The benchmark indices pared most of the losses from its intraday low during afternoon trade, closing just below the flat line on Wednesday. The benchmarks closed in negative territory, falling almost 3% in four consecutive sessions. The Nifty index came off its day's low of 15,992.60, to re-claim 16,100 level at the fag end of market hours. Shares of realty, private bank and metal rose while IT, auto and consumer durables scrips corrected.
As per provisional closing basis, the barometer index, S&P BSE Sensex fell 276.46 points or 0.51% at 54,088.39. The Nifty 50 index lost 72.95 points or 0.45% at 16,167.10.
The S&P BSE Mid-Cap index shed 0.46%. The S&P BSE Small-Cap index lost 2.23%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 812 shares rose while 2,581 shares fell. A total of 121 shares were unchanged.
Weather Update:
Cyclone Asani, which formed in the Bay of Bengal, is likely to come near the coast of Andhra Pradesh Wednesday, as per media reports. It is unlikely, however, to make landfall, and could slowly recurve north-northeastwards and move along Narsapur, Yanam, Kakinada, Tuni and Visakhapatnam coasts and emerge into westcentral Bay of Bengal by tonight. The 'severe cyclonic storm' is expected to gradually weaken into a 'cyclonic storm' today, and then into a depression by Thursday morning.
India Meteorological Department's (IMD) tweeted, “Cyclonic Storm 'ASANI' over Westcentral Bay of Bengal-Cyclone Warning for Andhra Pradesh coast. Yesterday's severe cyclonic storm 'Asani' (pronounced as Asani) over Westcentral & adjoining south Bay of Bengal moved nearly west-northwestwards.
It lay centred at 08:30 hours IST today, 11 May, over Westcentral Bay of Bengal as Cyclonic Storm and moved north-northeastwards with a speed of 6 kmph during past 6 hours, and lay centered at 08:30 hours IST of 11 May, over same region near latitude 15.9°N and longitude 81.4°E, about 40 km southeast of Machilipatnam (Andhra Pradesh), 140 km southwest of Kakinada (Andhra Pradesh), 280 km southwest of Visakhapatnam (Andhra Pradesh), 520 km southwest of Gopalpur (Odisha) and 630 km southwest of Puri (Odisha).
It is very likely to move north-northeastwards along Narsapur, Yanam, Kakinada, Tuni & Visakhapatnam coasts till evening of today and emerge into westcentral Bay of Bengal off North Andhra Pradesh coasts by today night. It is likely to weaken further into a depression by 12 May morning. Fishermen are advised not to venture into Westcentral Bay of Bengal along and off Andhra Pradesh and Odisha coasts on 11 May and into Northwest Bay of Bengal till 12 May. Fishermen to return to coast.”
IPO Update:
Prudent Corporate Advisory Services: The initial public offer (IPO) of Prudent Corporate Advisory Services received bids for 30,72,984 shares as against 60,18,689 shares on offer, according to stock exchange data at 15:12 IST on Wednesday (11 May 2022). The issue was subscribed 51%.
The issue opened for bidding on Tuesday (10 May 2022) and it will close on Thursday (12 May 2022). The price band of the IPO is fixed at Rs 595-630 per share. The company will offer a discount of Rs 59 per share to eligible employees. The offer includes a reservation of shares worth upto Rs 6.50 crore for eligible employees. An investor can bid for a minimum of 23 equity shares and in multiples thereof.
Delhivery: The initial public offer (IPO) of Delhivery received bids for 1,27,27,230 shares as against 6,25,41,023 shares on offer, according to stock exchange data at 15:15 IST on Wednesday (11 May 2022). The issue was subscribed 20%.
The issue opened for bidding on Wednesday (11 May 2022) and it will close on Friday (13 May 2022). The price band of the IPO is fixed at Rs 462-487 per share. An investor can bid for a minimum of 30 equity shares and in multiples thereof.
Venus Pipes and Tubes: The initial public offer (IPO) of Venus Pipes and Tubes received bids for 66,40,836 shares as against 35,51,914 shares on offer, according to stock exchange data at 15:15 IST on Wednesday (11 May 2022). The issue was subscribed 1.87 times.
The issue opened for bidding on Wednesday (11 May 2022) and it will close on Friday (13 May 2022). The price band of the IPO is fixed at Rs 310-326 per share. An investor can bid for a minimum of 46 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Auto index fell 0.86% to 10,382.15. The index declined 3.02% from its previous closing high extending its losing run for the fourth consecutive session.
Among the components of the Nifty Auto index, Tube Investments of India (down 6.6%), Sona BLW Precision Forgings (down 1.52%), Ashok Leyland (down 1.52%), Eicher Motors (down 1.35%) and Maruti Suzuki India (down 1.15%) were the top losers.
Among the other losers were Bosch (down 0.86%), Tata Motors (down 0.82%), MRF (down 0.62%), Mahindra & Mahindra (M&M) (down 0.26%) and Bharat Forge (down 0.21%).
On the other hand, TVS Motor Company (up 0.93%), Escorts (up 0.8%) and Bajaj Auto (up 0.68%) advanced.
