Indian equity indexes on Friday reversed early gains and closed with minor losses due to late selling pressure in the Metal, Utilities, and Telecom sectors. Despite an encouraging global sentiment, the markets closed negative for the sixth consecutive day.
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The Nifty50 has formed a long body negative candle on the daily chart with a long upper shadow, reflecting a lack of strength in the market to sustain the highs, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
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Sensex declined 136.69 points, or 0.26%, to 52,793.62, while the Nifty slid 25.85 points, or 0.16%, to 15,782.15 in the previous session. The Sensex reached a high of 53,785.71 and a low of 52,654.89, respectively. On the index, there were 15 stocks that advanced and 15 stocks that declined. The Nifty traded between 16,083.60 and 15,740.85. On the index, there were 25 stocks that advanced and 25 stocks that declined.
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Broader Indices
The broader indices ended in green with the BSE Midcap index rising 0.79%, while the Small cap index was up by 1.28%. The top gaining sectoral indices on the BSE were Auto up by 2.47%, Industrials up by 1.73%, FMCG up by 1.64%, Healthcare up by 1.47% and Consumer Durables up by 1.42%. In comparison, Metal down by 2.46%, Utilities down by 2.36%, Telecom down by 2.28%, Power-down by 2.20% and Bankex down by 1.29% were the top losing indices on BSE. The top gainers on the Sensex were Sun Pharma up by 3.76%, Mahindra & Mahindra up by 2.78%, Hindustan Unilever up by 2.49%, ITC up by 2.25% and Titan Company up by 2.08%. On the flip side, SBI down by 3.76%, ICICI Bank down by 2.65%, NTPC down by 2.56%, Bharti Airtel down by 2.32% and Maruti Suzuki down by 2.07% were the top losers.
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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 3.21% to 23.48 on Friday.
SGX Nifty
The trends on SGX Nifty indicate a positive opening for the index in India with a 44-points gain. The Nifty futures were trading at 15,923.80 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 15,654, followed by 15,526. If the index moves up, the key resistance levels to watch out for are 15,997 and 16,212, according to pivot charts.
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The S&P 500 rose 93.81 points, or 2.4%, to 4,023.89.
The Dow Jones Industrial Average rose 466.36 points, or 1.5%, to 32,196.66.
The Nasdaq rose 434.04 points, or 3.8%, to 11,805.
The Russell 2000 index of smaller companies rose 53.28 points, or 3.1%, to 1,792.67.
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Asian Markets
Asian markets finished broadly higher on Friday with shares in Hong Kong leading the region. The Hang Seng was up 2.71% while Japan’s Nikkei 225 was up 2.64% and China’s Shanghai Composite was up 0.92%.
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European Markets
European markets closed sharply higher on Friday with shares in London leading the region. The FTSE 100 was up 2.55% while France’s CAC 40 was up 2.52% and Germany’s DAX was up 2.10%.
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Major News Headlines
Retail Inflation in India jumps to 8-year high of 7.79% in April
Retail inflation in India increased to 7.79% in April, largely because of rising fuel and food prices, government data showed. The consumer price-based inflation figure stayed well above the Reserve Bank of India’s (RBI’s) upper tolerance limit for a fourth straight month. RBI has been directed by the Centre government to keep the inflation between 2% to 6% for a five-year period ending March 2026. India’s factory output, measured in terms of Index Industrial Production (IIP), witnessed a growth of 1.9% in March, according to separate data released by the Ministry of Statistics & Programme Implementation (MoSPI). Retail inflation in March stood at 6.95%. Retail inflation is now at the highest level since the 8.83% hit in May 2014. Rural inflation surged to 8.83% in April as compared to 7.66% in March and 3.75% in April 2021. Urban inflation in April stood at 7.09% as compared to 6.12% in March and 4.71% in April 2021.
