kickstart your trading day





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