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Home / Markets / Live Blog /  Sensex ends 276 pts lower, Nifty ends below 16,200; banks gain, IT, auto weigh

Sensex ends 276 pts lower, Nifty ends below 16,200; banks gain, IT, auto weigh

Stock market today: Shares climbed in China and Hong Kong and were mixed in Japan. Premium
Stock market today: Shares climbed in China and Hong Kong and were mixed in Japan. 

  • Market closing: Indian shares ended in the red but off lows on Wednesday, helped by a rebound in Asian and European stocks while investors wait for US inflation data for cues on rate hikes

Markets have been volatile across asset classes as a combination of surging inflation and fears that monetary tightening aimed to tame inflation would slow down global economic growth.

11 May 2022, 03:45:59 PM IST

Sensex ends 276 pts lower, Nifty ends below 16,200; banks gain, IT, auto weigh

Indian shares gave up early gains on Wednesday to extend losses to a fourth straight session as oil prices rose, while investors awaited US inflation data for cues on the Federal Reserve's rate hike plans. A rebound in Asian and European equity markets arrested further losses in domestic indices.

Rupee rose 10 paise to close at 77.24 against US dollar. 

US index futures and European stocks advanced as investors awaited a key inflation report to gauge whether the Federal Reserve’s efforts to tame inflation in the world’s largest economy are working.

Contracts on the S&P 500 and Nasdaq 100 indexes rose at least 1.1% each, while Europe’s Stoxx 600 climbed for a second day.

Back home, the benchmark Sensex fell 276.46 points to end the day at 54,088.39, while the Nifty was down 72.90 at 16167.10. 

Losses in India's benchmark indices were largely led by IT, auto, FMCG, PSU banks, and pharma stocks, with respective indices falling 0.2-1.2%. Banks and realty indices rose.

The Smallcap index fell over 2%, while the Midcap ended with minor cuts.

Sensex stocks at close on Wednesday.
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Sensex stocks at close on Wednesday.
11 May 2022, 03:30:01 PM IST

Airtel Africa records 82% on-year increase in profits for FY22

Airtel Africa, of Sunil Mittal-led Bharti Airtel, reported profit of $240 million for the quarter ended March 2022, up 56% on year. Revenues rose 17.8% to $1.2 billion.

11 May 2022, 03:27:14 PM IST

PFRDA invites applications for post of trustee in NPS Trust: PTI

11 May 2022, 03:21:09 PM IST

RIL, Infosys keep Sensex in the red; banks, HDFC twins arrest losses

Sensex contributors 
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Sensex contributors 
11 May 2022, 03:15:27 PM IST

Capital expenditure of tyre makers to rise to ₹5,000 crore this fiscal: CRISIL

11 May 2022, 03:06:06 PM IST

Nifty Private Bank shrugs off broad market weakness 

Nifty Private Bank index 
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Nifty Private Bank index 
11 May 2022, 02:59:38 PM IST

CBDT broadens scope of PAN requirements to track transactions

The Central Board of Direct Taxes (CBDT) has extended the requirement of Permanent Account Number (PAN), the alphanumeric identification number issued by the tax authority, for more transactions as part of its efforts to closely monitor economic activities.

11 May 2022, 02:52:22 PM IST

India’s current account deficit to deteriorate to 10-year high: Morgan Stanley

India’s current account deficit (CAD) could widen to a 10-year high of 3.3% during this fiscal due to continued geopolitical tensions and surging oil prices, Morgan Stanley has said.

11 May 2022, 02:40:21 PM IST

Nykaa-backed Kay Beauty expands offline presence

Kay Beauty, backed by Indian actor Katrina Kaif and Nykaa, is stepping up availability in general trade stores apart from expanding its presence in modern trade outlets.

The brand has rolled out in over 100 stores. Kay, among the top beauty brands on Nykaa, was founded online in 2019 through a partnership between Katrina Kaif, and retailer Nykaa.

