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Share Market update: Sensex falls 364 pts, Nifty closes at 16,301; RIL top loser

Share Market update: Sensex falls 364 pts, Nifty closes at 16,301; RIL top loser

Sensex falls 364 points to 54,470 and Nifty ends 109 points lower at 16,301. Of 30 Sensex stocks, 17 ended lower.

Share Market LIVE: Sensex, Nifty likely to open lower today Share Market LIVE: Sensex, Nifty likely to open lower today

Good afternoon!

It was a tough week for the investors on Dalal Street as the equity benchmarks crashed nearly 4 per cent amid weak global cues, rising concern over inflation, foreign fund outflows and a surprise interest rate hike by the Reserve Bank of India (RBI) weighted sentiment.

Sensex and Nifty ended deep in the red on Friday, weighed down by a selloff in US markets as investors were worried that higher interest rates the Federal Reserve was using in its fight against inflation could derail the economy.

Sensex ended 866 points lower at 54,835 and Nifty lost 271 points to 16,411 in the last trading session of this week. The 30-share BSE Sensex tanked 2225.29 points, or 3.90 per cent, to 54835.58 during the week gone by. Likewise, the 50-share NSE Nifty index slipped 691.30 points or 4.04 per cent to 16,411.25.

What's next? Here are the latest updates.

3:40 pm: Closing update

Sensex falls 364 points to 54,470 and Nifty ends 109 points lower at 16,301. Of 30 Sensex stocks, 17 ended lower.

3:01 pm: Expert take on Campus Activewear stock listing

 Amarjeet Maurya - AVP - Mid Caps at Angel One said, "Campus Activewear (CAL) is up 33% from the higher end of the price band. At CMP Of Rs 389, the stock is trading at 124.8x TTM P/E which leaves little room for upside. Hence, we recommend to book profits. However, CAL has strong brands and a wide range of products but we believe that these positives are captured in the valuations commanded by the company."

2:48 pm: Market update

Sensex falls 192 points to 54,642 and Nifty slips 59 points to 16,352  Of 30 Sensex stocks, 15 are trading lower.

2:41 pm: Sensex losers

Top Sensex losers are Reliance Industries, IndusInd Bank, Nestle India, Tech Mahindra and Tata Steel, falling up to 3.48 percent.

2:37 pm: Morgan Stanley sees $50 billion addition in Reliance Industries m-cap in 2022; here's why

While retaining its bullish view on Reliance Industries (RIL), global brokerage firm Morgan Stanley believes that the energy-to-telecom behemoth is on a path toward an over $20 billion EBITDA run rate inflection with five-pronged support.

Firstly, it believes that refinery margins could nearly double and be sustained at high levels for the next half-decade, with global fuel markets seeing sustained lower supply due to a lack of investments. Secondly, Morgan Stanley also sees telecom ARPUs (average revenue per user) rising, quality of subscribers improving and churn falling. READ MORE

2:15 pm: Adani Group acquires new franchise team in UAE's T20 League

Adani Sportsline, a part of the diversified Adani Group, has entered into franchise cricket by acquiring a franchise in the United Arab Emirates (UAE)’s flagship T20 league. Interestingly, Adani Group also attempted buying the 2022’s Indian Premier League (IPL) team in October 2021. However, the Gautam Adani-owned group couldn’t make the final cut for owning either Ahmedabad or Lucknow franchises despite bidding Rs 5,100 crore each. READ MORE

 1:36 pm: Market update

 Sensex falls 383 points to 54,451 and Nifty slips 119 points to 16,294.

1:33 pm: Adani Wilmar stock in a free fall, slips 30% from record high

Shares of Adani Wilmar have lost 30 percent from their record highs, delivering losses to investors entering the stock in the last seven sessions. The stock hit a lower circuit of 5 per cent in afternoon trade today. It opened 5 per cent lower at Rs 613.90 on BSE.  Market cap of the firm fell to Rs 79,787 crore. Total of 1.09 lakh shares of the firm changed hands amounting to a turnover of Rs 6.69 crore in the afternoon session. Read More

12:45 pm: These 3 IPOs to open this week to raise Rs 6,000 crore

Amid the ongoing weakness in the domestic equity market, at least three initial public offerings (IPO) by Prudent Corporate Advisory Services, Delhivery Limited, and Venus Pipes and Tubes are slated to hit the primary market this week to raise nearly Rs 6,000 crore from investors.

Prudent Corporate Advisory Services will open for subscription on May 10. The company has fixed a price band of Rs 595 to Rs 630 for the public issue, which will close on May 12. Prudent Corporate Advisory Services is aiming to garner around Rs 539 crore through the public issue. Shares of Prudent traded at a premium of Rs 30 in the unlisted market in the morning trade on Monday. READ MORE

12:00 pm: Market update

Sensex was down over 350 points and Nifty was hovering around 16,300.

