Sensex ends lower for third straight day, slips 129 pts; SBI, ITC dip 2%

CLOSING BELL ON MAY 18: The NSE Nifty 50 slipped 52 points to 18,130 as weekly expiry also weighed on the sentiment.

4:07 PM

Tech View :: 'Nifty is approaching crucial support of 18,079; stay stock specific'

On the hourly charts, we can observe that the Nifty has faced resistance around the key hourly moving averages and faced selling pressure. Going ahead 18,300 – 18,350 shall act as a stiff resistance. On the way down the Nifty is approaching the crucial support of 18,079 which coincides with the 20 day moving average and below that lies the psychological support level of 18,000. So, on the downside, there are multiple support parameters which shall provide cushion and restrict a deep correction. Stock specific action can take place over the next few trading sessions. The daily momentum indicator has a negative crossover which is a sell signal. Thus, considering the above we have changed our outlook to sideways and the range of consolidation is 18,400 – 18,000. 

Views by: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

 

 

3:55 PM

Comment :: 'Prudent to stay light and accumulate quality stocks'

Markets traded volatile on the weekly expiry day and ended marginally lower. Firm global cues triggered a gap up start however profit taking in the select index majors trimmed the gains as the day progressed. Consequently, the Nifty index settled at 18129.95 levels; down by 0.28%. Mostly sectoral indices ended lower wherein realty, pharma and FMCG were among the top losers however some resilience in banking and financials capped the damage. The broader indices too witnessed profit taking and shed nearly half a percent each.

 

It is healthy consolidation so far however volatility across sectors is keeping traders on their toes. We feel it’s prudent to stay light and utilize this phase to gradually accumulate quality stocks from top performing sectors viz. banking, financials, FMCG and auto. 

Views by:  Ajit Mishra, VP - Technical Research, Religare Broking

3:50 PM

Comment :: 'India VIX staying at lower levels indicates market stability'

Positive developments in debt-ceiling negotiations in the US had a favourable impact on global market sentiments. However, the domestic market experienced a subdued mood in the latter half, mainly attributed to the mixed earnings reported by sector majors. India's VIX at lower levels indicates market stability, instilling confidence in investors and encouraging long-term investment.

Views by: Vinod Nair, Head of Research at Geojit Financial Services

3:46 PM

Currency check :: Rupee ends near 6-week lows of 82.60/$

3:45 PM

Buzzing stock :: JK Tyre cracks 9% post Q4 results

3:43 PM

Buzzing stock :: Jindal Saw ends off highs, still 6% on solid Q4, plan to sell UK arm

3:41 PM

Buzzing stock :: Restaurant Brands Asia zooms 13% on Everstone stake sale buzz

3:40 PM

Buzzing stock :: Jubilant FoodWorks ends off lows

3:39 PM

Buzzing stock :: ITC falls 2% as Q4 numbers miss estimates

3:37 PM

Broader market :: MidCaps underperform peers, index down 0.67%

3:36 PM

Sector check :: Realty, PSB indices fall 2%, financial services buck trend

3:35 PM

Sensex Heatmap :: ITC, SBI drop 2% each post Q4 results, drag benchmarks

3:34 PM

CLOSING BELL :: Nifty ends below 18,150

3:32 PM

CLOSING BELL :: Sensex drops over 600 pts from days high, ends lower for 3rd day

3:22 PM

ALERT:: GNFC Q4 net dips 48%; stock slumps 10%

GNFC today reported a sharp 48 per cent fall in Q4 net profit at Rs 334 for the quarter ended March 2023 as against Rs 643 crore in the quarter ended March 2022. Total income was down 15.5 per cent YoY at Rs 2,394 crore.