Nykaa
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Nykaa
11 May 2022, 02:35:53 PM IST

Prudent Corporate Advisory Services IPO subscription details 

BSE data
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BSE data
11 May 2022, 02:29:30 PM IST

Venus Tubes & Pipes IPO subscription details: BSE data 

Venus Pipes & Tubes 
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Venus Pipes & Tubes 
11 May 2022, 02:18:31 PM IST

Morgan Stanley cuts India GDP growth forecast to 7.6% from 7.9% for FY23 and to 6.7% vs 7% for FY24: reports 

11 May 2022, 02:09:43 PM IST

Bitcoin falls closer to $30,000 again

11 May 2022, 02:08:19 PM IST

For SRF, chemicals business to be a key growth driver

Shares of SRF Ltd, a chemical-based company engaged in the manufacturing of industrial and specialty intermediates, rose nearly 6% in morning trade on the National Stock Exchange on Wednesday. This comes on the back of strong outlook commentary by the management in the call held post announcement of March quarter (Q4FY22) results.

11 May 2022, 01:54:40 PM IST

Nifty PSU Bank worst hit among sectoral indices 

Nifty PSU Bank 
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Nifty PSU Bank 
11 May 2022, 01:48:28 PM IST

European stocks extend rebound ahead of U.S. inflation data

European shares rose on Wednesday, extending a rebound from two-month lows hit earlier this week, as investors awaited U.S. consumer price data for cues on whether inflation was peaking.

The continent-wide STOXX 600 index rose 0.4%, with real estate leading morning gains.

Data is expected to show U.S. consumer price index (CPI) cooled to 0.2% in April from 1.2% in March. Surging inflation has raised concerns that the Federal Reserve will raise interest rates aggressively.

11 May 2022, 01:33:28 PM IST

Gold recovers as dollar, yields dip; key U.S. data in focus

Gold prices clawed back from a three-month low on Wednesday as the dollar and Treasury yields weakened, ahead of key U.S. monthly inflation data that could influence the Federal Reserve's monetary policy stance and impact demand for bullion.

Spot gold was up 0.6% at $1,849.245 per ounce, after hitting its lowest since Feb. 11 earlier in the session. U.S. gold futures firmed 0.2% to $1,846.40.

11 May 2022, 01:23:29 PM IST

Axis Securities on Welspun India: No respite from margin pressure pain; weak outlook, maintains BUY

Effectively, we change our rating from BUY to HOLD with a revised target price of 70 (from 133 earlier), valuing the company at 9x FY24 EPS of 7.8 per share, implying an upside of ~2% from the CMP 69.

11 May 2022, 01:02:07 PM IST

Kotak Bank, Bharti Airtel only Sensex stocks in green 

Gainers/losers on Sensex.
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Gainers/losers on Sensex.
11 May 2022, 12:48:12 PM IST

Axis Securities has a BUY on Cipla 

Cipla reported strong operating performance in Q4FY22 across its key markets along with sustaining operating profitability as well. It reported revenue of 5,260 Cr, registering a growth of 14.2% on a YoY basis, led by strong growth in One-India (+21% YoY) and US business (+21% YoY). Furthermore, the US business reported the highest ever sales of $160 Mn which was led by the respiratory franchisee and peptide assets.

· Keeping this performance in perspective, we reduce TP to 1,100 and retain the BUY recommendation.

11 May 2022, 12:42:08 PM IST

EU Drafts $205 Billion Plan to Wean Itself Off Russian Fuels: Bloomberg 

The European Union’s executive arm is set to bolster renewables and energy savings goals as part of a 195 billion-euro ($205 billion) plan to end its dependency on Russian fossil fuels by 2027.

The European Commission will propose raising its clean energy target for 2030 to 45% from the current 40% when it puts forward a package to implement its RePowerEU strategy on May 18, according to people familiar with the matter. It will also boost its energy-efficiency goal, requiring member states to reduce energy consumption by at least 13% from projections made in 2020 versus the current 9%.

11 May 2022, 12:36:35 PM IST

India lets coal mines hike output without feedback: Reuters 

India's environment ministry has allowed coal mines with clearances to increase output by 40% to step up production by up to 50% without seeking feedback from locals, it said in a memo reviewed by Reuters.

The decision was taken after a request from the coal ministry which pointed to "huge pressure on domestic coal supply in the country," the ministry said in a memo dated May 7, adding that the "special dispensation" will be valid for six months.

