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Sensex Today: MARKET CLOSING BELL: Sensex drops 236 pts, Nifty slips below 16,150; TechM


Sensex Today Live: Equity indices failed to hold on to morning gains on Tuesday, with the Sensex falling 236 points amid a sell-off in IT stocks and weak trends from global markets. The 30-share BSE benchmark opened higher but could not carry forward the momentum and declined 236 points or 0.43 per cent to settle at 54,052.61. During the day, it hit a low of 53,886.28 and a high of 54,524.37. The broader NSE Nifty dropped 89.55 points or 0.55 per cent to end at 16,125.15.

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Rupee slips 4 paise to close at 77.59 against US dollar

The rupee slipped by 4 paise to close at 77.59 (provisional) against the US dollar on Tuesday, weighed down by a negative trend in domestic equities and unabated foreign fund outflows. At the interbank foreign exchange market, the rupee opened lower at 77.56 against the greenback, and finally settled at 77.59, down 4 paise over its previous close. During the trading session, the rupee touched an intra-day low of 77.67 and a high of 77.51.

Nifty tech view by Rupak De, LKP Sec

Nifty remained directionless during the day leading to volatility in the market. On the higher end, 16400 is likely to remain a resistance over the near term. Support on the lower end remains at 16000-16020. Going ahead, the volatility may continue over the near term. Any decisive breakout above 16400 may induce a strong directional move in the market.

Anxiety of slowing economy & rising interest rates underpinned by soaring inflation continued to haunt the global market. The UK and Eurozone composite PMI registered the slowest rise in business activity in the month of May, worsening global investor risk sentiment. On the domestic front, while all major sectors succumbed to the pressure, the auto sector bucked the market trend this month gaining on fuel price cut and rise in steel custom duty.

– Vinod Nair, Head Of Research at Geojit Financial Services

FMCG, IT & Media indices bleed the most among sectoral indices on NSE

FMCG, IT & Media indices bleed the most among sectoral indices on NSE

Sensex Heatmap: 20 of 30 stocks end in the red

Sensex Heatmap: 20 of 30 stocks end in the red

CLOSING BELL: Sensex drops 236 pts, Nifty slips below 16,150; TechM tanks 4%; DRL rises 2%

JSW Steel board to consider fund raising on May 27

Price as on 24 May, 2022 03:26 PM, Click on company names for their live prices.

Sensex today LIVE: Index extends decline, slides 300 pts

Sensex today LIVE: Index extends decline, slides 300 pts

JUST IN: Govt to limit sugar exports

Price as on 24 May, 2022 01:54 PM, Click on company names for their live prices.

While we are still evaluating the implication of the circular; however we believe the ‘Circular on Development of Passive Funds’ by SEBI is big welcome step to the overall growth of passive funds. The norms on debt ETF / Index Fund will certainly help broaden the debt passive fund product offering. Number of steps with respect to market making, iNAV on stock exchange, or disclosure of tracking error and tracking difference would equip investors to make right choice of passive fund manager.

– Mahavir Kaswa, Head of Research, Passive Funds, Motilal Oswal AMC

Market LIVE Updates: LIC has informed BSE that the meeting of the Board of Directors of the Company is scheduled on May 30 to consider and approve the audited annual financial results for the March quarter. The board will also consider payment of dividend.

Price as on 24 May, 2022 12:45 PM, Click on company names for their live prices.

JUST IN: Cabinet likely to discuss 5G pricing, licensing pact tomorrow

Price as on 24 May, 2022 12:41 PM, Click on company names for their live prices.

NBCC (India) gets order worth Rs 314 crore

Price as on 24 May, 2022 12:18 PM, Click on company names for their live prices.

eMudhra IPO sails through on final day of bidding; retail portion booked 1.9 times

The Rs 412.79 crore initial public offering (IPO) of eMudhra, India’s largest licenced certifying authority, sailed through on the final day of the bidding process on Tuesday, thanks to strong demand from individual investors. The issue, which opened for subscription on Friday, May 20, will close for bidding on Tuesday, May 24. The company is selling its shares in a lot size of 58 equity shares. The price range for the IPO is Rs 243-256. According to the data from BSE, investors made bids for 1,26,67,374 equity shares or 1.11 times compared with 1,13,64,784 equity shares offered for subscription by 11.15 am on Tuesday.