RIL was the top loser on Sensex, declining over 3 per cent.

11:30 am: Tata Power stock slips 9% post Q4 earnings

Shares of Tata Power fell 9 percent in early trade today despite the Tata Group firm reporting a decent set of earnings in Q4 of the last fiscal. Analysts cited underperformance in coal-related business as a key factor behind the fall in stock. 

Tata Power stock touched an intraday low of Rs 223.05, falling 9.03 per cent on Monday.  The large-cap stock opened with a loss of 4.02% at Rs 235.35 against the previous close of Rs 245.20 on BSE. 

10:30 am: RIL shares tank 3% post Q4 results

Shares of Mukesh Ambani-owned oil-to-chemicals-to-telecom conglomerate Reliance Industries Limited (RIL) tanked 3 per cent to hit an intraday low of Rs 2,542 on BSE after the company posted its earnings for the quarter ended March 2022.

The company posted a consolidated profit after tax (PAT) at Rs 16,203 crore, up 22.5 per cent in the quarter ended 31 March, 2022 following strong performance across its energy, telecom and retail verticals. It had posted a net profit of Rs 13,227 crore in the year-ago period. 

RIL's revenue from operations stood at Rs 2,11,887 crore from Rs 1,54,896 crore in the same quarter last fiscal. It is now the first Indian corporate to cross $100 billion in sales revenues.

The stock opened lower at Rs 2,575 against the previous close of Rs 2621.15 on BSE. With a market capitalisation of more than Rs 17,00,000 crore, the shares stand higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages.

10:05 am: Campus Activewear stock makes stellar market debut, lists at 23% premium to issue price

Shares of Campus Activewear made a strong market debut today, listing at a premium of 23.28 per cent at Rs 360 on NSE against the IPO issue price. The company offered its shares in a price band of Rs 278-292. Market cap of Campus Activewear stood at Rs 10,955 crore. Total 84.91 lakh shares of the firm changed hands amounting to a turnover of Rs 305.69 crore on NSE.

On BSE, the stock listed at Rs 355, 21.58 per cent higher to the IPO price.

Market cap of the firm rose to Rs 10,803 crore. Total 3.222 lakh shares of the firm changed hands amounting to a turnover of Rs 11.44 crore on the BSE.

The IPO was held from December April 26 to April 28. The share sale was subscribed 51.75 times on the final day of bidding.

9:30 am: Rupee extends losses, hits record low of 77.40

9:25 am: Sensex tumbles over 800 points

9:16 am: Sensex tanks over 650 pts, Nifty below 16,250

Sensex opened over 650 lower at 54,155.33 and Nifty also tanked 190 points to 16,218.85 amid weak global cues. 

Tech Mahindra and Axis Bank were the top losers on Sensex.

8:30 am: Global updates

Wall Street's main indexes extended losses on Friday as investors worried that the Federal Reserve will need to be more aggressive than expected in raising interest rates to combat inflation.

The tech-heavy Nasdaq registered its lowest close since 2020, notching a fifth straight weekly loss, its longest losing streak since the fourth quarter of 2012. The S&P 500 also posted its fifth straight weekly loss, its longest string of weekly losses since the second quarter of 2011.

The Dow Jones Industrial Average fell 98.6 points, or 0.3 percent, to 32,899.37, the S&P 500 lost 23.53 points, or 0.57 percent, to 4,123.34 and the Nasdaq Composite dropped 173.03 points, or 1.4 percent, to 12,144.66.

Asian markets got off to a shaky start on Monday as US stock futures took an early skid on rate worries, while a tightening lockdown in Shanghai stoked concerns about global economic growth and possible recession. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3%, and Japan's Nikkei 1.2 percent.

8:15 am: SGX Nifty

The Indian equity market is likely to open on a negative note today as SGX Nifty was trading lower at 16,217.80.

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

8:10 am: Market on Friday

Indian market nosedived on Friday with Sensex closing below the 55,000-mark amid a sell-off in global markets. Unabated foreign fund outflows and firm crude oil prices also weighed on sentiment. Sensex ended 866 points lower at 54,835 and Nifty lost 271 points to 16,411 in the last trading session of this week.

Bajaj Finance, Axis Bank, Bajaj Finserv, Nestle, Wipro, HDFC, Infosys, HDFC Bank and UltraTech Cement were the top Sensex losers, falling up to 4.91 per cent. 

Tech Mahindra, PowerGrid, ITC, SBI and NTPC were among the top Sensex gainers, rising up to 2.21 percent.

Investor wealth declined by Rs 4.32 lakh crore to Rs 255.32 lakh crore today against Rs 259.64 lakh crore in the previous session. Of 30 Sensex stocks, 25 ended in the red.

The market breadth was negative with 835 shares trading higher against 2,519 stocks falling in the red. 106 shares were unchanged. BSE mid-cap and small-cap indices crashed 485 points and 581 points, respectively.