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Stock Market Highlights: Sensex and Nifty hit 2-month lows amid global sell-off and rupee at record low

Stock Market Highlights: Sensex and Nifty hit 2-month lows amid global sell-off and rupee at record low

Summary

Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 slid to fresh two-month closing lows on Monday, extending losses to a second straight session. Weakness across global markets on concerns about rising interest rates and a tightening lockdown in Shanghai that fuelled worries about global economic growth dampened the sentiment on Dalal Street. Barring IT, all sectors were in the red. Oil & gas, financial, consumer and metal shares were the biggest drags on both headline indices. Broader markets suffered deep cuts, with the Nifty Midcap 100 and Nifty Smallcap 100 indices falling around two percent each.

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May 9, 2022 4:52 PM

Rupee depreciation a short-term margin tailwind for IT space: Gurmeet Chadha

Gurmeet Chadha, Co-Founder and CEO of Complete Circle Consultants, believes currency depreciation is a short-term margin tailwind for the IT space.

"If there is sustained depreciation, it does get priced into the contracts either on renewables or both in terms of fresh contracts... It's a very competitive world out there... This is a year in which you have to pay reasonably for the growth you are projecting," he tells CNBC-TV18.

May 9, 2022 4:39 PM

Earnings downgrades of 3-5% not ruled out with modest inflation impact: BNP Paribas India's Abhiram Eleswarapu

Abhiram Eleswarapu, Head of India Equity at BNP Paribas India, tells CNBC-TV18 that headline earnings haven't really been impacted by inflation so far. "We haven't seen any earnings downgrades so far to be honest and that's mainly because you had several upstream companies or commodity suppliers where earnings have been upgraded, and energy companies, for example, which have offset the downgrades that you've seen on the IT or consumer discretionary sides," he says. 

"We're yet to see a second order impact of inflation, which is when demand starts to get hurt when prices rise. Now, that has not yet happened," he adds. 

May 9, 2022 4:38 PM

Market At Close | Sensex, Nifty50 off day's lows amid volatility

Here are some highlights: 

--Banking stocks a major drag on headline indices

--Barring Federal Bank, all Nifty Bank constituents slide

--Broder markets underperform headline indices

--UPL slips 4 percent from day's high as 2022-23 guidance shows growth below 2021-22 level

--Select IT stocks rise as rupee depreciates vs dollar

--HCL Tech, Infosys rise two percent

--Mindtree, L&T Infotech under pressure after merger announcement

--Commodity stocks continue to lose momentum as prices fall globally

--Tata Power among top midcap losers following weak quarterly performance

--Indus Towers, Federal Bank, ABB, Dalmia Bharat top midcap gainers

--NSE advance-decline ratio at 2:7

May 9, 2022 4:18 PM

Don't look at market over next 3-6 months: Kotak AMC's Harish Krishnan

Harish Krishnan, EVP and Senior Fund Manager-Equity at Kotak AMC, suggests focusing on what has structurally changed for India. "We are likely to exit from a position of strength, which is what is underpinning our overall optimistic stance of increasing equity exposure... We are still only about 43 percent invested, but we will be looking any further declines in markets to further increase our exposure," he says. 

May 9, 2022 4:01 PM

Rupee closes below 77 mark vs US dollar for first time

May 9, 2022 3:44 PM

Closing Bell | Sensex down 365 pts, Nifty at 16,302

Both headline indices finish the day 0.7 percent lower. The Sensex sheds 364.9 points to end at 54,470.7 and the Nifty50 settles at 16,301.9, down 109.4 points from its previous close. (Read more on the closing bell)

May 9, 2022 3:41 PM

PVR Jan-Mar net loss narrows to Rs 95.6 crore from Rs 271.7 crore a year ago

The multiplex chain operator reported a revenue of Rs 553.6 crore for the January-March period, as against Rs 190.9 crore for the corresponding period a year ago.

Its EBITDA loss came down to Rs 17.7 crore from Rs 118.2 crore a year ago, according to a regulatory filing. 

PVR shares eke out a gain of 0.4 percent to Rs 1,707.6, having moved within a Rs 1,675.2-1,743.7 range earlier in the day. 

May 9, 2022 3:20 PM

Maruti Suzuki recovers more than 3% from day's low

May 9, 2022 3:07 PM

HCL Tech shares up 2% on arm's acquisition of Swiss firm 

HCL Technologies shares are up by Rs 21.1 or two percent at Rs 1,071.2 apiece on BSE. 

The acquisition will help HCL Technologies gain market share in the fast-growing market of digital wealth management technology solutions, according to ICICI Direct Research. (Read more on HCL Tech shares)

May 9, 2022 3:06 PM

LIC IPO subscription window closes today

According to market observers, the rollout of the LIC IPO has attracted a large number of new investors from Tier II and Tier III towns. (Read How to check LIC IPO share allotment status)

May 9, 2022 2:59 PM

Can Fin Homes head says no 'serious irregularities' on news of RBI probe

Can Fin Homes stock is under pressure. The RBI is set to probe fraud detection in 37 accounts of Can Fin Homes. In an exclusive interview to CNBC-TV18, the company's MD and CEO, Girish Kousgi, clarifies that the company hasn't heard anything from the regulators and that there are no "serious irregularities".

“We have not heard anything from the regulator, either from the National Housing Bank (which is the regulator for regulation and licensing of housing finance companies) or the RBI,” Kousgi says. (Read more)

Can Fin Homes shares are down by Rs 31.5 or 5.8 percent at Rs 514 apiece.

May 9, 2022 2:48 PM

Cryptos may soon attract 28% GST like betting and casinos in India

The GST Council is likely to consider levying a 28 percent GST on cryptocurrencies. The government's view is to bring cryptocurrencies at par with lottery, casinos, race course and betting, sources tell CNBC-TV18.

The GST Council has nominated a law committee to take up the proposal to levy 28 percent GST on services and all activities related to cryptocurrencies soon. The panel's view will be tabled before the GST Council for a formal nod. (Read more)

May 9, 2022 2:31 PM

LIC subscribed 2.5 times so far on final day

Life Insurance Corporation's initial public offering (IPO) — the biggest share sale the country has ever seen — is subscribed 2.5 times so far.

By 2:09 pm, the state-run insurance behemoth's IPO, to raise up to Rs 21,000 crore, receives bids for 39.8 crore shares as against the total size of 16.2 crore shares, according to exchange data.

The mega IPO saw oversubscription across all investor categories.

Category Subscription
Qualified institutional buyer 2x
Non-institutional investor 2.1x
Retail 1.8x
Employee 4.2x
Policyholder 5.7x
May 9, 2022 2:29 PM

Asia power outages and US warm temperature forecasts fuel coal prices to 2-month highs

Warm temperature forecasts coming in from US and power outages in various parts of Asia including India are supporting coal prices, which are at two-month peaks.

There has been continued robust demand for power generation. Firm natural gas prices in Europe and Asia are also putting coal prices on the higher side. (Read more)

May 9, 2022 2:27 PM