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Home / Markets / Live Blog /  Sensex ends 303 pts lower, Nifty below 16,100 as IT, metal, realty stocks drag

Sensex ends 303 pts lower, Nifty below 16,100 as IT, metal, realty stocks drag

Stock Market Today: Indices ended in red on selling in IT, metal stocks (REUTERS)Premium
Stock Market Today: Indices ended in red on selling in IT, metal stocks (REUTERS)

  • Market Closing: Sensex and Nifty closed in the red for the third day in a row on Wednesday in a volatile session. IT, realty, metal and auto companies suffered deep cuts, while financials managed to hold their gains

Indian benchmark indices opened in green on Wednesday after two days of losses but failed to hold on to the gains as IT and metal stocks witnessed heavy selling pressure. Global markets were mixed as investors remain fearful about the economic outlook owing to the impact of inflation, higher interest rates, China's slowdown and the Ukraine war.

25 May 2022, 03:51:43 PM IST

Sensex, Nifty end in red as IT, metals, realty witness selling

Indian benchmark indices ended in the red for the third day in a row on Wednesday amid heavy selling pressure in IT, metal and auto stocks. The 30 stock S&P BSE Sensex ended at 53,749.26, down 303, while Nifty settled at 16,025.80, down 0.62%. Nifty IT ended 3.4% lower, while the metal and realty indices closed 2% lower. Financial services stocks outperformed among sectoral indices. Global markets were mixed as investors weighed the impact of inflation, higher interest rates, China's slowdown and the Ukraine war.

Broad market indices were weak with BSE Midcap and SmallCap ending 2% and 3% lower respectively.  On the Sensex, NTPC was the best gainer, rising 3.8%, followed by Bharti Airtel and Kotak Mahindra Bank. Asian Paints slumped 8%, while TCS and Tech Mahindra fel over 3.5% each.

Sensex at close
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Sensex at close
25 May 2022, 03:32:49 PM IST

Sensex, Nifty end lower for third day in a row

25 May 2022, 03:23:02 PM IST

Nifty IT extends loss, slips 3.3%

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25 May 2022, 03:14:15 PM IST

NHPC consolidated net profit up 5.6% at ₹467.1 crore in  Q4; revenue up 4% at ₹1,674.3 crore

25 May 2022, 03:05:44 PM IST

Nifty at day's low; hurtles towards 16,000 mark

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25 May 2022, 02:55:33 PM IST

Zomato comes close to this value investor’s buy price...

There was a time when Zomato's market value was more than Tata Motors, Coal India, and Vedanta. All these are Nifty 50 stocks, the elite club of 50 bluest of bluechips. It had a marketcap more than 1 lakh crore. This to a company reeling under intense financial pressure. Ten months later, the company is facing a dilemma and has serious questions to answer. It has eroded more than half of its marketcap since listing. (Full report)

25 May 2022, 02:44:52 PM IST

Tata Steel breaches ₹1,000/share mark for the first time since 29 April, 2021

25 May 2022, 02:33:41 PM IST

Sebi to auction properties of Golden Life Agro India, Sunshine Agro Infra on Jun 16

To recover investors' money, Sebi on Wednesday said it will auction a total of five properties of Golden Life Agro India Ltd and Sunshine Agro Infra Ltd for a reserve price of 11.5 crore on June 16.

The two companies raised funds from investors without complying with regulatory norms.(PTI)

25 May 2022, 02:21:21 PM IST

India's palm oil imports could fall to 11-yr low: Reuters

India's palm oil imports could fall 19% to the lowest level in 11-years as soyoil, now cheaper, takes more market share because of Indonesia's curbs on palm oil exports and New Delhi's move to allow duty-free imports of soyoil, dealers said.

Lower palm oil purchases by the world's biggest vegetable oil importer could put pressure on Malaysian palm oil prices and may lift soyoil imports to record highs and support U.S. soyoil futures prices.

25 May 2022, 02:11:29 PM IST

Balrampur Chini, Dalmia Bharat, other sugar stocks extend fall after govt restricts exports

Sugar stocks extended decline after the government announced restricting its sugar exports to 10 million tons in the current season to help maintain domestic availability and keep prices stable. Shares of Balrampur Chini, Dwarikesh Sugar, Dalmia Bharat Sugar, Triveni Engineering fell as much as up to 10% in Wednesday's session.