3:11 PM

Thermax declines 7% as investors book profit post March quarter earnings

The company said that the order book for the year stood at a consolidated level stood of Rs 8,788 crore, as compared to Rs 9,410 crore in FY22, down 7 per cent. READ MORE

3:05 PM

Adani's NDTV plans to launch 9 news channels in different languages

The board of the company, at its meeting held on Thursday, has "approved a proposal to seek the permission of the Ministry of Information & Broadcasting for the launch of nine news channels in different Indian languages in phases," NDTV said in a regulatory filing. READ MORE

2:54 PM

SBI Press Meet: Posted higher-ever quarterly profit for third quarter running, says SBI chairman

>> Gross NPA ratio at lowest level in last 10 years

 

>> Restructured book is behaving well within 

 

>> Bank remains very well capitalised

 

>> Global Economy is passing through uncertain times

Source: CNBC TV

2:48 PM

ALERT:: ITC Q4 net rises 21%; stock down over 1%

ITC today reported a 21.4 per cent growth in Q4 net profit of Rs 5,086.90 crore for the quarter ended March 2023 when compared with Rs 4,190.90 crore in the corresponding quarter a year ago. Total income was up 5.6 per cent YoY at Rs 16,398 crore.

2:38 PM

ALERT:: Arvind reports Q4 turnaround; stock up over 1%

Arvind reported a net profit of 48.81 crore for the fourth quarter ended March 2023. In comparison, the company has posted a net loss of Rs 93.31 crore in the similar year ago period. Total income was down 14.3 per cent YoY at Rs 1,720.23 crore.

2:26 PM

Tilaknagar Industries surges 14%, hits 52-week high on healthy Q4 results

Despite a reduction in gross margins, the company was able to maintain its EBITDA margin through multiple cost optimization efforts and improved productivity. READ MORE

stock brokers, Sensex, Nifty, BSE, NSE

 

2:16 PM

ALERT:: Gail India Q4 net plunges 78%; stock falls XX%

Gail India today reported a 77.5 per cent dip in Q4FY23 net profit to Rs 603.52 crore when compared with Rs 2,683.11 crore in Q4FY22. Total income, however was up 23.7 per cent YoY at Rs 33,875.39 crore.

 

2:05 PM

Oracle lays off over 3,000 employees from health IT arm Cerner: Report

Cloud major Oracle reportedly laid off more than 3,000 employees at the electronic healthcare records firm Cerner which it acquired for $28.4 billion. READ MORE

1:54 PM

ALERT:: SBI Q4 net soars 84%; stock slips into red

SBI today reported a strong 83.2 per cent surge in Q4FY23 net profit at Rs 16,694 crore as against Rs 9,114 crore in Q4FY22. Total income was up 29.4 per cent YoY at Rs 1,06,913 crore. READ MORE

1:44 PM

'It's difficult not to be positive on Indian equities'

With Nifty50 almost consolidating at around 18,000 levels, valuations have become reasonable and offer a good entry point for investors, says Madangopal Ramu, head of equity and fund manager at Sundaram Alternate Assets. READ MORE

1:34 PM

ALERT:: Zydus Life Q4 net zooms 99%; stock flat

Zydus Lifesciences Q4 standalone net profit almost doubled to Rs 490.70 crore in the quarter ended March 2023 when compared with Rs 246.90 crore in the quarter ended March 2022. Total income surged over 40 per cent YoY to Rs 2,830.50 crore. 

1:18 PM

Gold ornaments raise retail inflation in personal care segment to 9% in Apr

A 22-month high retail price inflation in gold ornaments pushed the rate of price rise in the personal care segment to nine per cent in April, from 8.25 per cent in March even as overall inflation eased to a 18-month low of 4.70 per cent in the first month of 2023-24. READ MORE

1:08 PM

Global Market Update:: Nikkei, Taiwan shine in Asia trade

Source: Yahoo Finance

12:46 PM

AU Small Finance Bank joins Rs 50,000 cr m-cap club as stock hits new high

Since April, the market price of AU SFB has rallied 30 per cent after the company reported its highest ever quarterly profit of Rs 425 crore in March quarter, up 23 per cent year-on-year (YoY). The bank's net profit was Rs 346 crore in the year-ago quarter. READ MORE

12:35 PM

Everstone in talks to sell 41% stake in India's Burger King franchisee

The Singapore-headquartered buyout firm is in talks with Jubilant Foodworks, which operates Domino's in India, as well as a consortium of PE firms Advent International and General Atlantic, the report said.

 

Everstone Capital, through its investment vehicle QSR Asia Pte Ltd, held a 40.9 per cent stake in Restaurant Brands as of March 31, according to Refinitiv data. READ MORE