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May 02, 2022 / 03:45 PM IST

Closing Bell: Market recoups early losses to end flat; auto, IT, capital goods take a hit

Among the sectors, capital goods, auto and IT indices fell a percent each. However, some buying was seen in the FMCG, metal, power and realty names.

  • IndexPricesChangeChange%
    Sensex58,853.07465.14 +0.80%
    Nifty 5017,525.10127.60 +0.73%
    Nifty Bank38,237.40316.80 +0.84%
    Nifty 50 17,525.10 127.60 (0.73%)
    Mon, Aug 08, 2022
    Biggest GainerPricesChangeChange%
    Coal India215.406.95 +3.33%
    Biggest LoserPricesChangeChange%
    BPCL325.65-10.75 -3.20%
    Best SectorPricesChangeChange%
    Nifty Metal5668.0072.15 +1.29%
    Worst SectorPricesChangeChange%
    Nifty PSU Bank2816.80-12.60 -0.45%


  • May 02, 2022 / 04:12 PM IST

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

    Early losses were mostly in reaction to the slump seen on Wall Street on Friday, but markets recovered most of its early losses as investors covered some shorts ahead of the trading holiday on Tuesday. The robust GST collections for April also calmed the nerves of investors, who are already facing the brunt of the ongoing war and volatile oil prices. 

    Investors are also keenly awaiting the outcome of the US Fed's monetary policy announcement scheduled later this week. The Nifty is holding above the level of 16800, but at the same time, it is failing to show a sustained momentum. 

    In short, the market is consolidating within a broad trading range of 17400 and 16800. We may not see any trending move in the market unless it crosses the 17400 level or breaks the 16800 level. A close below the same will be negative for the market. Also, the volatility index is well above the 20 level, which is an indication that the market is about to break the trading range in the near future.

  • May 02, 2022 / 04:07 PM IST

    Mohit Nigam, Head - PMS, Hem Securities:

    Benchmark Indices pares early losses after gap down opening on the back of weak global cues. Nifty 50 ends 0.20% lower and Sensex ends 0.15% lower today. 

    Selling is witnessed in Auto and IT space while some buying was witnessed in banking, metal and realty names. We believe that this volatility would likely to continue in the markets due to recent hawkish turn by FED. 

    Some of the factors that are taking indices below are FII selling, rising commodity prices, rising dollar index while some factors that are positive for the markets include GST collection, auto sales and manufacturing PMI. 

    Immediate support and resistance for Nifty are 16,700 and 17,200 respectively. Immediate support and resistance for Bank Nifty are 35,500 and 36,500 respectively.

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  • May 02, 2022 / 03:46 PM IST

    S Ranganathan, Head of Research at LKP securities: 

    Markets opened gap down on the back of weak global cues ahead of the FOMC meet but managed to recoup most of the losses as factory output for April improved sequentially amidst input cost inflation. 

    Banks led the recovery on expectations of higher credit growth this fiscal and the broader markets despite being a bit sluggish ahead of a trading holiday tomorrow witnessed accumulation in select pockets like standalone refineries and hospitality.

  • May 02, 2022 / 03:41 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services:

    The recent hawkish turn by Fed has made investors extra cautious ahead of the upcoming Fed meeting triggering high volatility in the market. 

    The rising dollar index, FII selling spree and elevated commodity prices further hammered the risk sentiment. 

    On the other hand, domestic numbers like GST collection, auto sales numbers and Manufacturing PMI for the month of April gave a sense of an improving economic outlook.

  • May 02, 2022 / 03:35 PM IST

    Market Close: Benchmark Indies ended on flat note in the volatile session on May 2 with selling seen in the capital goods, auto and IT indices.

    At close, the Sensex was down 84.88 points or 0.15% at 56,975.99, and the Nifty was down 33.40 points or 0.20% at 17,069.10. About 1201 shares have advanced, 2180 shares declined, and 175 shares are unchanged.

    Apollo Hospitals, Eicher Motors, Titan Company, Bajaj Auto and Wipro were among the top Nifty losers, while gainers were IndusInd Bank, Coal India, Tata Steel, Power Grid Corporation and HDFC.

    Among the sectors, capital goods, auto and IT indices fell a percent each. However, some buying was seen in the FMCG, metal, power and realty names. 

    The BSE midcap index fell 0.47 percent and smallcap index shed 0.87 percent.

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  • May 02, 2022 / 03:26 PM IST

    Mahindra Holidays Q4:

    Mahindra Holidays has posted consolidated net profit at Rs 16.2 crore against loss of Rs 10.2 crore and revenue was up 16.6% at Rs 542.6 crore versus Rs 465.4 crore, YoY.

     Mahindra Holidays Q4:  

 Mahindra Holidays has posted consolidated net profit at Rs 16.2 crore against loss of Rs 10.2 crore and revenue was up 16.6% at Rs 542.6 crore versus Rs 465.4 crore, YoY.
  • May 02, 2022 / 03:23 PM IST

    Kotak Institutional Equities View on IndusInd Bank: 

    Kotak Institutional Equities has kept buy rating on the stock and raised the target to Rs 1,050 from Rs 975.

    The strong 55 percent YoY earnings growth led by 9 percent YoY operating profit, while slippages are still high but bank is well past its worst phase.

    It may see a less exciting growth phase ahead and focus would be on risk-adjusted returns, reported CNBC-TV18.

  • May 02, 2022 / 03:21 PM IST

    Tata Steel in focus

     Tata Steel in focus
  • May 02, 2022 / 03:17 PM IST

    Goldman Sachs View On Mphasis 

    Brokig house Goldman Sachs has kept buy call on Mphasis with a target at Rs 3,710 per share as Q4 was in-line with multiple levers for future margin expansion.

    The company management reiterated its FY23 guidance and with recent correction, stock trading at attractive valuation, reported CNBC-TV18.

     Goldman Sachs View On Mphasis   

 Brokig house Goldman Sachs has kept buy call on Mphasis with a target at Rs 3,710 per share as Q4 was in-line with multiple levers for future margin expansion. 

 The company management reiterated its FY23 guidance and with recent correction, stock trading at attractive valuation, reported CNBC-TV18.
  • May 02, 2022 / 03:13 PM IST

    Nifty Metal index added 0.5 percent led by the Tata Steel, NALCO, APL Apollo

     Nifty Metal index added 0.5 percent led by the Tata Steel, NALCO, APL Apollo
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  • May 02, 2022 / 03:07 PM IST

    CLSA View On UltraTech Cement

    Brokerage firm CLSA has kept buy rating on UltraTech Cement with a target at Rs 7,980 per share.

    The Q4 was above estimates on lower costs with capacity expansions to drive growth.

    The price increase to offset near-term cost inflation, but demand outlook uncertain.

    CLSA expect comapny to be net cash by FY24, reported CNBC-TV18.

    UltraTech Cement was quoting at Rs 6,679.05, up Rs 50.05, or 0.76 percent on the BSE.

  • May 02, 2022 / 03:02 PM IST

    Market at 3 PM

    Benchmark indices erased most of the intraday losses and trading flat amid volatility.

    The Sensex was down 17.73 points or 0.03% at 57043.14, and the Nifty was down 14.70 points or 0.09% at 17087.80. About 1070 shares have advanced, 2187 shares declined, and 159 shares are unchanged.

      Market at 3 PM  

 Benchmark indices erased most of the intraday losses and trading flat amid volatility. 

 The Sensex was down 17.73 points or 0.03% at 57043.14, and the Nifty was down 14.70 points or 0.09% at 17087.80. About 1070 shares have advanced, 2187 shares declined, and 159 shares are unchanged.
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