25 May 2022, 02:03:29 PM IST

Cabinet approves sale of entire 29.5% stake of govt in Hindustan Zinc: CNBC-Awaaz 

25 May 2022, 01:53:55 PM IST

BSE Midcap down nearly 2%; Mphasis slips 8.5%

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25 May 2022, 01:43:48 PM IST

Sensex at day's low; down 300 points

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25 May 2022, 01:42:43 PM IST

Minda Industries down 8% as Q4 earnings disappoint

Minda Industries Ltd on Tuesday reported a 5% decline in consolidated profit after tax at 156 crore in the fourth quarter ended March. Consolidated revenue from operations stood at 2,415 crore as compared to 2,238 crore in the year-ago period.

25 May 2022, 01:28:45 PM IST

Kapil Sibal files Rajya Sabha nomination as Independent backed by SP, says he quit Cong on May 16

25 May 2022, 01:20:34 PM IST

Global markets mixed

Markets were mixed Wednesday, with little sign of any relief from recent dour performances as investors remain fearful about the economic outlook owing to the impact of inflation, higher interest rates, China's slowdown and the Ukraine war. Nikkei ended 0.3 percent lower, Hang Seng Index was up 0.5 percent, Shanghai - Composite rose 1.2%, while London's FTSE 100 gained 0.6%.

25 May 2022, 01:11:20 PM IST

Yes Securities sees more upside in Rossari Biotech

Rossari reported operating profits at 523mn (+49 YoY; +12% QoQ), stood marginally ahead of our and street estimates on better than estimated margins. Rossari selectively revised prices to pass on the increase in raw material costs to consumers, thereby leading to an improvement in Ebitda margin to ~12% (from 11% in 3Q). The gradual pass-through is likely to continue over 1Q-2QFY23, with margins stabilizing by 2QFY23. Leveraging the additional capacity at Dahej and synergy from the acquisition of Unitop, Tristar and Romakk, Rossari, introduced new products across segments, leading to a volume growth of ~ 40% YoY during the FY22. Going ahead as well the growth momentum is likely to continued, along with improvement in margins. BUY.

25 May 2022, 12:57:41 PM IST

Chinese visa scam: ED registers money laundering case against Karti Chidambaram, others

The ED has registered a money laundering case against Congress MP Karti Chidambaram and others in the alleged scam pertaining to the issuance of visa to 263 Chinese nationals in 2011 when his father P Chidambaram was the home minister, officials said on Wednesday.

25 May 2022, 12:53:56 PM IST

Nifty Metal tumbles 1.8%; SAIL, NMDC slip over 3%

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25 May 2022, 12:48:13 PM IST

India's Digit Insurance targets $5 billion in IPO valuation: Reuters

India's Digit Insurance, backed by Canadian billionaire Prem Watsa's Fairfax Group, is considering raising about $500 million in an initial public offering at a valuation of $4.5 billion to $5 billion, three people aware of the matter told Reuters.

Founded in 2017, Digit is trying to capitalise on India's under-penetrated general insurance market along with users' need for a better customer experience like easier claim settlements, though IPOs in the country have not done well in the past few months.

25 May 2022, 12:34:27 PM IST

Delhivery slips 5% a day after listing

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25 May 2022, 12:25:55 PM IST

BPCL at day's low ahead of March quarter earnings

25 May 2022, 12:17:34 PM IST

BSE SmallCap sinks 2% amid weak sentiment in the broader market

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25 May 2022, 12:11:19 PM IST

Johnson & Johnson's and Momenta file lawsuit against Natco Pharma, Mylan and others for patent infringement: CNBC-TV18

25 May 2022, 12:02:01 PM IST

Sensex at noon: Down 150 points dragged by TCS, Asian Paints, Tech Mahindra

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25 May 2022, 11:50:55 AM IST

Nifty slips below 16,100 

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25 May 2022, 11:47:52 AM IST

Axis Securities' view on steel sector

In a surprise announcement on Saturday 21st , May 2022, The Government of India (GOI) has imposed an export duty on steel. It has increased the export duty on iron ore and reduced the import duty on key raw materials for the steel sector to zero. The announcement stands in line with the government’s intent of containing inflation, which has also been manifested in its decision of reducing the excise duty on petrol and diesel and curb wheat exports. The imposition of the 15% export duty on Steel products is the first time in the sector's history and it will have a major impact on the steel industry’s export ambitions.

