Sensex slips 347 pts on profit-taking, Nifty holds 18,500; RIL, SBI dip 2%

CLOSING BELL ON MAY 31, 2023: Reliance, HDFC and HDFC Bank accounted for nearly 90 per cent of the day's loss on the BSE benchmark; Midcaps and Smallcaps bucked the trend.

4:00 PM

Tech View :: 'Momentum indicators suggest consolidation may have matured'

On the daily charts, we can observe that the Nifty has filled the gap area 18,500 – 18,580 formed on 29th May and held on to that support zone. We believe that the Nifty is in the process of retesting the breakout it provided last week from the zone of 18,000 – 18,400. 

The hourly momentum indicator has reached the equilibrium line indicating that the consolidation may have matured, and it can start a new cycle on the upside.

Overall, we continue to maintain our positive outlook on the index for a target of 18,800 from a short-term perspective. In terms of levels, 18,460 – 18,400 shall act as the crucial support zone while the hurdle zone is placed at 18,660 – 18,700.

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

3:58 PM

Comment :: 'Prudent to focus on position management'

Markets witnessed profit taking and shed over half a percent, tracking mixed cues.  After the initial downtick, the Nifty index traded with a negative bias for most of the session however a marginal rebound in the final hours trimmed some losses and it finally settled at 18,534.40 levels. Pressure in the energy, banking and metal pack was weighing on the sentiment while pharma and realty showed resilience and ended higher. Amid all, the broader indices showed noticeable strength and gained in the range of 0.4%-1%.

 

Global headwinds, especially from the US markets, are causing intermediate volatility however the positional up trend is still intact. Considering the scenario, it is prudent to focus on position management while maintaining a positive bias. 

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

3:57 PM

Comment :: 'Concerns about recession, potential interest rate hikes in western markets impacting domestic mkt'

As indicated by multiple economic data points, the Indian economy is presently experiencing a robust recovery, leading to an upward trend in domestic equity markets. However, the rally is being hindered at times due to negative signals from global peers, as observed today. Concerns about a recession and potential interest rate hikes in western markets are impacting the domestic market but it is nevertheless maintaining the outperformance.

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

3:53 PM

Currency :: Rupee ends nearly flat at 82.72/$ against Tuesday’s close of 82.71/$

3:51 PM

BSE Stats :: Declining stocks mildly outnumber advancing stocks

3:50 PM

Buzzing stock :: HDFC Life gains 1% post block deal

Abrdn was likely to sell 1.66 per cent equity stake (35.7 million shares) in HDFC Life Insurance company via block deal on May 31, 2023. With this stake sell, Abrdn will completely exit its stake in HDFC life insurance.

3:48 PM

Buzzing stock :: Sona BLW recoups morning losses post block deal

As per reports, promoters of Sona Comstar were likely to sell 3.25 per cent stake in the company at around Rs 500 per share via the block deal mechanism on stock exchanges today. Total deal size was pegged at Rs 960 crore. As on March 31, 2023, promoters held 33 per cent stake in the company.

3:45 PM

Buzzing stock :: Tega Industries freezes at 10% upper circuit on strong Q4 results

The company’s consolidated revenues grew 36.7 per cent YoY to Rs 396.4 crore. Absolute earnings before interest, taxes, depreciation and amortization (EBITDA) came at Rs 102.8 crore, grew by 49.1 per cent YoY with EBITDA margins expanded by 217 bps YoY to 25.9 per cent.

3:42 PM

Buzzing stock :: Torrent Pharma hits record high, leaps over 7% post Q4

In Q4FY23, Torrent Pharma’s revenues grew 16.9 per cent year-on-year (YoY) to Rs 2,491 crore, mainly driven by growth in India, Germany and Brazil markets. Earnings before interest, taxes, depreciation, and amortization (ebitda) increased 29.6 per cent YoY to Rs 727 Crore. Ebitda margins expanded by 286 bps to 29.2 per cent, due to change in revenue mix, higher revenues across geographies.

3:40 PM

Buzzing stock :: Jindal Saw soars 15% on solid Q4

The company reported strong March quarter (Q4FY23) earnings with a consolidated net profit more-than-doubling to Rs 294 crore on the back of healthy operational performance. It had posted profit of Rs 121.84 crore in the year-ago quarter and of Rs 143.23 crore in the previous quarter.

