Sensex snaps 2-day gaining streak, slips 110 pts; Ruchi Soya leaps 10%

CLOSING BELL: Sectorally, the Nifty Realty and PSU Bank indices were the worst hit as they slipped 1.75 per cent and 1.6 per cent on the NSE

4:01 PM

Market view: Vinod Nair, Head of Research at Geojit Financial Services

With the support from Pharma and FMCG stocks, the domestic market had a steady run until the weak opening of the European market. UK’s soaring retail inflation number along with Fed Chair’s reassurance on bringing down the inflation, disturbed the sentiment, risking sharper rate hikes. With prospects of a sizeable interest rate hike by the global central banks, investors are advised to allocate higher weightage to sectors that are least affected by such policies like defensives.

3:56 PM

Closing bell: Over 1,900 stocks advanced whereas 1,433 declined

3:52 PM

Closing bell: Nifty FMCG best sectoral performer

3:51 PM

Closing bell: Power Grid, BPCL, Tech Mahindra top Nifty 50 losers

3:49 PM

Closing bell: Tata Consumer, HUL, Ultratech Cement top Nifty 50 gainers

3:46 PM

Closing bell: Nifty Realty worst sectoral performer

3:42 PM

Closing bell: Broader markets tepid; India Vix eases below 1%

3:40 PM

Closing bell: Most sectors bleed; Pharma, FMCG stocks in demand

3:39 PM

Closing bell: 13 out of 30 Sensex stocks sizzle in positive territory

3:35 PM

Closing bell: Sensex sheds over 100 points

3:34 PM

Closing bell: Nifty 50 closes below 16,250 levels

3:31 PM

Ruchi Soya hits upper circuit on buyout of Pantajali's food retail business

Shares of Ruchi Soya Industries froze at 10 per cent upper circuit and hit over 10-month high of Rs 1,188.60 on the BSE in Wednesday’s intra-day trade. The spike comes after the company announced complete acquisition of Patanjali Ayurved's food business for Rs 690 crore in order to accelerate transition into a leading fast moving consumer goods (FMCG) company. The board also approved to change the company's name from Ruchi Soya Industries to Patanjali Foods. READ MORE

3:29 PM

Cabinet empowers PSU boards to recommend stake sale, close subsidiaries

At present, PSU boards have the authority to make equity investments, undertake mergers and acquisitions subject to certain ceilings of net-worth. However, powers for disinvestment and closure of their subsidiaries is not available to PSUs, except for suggesting minority stake sales for some PSUs. READ MORE

3:25 PM

Dr Reddy's Q4 PAT may rise 28% YoY; margins likely to fall, say analysts

Hyderabad-based drugmaker Dr Reddy’s Laboratories is set to announce results for the fourth quarter of FY22 (Q4FY22) on Thursday, May 19. Analysts expect the company to post revenue growth of 8-16 per cent in Q4FY22 on the back of decent sales across all geographies and a ramp-up in volumes of its Vascepa generic in the US. READ MORE

3:15 PM

Bharti Airtel Q4 concall :: See ARPU headed towards Rs 300 over the longer-term

>> Slower upgrades from 2G to 4G due to higher prices of smartphones

>> 5G will be in most part of urban India in 3-4 years

>> Will need another round of tariff hike to get to Rs 200-ARPU

3:08 PM

Infosys, PowerGrid :: Stocks that are weighing on the Sensex

3:01 PM

US equity futures tread lower; hint at subdued start for Wall Street Thursday

source: finance.yahoo.com

3:01 PM

IPO Update :: Ethos subscribed over 20% so far on Day 1

2:51 PM

EXPERT TAKE :: Spike in inventory, slowdown in trade credit may have repercussions, warns Sandeep Bhardwaj

2:44 PM

RBI POLICY :: Brace for more rate hikes and weaker rupee, says India Ratings

>> India Ratings and Research (Ind-Ra) expects the retail inflation to average at a nine-year high of 6.9% in FY23, and the Reserve Bank of India (RBI) to increase the policy rate at least by 75bp in rest of FY23.

>> The hike could also be 100-125bp, but this will depend on incoming data, policy actions by global central banks, global geopolitical situation and its spill over effect on the India economy.

>> Along with it, the cash reserve ratio could also be hiked by 50bp to 5% by end-FY23. Ind-Ra therefore expects the 10-yr G-sec to trade between 7.8-8.0% by end-March 2023.

2:33 PM

Ruchi Soya to buy Patanjali's food business for Rs 690 cr, change its name

“The acquisition is valued at a fair market value of Rs 690 crore based on all the fixed assets of food division & respective current assets on slump sale basis,” the company said in its stock exchange filing on Wednesday. READ MORE

2:24 PM

NEWS ALERT :: Report suggests GST on casinos, online games may be raised to 28%

>> At present, GST is levied at 18%

2:17 PM

Global markets :: European stocks mixed as markets struggle to gain momentum

2:16 PM

Will meet monetisation target of Rs 20,000 crore in FY23: NHAI Chairperson

The NHAI is optimistic about meeting the asset monetisation target of Rs 20,000 crore in the current fiscal amid ongoing economic uncertainties and geo-political instability, a top official said. READ HERE

2:06 PM

MARKET CHECK: Sensex makes a comeback, surges over 150 points

2:01 PM

RBI's criticism for 'delayed' rate hike unfair, says ex-Guv D Subbarao

Earlier this month, Monetary Policy Committee (MPC), the central bank's rate-setting panel, surprised the markets with a 40 basis points hike in repo rate in an off-cycle policy meeting. It was also the first rate hike after August 2018, amid spiralling inflation. READ MORE

1:51 PM

Kohinoor Foods, Gokaldas Exports among stocks that hit 52-week high

1:40 PM

Bharti Airtel trades weak despite strong Q4; down 5% from intra-day high

In the past one week, Airtel has underperformed the market by falling 4 per cent, as compared to 0.28 per cent rise in the Sensex. Read here

1:30 PM

S&P cuts FY23 India growth forecast to 7.3% on inflation, Ukraine war

S&P Global Ratings on Wednesday cut India's growth projection for the current fiscal to 7.3 per cent from 7.8 per cent earlier on rising inflation and the longer-than-expected Russia-Ukraine conflict. Read more

1:20 PM

UK inflation hits 9%, highest since 1982 as food and energy prices soar

Consumer price inflation hit 9% in April, the Office for National Statistics said, surpassing even the peaks of the early 1990s recession that many Britons remember for sky-high interest rates and widespread mortgage defaults. A Reuters poll of economists had pointed to a reading of 9.1%. READ MORE