Nevertheless, we built in a 7% decline in the domestic steel prices along with a 15% decline in export realization from the new duty. Currently, the domestic HRC prices are trading above China-landed prices and we expect the domestic prices to correct in line with the import parity or may trade at a discount to the import parity price. The 7% decline in the domestic HRC prices captures the move towards import parity. We also factor in the benefit of the import duty reduction on coking coal from 2.5% to NIL. The domestic iron ore prices are expected to decline post the hike in export duty as the domestic availability of iron ore will increase. However, for Tata Steel and SAIL, we don’t factor in any major benefit from the iron ore price decline as both the companies have 100% captive iron ore. JSW and JSPL would benefit from iron ore as they are not fully integrated on the iron ore front.

After factoring in ~8% drop in blended realization (includes the 7% drop in domestic steel prices and 15% drop in export realization) and savings from coking coal prices, we cut our EBITDA estimates for SAIL by 30-36% and Tata steel by 14% over FY23-24E. In line with the EBITDA cut, we reduce our target price for SAIL and Tata steel from 125 to 75 and 1,700 to 1,390. We downgrade SAIL to HOLD from BUY and maintain BUY on Tata Steel.

25 May 2022, 11:30:36 AM IST

India to launch national green hydrogen mission in 2 months

The union government plans to launch a comprehensive green hydrogen mission in two months to take forward the green hydrogen policy announced in February, officials familiar with the development said.

The mission is expected to announce a green hydrogen purchase obligation in fertilizer production and petroleum refining, akin to renewable purchase obligations (RPO).

25 May 2022, 11:17:55 AM IST

Gold slips off 2-week peak as dollar edges higher

Gold prices dipped slightly on Wednesday, receding from a two-week high hit in the previous session, as the dollar reclaimed some ground but uncertainty over the trajectory of inflation supported safe-haven bullion's outlook.

Spot gold eased 0.2% to $1,862.65 per ounce, as of 0439 GMT, after rising to its highest since May 9 of $1,869.49 on Tuesday. U.S. gold futures dipped 0.2% to $1,861.50.

25 May 2022, 11:06:43 AM IST

As Grasim doubles investment in paints, risks rise for incumbents

Grasim Industries Ltd. now plans to invest 10,000 crore in the paints industry by FY25. Note that this is double of its 5,000 crore investment plan to set up its paints business, which was announced last year.

Clearly, the competitive intensity in the once oligopolistic Indian paints sector is heating up, raising concerns of business disruption for incumbents Asian Paints Ltd and Berger Paints India Ltd. Reacting to this development, shares of both these companies declined around 3% each on the NSE in Wednesday's opening trade. Asian Paints is the market leader in the decorative paints segment, followed by Berger. (Full report)

25 May 2022, 10:57:31 AM IST

India sees rise in Covid count, reports 2,124 cases, 17 deaths in 24 hrs

India's Covid-19 caseload rose by 2,124 to reach 43,142,192 while the number of active infections increased to 14,971, according to the data by the Union Ministry of Health.

25 May 2022, 10:46:35 AM IST

Bank Nifty up 1% led by IndusInd bank, Kotak Bank and SBI

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25 May 2022, 10:42:24 AM IST

SpiceJet signs settlement agreement with Credit Suisse, shares surge

SpiceJet Limited and Credit Suisse AG have signed and concluded the settlement and consent terms with regard to the pending dispute between the two parties, the airline said in a communication to exchanges. SpiceJet shares were up 4% at 51.70 on BSE. 

