Share Market update: Sensex falls 136 pts, Nifty below 15,800; SBI, Airtel top losers

Good afternoon!

Benchmark indices crashed on Thursday amid weak global cues and inflation worries. Foreign institutional investors remaining in selling mode and elevated crude oil prices also weighed on sentiment.

Sensex tumbled 1,158.08 points or 2.14 per cent to close below the 53,000-level at 52,930.31. It plummeted 1,386.09 points or 2.56 per cent intra-day to 52,702.30. Nifty plunged 359.10 points or 2.22 per cent to end at 15,808.

What's next? Here are the latest updates.

3:30 pm: Market update

Sensex falls 136 points to 52,793 and Nifty declines 26 points to 15,782.

2:54 pm: Market pares gains

Sensex trading 106 points higher at  53,036 and Nifty rises 33 points to 15,831 in the afternoon session.

2:48 pm: LIC IPO: Grey market premium crashes 111% ahead of listing next week

The price of Life Insurance Corporation of India (LIC) share in the unlisted market or the grey market premium (GMP) has crashed 111 percent in the last 10 trading sessions.

The GMP which stood at Rs 85 on May 3 fell to minus Rs 10 today, signaling a 111.76 percent crash in 10 trading sessions. The IPO opened on May 4 and closed on May 9. During the last three sessions, the GMP of the IPO has remained stuck at minus Rs 10 level, according to IPO Watch.

1:47 pm: SBI stock rises 2% post Q4 earnings

SBI stock rises 2% after the lender reports reports a 41.2 per cent jump in its standalone net profit at Rs 9,113.53 crore for the fourth quarter ended 31 March, 2022. The lender had posted a net profit of Rs 6,450.75 crore in the year-ago period.

The stock gained 2.01% to Rs 477 against the previous close of Rs 462.45 on BSE.

1:38 pm: Sensex gainers

Sun Pharma, Titan, M&M, HUL and Reliance Industries are the top Sensex gainers, rising up to 4.51%.

12:45 pm: Market in green

Sensex trading 697 points higher at  53,628 and Nifty rises 228 points to 16,036 in the afternoon session.

12:33 pm: Adani Wilmar stock rises amid market rally

Shares of Adani Wilmar were trading higher amid a recovery in broader market indices today. Adani Wilmar stock opened 2.96 per cent higher at Rs 599 on BSE.  Market cap of the firm rose to Rs 78,357 crore. Total of 2.11 lakh shares of the firm changed hands amounting to a turnover of Rs 12.62 crore on BSE. The stock has lost 5.74 per cent in a month and fallen 7.16 per cent in a week.

11:30 am: RBL Bank shares zoom over 13%

Shares of RBL Bank zoomed over 13 per cent to hit an intraday high of Rs 114.60 after the lender reported good set of numbers for the quarter ended March 2022. 

The bank's profit more than doubled to Rs 164.77 crore in the March quarter, mainly due to a low base in the year-ago period. The private sector lender reported a net profit of Rs 197.83 crore on a standalone basis in the January-March period as against Rs 75.34 crore in the year-ago period. 

In FY22, it reported a loss of Rs 74.74 crore whereas it had a net profit of Rs 507.78 crore in 2020-21. 

The stock opened higher at Rs 104.70 against the previous close of Rs 101.75. With a market capitalisation of Rs 6,630 crore, the shares lower than 5-day, 20-day, 50-day, 100 day and 200 day moving averages. 

10:30 am: Tata Motors shares in focus

Tata Motors stock rose over 8 per cent in early trade today after the auto major reported its Q4 earnings. The large cap stock rose to an intraday high of Rs 403, gaining 8.30 per cent on BSE. The share opened 3.82 percent higher at Rs 386.30 today.  

Tata Motors shares are trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has gained 21.41 per cent in one year but lost 18 per cent since the beginning of this year. Market cap of the firm rose to Rs 1.31 lakh crore on BSE.  

Tata Motors stock has gained after five days of consecutive fall. Total 2.27 lakh shares changed hands amounting to a turnover of Rs 8.96 crore.

The share hit a 52-week high of Rs 536.50 on November 17, 2021 and a 52-week low of Rs 268.50 on August 24, 2021.  The automaker reported narrowing of net loss to Rs 1,032.84 crore for the quarter ended 31 March, 2022 against net loss of Rs 7,605.40 crore a year earlier.

