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EQUITY - MARKET SCREENER

Market slides for 3rd day, Sensex slips 129 pts, Nifty settles below 18,150
18-May-23   15:51 Hrs IST

Key equity barometers ended a volatile session with moderate losses on Thursday, sliding for the third consecutive trading session. The Nifty settled below the 18,150 mark after hitting the day's high of 18,297.20 in early trade. Realty, PSU bank and pharma shares witnessed selling pressure. On the flip side, private bank, financial services and bank stocks were in demand. Trading was volatile due to expiry of weekly index options on the NSE.

As per provisional closing data, the barometer index, the S&P BSE Sensex declined 128.90 points or 0.21% to 61,431.74. The Nifty 50 index lost 51.80 points or 0.28% to 18,129.95. Both the indices dropped 1.5% in three trading sessions.

In the broader market, the S&P BSE Mid-Cap index fell 0.67% while the S&P BSE Small-Cap index shed 0.26%.

The market breadth was negative. On the BSE, 1,567 shares rose and 1,915 shares fell. A total of 124 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.36% to 12.80.

Uncertainty about the US debt-ceiling negotiations continued to weigh on market sentiment. U.S. President Joe Biden and the US congressional Republican Kevin McCarthy reiterated their determination to strike a deal soon to raise the debt ceiling and avoid an economically catastrophic default.

Buzzing Index:

The Nifty Realty index fell 2.37% to 454.75, extending losses for the third day in a row . The index slipped 3.75% in three trading sessions.

Godrej Properties (down 5.34%), Brigade Enterprises (down 4%), Sobha (down 3.03%), Oberoi Realty (down 2.83%), Prestige Estates Projects (down 2.63%), DLF (down 2.18%), Indiabulls Real Estate (down 1.88%), Phoenix Mills (down 0.99%) and Macrotech Developers (down 0.18%) tumbled.

Stocks in Spotlight:

State Bank of India (SBI) fell 1.77%. The largest PSU bank reported 83.18% surge in standalone net profit to Rs 16,695 crore on a 29.41% increase in total income to Rs 1,06,912.46 crore in Q3 FY23 over Q3 FY22.

ITC slipped 2.02%. The company's standalone net profit rose 21.38% to Rs 5,086.86 crore on 5.12% increase in net sales to Rs 16,115.9 crore in Q4 FY23 over Q4 FY22. In the FMCG segment, cigarettes revenue rose by 14.16% YoY to Rs 7,355.83 crore and the revenue from other FMCG segment improved by 19.39% YoY to Rs 4,944.95 crore during the quarter. Hotel business revenue stood at Rs 781.71 crore (up 100.62% YoY).

JSW Steel shed 0.79%. JSW Steel has been declared as a preferred bidder for composite licence of an unexplored iron ore mine in Maharashtra. The company will take all requisite steps as per the tender document to obtain Letter of Intent, all statutory clearances to execute the Lease Deed with Mine Development and Production Agreement (MDPA) and start the mining operations.

Zydus Lifesciences slipped 2.33% after the company's consolidated net profit (from continuing operations) tumbled 27.55% to Rs 298.8 crore despite of 31.66% jump in total revenue from operations to Rs 5,010.6 crore in Q4 FY23 over Q4 FY22.

Thermax dropped 7.44% after the company reported 52.1% jump in consolidated net profit to Rs 155.99 crore on 16% increase in revenue from operations to Rs 2310.82 crore in Q4 FY23 over Q4 FY22.

Jindal Stainless jumped 5.78%. The company reported 16.1% decline in standalone net profit to Rs 659.15 crore in Q4 FY23 from Rs 785.55 crore in Q4 FY22. Total revenue fell marginally on YoY basis to Rs 9444.31 crore during the period under review.

Honeywell Automation India surged 6.27% after the company's net profit jumped 54.2% to Rs 112.03 crore in Q4 FY23 as compared with Rs 72.67 crore in Q4 FY22. Revenue from operations increased 27.2% year on year to Rs 849.68 crore in Q4 FY23.

Mtar Technologies tumbled 5.14%. The company reported 56.9% jump in consolidated net profit to Rs 31.07 crore in Q4 FY23 as compared with Rs 19.80 crore in Q4 FY22. Revenue from operations surged 99.2% to Rs 196.40 crore in Q4 FY23 as compared with Rs 98.58 crore posted in corresponding quarter last year. As 31 March 2023, the order book stood at Rs 1,172.9 crore.

Glaxosmithkline Pharmaceuticals shed 0.84%. The company reported 89.1% decline in net profit to Rs 133.43 crore in Q4 FY23 as compared with Rs 1,219.05 crore in Q4 FY22. Revenue from continuing operations fell by 2.7% year on year to Rs 787.45 crore during the quarter.

Siyaram Silk Mills jumped 8.82% after the company's standalone net profit grew 12.7% to Rs 88 crore on 10.6% increase in revenue from operations to Rs 695 crore in Q4 March 2023 over Q4 March 2022.

Whirlpool of India added 0.63%. The household appliances company reported 25.2% decline in consolidated net profit to Rs 62.68 crore on 2% fall in net sales to Rs 1,672.65 crore in Q4 FY23 over Q4 FY22.

JK Tyre & Industries slumped 9.66%. The tyre maker reported 169.6% jump in consolidated net profit to Rs 108.38 crore in Q4 FY23 as compared with Rs 40.20 crore in Q4 FY22. Revenue from operations rose 9.7% year on year to Rs 3,632.47 crore in Q4 FY23.

RailTel Corporation of India fell 1.32%. The public sector enterprise reported 40% jump in consolidated net profit to Rs 76.04 crore on 51.1% rise in revenue from operations to Rs 703.63 crore in Q4 FY23 over Q4 FY22.

Global Markets:

Markets in Europe and Asia advanced across the board on Thursday on hopes of U.S President Joe Biden and congressional leaders inching closer to a deal to raise the U.S. debt ceiling and avoid a default.

Japan's trade deficit has narrowed by almost half in April, falling to 432.41 billion from 854.93 billion a year ago.

Wall Street stocks advanced on Wednesday as investors grew more confident the White House would reach a deal with Congress to avoid a government default.

US president Joe Biden on Wednesday said he was ?confident? about reaching a budget agreement with Congress to avoid a default on US debt, and left the door open to meeting a central Republican demand of adding work requirements to social safety net programmes.

Treasury secretary Janet Yellen has warned the US could default on its debt as early as next month, with the issue prompting Biden to cut short his forthcoming overseas trip.

Traders digested the release of the eurozone's final harmonised index of consumer prices for April, which posted a slight increase in the annual rate to 7%, up from 6.9% in March.

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