25 May 2022, 10:32:36 AM IST

Axis Securities on SAIL Q4 result

SAIL Q4FY22 results were largely in line with our estimates. The company delivered a strong sales volume of 4.706 Million Tonnes (MT), up 8% YoY and 23% QoQ, marginally ahead of our estimate of 4.6 MT. Topline stood at 30,759 Cr, a slight beat vs our estimate of 29,236 Cr and up 32% YoY and 22% QoQ, led by higher steel prices and sales volumes. 

The management said it will increase the saleable steel production by operating at higher utilisation rates in FY23 vs FY22 (FY22 - 84% Utilisation on the expanded 20 mtpa capacity). While the progress in volume growth is visible now, we see multiple headwinds for the sector in the upcoming quarters. The coking coal prices have increased sharply in Q4FY22 and continue to be at elevated levels. We now factor in the higher coking coal consumption costs as we were expecting softening of coking coal prices earlier in Q1FY23. The domestic steel prices are also expected to come under pressure due to the imposition of the steel export duty by the government. We lower our steel price assumptions and expect a 7% drop in domestic steel prices and a 15% drop in export realization. We cut our EBITDA estimates for FY23/24E by 36% and 33% respectively. We downgrade the rating on SAIL to HOLD from BUY and value it at 4.0x FY24E EBITDA to arrive at a target price of 75/share ( 125/share earlier), against the CMP of Rs74/share.

 

25 May 2022, 10:23:23 AM IST

Rupee gains 5 paise to 77.52 against US dollar in early trade

25 May 2022, 10:14:15 AM IST

Grasim Industries up 2.6% on robust Q4 earnings

The Aditya Birla Group firm on Tuesday reported a 55.56% increase in its consolidated net profit at 4,070.46 crore for the fourth quarter ended March. Grasim Industries' revenue from operations was up 18.07% at 28,811.39 crore.

25 May 2022, 10:03:09 AM IST

Nifty IT plunges 2.4%; Mindtree, Mphasis down over 4% each

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25 May 2022, 09:50:19 AM IST

Adani Ports and SEZ down 3% as net profit fell 20.5% to ₹1,024 crore

Revenue rose 6.47% to 3,845.03 crore while Ebitda fell 19.57% at 1,858.8 crore.

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25 May 2022, 09:40:26 AM IST

Banks and financials lead sectoral indices; IT and auto in red

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25 May 2022, 09:35:00 AM IST

NTPC up 1%; the state-run company is moving to increase coal supplies

The state-run company is moving at breakneck speed to increase coal supplies to fuel its thermal plants and ensure the units operate at more than 75% of capacity to avert another power crisis in India. The electricity giant not only aims to import 20 million tonnes of coal, at an eight-year high, over the next few months but is also targeting 85% growth in its captive coal production this year to 26 million

25 May 2022, 09:29:25 AM IST

Nifty tops 16,200: SBI, TCS gainers; Nestle India, Shree Cements lag

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25 May 2022, 09:20:48 AM IST

Sensex opens 200 points higher; IndusInd Bank, NTPC gain

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25 May 2022, 09:17:28 AM IST

Sensex, Nifty open higher

25 May 2022, 09:13:45 AM IST

PSBs pay ₹8,000 cr dividend to Centre

State-run banks have paid substantial dividends to their shareholders, many of them after a gap of nearly six years, as credit growth accelerated and asset quality improved.

The government stands to be the biggest beneficiary of the generous payouts by the banks and is expected to net nearly 8,000 crore. State-run banks, barring Central Bank of India, which is still under the Reserve Bank of India’s (RBI’s) restrictive prompt corrective action framework (PCA) for weak banks, reported improved performance in the year ended 31 March.

25 May 2022, 09:04:39 AM IST

Sensex in the gree at pre-open

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25 May 2022, 08:53:36 AM IST

Market view: Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One

Weak Asian cues led to a timid start to our domestic market, wherein the benchmark index tumbled in the initial hours. The Nifty50 index kept hustling in a slender range for most of the session and witnessed a lackluster day of trade. The correction was aggravated by the fag end that dragged the Nifty below the 16100-sub zone, but soon after, some recovery poured in. At last, the index concluded the day a tad above the 16100 level with a cut of 0.55 percent.

