Indian
equity benchmarks failed to hold gains on Monday and settled lower. After a
cautious start, markets gained traction after the ministry of commerce and
industry said that total foreign direct investment into India rose 2% to the
highest ever $83.57 billion in 2021-22 on account of various measures like
policy reforms and ease of doing business taken by the government.

“Global headwinds are keeping the market on edge and
the last leg of earnings is further adding to volatility,” said Ajit
Mishra, VP-Research at Religare Broking. He continues to hold a cautious view
of Dalal Street.

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Indian Indices

Sensex fell 37.78 points or 0.05% to 54,288.61 and Nifty
was down by 51.45 points or 0.32% to 16,214.70 in the previous session. Sensex
touched a high and low of 54,931.30 and 54,191.55, respectively. There were 20
stocks advancing against 10 stocks declining on the index. Nifty traded in a
range of 16,414.70 and 16,185.75. There were 27 stocks advancing against 23
stocks declining on the index.

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Broader Indices

The broader indices ended in green with the BSE Midcap
index falling 0.26%, while the Small cap index was down by 0.64%. Auto up by
1.90%, Capital Goods up by 0.91%, IT up by 0.79%, Consumer Disc up by 0.78% and
Consumer Durables up by 0.73%, while Metal down by 8.33%, Basic Materials down
by 4.08%, Oil & Gas down by 1.74%, Energy down by 1.47% and PSU down by
1.18% were the top losing indices on BSE.

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India VIX Index

Nifty or India VIX, a gauge of the market’s expectation
of volatility over the near term, rose 1.29% to 23.40 on Monday.

SGX Nifty

The trends on SGX Nifty indicate a negative opening for
the index in India with a 43-points loss. The Nifty futures were trading at
16,194.50 on the Singaporean Exchange around 06:40 hours IST.

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Support and Resistance levels

The key support level for the Nifty is placed at 16,086,
followed by 15,905. If the index moves up, the key resistance levels to watch
out for are 16,365 and 16,463. according to pivot charts.

US Markets

The S&P 500 rose 72.39 points, or 1.9%, to 3,973.75.

The Dow Jones Industrial Average rose 618.34 points, or 2%, to 31,880.24.

The Nasdaq rose 180.66 points, or 1.6%, to 11,535.27.

The Russell 2000 index of smaller companies rose 19.50 points, or 1.1%, to 1,792.76.

Asian Markets

Asian markets finished mostly mixed on Monday. The Nikkei
225 rose 0.98% and the Hang Seng fell 1.19%. The Shanghai Composite rose 0.01%.

European Markets

European markets were higher on Monday, Germany’s DAX was
up by 0.73% while France’s CAC 40 was up by 0.17% and London’s FTSE 100 was
increased by 0.7%.

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Major News Headlines

Zomato Q4 Results: Net loss widens to Rs 360 crore,
revenue up 75%

Online food delivery giant Zomato reported that its
consolidated net loss widened to Rs 360 crore in the quarter ending March 31,
2022, as expenses nearly doubled. The company reported a net loss of Rs 134
crore in the year-ago period. Consolidated revenue from operations rose 75% to
Rs 1,212 crore compared to the March quarter with Rs 692 crore in the same
quarter of the previous financial year. Total expenses during the March quarter
rose to Rs 1,701.7 crore as against Rs 885 crore in the year-ago period.

Divi’s Laboratories Q4 Results: Net profit up 78% at Rs
895 crore, revenue rises 41%

Divi’s Laboratories reported consolidated net profit
increased by 78% to Rs 895 crore in the March quarter of the financial year
2021-22. The drugmaker had reported a net profit of Rs 502 in the March 2022
quarter of the 2020-21 fiscal. Revenue from operations surge to Rs 2,518 crore
for the March 2022 quarter compared with Rs 1,788 crore in the year-ago period.
The company board has recommended a dividend of Rs 30 per share of the face
value of Rs 2 (1,500%) for 2021-22, subject to the approval of members at the
ensuing annual general meeting. 

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Maruti Suzuki to acquire 12.09% stake in Sociograph
Solutions

Maruti Suzuki India on May 23 announced to acquire an
equity stake of 12.09% in Sociograph Solutions Pvt Limited (SSPL) for about Rs
2 crore. SSPL is artificial intelligence (AI) software firm that specializes in
visual AI platforms predominantly used to help enterprises improve efficiency
in their businesses.

Adani Holcim deal: Open offers for ACC and Ambuja cements
from July 6

The open offers for the shareholders of Ambuja Cements
and ACC will start on July 6 and close on July 19, according to a tentative
schedule published by the Adani family on May 23. With an investment of more
than $4billion (Rs 31,139 crore), together these two open offers might
constitute the biggest open offer in corporate Indian history.

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Bulk Deal data

VISHESH GUPTA sold 20,00,333 shares in Integra Essentia
Limited at Rs 0.10 per share on the NSE.

ANTHUM INVESTMENT & INFRASTRUCTURE LIMITED bought
70,000 shares in Repro India Limited at Rs 390.00 per share on the NSE.

BANWARILALPILANIA bought 48,000 shares in Rex Pipes and
Cables Limited at Rs 28.96 per share on the NSE.

PRAKASHBHAI MAHENDRABHAI DAVE bought 16,000 shares in SP
Refractories Limited at Rs 93.52 per share as per NSE.

VINOD HARILAL JHAVERI sold 48,000 shares in Uravi T And
Wedg Lamp Ltd at Rs 121.50 per share as per NSE.

ANVIZEN CONSULTANTS PRIVATE LIMITED sold 10,00,000 shares
in Uttam Galva Steels Limited at Rs 3.80 per share as per NSE.

SHAH SHUCHI MANISH bought 81,000 shares in Vinny Overseas
Limited at Rs 54.73 per share as per NSE.

DII and FII data

Foreign institutional investors (FIIs) sold shares worth
a net Rs 1,951.17 crore, while domestic institutional investors (DIIs) bought
shares worth a net Rs 1,445.39 crore in the Indian equity market on May 23, as
per provisional data available on the NSE.

NSE F&O Ban

Bharat Heavy Electricals Limited, Delta Corp, Gujarat
Narmada Valley Fertilizers & Chemicals, Indiabulls Housing Finance Ltd and
Punjab National Bank are under the F&O ban for May 24. Securities in the
ban period under the F&O segment include companies in which the security
has crossed 95% of the market-wide position limit.