Indian
equity benchmarks ended lower on Wednesday after a positive start, as
sentiments got a boost with a report stating that the country’s exports rose by
21.1% to $23.7 billion during May 1-21, on account of healthy growth in various
sectors, such as petroleum products, engineering, and electronic goods. Some
relief came after Union Minister for Commerce and Industry, Consumer Affairs, Food and Public
Distribution and Textiles, Piyush Goyal said that India has taken a series of
strict measures to curb inflation, keep interest rates in check and rein in
rupee depreciation so that growth and prosperity are not affected.
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As the
50-scrip index continues to move within the 15,700-16,400 range for two weeks,
the bearishness in the market is palpable, though it has not made a new low
since May 16, said Independent Technical Analyst Manish Shah.
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“The
pattern is not clear at the moment. The MACD (a momentum indicator) has moved
into a ‘buy’ mode but there is no price confirmation. The Nifty could remain in
this range for a prolonged period,” he said.
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Indian
Indices
Sensex
fell 303.35 points or 0.56% to 53,749.26 and Nifty was down by 99.55 points or
0.62% to 16,025.80 in the previous session. Sensex touched a high and low of
54,379.59 and 53,683.16, respectively. There were 12 stocks advancing against
18 stocks declining on the index. Nifty traded in a range of 16,223.35 and
16,006.95. There were 19 stocks advancing against 31 stocks declining on the
index.
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Broader
Indices
The
broader indices ended in red with the BSE Midcap index being down by 1.93%, while
the Small-cap index was down by 2.94%. On the sectoral front, Bankex up by 0.21%
was the only gaining sector, while IT was down by 3.19%, Realty down by 3.02%,
Industrials down by 2.66%, Consumer discretionary down by 2.47% and Capital
Goods down by 2.44% 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 1.28% to 25.28 on Wednesday.
SGX
Nifty
The
trends on SGX Nifty indicate a negative opening for the index in India with a
4-points loss. The Nifty futures were trading at 16,137.00 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 15,947, followed by 15,869. If the
index moves up, the key resistance levels to watch out for are 16,164 and
16,302, according to pivot charts.
US
Markets
The S&P 500 rose 37.25 points, or 0.9%, to 3,978.73.
The Dow Jones Industrial Average rose 191.66 points, or 0.6%, to 32,120.28.
The Nasdaq rose 170.29 points, or 1.5%, to 11,434.74.
The Russell 2000 index of smaller companies rose 34.34 points, or 1.9%, to 1,799.16.
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Asian
Markets
Asian
markets finished mostly higher on Wednesday. The Nikkei 225 rose 0.26% and the
Hang Seng rose 0.29%. The Shanghai Composite jumped 1.19%.
European
Markets
European
markets were higher on Wednesday, Germany’s DAX was up by 0.3% while France’s
CAC 40 was up by 0.25% and London’s FTSE 100 was up by 0.46%.
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Major
News Headlines
Sugar
stocks fall after export curbs
Shares
of sugar companies remained under pressure for the second straight day on
Wednesday after the government announced restrictions on sugar exports from
June 1, the latest slew of measures to control surging inflation. Dwarikesh
Sugar Industries dropped 9%, Dalmia Bharat Sugar and Industries 15%, Triveni
Engineering & Industries 8%, and Balrampur Chini Mills 9%. Avadh Sugar
& Energy lost 8%, Shree Renuka Sugars 7% and Uttam Sugar was down 9% in
intraday trade. Following the wheat export ban and hike in export duty on
certain steel products, the government said it would restrict sugar exports to
10 million tonnes to keep domestic prices in check.
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Coal
India Q4 Results: Net profit jumps 46% to Rs 6,693 crore, declares Rs 3
dividend
State-owned
Coal India Limited posted a 45.9% rise in consolidated net profit at Rs
6,692.94 for the quarter ended March 2022 on the back of higher revenue from
operations. The company’s consolidated net profit was at Rs 4,586.78 crore in
the year-ago period. The consolidated revenue from operations of CIL in the
March quarter increased to 32,706.77 crores from Rs 26,700.14 crore in the same
quarter of the previous financial year. CIL’s
production for the March quarter increased to 209 million tonnes over 203.42
million tonnes in the year-ago period. The company board has recommended a
dividend of Rs 3 per share for 2021-22, subject to the approval of the member
of the ensuing annual general meeting. CIL accounts for more than 80% of the
country’s total coal output.
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BPCL
Q4 Results: Net profit declines 82% to Rs 2,131 crore, revenue rises 25%
Bharat
Petroleum Corporation Limited (BPCL) reported an 82% decline in net profit for
the quarter ended March 2022 as the firm held fuel prices despite the rise in
cost. The company’s net profit was Rs 2,131 crore in the March quarter as
compared with Rs 11,940 crore in the year-ago period. Revenue from operations
surged 25% to Rs 1.23 trillion on higher oil prices but losses on petrol,
diesel and domestic LPG sales hurt the financials.
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IndiGo
Q4 Results: Loss increases to Rs 1,682 crore on higher fuel costs
InterGlobe
Aviation, the parent company of IndiGo, reported that its consolidated loss
widened to Rs 1,692 crore for the quarter ending March 31, 2022, as higher fuel
costs more than offset a rebound in demand for air travel. It had reported a
consolidated loss of Rs 1,147 crore in the year-ago period. Fuel prices in the
fourth quarter of 2021-22 increased by 61% compared to the same period last
year, the airline said. Consolidated revenue from operations jumped 29% to Rs
8,021 crore in the March quarter against Rs 6,223 crore in the same quarter of
the previous financial year.
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Bulk
Deal data
VISA
CAPITAL PARTNERS sold 3,37,598 shares in Aptech Limited at Rs 239.01 per share
on the NSE.
VISHESH
GUPTA sold 59,78,932 shares in Integra Essentia Limited at Rs 0.18 per share on
the NSE.
L7
HITECH PRIVATE LIMITED bought 1,68,702 shares in Venus Pipes & Tubes Ltd at
Rs 350.90 per share on the NSE.
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BASAVARAJ
CHANNAPPA MAHASHETTI bought 1,05,000 shares in Globe Intl Carriers Ltd at Rs
28.29 per share as per NSE.
NEW BERRY
CAPITALS PRIVATE LIMITED bought 1,61,090 shares in Venus Pipes & Tubes Ltd
at Rs 338.15 per share as per NSE.
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DII
and FII data
Foreign
institutional investors (FIIs) sold shares worth a net Rs 1,803.06 crore, while
domestic institutional investors (DIIs) bought shares worth a net Rs 2,229.82
crore in the Indian equity market on May 25, as per provisional data available
on the NSE.
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NSE
F&O Ban
The
National Stock Exchange has not put any stock under the F&O ban for May 26.
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.
