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May 23, 2022 / 03:37 PM IST

Closing Bell: Market ends marginally lower amid volatility; metals drag, auto zooms

BSE midcap and smallcap indices ended in the red.

  • IndexPricesChangeChange%
    Sensex53,029.84-131.44 -0.25%
    Nifty 5015,798.75-33.30 -0.21%
    Nifty Bank33,299.50-511.75 -1.51%
    Nifty 50 15,798.75 -33.30 (-0.21%)
    Wed, Jun 29, 2022
    Biggest GainerPricesChangeChange%
    Reliance2,560.4567.80 +2.72%
    Biggest LoserPricesChangeChange%
    HDFC Life545.50-12.50 -2.24%
    Best SectorPricesChangeChange%
    Nifty Energy24741.20263.25 +1.08%
    Worst SectorPricesChangeChange%
    Nifty PSU Bank2457.05-26.45 -1.07%


  • May 23, 2022 / 04:04 PM IST

    Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
     
    After a firm start, markets failed to hold on to their early upsurge and simply lost track to end marginally lower. Metal stocks bore the brunt while automobile, realty, and oil & gas stocks also came under selling pressure, thus dragging key indices lower. 
    Technically, on intraday charts, the Nifty has formed a double top formation and on daily charts it has formed Hammer candlestick formation which is broadly negative. 

    For day traders 16200 would act as a crucial support level, and below the same we could see a quick intraday correction till 16100-16050. 

    On the flip side, fresh uptrend is possible only after 16300 intraday breakout. On breaching the level, the index could move up to 16400-16475.

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  • May 23, 2022 / 04:02 PM IST

    Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas

    The Nifty opened on a positive note & attempted to scale higher on May 23. It went on to test the crucial level of 16400 where the index had faced resistance in the last two weeks. 16400 proved to be a strong barrier yet another time. 

    The hourly chart shows that upper end of an upward sloping channel also created pressure near 16400. Thus the index nose dived towards the end of the session & closed in the red for the day. 

    The overall structure shows that the Nifty is likely to witness sideways action in the short term. 16000 – 16400 is expected to be the range for the next few sessions. 

  • May 23, 2022 / 03:59 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services:

    The government and RBI are making persistent efforts to moderate future inflation. Government fiscal measures like a hike in custom duty on steel and similar steps on other products in the future will help to control inflation. 

    However, the hawkish monetary and fiscal measures adopted by RBI & Government will have a cascading effect on market & economy in the short to medium-term.

  • May 23, 2022 / 03:50 PM IST

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

    The Nifty metal index on the back of government policy news witnessed a massive sell-off. The Index is trading at a very crucial support of 5,100 and if fails to sustain above it will lead to a further sell-off. 

    The upside resistance stands at 5,800 and the index remains in a sell-on-rise mode.

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  • May 23, 2022 / 03:40 PM IST

    Rupee Close:

    Indian rupee ended flat at 77.52 per dollar against Friday's close of 77.54.

  • May 23, 2022 / 03:39 PM IST

    S Ranganathan, Head of Research at LKP securities:

    Markets gave up all its gains in afternoon trade today as it simply could not recover after the export tax imposed on steel products with the metal index falling almost 9% to 5200 levels in morning trade.

    The prolonged Russia-Ukraine conflict coupled with its consequences and inflationary pressures weighed heavily in the minds of investors and traders. 

    Prospects of additional market borrowings by the GOI in the wake of the tax cuts on fuel to tame inflation also came to the forefront.

  • May 23, 2022 / 03:34 PM IST

    Market Close: Benchmark indices erased all the intraday gains and ended marginally lower in the volatile session on May 23.

    At close, the Sensex was down 37.78 points or 0.07% at 54,288.61, and the Nifty was down 51.50 points or 0.32% at 16,214.70. About 1390 shares have advanced, 1932 shares declined, and 158 shares are unchanged.

    M&M, Maruti Suzuki, HUL, Asian Paints and Larsen and Toubro were among the top Nifty gainers, while losers included JSW Steel, Tata Steel, Divis Labs, ONGC and Hindalco Industries.

    Among sectors, auto, capital goods and IT indices added 0.5-1 percent, while metal index shed 8 percent and realty, pharma and oil & gas index fell 1 percent.

    BSE midcap and smallcap indices ended in the red.

  • May 23, 2022 / 03:25 PM IST

    CLSA View On Zydus Lifesciences:

    Brokerage firm CLSA has maintained buy rating on with a target at Rs 490 per share.

    The in-line revenue, cost optimisation offsets inflationary pressures, while multiple R&D initiatives make its medium-term story promising, reported CNBC-TV18.

    Zydus Lifesciences was quoting at Rs 362.60, up Rs 5.45, or 1.53 percent on the BSE.

  • May 23, 2022 / 03:22 PM IST

    Amara Raja Batteries shares down 6%:

    Amara Raja Batteries share price fell 6 percent after company reported a decline of 47.80 percent in consolidated net profit at Rs 98.85 crore in the fourth quarter ended March 2022. 

    Revenue from the operations was up 3.72 percent at Rs 2,180.96 crore during the quarter as compared to Rs 2,102.61 crore in the year-ago period. 

    Total expenses were at Rs 2,064.13 crore, up 10% from a year ago.

     Amara Raja Batteries shares down 6%:  

 Amara Raja Batteries share price fell 6 percent after company reported a decline of 47.80 percent in consolidated net profit at Rs 98.85 crore in the fourth quarter ended March 2022.  

 Revenue from the operations was up 3.72 percent at Rs 2,180.96 crore during the quarter as compared to Rs 2,102.61 crore in the year-ago period.  

 Total expenses were at Rs 2,064.13 crore, up 10% from a year ago.
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  • May 23, 2022 / 03:18 PM IST

    Nomura View on Container Corporation of India

    Nomura has maintained buy rating on Container Corporation of India but cut the target price to Rs 785 per share.

    The results were in-line post adjustments with strong volume guidance. However, capex concerns were unjustified.

    Nomura retained FY24/25 EPS estimates on strong volume outlook, reported CNBC-TV18.

     Nomura View on Container Corporation of India  

 Nomura has maintained buy rating on Container Corporation of India but cut the target price to Rs 785 per share. 

 The results were in-line post adjustments with strong volume guidance. However, capex concerns were unjustified. 

 Nomura retained FY24/25 EPS estimates on strong volume outlook, reported CNBC-TV18.
  • May 23, 2022 / 03:15 PM IST

    Nifty Energy Index shed 1 percent dragged by the Adani Transmission, ONGC, Gail India

     Nifty Energy Index shed 1 percent dragged by the Adani Transmission, ONGC, Gail India
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