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Indices end lower with Nifty at 16300
BSE Power index sheds 2 percent dragged by the Tata Power, Adani Green, JSW Energy
RBI approves amalgamation of Equitas Holdings, Equitas Small Finance Bank
Dollar rides to two-decade highs as rates rise
BSE Oil & Gas index slips 1 percent dragged by the Reliance Industries, Gail India, Adani Total Gas
Prabhudas Lilladher maintains buy on RIL with a price target of Rs 3,000
MCX Crude oil May contract has important support at Rs 8290 and resistance at Rs 8600 per barrel: Expert
BASF Q4 net profit at Rs 149.8 crore against Rs 55.8 crore (YoY)
Mangalam Cement share price slips 4% post YoY profit falls 50%
BSE Realty index sheds 1 percent dragged by Marcotech Developers, Brigade Enterprises, Prestige Estate
Mindtree share price falls 3% after L&T approved merger with L&T Infotech
Morgan Stanley keeps overweight rating on Federal Bank, target at Rs 130
Indices erase some of intraday losses, Nifty above 16300
DCB Bank share price gains 5% as profit rises 46% at Rs 113 crore
Nifty FMCG index sheds 1 percent dragged by the Marico, Nestle India, United Spirits
UPL reports 29.7 percent jump in its Q4 net profit at Rs 1,379 crore
BSE Capital Goods index falls 1 percent dragged by Bharat Forge, Graphite India, Schaeffler India
Indices trade lower with Nifty around 16300
Central Bank of India reported profit at Rs 310.3 crore in Q4 versus loss of Rs 1,349.2 crore
L&T Construction gets contracts worth between Rs 1000-2500 crore
UPL, PVR, Godrej Agrovet, Infibeam Avenues among other to announce earnings today
Nifty Bank index falls 1 percent dragged by the IndusInd Bank, Bandhan Bank, Axis Bank
Jefferies maintains buy on Reliance Industries with a target of Rs 2,950
Coromandel to acquire 45% stake in Senegalese mining firm for Rs 150 crore
LIC IPO Live Updates: Total subscription at 2 times on final day; QIB portion fully booked, policyholder portion subscribed 5.31 times
HCL Technologies signs definitive agreement to acquire Confinale AG
CLSA maintains buy on Reliance Industries, target of Rs 2,955
Tata Steel acquires 1.20 crore preference shares of TRF
BSE Metal index falls 2 percent dragged by the APL Apollo Tubes, NMDC, SAIL India
Indices erase some of the early losses, Nifty around 16200
Campus Activewear debuts with 23% premium at Rs 360
Goldman Sachs keeps buy rating on Reliance Industries with a target of Rs 3,200
Nifty PSU Bank index sheds 2 percent dragged by Canara Bank, Indian Bank, Bank of Baroda
Adani Airports raises USD 250 mn for Airports Development
Rupee hits record low of 77.42 against US dollar
Glenmark Pharma gets tentative USFDA nod for Calcipotriene & Betamethasone Dipropionate Foam
US added 428,000 jobs in April despite surging inflation
Rupee is expected to depreciate today, says ICICI Direct
RBI clears Equitas Holdings and Equitas SFB merger
HDFC revises Retail Prime Lending Rate on housing loans by 30 bps from May 9
Reliance Retail sees 23% rise in Q4 revenue at Rs 58,017 crore
Reliance Jio profitability improves on tariff hike, but user base shrinks further
Gold prices dip on firm US bond yields, dollar
Oil declines as traders weigh G-7 crude ban, Saudi price cuts
L&T Infotech, Mindtree announce merger
RIL Q4 consolidated PAT surges 22.5% YoY; FY22 gross sales top $100 billion
Prudent Corporate Advisory IPO opens on May 10
Campus Activewear to debut on bourses today
LIC IPO subscribed 1.79 times on day 5 but QIBs portion yet to be fully booked
Wall Street ends down on fears inflation will force tougher Fed tightening
Asian Markets trade lower with Nikkei, Taiwan Weighted down 1-1.5 percent
SGX Nifty indicates a negative start for the Indian indices
Index | Prices | Change | Change% |
---|---|---|---|
Sensex | 54,178.46 | 427.49 | +0.80% |
Nifty 50 | 16,132.90 | 143.10 | +0.89% |
Nifty Bank | 34,920.30 | 596.05 | +1.74% |
Biggest Gainer | Prices | Change | Change% |
---|---|---|---|
Hindalco | 361.65 | 20.70 | +6.07% |
Biggest Loser | Prices | Change | Change% |
---|---|---|---|
Dr Reddys Labs | 4,336.45 | -53.55 | -1.22% |
Best Sector | Prices | Change | Change% |
---|---|---|---|
Nifty Metal | 4842.20 | 176.90 | +3.79% |
Worst Sector | Prices | Change | Change% |
---|---|---|---|
Nifty FMCG | 40708.70 | -31.50 | -0.08% |
Tod’S S.P.A and Reliance Brands enter a multi-year franchise agreement:
Reliance Brands Limited (RBL) commences a new journey with the icon of Italian luxury lifestyle Tod’s S.p.A. With this long-term Franchise agreement, RBL has become the official retailer of the brand across all categories including footwear, handbags and accessories in the Indian market.
