Indian equity benchmarks were turbulent in the afternoon session after trading upward for the bigger portion of the day and ending the day modestly down. Initially, favourable global cues contributed to the markets’ good start.
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Sentiment remained buoyant as rating agency ICRA anticipated 12%-13% growth in the first quarter of the new fiscal year, citing the second-highest business activity index reading in 13 months in April.
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The Nifty50 has formed a small bearish hammer kind of candle on the daily chart, suggesting rangebound action in the near future, according to Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities.
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Sensex fell 109.94 points or 0.20% to 54,208.53 and Nifty was down by 19.00 points or 0.12% to 16,240.30 in the previous session. Sensex touched a high and low of 54,786.00 and 54,130.89, respectively. There were 13 stocks advancing against 17 stocks declining on the index. Nifty traded in a range of 16,399.80 and 16,211.20. There were 26 stocks advancing against 24 stocks declining on the index.
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Broader Indices
The broader indices ended mixed with the BSE Midcap index falling 0.13%, while the Small cap index was up by 0.33%. The top gaining sectoral indices on the BSE were FMCG up by 1.21%, Healthcare up by 0.47%, Basic Materials up by 0.27%, while Realty down by 1.82%, PSU down by 1.63%, Telecom down by 0.97%, Oil & Gas down by 0.68% and Consumer Durables down by 0.64% 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, fell 1.97% to 22.30 on Wednesday.
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SGX Nifty
The trends on SGX Nifty indicate a positive opening for the index in India with a 10-points gain. The Nifty futures were trading at 15,929.20 on the Singaporean Exchange around 06:45 hours IST.
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Support and Resistance levels
The key support level for the Nifty is placed at 16,168, followed by 16,095. If the index moves up, the key resistance levels to watch out for are 16,356 and 16,472, according to pivot charts.
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The S&P 500 fell 165.17 points, or 4%, to 3,923.68.
The Dow Jones Industrial Average fell 1,164.52 points, or 3.6%, to 31,490.07.
The Nasdaq fell 566.37 points, or 4.7%, to 11,418.15.
The Russell 2000 index of smaller companies fell 65.45 points, or 3.6%, to 1,774.85.
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Asian Markets
Asian markets finished mixed on Wednesday. The Nikkei 225 gained 0.94% and the Hang Seng rose 0.20%. The Shanghai Composite lost 0.24%.
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European Markets
European markets are lower yesterday with shares in Germany off the most. The DAX was down 0.95% while France’s CAC 40 was off 0.87% and London’s FTSE 100 was lower by 0.62%.
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Major News Headlines
ITC Q4 result beat analysts’ estimates, net profit surges 11.7% YoY to Rs 4,196 crore
ITC reported an 11.7% increase in consolidated net profit for the fourth quarter of FY2021-22, to Rs 4,196 crore, up from Rs 3,755 crore the previous year. Profit has increased by 3.4% from Rs 4,057 crore gained during the October–December period. The largest cigarette manufacturer in India increased its consolidated revenue by 15.3% year on year to Rs 17,754 crore, up from Rs 15,404 crore in the year-ago quarter. On a sequential basis, revenue was down 3.3% from the previous quarter’s revenue of Rs 18,366 crore. Net cash generated from operations increased by 32% year on year to over Rs 13,000 crores. The firm proposed a final dividend of Rs 6.25 per ordinary share of 1/- each for the fiscal year ended March 31, 2022, which would be paid to eligible shareholders between Friday, 22nd July 2022 and Tuesday, 26th July 2022. The dividend payment record date has been set for May 28, 2022.
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Arvind Limited’s fourth-quarter earnings increased by 64% to Rs 88 crore
Arvind Ltd announced a 64.22% increase in consolidated net profit for the fourth quarter ended March 2022, to Rs 87.60 crore, due to high volume and a pricing increase. Arvind reported a net profit of Rs 53.34 crore for the January-March quarter a year ago in a regulatory filing. Operational revenue was Rs 2,203.50 crore, up from Rs 1,654.87 crore in the previous fiscal year’s similar quarter. Total expenses in the quarter increased to Rs 2,081.22 crore from Rs 1,566.36 crore the previous year. Textile revenue increased to Rs 1,824.11 crore from Rs 1,331.16 crore the previous year. Advanced materials revenue was Rs 267.08 crore in March quarter 2020-21, up from Rs 198.65 crore in the March quarter 2020-21. Consolidated net profit for the fiscal year ending March 2022 was Rs 241.58 crore. The previous year, it posted a net loss of Rs 27.39 crore. Last fiscal year, revenue from operations was Rs 8,033.73 crore, up from Rs 5,072.98 crore the previous year.
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Bombay Metrics S C Ltd sold 15,600 shares in KRISHNA AWTAR KABRA at Rs 410.02 per share on the NSE.
VISHESH GUPTA sold 136,53,821 shares in Integra Essentia Limited at Rs 0.20 per share on the NSE.
GOYAL RAMESH KUMAR sold 90,000 shares in Innovative Tyres & Tubes at Rs 2.90 per share on the NSE.
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MANSUKH SECURITIES & FINANCE LTD sold 96,000 shares in Jeena Sikho Lifecare Limited at Rs 149.00 per share on the NSE.
TALISMAN SECURITIES PRIVATE LIMITED bought 1,44,000 shares in Empyrean Cashews Limited at Rs 149.98 per share on the NSE.
PALASH BANERJEE bought 69,990 shares in Kshitij Polyline Limited at Rs 28.00 per share on the NSE.
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AS FINALYSIS VENTURES LLP sold 51,000 shares in Sonu Infratech Limited at Rs 33.95 per share on the NSE.
NIRALI PRAVINCHANDRA SHAH bought 75,000 shares in Vinny Overseas Limited at Rs 53.88 per share on the NSE.
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Foreign institutional investors (FIIs) sold shares worth a net Rs 1254.64 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 375.61 crore in the Indian equity market on May 18, as per provisional data available on the NSE.
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Delta Corp, GNFC, Indiabulls Housing Finance, and Punjab National Bank are under the F&O ban for May 19. 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.