Sensex today LIVE: Index rebounds from day’s low, rises 150 points

Sensex today LIVE: Index rebounds from day's low, rises 150 points

Rupa & Co drops 20% after Q4 earnings and resignation of CEO, CFO

Rupa & Company tumbled as much as 20 per cent during the early trading hours on Tuesday, after the resignation of key managerial personnels and numbers for the March 2022 quarter. On Monday, the company announced that it accepted the resignation of Chief Executive Officer Dinesh Kumar Lodha and Chief Financial Officer Ramesh Agarwal. Both resignations will be in effect from May 31.

Market LIVE Updates: Venus Pipes hits 5% upper circuit after a muted listing earlier today

Market LIVE Updates: Venus Pipes hits 5% upper circuit after a muted listing earlier today

JSW Energy will seek shareholders’ approval to raise up to Rs 5,000 crore through equity shares, bonds and other such securities during the annual general meeting to be held on June 14. The proposed resolution, once passed by the shareholders, will enable the company’s Board of Directors to issue securities for an aggregate amount not exceeding Rs 5,000 crore or its equivalent in any foreign currency.

Price as on 24 May, 2022 10:57 AM, Click on company names for their live prices.

Aether Industries IPO kicks off today: Should you subscribe?

At the IPO price of Rs 642, Aether is valued at 32.2X FY24 P/E, said analysts at Ventura Securities. “Considering the growth opportunities for speciality chemicals in pharma, agrochemicals & FMCG space, and improving prospects for contractual manufacturing & CRAMS under Make-in-India initiatives, we recommend a Subscribe rating,” they said. The broker has already fixed a price target of Rs 797 for the stock, which represents an upside of 24 per cent over the IPO price in 18 months.

Equitas Bank is unlikely to apply for a universal banking license in the current fiscal

NIFTY BANK in the green even in a weak market

NIFTY BANK in the green even in a weak market

Market LIVE Updates: Shares of Almebic Pharma were trading nearly 1% higher as the company said it has received US Food & Drug Administration (USFDA) final approval for Pirfenidone Tablets, 267 mg and 801 mg.

Price as on 24 May, 2022 10:36 AM, Click on company names for their live prices.

Delhivery extends gains after soft start, up 8% over IPO price

Delhivery made a tepid debut on Dalal Street on Tuesday as the logistics and supply chain company solution provider was listed at Rs 495.2 on NSE, a premium of 2 per cent over its issue price of Rs 487. On the BSE, the counter was listed at a premium of just 1 per cent or Rs 493, compared to the mentioned issue price.

Delhivery extends gains after soft start, up 8% over IPO price

MARKET VIEW: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

There is no distinct trend in this whipsaw market. Daily trading for the near-term is fraught with high risk. It would be better for investors to wait for the markets to consolidate. However, long-term investors can use the volatility to buy high quality stocks available at attractive valuations. Financials, particularly leading banks, are value buys now. Most of these stocks are trading at depressed valuations because of relentless FPI selling. Paradoxically, their fundamentals are improving. Credit growth in the economy is impressive and asset quality of banks has improved substantially. Leading banks are well capitalised to profit from the rebound in the economy and pick up in credit growth. So, for investors with a medium to long-term perspective, financials provide a good buying opportunity. CEOs of Indian IT majors in their recent interviews in Davos have reiterated the strong demand and earnings visibility for the segment. So, IT stocks also are good long-term investment now even though valuations are not cheap.

STOCK IN FOCUS: AB Fashion & Retail

Pre-open indicative price: Delhivery & Venus

Delhivery:
BSE: Rs 493 (1% up)
NSE: Rs 495.2 (2% up)

Venus Pipers & Tubes:
BSE: Rs 335 (3% up)
NSE: Rs 337.5 (4% up)

Forex Alert: Rupee opens almost flat at 77.56 against US dollar in early trade

The online food delivery platform reported widening of its consolidated net loss at Rs 359.7 crore in the fourth quarter ended March 2022, impacted by higher expenses. The company had posted a consolidated net loss of Rs 134.2 crore in the same period of the previous fiscal. Although, revenue from operations came in at Rs 1,211.8 crore, up 75.01 per cent compared to Rs 692.4 crore in the same quarter last year. Following this stock rose 12%.