India is also planning to reopen more than 100 coal mines previously considered financially unsustainable, as the worst power crisis in over six years driven by a scorching heatwave forces the world's third-biggest greenhouse gas emitter to double down on the fuel after months of low consumption.

11 May 2022, 12:27:33 PM IST

All sectoral indices in the red 

Nifty indices. 
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Nifty indices. 
11 May 2022, 12:19:22 PM IST

SC stays proceedings in sedition cases, asks Centre, states to not file fresh FIRs: PTI 

11 May 2022, 12:10:58 PM IST

India said to give financial support of ₹250-300 billion to MTNL to cut debt: Reuters

INDIA OFFICIAL: GOVT CONSIDERING TO GIVE 5G SPECTRUM TO MTNL/BSNL MERGED ENTITY AS EQUITY INFUSION

11 May 2022, 12:02:58 PM IST

Oil turns higher on looming EU ban on Russian oil: Reuters 

Oil rose on Wednesday, following a 9% drop over the previous two sessions, on supply concerns as the European Union worked on gaining support for a ban on Russian oil and major producers warned they may struggle to fill the gap when demand improves.

Brent rose 2.2%, to $104.71 a barrel, while U.S. West Texas Intermediate crude climbed 2.1% to $104.64 a barrel. Both contracts fell more than $1 in early trade.

11 May 2022, 11:55:21 AM IST

Google paying more than 300 EU publishers for news, more to come: Reuters 

11 May 2022, 11:49:09 AM IST

Texmaco Rail & Engineering bags order for 20.067 wagons worth ₹6,450 crore: BSE release 

11 May 2022, 11:42:26 AM IST

Alembic Pharma gets final USFDA nod for generic of Arformoterol Tartrate inhalation solution

Arformoterol Tartrate inhalation solution is indicated for long-term treatment of bronchoconstriction in patients with chronic obstructive pulmonary disease.

The approved ANDA is therapeutically equivalent to the reference-listed drug product (RLD), Brovana inhalation solution, 15 mcg/2 mL, of Sunovion Pharmaceuticals Inc, it added.

As per IQVIA data, Arformoterol Tartrate inhalation solution, 15 mcg (base)/2 mL unit-dose vial, had sales of $251 million for the 12 months to December 2021.

11 May 2022, 11:33:41 AM IST

Ahead of IPO, Delhivery collects ₹2,347 cr from anchor investors

11 May 2022, 11:25:39 AM IST

Cipla - Another quarter of strong India and US growth: Param Desai - Senior Research Analyst at Prabhudas Lilladher

Cipla’s Q4FY22 performance was broad based with strong show in domestic formulation and US sales. We continue to remain positive on CIPLA’s growth across key segments including India and US given 1) strong traction in respiratory and other portfolio, 2) Ex-COVID, IPM to potentially grow +8-10% going forward with Cipla likely outpacing the market and 3) meaningful delta in US revs expected from FY23, backed by potential key launches. We expect 15% EPS CAGR over FY22-24E from base business (ex Revlimid) given resilient earnings, improving visibility from US and strong free cash flow generation. Our FY23/24E estimates stands reduced by 5%/2%. Maintain ‘Buy’ rating with TP of Rs1085/share based on 24x FY24E EPS plus Rs20/share for Revlimid.

11 May 2022, 11:19:50 AM IST

Ajanta Pharma's US approvals can drive rerating; BUY stays: Yes Securities 

Ajanta Pharma guided to 75% gross margin in FY23 and margin similar to FY22. Management unveiled enhanced capex of Rs2bn coupled with investments in promotion, product registration and R&D. Hence, current fiscal is likely to witness EBIDTA growth at best matching revenue growth. With significant R&D for India/emerging markets, expected relief in US price erosion, reckon gross margin have bottomed out aided by price increase in domestic business in the non NLEM portfolio. Guidance for increased investments in opex leads to ~200bps & 9% cut in FY24 margin & EPS estimates respectively. 