Stocks in Spotlight:
Cipla gained 1.17%. Cipla's consolidated net profit fell 12.4% to Rs 362 crore on 14.2% increase in total revenue from operations to Rs 5,260 crore in Q4 March 2022 over Q4 March 2021. On a consolidated basis, EBITDA fell 4.2% year-on-year to Rs 763 crore in Q4 March 2022. EBITDA margin stood at 14.5% in Q4 March 2022, lower than 17.3% in Q4 March 2021.
Wipro fell 0.30%. The IT major has extended its strategic agreement with Crédit Agricole CIB to fuel Crédit Agricole CIB's next stage of growth. Crédit Agricole CIB is the corporate and investment bank division of Crédit Agricole Group. The engagement builds on Crédit Agricole CIB and Wipro's decade-long relationship and will provide the Bank with a larger team of Wipro experts who will operate a robust and secure infrastructure. Wipro will enable Crédit Agricole CIB to embrace the latest cloud technologies and agile practices allowing it to achieve faster speed-to-market on new products and services, improving client satisfaction and unlocking new value streams.
Vodafone Idea fell 0.80%. The teleco reported consolidated net loss of Rs 6563.10 crore in Q4 FY22 as compared to net loss of Rs 7230.90 crore in Q4 FY21. Total revenue rose to Rs 10239.50 crore in Q4 FY22 from Rs 9717.30 crore in Q4 FY21.
Kansai Nerolac Paints declined 4.53%. The company reported 80.1% drop in consolidated net profit to Rs 24.73 crore in Q4 FY22 from Rs 124.28 crore in Q4 FY21. Net sales during the quarter increased by 5.3% YoY to Rs 1,536.60 crore.
Mahanagar Gas (MGL) added 2.32%. MGL reported 38.1% fall in net profit to Rs 131.80 crore on a 51.4% increase in net revenue from operations to Rs 1,086.77 crore in Q4 FY22 over Q4 FY21. As compared with Q3 FY22, the company's net profit and net revenue from operations are higher by 132.08% and 5.74%, respectively.
Gujarat Gas jumped 6.40%. The company reported 30.5% jump in standalone net profit to Rs 453.28 crore on a 36% rise in net sales to Rs 4,669.39 crore in Q4 FY22 over Q4 FY21.
Max Financial Services (MFSL) advanced 3.78%. MFSL reported an 88.8% rise in consolidated net profit to Rs 117.68 crore despite an 8.2% fall in total income to Rs 8962.31 crore in Q4 FY22 over Q4 FY21.
Zensar Technologies rallied 3.21%. The IT company reported a 42.8% rise in consolidated net profit to Rs 129.90 crore on a 4.7% increase in net sales to Rs 1153.80 in Q4 FY22 over Q3 FY22.
Kalyan Jewellers India soared 14.07%. The company's consolidated net profit fell 2.55% to Rs 72.29 crore on 6.53% decline in net sales to Rs 2,857.06 crore in Q4 March 2022 over Q4 March 2021.
Adani Ports And Special Economic Zone fell 1.11%. The company's board rescheduled meeting for approval of audited financial results to 24 May 2022. In an exchange filing on Wednesday, Adani Ports announced that the company's board rescheduled meeting to 24 May 2022. The board meeting was earlier scheduled today, 11 May 2022.
Balaji Amines jumped 7.82%. Balaji Amines reported 29% rise in consolidated net profit to Rs 108.72 crore on a 88% increase in revenue from operations to Rs 779.04 crore in Q4 FY22 over Q4 FY21. On the segmental front, revenue from Amines & Speciality Chemicals was Rs 802.90 crore (up 84% YoY) while that from Hotel Division was Rs 5.38 crore (up 51% YoY) in Q4 FY22. Total expenses during the quarter doubled to Rs 597.92 crore. Profit before tax in Q4 FY22 stood at Rs 183.23 crore, up by 52% from Rs 120.27 crore in Q4 FY21.
Global Markets:
The Dow Jones Futures were up 278 points, indicating a positive start to the US market.
European stocks advanced across the board while Asian markets closed higher on Wednesday.
The producer price index (PPI) in China rose 8% year-on-year, the National Bureau of Statistics (NBS) said in a statement on Wednesday, following an 8.3% rise in March.Consumer inflation also rose more than expected. The consumer price index (CPI) gained 2.1% from a year earlier, the fastest pace in five months, speeding up from 1.5% growth in March.
In Europe, German inflation in April rose to an annual 7.4%, its highest print since 1981.
Meanwhile, President Gotabaya Rajapaksa extended the national curfew until Wednesday morning while urging people to stop the violence. As per reports, the former Prime Minister Mahinda Rajapaksa and his family have been moved to a naval base after protesters targeted his official residence in Colombo. On Tuesday, the Defence Ministry spokesman Nalin Herath, said, Security forces have been ordered to shoot on sight anyone looting public property or causing harm to life.
Investors are looking ahead to U.S. inflation data for April on Wednesday which is reportedly expected to come in slightly below March's 8.5% and could signal that inflation has reached a peak.
Recent market volatility has been driven by investor concerns over rising interest rates and question marks over how aggressively the Federal Reserve will act to curb rising inflation. In addition, investors continue to monitor the ongoing conflict in Ukraine and lockdowns in China.
In US, the S&P 500 and Nasdaq ended higher on Tuesday, with big growth shares rising after the previous day's selloff as Treasury yields tumbled. Bank shares fell along with yields.
Powered by Capital Market - Live News