Price as on 24 May, 2022 09:33 AM, Click on company names for their live prices.

Sector Watch: FMCG, IT pack bleed the most; metal sees sharp bounceback

Sector Watch: FMCG, IT pack bleed the most; metal sees sharp bounceback

Sensex Heatmap: Tata Steel rebounds, best gainer in opening deals

  • Advance-decline ratio for the index skewed in favour of gainers
Sensex Heatmap: Tata Steel rebounds, best gainer in opening deals

OPENING BELL: Sensex rises 100 points; Nifty50 at 16,240; Zomato, Vedanta climb 3% each; Rupa plunges 12%

Pre-open session: Sensex drops 100 points, Nifty50 below 16,100

SGX Nifty signals a positive start

Nifty futures on the Singapore Exchange traded 53 points, or 0.33 per cent, higher at 16,228.50, signaling that Dalal Street was headed for a positive start on Tuesday.

Tech View: Nifty likely to stay in 16,000-16,400 range

Nifty50 on Monday formed a bearish candle on the daily chart with an upper wick, suggesting selling at higher levels. During the day, the index tested the 16,400 level. This is the level where the index had faced resistance in the last two weeks, said analysts who believe the index may be in for a range-bound action in coming sessions.

Oil prices ease on concerns over recession

Oil prices eased in early trade on Tuesday as concerns over a possible recession and weaker consumption outweighed an expectation of tight global supply and a pick-up in fuel demand in China after Beijing’s promises of stimulus. Brent crude futures for July slid 35 cents, or 0.3%, to $113.07 a barrel. US West Texas Intermediate (WTI) crude futures for July delivery dropped 36 cents, or 0.3%, to $109.93 a barrel. Both benchmarks declined by more than $1 earlier in the session.

Asia stocks restrained as US futures retreat

Asian shares got off to a sluggish start on Tuesday after a rally on Wall Street was soured by an early slide in US stock futures. After ending Monday firmer, Nasdaq futures lost 1.3% with traders blaming an earnings warning from Snap which saw shares in the Snapchat owner tumble 28%. S&P 500 futures also lost 0.6%, surrendering some of Monday’s 1.8% bounce. MSCI’s broadest index of Asia-Pacific shares outside Japan was left almost flat as a result, while Japan’s Nikkei dipped 0.1%.

US indices settle up to 2% higher

US stocks ended higher on Monday as gains from banks and a rebound in market-leading tech shares supported a broad-based rally following Wall Street’s longest streak of weekly declines since the dotcom bust more than 20 years ago. The Dow Jones Industrial Average rose 618.34 points, or 1.98%, to 31,880.24, the S&P 500 gained 72.39 points, or 1.86%, to 3,973.75 and the Nasdaq Composite added 180.66 points, or 1.59%, to 11,535.28.

Rupee rebounds 15 paise to 77.55 against dollar

The rupee recovered from record lows and settled 15 paise higher at 77.55 against the US currency on Monday following a weak dollar in overseas markets and the RBI governor hinting at another rate hike in June to arrest rising inflation. At the interbank forex market, the domestic unit opened at 77.69 against the US dollar. It moved in a range of 77.51 to 77.69 during the session.

Sensex, Nifty on Monday

Equity indices frittered away a good start to close with modest losses on Monday, pressured by heavy selling in metal stocks after the government imposed export duties on steel-making raw materials to curb soaring prices. Sensex opened strong and gained momentum as the session progressed, but came under severe selling pressure in afternoon trade to close 37.78 points or 0.07 per cent lower at 54,288.61. On similar lines, the broader NSE Nifty slipped 51.45 points or 0.32 per cent to end at 16,214.70.

Good morning, dear reader! Here’s something to kickstart your trading day

Good morning, dear reader! Here's something to kickstart your trading day





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