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Market LIVE Updates: NIFTY REALTY top sectoral loser at this hour
- Majority on index constituents in the red, with Godrej Properties & Prestige Estates emerging top losers
- Apart from Realty pack, PSU Bank index was one other index in the red
S&P cuts FY23 India growth forecast to 7.3% on rising inflation, Russia-Ukraine war
- S&P Global Ratings on Wednesday cut India’s growth projection for the current fiscal to 7.3 per cent from 7.8 per cent earlier on rising inflation and the longer-than-expected Russia-Ukraine conflict.
- In its Global Macro Update to Growth Forecasts, S&P said inflation remaining higher for long is a worry, which requires central banks to raise rates more than what is currently priced in, risking a harder landing, including a larger hit to output and employment.
- S&P had in December last year pegged India’s GDP growth in the 2022-23 fiscal, which began on April 1, 2022, at 7.8 per cent.
Tata Consumer Products, the food and beverage arm of the $103 billion Indian conglomerate, wants to go on an acquisition spree to bolster its position in the country’s competitive consumer goods sector, and is in discussions to buy up to five brands.
Price as on 18 May, 2022 11:16 AM, Click on company names for their live prices.
Market LIVE Updates: Top 5 gainers from tourism & hospitality space in morning session
Price as on 18 May, 2022 10:54 AM, Click on company names for their live prices.
Ethos IPO: Issue subscribed 10% within 40 mins of book-building process
- Retail quota suibscribed the most
Airtel shares jump nearly 3% after trebling FY22Q4 net profit
Bharti Airtel shares jumped nearly 3% in Wednesday early morning trade a day after the Sunil Mittal-led telco beat estimates with an almost 164% on-year increase in consolidated net profit for the fiscal fourth quarter, driven by sharp tariff hikes taken by its India mobile business last November, which helped boost average revenue per user (ARPU), strong user additions, and one-time gains.
Axis Bank hikes MCLR by 35 bps across tenures effective today
Price as on 18 May, 2022 10:05 AM, Click on company names for their live prices.
Market View: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The Fed chief Powel’s recent statement that “Fed will not hesitate to raise rates till inflation is tamed” indicates that, globally, economies and markets will have to gear for a higher interest rate regime, going forward.
Investors can give priority to segments which will not be impacted much by rising inflation and stocks of companies with pricing power to pass on increased costs to consumers. High quality IT and telecom stocks are better placed to weather the storm
LIC shares rise 1% in early morning session, still trade below IPO price
Shares of Life Insurance Corporation (LIC) listed at ?865 on the BSE, an 8.62% discount to the initial public offer price of Rs 949 per share. The stock hit a high of Rs 920, before closing at Rs 875.45 on the BSE, which was around 7.8% lower than the price at which bids were accepted in the country’s largest ever IPO. Market participants said investors could buy LIC shares on further weakness.
Future Retail, IOC, YES Bank among most active stocks on NSE
Price as on 18 May, 2022 09:21 AM, Click on company names for their live prices.
Market LIVE Updates: Metal pack witnesses profit taking after Tuesday’s stellar gains
- Barring Nifty Metal, all indices trade firm
Sensex Heatmap: 25 of 30 index stocks in the green
OPENING BELL: Sensex gains 250 points, Nifty above 16,300; Adani Power jumps 5%, Airtel 2%
Pre-open session: Sensex gains 230 points, Nifty50 above 16,300
Rs 472 crore Ethos IPO to open today
The Rs 472.29 crore initial public offering (IPO) of Ethos, the premium watch retailer, will kick off for subscription on Wednesday, May 18. The company is selling its shares in the range of Rs 836-878. The company aims to raise Rs 375 crore crore via issuance of fresh equity shares, whereas existing shareholders and promoters will offload 11,08,037 shares aggregating to Rs 97.29 crore.
Asian markets mixed in early trade
Asian stocks were trading mixed on Wednesday morning, despite strong gains on Wall Street, thanks to weak economic data from China and rising inflationary worries. MSCI’s index of Asia-Pacific shares outside Japan was up 0.30 per cent. Japan’s Nikkei gained 0.63%; Australia’s ASX 200 jumped 0.78%. South Korea’s Kospi added 0.03%. China’s Shanghai shed 0.27% while Hong Kong’s Hang Seng dropped 0.67%.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 53 points, or 0.33 per cent, lower at 16,216, signaling that Dalal Street was headed for a negative start on Wednesday.
Tech View: Nifty sends reversal signals
Nifty50 on Tuesday formed a large bullish candle on the daily chart — after making what looked like a Bullish Harami candle in the previous day, sending signs of reversal. With this, the index has chalked out a new range after offering strong support at the lower end of the 15,750-16,150 range in the last few sessions. More upside is likely in the coming days, analysts said.
Oil falls 2% on Powell comments
After hitting seven-week highs, oil prices slumped 2% on Tuesday as Reuters reported that the United States could ease some restrictions on Venezuela’s government, raising hopes that the market could see some additional supplies. Brent crude fell $2.31, or 2%, to settle at $111.93 a barrel, and U.S. West Texas Intermediate (WTI) crude fell $1.8, or 1.6%, to settle at $112.40 a barrel.
Wall Street ends sharply higher
Wall Street finished sharply higher on Tuesday, lifted by Apple, Tesla and other megacap growth stocks after strong retail sales in April eased worries about slowing economic growth. The S&P 500 climbed 2.02% to end the session at 4,088.85 points. The Nasdaq gained 2.76% to 11,984.52 points, while Dow Jones Industrial Average rose 1.34% to 32,654.59 points.
Rupee ends 11 paise higher against dollar
The rupee on Tuesday hit its life-time intra day low of 77.79 before closing 11 paise higher against the US currency on a stellar rally in the domestic stock markets and a pullback in the dollar. After opening lower at 77.67, the local unit plunged further to its life-time intra-day low of 77.79 due to a spike in crude oil prices and disappointing macroeconomic data.
Sensex, Nifty on Tuesday
Benchmark indices Sensex and Nifty on Tuesday spurted by over 2.5 per cent to log their best single-day gains in three months, propelled by heavy buying in metal, energy and banking stocks amid a global rally in stocks. The BSE benchmark zoomed 1,344.63 points or 2.54 per cent to settle at over one-week high of 54,318.47 points. The broader NSE Nifty rallied 417 points or 2.63 per cent to finish at 16,259.30 points. All the 50 stocks advanced led by steel and energy stocks.