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Stock Market Highlights: Sensex drops 631 pts from day's high, Nifty cracks below 16,250 as market fails to stay in the green

Stock Market Highlights: Sensex drops 631 pts from day's high, Nifty cracks below 16,250 as market fails to stay in the green

Summary

Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 failed to hold on to the green in a volatile session on Tuesday, Indian equity benchmarks failed to hold on to the green in volatile trade on Tuesday, dragged by oil & gas, metal and IT shares though gains in select financial and FMCG shares lent some support. Broader markets suffered deeper cuts, with the Nifty Midcap 100 and Nifty Smallcap 100 indices falling around two percent each. Globally, concerns about aggressive hikes in COVID-era interest rates and the prospect of falling world economic growth kept investors nervous. 

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May 10, 2022 5:49 PM

Positive on Asian Paints: Mehraboon J Irani

Market expert Mehraboon J Irani likes Asian Paints but is no rush to recommend the stock afresh. "We need to understand that Asian Paints is possibly a core holding in the portfolios of many investors, the results are excellent, no doubt about it, in this challenging times, especially the volume growth which has exceeded expectations that has been the operative margin also is quite comfortable, the company will take price hikes ahead. The margins which are there for the March quarter, which has been announced right now, will they sustain going ahead is a difficult question right now," he says. 

"This is a stock in which I won't possibly put in incremental money at this level considering the fact that the comfort level as far as the overall market is concerned is not very high; there are challenges ahead... But Asian Paints ultimately has a great structural story of market share gains and consolidation, and ultimately, it has the aspiration of becoming a complete home market player. This is a stock investors, if they don't mind a 5-7 percent downside, can continue to hold, but putting in more money in this present environment I will certainly not recommend," he adds. 

May 10, 2022 5:12 PM

Coal India, Tata Steel, ONGC top blue-chip laggards

HUL, Asian Paints and IndusInd were the worst hit among the 38 laggards in the Nifty basket.

Here's what the 30-scrip pack looks like:

May 10, 2022 4:10 PM

Closing Bell | Sensex, Nifty50 fail to stay in the green, extend losses to 3rd day

Indian equity benchmarks fail to hold on to the green, extending losses to a third straight session. Losses in oil & gas, metal and IT shares pull the headline indices lower, though gains in select financial and FMCG shares lend some support. (Read more on the closing bell)

May 10, 2022 3:41 PM

AMFI Data | April net equity inflow down 44.6% sequentially at Rs 15,648 crore 

May 10, 2022 3:25 PM

Strong buy on Asian Paints, earnings ahead of estimates: Edelweiss Securities' Abneesh Roy 

Abneesh Roy of Edelweiss Securities expects the Asian Paints stock to do well in FY23. "Once we have more clarity on commodities, I think in the second half, there is a possibility that Asian Paints could see good margin expansion. But irrespective of that, the pricing power is really good. I would expect the stock to do well from a medium-long term perspective," he says. 

May 10, 2022 2:54 PM

Buy HCL Tech, JSPL: Shrikant Chauhan 

Here are two trading calls from Shrikant Chauhan of Kotak Securities: 

--Buy HCL Tech for a target of Rs 1,150 with a stop loss at Rs 1,060 

--Buy Jindal Steel & Power for a target of Rs 485-490 with a stop loss at Rs 475 

May 10, 2022 2:35 PM

Polycab reports 19% profit growth in Q4 

The firm's profit grew 19 percent on a year-on-year basis to Rs 322.1 crore while its revenue jumped 35 percent to Rs 3,979 crore 

May 10, 2022 2:34 PM

Asian Paints Jan-Mar net profit up 0.5% at Rs 874 crore 

May 10, 2022 2:22 PM

While Asian Paints' profit was below expectations, its revenue exceeded Street expectations. 

May 10, 2022 2:20 PM

Asian Paints posts profit at Rs 874 crore for Q4, misses street estimates

Asian Paints recorded a net profit growth of 0.5 percent at Rs 874 crore for the quarter ended March 2022, missing Street expectations. A CNBC-TV18 poll of analysts had expected the firm to post profit for the quarter at Rs 913 crore. 

The paintmaker’s revenue grew to Rs 7,893 crore during the quarter, against the analysts expectations of Rs 7,785 crore. 

Its EBITDA came in an at Rs 1,443 crore and EBITDA margin stood at 18.3 percent. 

Following the earnings announcemnt, Asian Paints' shares jumped over 4 percent to Rs 3,125.95 on NSE. 

May 10, 2022 2:17 PM
Sun Pharma shares tank over 4% on US FDA’s Halol plant observations
Sun Pharma shares on Tuesday fell as much as 4.41 percent to Rs 846.35 after the Street reacted to the news of US FDA's observations in its recent inspection of the Halol plant. Post its recent…
www.cnbctv18.com
May 10, 2022 1:53 PM

HUL shares gain over 3%

Shares of Hindustan Unilever continued to gain and were trading 3.2 percent higher at Rs 2,184.40 on NSE. The shares of the FMCG major have been gaining amid reports of Malaysia considering cutting down export tax on palm oil. 

May 10, 2022 1:37 PM

India best equity story for next 10 years: Jefferies' Christopher Wood

Christopher Wood, Global Head Of Equity Strategy, Jefferies, said he still believes India is the best equity story on a 10 year view, not just in Asia, but globally. It is a very strong domestic demand story. 

"On the manufacturing side, India has never really been an export power. But with what's been going on in China again, clearly, China still a fantastic place to export, very efficient, very good infrastructure, big multinationals don’t want to move out of there but on the other hand, they definitely do want to have a China plus one strategy and events we're seeing right now in China, these extreme lockdowns are going to make them think more about that than it was the case before. And India has one huge advantage over the other Asian nations who are getting investment outside Vietnam, Thailand, Malaysia, because India has this huge domestic market. So one reason all these multinationals in China was obviously efficiency of China. But the other big reason was it gave them access to the domestic market. So if India can come up as a coherent program to attract multinational manufacturing, I believe the access to the domestic market gives it a huge opportunity over the next 10 to 15 years. And so, you now have such a program in India, " he explained. 

May 10, 2022 1:28 PM

Nippon India AIF constructive on financial stocks

Varun Goel, Nippon India AIF says his firm continues to be constructive on private sector banks. "The overall financial services space has underperformed the market for almost one and a half years now and looks attractive," he explained. 

With the rupee where it is today and scope for further depreciation, IT and pharma names should see earning upgrades during the second half of this year, he said adding that telecom should give the strongest earnings growth considering significant increase in the ARPUs. 

May 10, 2022 12:50 PM