Reduced FY24 estimate lead to corresponding cut in TP to Rs2,350 though BUY stays based on unchanged 26x PE. Key trigger would be a successful FDA inspection which would open up approval to several important products.

11 May 2022, 11:12:26 AM IST

Dr. Reddy’s Laboratories in exclusive partnership with HK inno.N Corp. to commercialise novel molecule Tegoprazan in India & select emerging markets: BSE release 

• Tegoprazan is a novel patented molecule indicated for gastrointestinal diseases

• Licensing deal is in line with Dr. Reddy’s stated ambition to meet unmet medical needs through innovative products and services

11 May 2022, 11:06:44 AM IST

India Inc wants AI, Robotics but campuses lack those skills

India Inc wants students with prowess in robotic process automation (RPA), machine learning(ML), and artificial intelligence (AI), but campuses lack these skills at the time of demand.

"This demand-supply mismatch is because it takes one year after the spike in demand for a certain skill to get incorporated into the curriculum. Since the demand for skills tends to taper after three years, it leads to both, talent and employers always on the lookout for the right fit," stated Deloitte’s second annual Campus Workforce Trends Survey.

The study shared exclusively with Mint had data taken from 150+ organisations across industries and 250+ campuses across multiple industries.

11 May 2022, 10:56:42 AM IST

Nifty technicals: Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One

At present, the index placement on the daily chart depicts the lost traction due to across-board weakness in domestic and global markets. As far as levels are concerned, the Nifty is currently placed near the 78.60% of Fibonacci retracement, while any further sell-off could drag it towards the psychological mark of 16000 in the near future. As we allude to our previous commentary, the unfilled gap of 16480-16650 is the sturdy wall for the bulls. Hence, looking at the technical setup, the market is likely to trade in the mentioned range until a breakout on either side is seen in a decisive manner.

Some traction was seen in the midcaps and selective banking counters that kept the traders active throughout the day. Going forward, apart from the slender range-bound movement in the indices, many stock-specific adjustments are likely to continue. Hence, traders are advised to have a stock-centric approach in such a market scenario, and any aggressive bets should be avoided.

11 May 2022, 10:48:15 AM IST

Elon Musk says he would lift Twitter ban on Trump: AFP

11 May 2022, 10:43:54 AM IST

Asian Paints' margins unlike to shine anytime soon 

Input cost inflation continued to played a spoilsport for Asian Paints Ltd in the March quarter of fiscal 2022, delaying the much-awaited recovery in margin. Prices hikes and severe cost cutting measures aided a sequential improvement in gross and operating margins, respectively, in Q4FY22, but the near-term outlook for these parameters is not encouraging.

In Q4FY22, consolidated gross margin at 38.7%, improved 195 basis points (bps) sequentially, but contracted 448bps year-on-year. 

11 May 2022, 10:23:07 AM IST

Nifty Metal rises despite weakness in broader markets 

 Nifty Metal 
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 Nifty Metal 
11 May 2022, 10:20:10 AM IST

India records single-day rise of 2,897 COVID-19 cases: PTI 

11 May 2022, 10:00:53 AM IST

Rupee surges 17 paise to 77.17 against US dollar in early trade: PTI

11 May 2022, 09:50:07 AM IST

Vodafone Idea rises post Q4 results 

India’s third largest carrier Vodafone Idea narrowed its losses to 6,563 crore in the quarter ended March 2022, from 7,230 crore in the previous quarter, and grew its key operating metrics including revenue and margins, on the back of tariff hike in November last year.

11 May 2022, 09:44:48 AM IST

Top gainers/losers on Nifty 

Nifty stocks 
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Nifty stocks 
11 May 2022, 09:36:35 AM IST

Gainers/losers on Sensex in opening deals 

Sensex stocks 
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Sensex stocks 
11 May 2022, 09:09:14 AM IST

Nifty flat in pre-open

Nifty50
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Nifty50
11 May 2022, 09:08:09 AM IST

Sensex rises over 100 points in pre-open 

Market check 
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Market check 
11 May 2022, 08:49:17 AM IST

Future stock holders, proxy  firm  move  Sebi

Shareholders of Future Retail Ltd and proxy advisory firm InGovern Research Services have written to the markets regulator demanding immediate action to protect hundreds of thousands of Future shareholders and prevent the company from being referred to an insolvency court, which may wipe out shareholders.

11 May 2022, 08:30:34 AM IST

India looking at tapping new markets for edible oil imports: Finance Minister Nirmala Sitharaman

India was looking at tapping new markets for the import of edible oils, following the conflict between Ukraine and Russia, finance minister Nirmala Sitharaman said on Tuesday. 

11 May 2022, 08:22:47 AM IST

Delhi proposes to liberalise liquor licence norms

Read here

11 May 2022, 08:15:21 AM IST

Byju’s acquires Singapore education firm Northwest

Byju’s has agreed to buy Singapore-based online higher education platform Northwest Education Pte in a cash-and-stock deal, said two people aware of the transaction, as India’s largest online tutoring firm continues to expand its presence overseas, especially in English-speaking markets.

11 May 2022, 08:10:01 AM IST

Stocks to Watch

Shares of Adani Ports, PNB, Bajaj Finance, Cipla, Vodafone Idea, SBI, will be in focus on Wednesday.

Adani Ports, Punjab National Bank, Indian Bank, Petronet LNG, Kalyan Jewellers India, NCC, Relaxo Footwears, Sagar Cements, SKF India, Century Enka, Cholamandalam Financial Holdings are among the companies scheduled to announce their March quarter earnings today

11 May 2022, 08:08:10 AM IST

India asks GAIL to import LNG to meet rising city gas demand: Reuters

India has mandated state-run GAIL (India) Ltd to import gas and buy from local difficult fields to meet growing demand growth from household and transport sectors as cheaper supplies from old blocks is not enough, a government order said.

11 May 2022, 08:03:57 AM IST

China's factory inflation eases to slowest in a year: Reuters 

China's producer prices rose at the slowest pace in a year in April, despite the surge in global commodity costs, leaving room for more stimulus to shore up the flagging economy, which faces pressure from heavy COVID-19 curbs.

The producer price index (PPI) rose 8.0% year-on-year, the National Bureau of Statistics (NBS) said in a statement on Wednesday, following an 8.3% rise in March but faster than the 7.7% growth tipped by a Reuters poll.

The consumer price index (CPI) gained 2.1% from a year earlier, the fastest pace in five months, speeding up from March's 1.5% growth and beating expectations for a 1.8% rise.

11 May 2022, 07:55:59 AM IST

SGX Nifty futures down marginally 

Nifty futures on the Singapore Exchange were down 38 points, or 0.2%, at 16,173.00, hinting at a muted start for Indian benchmark indices.

The benchmark Sensex closed 105.82 points lower at 54,364.85 on Tuesday, while the broader Nifty50 fell 61.80 points to 16,240.05.

11 May 2022, 07:52:34 AM IST

SGX Nifty lower, Asian stocks steady; traders weigh inflation data

Asian stocks traded mixed but largely steady on Wednesday and US equity futures rose as investors weighed Chinese inflation data for clues on whether the price pressures sapping the global economy are peaking.

Shares climbed in China and Hong Kong and were mixed in Japan. A Wall Street advance Tuesday brought some respite from this year’s equity rout, which has been fueled by fears of an economic downturn as borrowing costs jump.

Oil fluctuated around $100 a barrel after shedding about 8% this week. Growth concerns driven by China’s Covid lockdowns are buffeting crude.

S&P 500 futures rose 0.2% and the Nasdaq 100 futures rose 0.4%.

Japan’s Topix index fell 0.3%, Australia’s S&P/ASX 200 index fell 0.3%, South Korea’s Kospi index fell 0.2%, Hong Kong’s Hang Seng Index added 0.5%, and China’s Shanghai Composite Index increased 0.8%.

Overnight, Wall Street stocks closed higher as investors waited for inflation data and worried about the prospects of slowing economic growth and the impact of policy tightening.

The Dow Jones Industrial Average fell 84.96 points, or 0.26%, to 32,160.74, the S&P 500 gained 9.81 points, or 0.25%, to 4,001.05 and the Nasdaq Composite added 114.42 points, or 0.98%, to 11,737.67.

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