3:37 PM

Broader market check :: Mid, SmallCap indices gain up to 0.7%

3:36 PM

Sector check :: Financial, Metal stocks slide on Wednesday; Realty index rises the most

3:34 PM

Sensex Heatmap :: 11 of the 30 index stocks buck trend

3:33 PM

CLOSING BELL :: Nifty holds 18,500

3:32 PM

CLOSING BELL :: Sensex snaps 4 day losing streak, ends 347 pts down

3:25 PM

Combined brand value of Indian companies surpasses $100 bn: Interbrand

The overall value of the Indian Inc brand has grown remarkably, surpassing Rs 83,1005.7 crore ($100 billion), according to global brand consultancy firm, Interbrand. The spike marks an increase of 167 per cent over the past decade, said the firm in its report on India’s top 50 most valuable brands. READ MORE

3:15 PM

Sugar mills export entire quota of 6.1 mn tonnes, cash in on high prices

Mills were getting more than Rs 50,000 ($604.6) per tonne from the overseas sale against the local price of 36,500 rupees, dealers said. READ MORE

3:07 PM

India of 2023 is different from what it was in 2013: Morgan Stanley

India has witnessed a significant transformation in several areas since 2014 and will emerge as a key driver for Asian and global growth, says a Morgan Stanley research report on Wednesday. READ MORE

2:59 PM

ALERT:: GMDC Q4 net soars 157%; stock up 3%

GMDC today reported a net profit of Rs 451 crore for the quarter ended March 2023 as against Rs 175 crore in Q4FY22. Total income was up 8.3 per cent YoY at Rs 1,188 crore.

2:50 PM

Vedanta Resources repays $500 mn bonds, says has cut debt to $6.4 bn

Vedanta Resources, the parent of Vedanta group, on Wednesday repaid bonds worth $1.4 billion that were due in May and June to reduce its gross debt to $6.4 billion, the company said in a statement. READ MORE

2:40 PM

Walmart boost: India's readymade garment exports limping to normalcy in May

Though export values are up, volumes remain subdued by at least by 5-10 per cent, said K M Subramanian, president, the Tirupur Exporters Association (TEA). READ MORE

2:32 PM

Tatas create war chest of over Rs 7,600 crore for electronics business

Tata Electronics was given over Rs 608 crore in capital infusion in 2022-23 by its holding company Tata Sons, the highest in a single financial year. READ MORE

2:23 PM

High staff attrition a significant operational risk to banks: RBI Dy Guv

High attrition and employee turnover pose significant operational risks, including disruption in customer services, as well as ethical issues for banks, Reserve Bank of India (RBI) Deputy Governor M K Jain said. These issues could have an adverse financial impact on banks, Jain added while addressing board members of banks on Monday. READ MORE

2:09 PM

Jindal Saw soars 9%, hits new high in a weak market on healthy biz outlook

In the past two weeks, the stock has surged 31% after the company reported strong Q4 earnings with consolidated net profit more-than-doubling to Rs 294 crore. READ MORE

1:57 PM

Market Check: IT stocks recover smartly; KPIT, Datamatics shine

1:45 PM

ALERT:: Oil India issues statement on Numaligarh Refinery fire; stock flat

"A fire broke out at the Numaligarh Refinery Limited’s Hydrocracker Unit (HCU) in vessel Number VV-04 at approximately 19:20 hours on 29.05.2023. The vessel is a cold high-pressure separator. The fire was brought under control within 20 minutes of break out. However, as per firefighting protocol, cooling through water spraying is still being carried out," the company said in a release to the BSE.

 

Assessment of the damage has not been done yet. There is no personal injury or fatality in the incident. Nearby Hydrogen unit has been shut down as a precautionary measure, the release added.

1:30 PM

India plans to link prices of domestic lithium with London Metal Exchange

The move to link the prices comes after the Geological Survey of India (GSI) conducted an exploration of the blocks of REEs and lithium in the country. READ MORE

1:19 PM

Asian Market Update:: Hang Seng slumps 2.5%; Nikkei dips 1.4%

Source: Yahoo Finance

1:07 PM

Campus Activewear extends fall; slips 12% in two days on weak Q4 results

For Q4FY23, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) declined 27.4 per cent year-on-year (YoY) to Rs 57.12 crore; margin contracted 590 bps YoY to 16.4 per cent, due to the rising raw material prices. READ MORE

12:54 PM

Deloitte flags Adani Port transactions citing 'insufficient disclosures'

Deloitte Haskins & Sells LLP raised concerns on Tuesday over the port unit’s transactions with three entities, which the company said were unrelated parties. But the auditor said it could not confirm that the parties were indeed unrelated, and that the firm has refused to get an independent external examination that would help prove so. READ MORE