The management of existing channels will be taken over by Reliance Brands Limited and the focus will be on enhancing the brand’s potential in the market and strengthening their digital presence.
Manish Shah, Independent Technical Analyst:
Nifty closed with a green candle as the market recovered from the lows. The entire decline from 18100 is in three “legs” a classic AB=CD pattern is formed and if we take the entire price action from the low of March 2022.
The pattern in play is a Gartley 22 XABCD pattern. Gartley 22 is a harmonic pattern and suggests temporary trend exhaustion. The typical target for Gartley 22 is 38.2 retracement from the high. This gives us a minimum target of 16900 which can extend to 17400.
Also, the Nifty has formed a bullish harmonic pattern which does point toward a quick recovery in the markets. Nifty is currently in a major support zone and it is stabilising in this zone. Nifty needs to trade above 16490 to establish a short term bottom and propel itself to higher levels.
Support for Nifty is at 16100 and if Nifty breaks below 16100 then fall up to 15700 may be possible. Nifty is in an extremely oversold state and it is a high probability that the markets will reverse sharply from here. Avoid being heavily on the short side of the market.
Ajit Mishra, VP - Research, Religare Broking:
Markets started the week on a feeble note and lost over half a percent, in continuation of the prevailing corrective phase. Weak global cues triggered a gap down start, followed by volatile swings till the end. Finally, the Nifty ended at 16,310 levels, down by 0.6%.
Meanwhile, buying in select sectors such as IT, pharma and financials supported the benchmark to cap the downside while media, energy and PSU banks remained under pressure. The broader indices, midcap and smallcap, underperformed the benchmark and ended lower in the range of 1.7-2%.
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.
Jateen Trivedi, Senior Research Analyst at LKP Securities.
Higher dollar rates above $104 indicate FII's aggressively exiting from emerging markets, higher Vix indicate no trend is sustainable and due to higher inflation aggressive liquidity squeeze from Central Banks pressures rupee altogether making rupee hit an all-time low. Crude prices have also been rising for a month now making the rupee even weaker.
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 in coming sessions which shall create fresh short unwinding in the dollar and making rupee even weak.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd
There seems to be no respite for the markets from the bear hug as the weak Asian gauges and fall in European indices dampened the investors' sentiment. Post the results, Reliance Industries came under severe hammering, which dragged the overall markets. Both external and internal factors are in the works for sometime, which is putting pressure on the markets to come out of the weak sentiment.
On intraday charts, the Nifty showed some recovery from the day's lowest level. We are of the view that the larger texture of the market is still negative but if the index sustains above 16200, a pullback formation is likely to continue up to 16450-16550 levels.
On the flip side, below 16200, a fresh round of selling could be seen and below which, the index could touch the level of 16140-16100.
Vinod Nair, Head of Research at Geojit Financial Services:
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
Market Close: Benchmark indices ended lower in the volatile session on May 9 with Nifty finishing just above 16300 amid weak global cues.
At close, the Sensex was down 364.91 points or 0.67% at 54470.67, and the Nifty was down 109.40 points or 0.67% at 16301.90. About 1036 shares have advanced, 2353 shares declined, and 140 shares are unchanged.
Reliance Industries, Hero MotoCorp, Nestle India, IndusInd Bank and Tata Steel were among the top Nifty losers, while gainers were Power Grid Corporation, HCL Technologies, Bajaj Auto, Infosys and Divis Labs.
Oil & gas, metal, FMCG, power, realty and PSU Bank indices fell 1-2 percent.
BSE midcap and smallcap indices shed nearly 2 percent each.
Sharekhan View on RIL
"RIL is our top pick and we expect it continue outperforming broader markets (stock price up 9% in 2022 versus -7% for Sensex) as we see continued recovery in its earnings led by cyclical uptick in O2C margins, further telecom tariff hikes, high growth in retail led by market share gain and ramp-up of new revenue streams (broadband services and new commerce).
"Strong cash flows from standalone business would help fund capex for its new energy business and potential monetisation of gasification unit through induction of strategic investor to help unlock value. Further value unlocking in digital and retail (with a likely IPO for consumer business) would add value to shareholders return over coming years.
"Hence, we maintain a Buy on RIL with an unchanged SoTP-based price target of Rs 3,050. At CMP, the stock trades at 21.2x/18.1 FY23E/FY24E EPS and 10.5x/9.1x FY23E/FY24E EV/EBITDA."
LIC IPO: Day 5 Subscription Updates: