Share Market update: Sensex falls 185 pts, Nifty ends above 16,500; Nestle, TechM top losers

The Indian market ended lower for the second straight session today. Sensex slipped 185 points  to 55,381 and Nifty closed 61 points lower at 16,522. The equity market snapped three days of gaining streak on Tuesday as market participants got nervous ahead of release of Q4 GDP data. A jump in crude oil prices also weighed on the market sentiment, traders said.

Sensex fell 359 points to 55,566 and Nifty closed 77 points lower at 16,584. During the day, Sensex tanked 556.6 points or 0.99 per cent to 55,369.14.

Here's what to expect on Dalal Street today.

3:38 pm: Market update

Sensex slips 185 points  to 55,381 and Nifty closes 61 points lower at 16,522.

3:10 pm: Mahindra logs 208% rise in May sales

Homegrown automaker Mahindra & Mahindra (M&M), on Wednesday, announced that has recorded an overall auto sale of 53,726 vehicles for May 2022, around 208 per cent growth against the same period last year.

3:00 pm: Market update

Sensex slips 248 points  to 55,317 and Nifty falls 82 points to 16,502 in the late afternoon session.

2:13 pm: Bata India stock falls 3% after parent sells stake

Shares of Bata India fell nearly 3 per cent today after the company's parent sold 2.8 per cent stake via a block deal. The floor price of the sale will be Rs 1,750 per share, translating into a 7 per cent discount to the current market price.

Bata India stock touched an intraday low of Rs 1,826.05, down 2.76 per cent on BSE.

1:58 pm: Bajaj Auto stock falls 3% post May sales numbers

Bajaj Auto share falls 3.23 percent to Rs 3,738 after the two and three-wheeler bellwether logged sales of 2,75,868 units in May 2022 versus 2,71,862 units in May 2021.

The two-wheeler segment was the biggest gainer in the month as it logged a growth of 59 per cent in its domestic sales. Bajaj Auto sold 96,102 two-wheeler units in May 2022 versus 60,342 units in May 2021. 

1:54 pm: Market update

Sensex slips 281 points  to 55,285 and Nifty falls 94 points to 16,490 in the afternoon session.

12:37 pm: PNB hikes lending rate by 15 bps

Punjab National Bank (PNB) has revised the marginal cost of funds-based lending rate (MCLR) by 15 basis points (bps) across tenors with effect from June 1, 2022, as per an exchange filing. With this increase, EMIs will go up for those borrowers who have availed loans on MCLR.  

The bank has hiked the MCLR for an overnight loan from 6.60 per cent to 6.75 per cent whereas the MCLR for a one-month loan now stands at 6.80 per cent.  

MCLR for three month, six month and one-year loans stand at 6.90 per cent, 7.10 per cent and 7.40 per cent, respectively. The lending rate for three-year loans, however, stands at 7.70 per cent. 

12:34 pm: Top gainers

NTPC, Tata Steel, Asian Paints, HDFC top gainers, rising up to 1.44 percent on Sensex. Of 30 Sensex stocks, 11 are trading higher.

12:29 pm: Market update

Sensex rises 34 points to 55,600 and Nifty up 2 points to 16,586 in the afternoon session.

12:23 pm: Adani Power shares slip 10% in two sessions, here's why

Shares of Adani Power fell 10 per cent in two trading sessions as investors booked profit ahead of their inclusion in the Morgan Stanley Capital International (MSCI) index. The global index provider had announced changes to the index in mid-May. Adani Power along with other stocks was among the additions to the index. However, the announcement did not include changes to the weightings of individual stocks in its indexes. Read More

Stocks in news: eMudhra, Tata Elxsi, Bata India, RVNL and more

10:59 AM: Bharat Dynamics stock rises 8% on contract to supply astra missiles

Shares of Bharat Dynamics rose nearly 8 per cent today after the state-owned defence company inked a contract worth Rs 2,971 crore with the defence ministry.

Bharat Dynamics stock has gained 12.58 percent in the last three days. The stock opened with a gain of 3.35 per cent at Rs 810 on BSE. It touched an intraday high of Rs 844, rising 7.69 per cent against the previous close of Rs 783.75 on BSE.READ MORE
 

10:08 am : eMudhra makes tepid market debut, stock lists at 6% premium to issue price

Shares of eMudhra Limited made a tepid market debut today. The stock listed at a premium of 6 per cent against the IPO issue price. The company offered its shares in a price band of Rs 243- Rs 256.

The stock listed at Rs 271 on BSE. Market cap of eMudhra stood at Rs 2,115 crore. Total 0.21 lakh shares of the firm changed hands amounting to a turnover of Rs 55.72 lakh on BSE.

On NSE, the stock listed at Rs 270, 5.47 per cent higher to the IPO price. Market cap of the firm stood at Rs 2,107 crore. Total 4.76 lakh shares of the firm changed hands amounting to a turnover of Rs 12.87 crore on NSE. The initial public offering (IPO) of eMudhra was open for subscription from May 20 to May 24 . The company raised Rs 412.79 crore through the IPO. READ MORE

9:39 am: GDP numbers do not disappoint but in fact inspire the market: SBI Ecowrap

The State Bank of India's research report Ecowrap stated that the GDP numbers released on Tuesday evening do not disappoint, considering the persistent inflationary pressure and recalcitrant Omicron variant shadowing activities of last quarter.

The Ministry of Statistics & Programme Implementation (MoSPI) on Tuesday released the GDP numbers.  India's gross domestic product (GDP) grew at a slower pace at 4.1 per cent in the January- March quarter. For the full fiscal year, the GDP is estimated to grow at 8.7 per cent in 2021-2022 as compared to a contraction of 6.6 per cent in 2020-21.

"During Q4, apart from manufacturing, all other sectors showed positive growth. Manufacturing declined by 0.2% indicating the slight impact of Omicron variant induced lockdowns. Construction also showed tepid growth of 2.0%. The sequential seasonally adjusted GDP growth is lower than the non-seasonally adjusted GDP growth for Q4 over the past. In FY22 Q4, real GDP growth is 6.7% qoq, however the seasonally adjusted real GDP growth is only 0.71%, showing only a modest improvement over the past quarter and loss of growth momentum," it stated.

9:36 am: Market direction looks uncertain: Geojit

 VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "A clear trend is unlikely to emerge in the market in the near-term. At lower levels DIIs and retail investors will buy, pushing the market up; at higher levels FPIs will sell, pushing the market down.

The dominant factor determining the market trend, globally, will be inflation and how far central banks, particularly the Fed, will go in hiking rates to contain inflation.

India's GDP growth for FY22 has come at 8.7% and the growth rate for FY23 is likely to be around 7. 2 % ( RBI estimates) making India the fastest growing large economy in the world for 2 years consecutively. India has the potential to sustain this growth momentum for many more years, translating into impressive earnings growth. This partly explains the premium stock valuations in India.

Investors can follow a cautious investment strategy in this uncertain context, buying high quality stocks which will benefit from growth recovery. Leading financials, IT, cement, telecom and segments of autos appear sound investment bets."

 9:25 am: Expert take

Mohit Nigam, Head - PMS, Hem Securities said, "On the technical front, the key resistance level for Nifty50 is 16,700 followed by 16750 and on the downside 16,500 and 16,400 will act as a strong support. The key resistance level for bank nifty is 35,800 followed by 36,150 and on the downside 35,200 and 34,950 will act as strong support."

 9:23 am: Sensex gainers

Titan, HUL, NTPC and Asian Paints are the top  Sensex gainers, rising up to 3 per cent.

9:17 am: Market opens higher

Sensex rose 103 points to 55,669 and Nifty gained 27 points to 16,612 in opening trade.

8:45 am: Expert take

Prashanth Tapse, Vice President (Research), Mehta Equities said, "Going by the early action at SGX Nifty, key local benchmark indices are likely to wobble in today's early trade, as there are lingering worries over the implications of soaring inflation and tighter monetary policy on the growth momentum. The street suspects that the Fed and also the RBI will move aggressively to raise rates and that could cause a recession. India VIX, which measures the expected volatility in the market, has moved to 20.47 levels, indicating intra-day volatility."

8:35 am: Expert take

Palak Kothari, Research Associate, Choice Broking said, "Nifty has given closing above 21-hourly moving average which indicates sustain above the same can show upside movement in the counter. However, the momentum indicators MACD and Stochastic were trading with a negative crossover on an hourly chart which suggested a southward journey in the counter. The Nifty may find strong support around 16,400 levels, while on the upside 16,750 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 34,800 levels while resistance at 36,000 levels."

8:30 am: SGX Nifty

The Indian market is likely to open lower today as SGX Nifty fell 25 points to 16,534. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Tuesday

The equity market snapped three days of gaining streak today as market participants got nervous ahead of release of Q4 GDP data. A jump in crude oil prices also weighed on the market sentiment, traders said.

Sensex fell 359 points to 55,566 and Nifty closed 77 points lower at 16,584. During the day, Sensex tanked 556.6 points or 0.99 per cent to 55,369.14.

Of 30 Sensex stocks, 15 ended higher. BSE mid-cap and small-cap indices gained 513 points and 570 points, respectively. M&M, NTPC, PowerGrid, Tech Mahindra, and Tata Steel were the top Sensex gainers, rising up to 3.61 per cent.