Thank you, readers! That's all from CNBCTV18.com's live market coverage on May 16, 2022. Stay tuned for other updates on our website: CNBCTV18.com.
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Prakash Diwan is avoiding BFSI space
Market expert Prakash Diwan is staying away from the BFSI space. He believes the biggest and well capitalised banks will be the first to see growth impetus within the basket.
"I would stay away from a small set of BFSI players for the time being because of the way they could kind of get impacted negatively if things don't go as planned. It's more from a risk reward view. The risk is slightly higher than the reward at this point. Otherwise, no taking away the fact that numbers have been fairly decent, but most of that has been priced in," he adds.
Market At Close | Sensex, Nifty50 snap 6-day losing streak
Here are some highlights:
--Financial, auto stocks top gainers
--Eicher Motors posts biggest single-day gain after strong earnings
--UltraTech, Shree Cement slip after Adani-Holcim deal for Ambuja, ACC
--Diagnostic stocks fall on rising competition, down three percent
--AB Capital among top midcap losers on whistleblower complaints, down five percent
--Honeywell top midcap loser after weak set of earnings
--Vodafone Idea surges 13 percent, near day’s high
--Bandhan Bank rises seven percent after brokerage upgrades following strong earnings
--Tyre stocks follow positive moves in auto companies; Apollo Tyres, Balkrishna top gainers
--Defence stocks BEL, HAL rise 4-6 percent
--Ambuja rises two percent, ACC four percent on Adani’s acquistion of Holcim stake in both companies
--Bharat Forge surges five percent after better-than-expected earnings
--Market breadth favours bulls
Sensex, Nifty50 halt 6-day losing streak
Both headline indices manage to finish a volatile session in the green, halting a losing streak that stretched to six back-to-back sessions and dragged the headline indices more than five percent each. Gains in financial and auto stocks aided the rebound in both Sensex and Nifty50, though losses in IT shares limited the upside. (Read more on the May 17 session)
Higher G-Sec yields were one of worries in PSU banking: ICICI Securities' Amit Gupta
Amit Gupta, VP and Fund Manager-PMS at ICICI Securities, is of the view that one of the worries in the PSU banking pack was higher yields of government securities. "We need to understand how much is discounted in the bond yields – if you see the difference between the repo rate and the 10-year G-Sec, it generally used to be 150 basis points. Now you have the repo around 4.4 percent and the G-Sec yield around 7.4 percent, so a difference of 300 basis points. This is where 150 basis points of rate hike bond yields are already factoring in. This is what market also understands because the SBI earnings have been good,” he says.
Entire IT pack has seen correction post-earnings: Geojit Financial Services' Gaurang Shah
Gaurang Shah of Geojit Financial Services tells CNBC-TV18 that the IT pack as well as the market have witnesses a correction. "We remain positive on IT and Cyient features in our fundamental coverage. From a long-term point of view, investors should stay invested and if you do get dips and have an investable amount, you can add to the stock,” he says.
Century Ply Jan-Mar net profit up 2.1% at Rs 88.5 crore
The company's consolidated revenue increased 20.9 percent on a year-on-year basis to Rs 901 crore, according to a regulatory filing.
Its EBITDA rose 27.7 percent on year to Rs 160.7 crore and EBITDA margin improved by 90 bps to 17.8 percent.
Expect 2022-23 to be a strong year with topline growth, strong cash flows: Baba Kalyani
Baba Kalyani tells CNBC-TV18 that Bharat Forge expects continued growth in its key markets for its standalone business.
Easing of cost pressure and supply chain tightness will give a fillip to end-demand, he says.
Bharat Forge shares are near the strongest level of the day as the market enters the last hour of trade. The stock is up 6.2 percent at Rs 668 apiece.
Nifty50 pullbacks getting sold into. How to approach the market now?
Indian equity benchmarks have lost more than five percent of their value in a broad sell-off that stretched to six back-to-back sessions, with the Street punishing every attempt of a pullback. (Read more)
15,950-16,000 important levels to watch out for in Nifty50: Prakash Gaba
Prakash Gaba of prakashgaba.com tells CNBC-TV18 that an important level to watch out for in his view is the 15,950-16,000 band, where he sees strong resistance. A cross above that on Monday will be very good for the market in his view.
"Then we can see even 16,100-16,200 levels. So far, the market looks okay because I don't see weakness, but some profit looking or short covering can happen... On the Bank Nifty, looks like 33,500 should be possible and we will see 34,000 possibly in a day or two," he said.
He expects an upmove in the banking index that could help the 50-scrip benchmark.
Gaba recommends buying Apollo Tyres for a target of Rs 215 with a stop loss at Rs 208, and selling Bharti Airtel for a target of Rs 680 with a stop loss at Rs 690.
PI Industries shares rise ahead of earnings
PI Industries shares rise as much as 3.1 percent to Rs 2,454.4 on BSE. However, the stock has declined 15 percent so far this month, and retreated 32 percent from its 52-week high.
Motilal Oswal Financial Services estimates the company's revenue to increase 10.9 percent on a year-on-year basis to Rs 1,327 crore. The brokerage expects the company's PAT ro rise 23 percent to Rs 222 crore.
The company will report its financial results on Tuesday.
Here's what to watch out for:
--PI Industries' custom synthesis manufacturing (CSM) business expected to report 11 percent export growth
--Domestic business expected to grow 10 percent
--New product launches in both domestic and CSM segments key monitorables
--An update on acquisition in the pharma segment