LIC IPO: Issue price fixed at Rs 949 per share, listing on May 17
The Union government has set the issue price of LIC shares at Rs 949 per share, the upper end of the IPO price band, ahead of the listing of India’s largest life insurance company on May 17, reported PTI. The policyholder of the LIC and retail investors will get shares at a discounted price of Rs 889 and Rs 904 per share, respectively. The Initial Public Offering (IPO) of Life Insurance Corporation (LIC) closed on May 9 and shares were allocated to the bidders on May 12. The LIC IPO saw high demand from domestic investors. It was subscribed 2.95 times. However, foreign investors did not respond well to the issue. The issue received the highest number of applications in the history of Indian markets. The government raised around Rs 20,557 crore from the share sale. The government sold more than 22.13 crore shares or a 3.5% stake in LIC through the IPO. The price band for the LIC IPO was fixed between Rs 902-949 per share. LIC will list on the stock exchanges and its shares will start trading from May 17.
SBI Q4 Results: Net profit rises 41% YoY, declares Rs 7.10 dividend
India’s largest state-owned lender, State Bank of India (SBI) reported a 41.2% year-on-year (YoY) rise in net profit at Rs 9,113.5 crore for the quarter ended March 31, 2022. The lender has posted a net profit of Rs 6,450.75 crore in the year-ago period. With this, the bank has registered its highest quarterly net profit in March 2022 quarter. Net profit for the financial year 2022 grew by 55.19% YoY to Rs 31,676 crore. Income from the net interest on loans surged 8.6%, while provisions for bad loans fell by two-thirds to Rs 3,262 crore, the bank said. SBI’s net interest income (NII) for the quarter grew by 15.3% to Rs 31,198 crore from Rs 27,067 crore in the March quarter of fiscal 2021. Domestic net interest margin (NIM) increased by 20 basis points (bps) YoY to 3.40%. Operating profit for the fiscal year 2022 grew by 5.22% YoY to R 75,292 crore while for the March quarter it came at Rs 19,717 crore. The bank has declared a dividend of Rs 7.10 per share (710%) for the financial year 2022.
Tech Mahindra Q4 Results: Profit surges 39% to Rs 1,506 crore, revenue up 24%
Tech Mahindra reported a 39.2% year on year (YoY) rise in net profit at Rs 1,506 crore for the quarter ended March 31, 2022. It has reported a net profit of Rs 1,081 crore in the year-ago period. Its net profit for the financial year 2021-22 grew 25.7% to Rs 5,566 crore compared to the previous financial year. Revenue supported by growth in both its telecom and enterprises segment rose 24.5% YoY to Rs 12,116 crore as against Rs 9,730 crore in the same quarter of the previous financial year. It grew 5.8% sequentially. For the financial year 2021-22, Tech Mahindra’s revenue stood at Rs 44,646 crore, up 17% from the previous financial year. In US dollar terms revenue for the quarter was up 5.4% at constant currency at $1.6 billion. For fiscal 2022, Tech Mahindra reported revenue of $5.99 billion. Further, the Board of Directors has recommended a final dividend of Rs 15 per share and a special dividend of Rs 15 per share on the par value of Rs 5 for the financial year ended March 31, 2022. The final dividend, if approved, will be paid by August 9, 2022.
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SATHISH SRINIVAS NAYAK sold 4,53,832 shares in Asian Granito India Limited at Rs 73.45 per share on the NSE.
SHAH JAY ARVIND sold 8,400 shares in Bombay Metrics S C Limited at Rs 366.94 per share on the NSE.
GOENKA BUSINESS & FINANCE LIMITED bought 1,38,000 shares in Sonu Infratech Limited at Rs 37.80 per share on the NSE.
CARRON INVESTMENTS PVT LTD sold 1,39,135 shares in Sreeleathers Limited at Rs 169.81 per share on the NSE.
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Foreign institutional investors (FIIs) sold shares worth a net Rs 3780.08 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 3169.62 crore in the Indian equity market on May 13, as per provisional data available on the NSE.
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Indiabulls Housing Finance, GNFC and PNB are under the F&O ban for May 16. 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.