On the technical aspect, a consecutive day of sell-off certainly showcased the tentativeness among the market participants amid the expiry week. At the current juncture, the psychological mark of 16000 is likely to act as a sacrosanct support zone for the index, wherein the placement of the index above the unfilled gap of the 16000 mark could be seen as the last resort of relief for the bulls. Meanwhile, volatility is likely to be seen amid the expiry week.

Looking at the recent development, 16400 is expected to act as an intermediate resistance zone, followed by the sturdy wall of the unfilled gap of 16480-16650 odd zone. On the contrary, the 16000 mark is expected to act as the sheet anchor, while any breach below could again dampen the market sentiments. The momentum is likely to be seen only when the index comes out from the ongoing slender range bound movement. Till then, traders are advised to stay abreast with the global developments and have a stock-centric approach to trading opportunities.

25 May 2022, 08:46:20 AM IST

Govt may tighten IRDAI service rules

The government is examining the service rules for the insurance regulator to prevent further conflicts of interest after the second chairman in four years took a top private sector job immediately after demitting office, two people aware of the development said.

25 May 2022, 08:37:49 AM IST

North Korea fired 'suspected intercontinental ballistic missile': Seoul

At least three missiles -- including one suspected ICBM -- were fired from the Sunan area in Pyongyang, Seoul said, where multiple recent weapons tests by the nuclear-armed regime have been conducted. (AFP)

25 May 2022, 08:28:22 AM IST

Stocks to Watch: NTPC, Dr Reddy's, Grasim Industries, Indian Hotels, Coal India

Apollo Hospitals, BPCL, Bata India, AIA Engineering, Ashok Buildcon, Coal India, Fortis Healthcare, Interglobe Aviation, NHPC, Power Finance Corp, Praj Industries, MOIL, and V Mart will also be in focus as they announce their March quarter earnings today. (Read more)

25 May 2022, 08:18:15 AM IST

Edible oil duty goes, sugar export cap in

The Union government announced fresh measures to cool food inflation on Tuesday, including restricting sugar exports from 1 June and allowing duty-free imports of soyabean and sunflower oil.

The consumer affairs ministry said it will only allow exports of up to 10 million tonnes of sugar annually from next month. The finance ministry has allowed duty-free imports of 2 million tonnes a year for crude soyabean oil and crude sunflower oil. The relief on edible oil comes into force on Wednesday and will be effective until March 2024.

25 May 2022, 08:09:02 AM IST

NTPC augments coal from own sources

State-run NTPC Ltd is moving at breakneck speed to increase coal supplies to fuel its thermal plants and ensure the units operate at more than 75% of capacity to avert another power crisis in India.

The electricity giant not only aims to import 20 million tonnes of coal, at an eight-year high, over the next few months but is also targeting 85% growth in its captive coal production this year to 26 million tonne (mt), according to company officials privy to the development.

25 May 2022, 08:02:36 AM IST

Crude oil climbs

Oil prices rose in early trade on Wednesday, boosted by tight supplies and the prospect of rising demand from the upcoming start of the U.S. summer driving season.

Brent crude futures for July rose 46 cents, or 0.4%, to $114.02 a barrel. U.S. West Texas Intermediate (WTI) crude futures for July delivery was up 58 cents, or 0.5%, to $110.35 a barrel.

25 May 2022, 07:43:25 AM IST

Asian equities open in green

Asia stocks opened mostly in positive territory on Wednesday even as global growth concerns and weak U.S. economic data weighed on Wall Street overnight. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.35%, Australian shares were up 0.33%, and Seoul and Taiwan both ticked upwards 0.61% and 0.2%. Hong Kong's, Shanghai's and China's CSI300 indexes opened marginally higher while Japan's Nikkei share average was down 0.18%.

25 May 2022, 07:28:40 AM IST

US market ends largely weak

The S&P 500 and the Nasdaq finished in the red on Tuesday as worries that aggressive moves to curb decades-high inflation might tip the U.S. economy into recession dampened investors' risk appetite. The Dow Jones Industrial Average rose 48.38 points, or 0.15%, to 31,928.62; the S&P 500 lost 32.27 points, or 0.81%, to 3,941.48; and the Nasdaq Composite dropped 270.83 points, or 2.35%, to 11,264.45.

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