Sequentially, the automaker's loss narrowed from Rs 1,516.14 crore in the December quarter (Q3FY22). However, consolidated total revenue from operations fell nearly 11.4 per cent to Rs 78,439.06 crore versus Rs 88,627.90 crore from a year ago.

9:20 am: Rupee recovers

Indian rupee has recovered by 8 paise and stands at 77.32 against the US dollar in early trade. The domestic currency slumped to 77.40 against US dollar on Thursday at market close.

Decline in rupee on Thursday was triggered by risk-off sentiments amid increasing concerns over inflation, weak domestic equities, surging US dollar in overseas market and foreign outflows. 

9:16 am: Market opening

Sensex opened over 500 points higher at 53,507.78 and Nifty also jumped over 160 points to 15,977.

9:10 am: Pre-market comment by Mohit Nigam, Head - PMS, Hem Securities 

The Indian market will open higher, according to the SGX Nifty and Global Trend. The stock market in the United States was trading flat. Indian equity benchmarks fell for the fifth consecutive session yesterday, finishing with losses of more than 2%, as investors remained concerned about the March Index of Industrial Production (IIP) data and the crucial retail inflation (CPI) reading for April, which jumped to an 8-year high of 7.79%. 

A broader drop in global stocks in response to US consumer price data also dampened investor mood. Traders were also concerned when a private report cut its projections for India's economic growth in the next two fiscal years, citing a global slowdown, soaring oil prices, and sluggish local demand as factors weighing on Asia's third-largest economy. 

Investors should exercise caution in these markets and take advantage of any drops in fundamentally sound stocks.

Immediate support and resistance for Nifty are 15,600 and 16,000 respectively. Immediate support and resistance for Bank Nifty are 33,500 and 34,500 respectively.

8:40 am: Global updates

U.S. stocks ended a whipsaw session slightly lower on Thursday, as investors juggled signs of peaking inflation with fears that it could remain elevated, prompting ever more aggressive tightening from the Federal Reserve.

All three major U.S. stock indexes seesawed and the S&P 500 came within striking distance of confirming it entered a bear market after swooning from its all-time high reached on Jan. 3.

When the dust settled, the S&P and the Dow ended modestly red, but the Nasdaq eked out a modest gain.

The Dow Jones Industrial Average fell 103.81 points, or 0.33%, to 31,730.3, the S&P 500 lost 5.1 points, or 0.13%, to 3,930.08 and the Nasdaq Composite added 6.73 points, or 0.06%, to 11,370.96.

Asian shares found some footing after a volatile session for U.S. equities, but the dollar remained at 20-year highs and global stocks near 18-month lows on worries about persistently high inflation and tightening central banks.

Those worries ultimately overcame hopes on Wall Street that high inflation might be peaking, pushing the S&P 500 close to confirming a bear market on Thursday, at nearly 20% off its January all-time high.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.15%, trimming its losses for the week to around 3.5%.

8:15 am: SGX Nifty

The Indian equity market is likely to open on a positive note today as SGX Nifty was trading higher at 15,971.50.

The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:10 am: Market on Thursday

Benchmark indices extended losses for the fifth consecutive session amid weak global cues. Sensex and Nifty tanked over 2 per cent each, tracking selling in index majors HDFC twins, Reliance Industries and ICICI Bank. Investors remained cautious ahead of the announcement of inflation rate for April and industrial production data for March.

Sensex tumbled 1,158.08 points or 2.14 per cent to close below the 53,000-level at 52,930.31. It plummeted 1,386.09 points or 2.56 per cent intra-day to 52,702.30. Nifty plunged 359.10 points or 2.22 per cent to end at 15,808.

IndusInd Bank, Tata Steel, Bajaj Finance, Bajaj Finserv, HDFC Bank, Axis Bank, HDFC, Titan, NTPC and State Bank of India were among the top Sensex losers, falling up to 5.82 per cent today. Wipro was the only gainer, rising up to 0.91 per cent.

The market breadth was negative with 747 shares ending higher against 2,614 stocks falling in the red. 86 shares were unchanged. Consumer durables shares, banking and metal stocks were the top sectoral losers with their BSE indices, crashing 976 points and 1255 points and 715 points, respectively.