Share Market LIVE: Sensex zooms 1500 pts, Nifty at 16,266; Dr Reddy's jumps 8%

Good morning!

Equity benchmark Sensex dived over 1,500 points to hit an intraday low of 52,669.51 and Nifty also tanked over 400 points amid an extremely weak trend in the global markets.

The 30-share BSE benchmark settled 1,416.30 points lower at 52,792.23. The broader NSE Nifty tumbled 431 points to 15,809.40.

What's next? Here are the latest updates!

15:30 pm: Market closing

Sensex ended 1,534 points higher at 54,326.39 and Nifty jumped over 450 points to 16,266.15.

Dr Reddy's shares were up 8 per cent a day after the company posted earnings for the quarter ended March 2022.

13:30 pm: Dr Reddy's shares zoom over 8% post Q4 results

Shares of Dr. Reddy’s Laboratories (DRL) zoomed over 8 per cent to hit an intraday high of Rs 4259.1 on BSE a day after the company announced the results for the quarter ended March 2022.

The company posted a net profit of Rs 88 crore, down 76 percent on an year-on-year basis as it booked one-time impairment expenses of Rs 742 crore in the last quarter. However, it reported a 15 percent year-on-year rise in revenues from operations to Rs 5,437 crore.

With a market capitalisation of more than Rs 70,000 crore, the shares stand higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.

12:00 pm: eMudhra IPO opens

The initial public offering (IPO) by digital signature certificate provider eMudhra opened for subscription on May 20 to raise around Rs 413 crore from the primary market.

The company has fixed a price band of Rs 243-256 per share for the public issue which will close on May 24, Tuesday. The ongoing public offer got subscribed 24 per cent on the first day of offering till 11.24 am (IST).

The IPO is a combination of a fresh issue and OFS (offer for sale) portion. eMudhra will not receive any proceeds from the OFS portion. Of the fresh issue net proceeds, Rs 46.4 crore to be used for setting up data centres, Rs 40.2 crore will be utilised to fund the working capital, Rs 35 crore will be used for the repayment or prepayment of the borrowings, Rs 15.3 crore to be used for augmenting business development in the US and another Rs 15 crore to be used for product development.

10:30 am: ITC on a roll!

Shares of ITC are on a roll after the company posted better than expected numbers for the quarter ended March 2022. Experts say that good growth in cigarettes and other segments.

On Thursday, the shares of FMCG-cigarette-to-hotel major ITC zoomed over 4 per cent to hit a high of Rs 279.15. It rose 2 per cent to hit a new 52-week high of Rs 282.3 on BSE on Friday.

With a market capitalisation of more than Rs 3,44,000 crore, the shares are trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.

9:25 am: Sensex zooms over 1000 points, Nifty above 16k

9:16 am: Market opens

Sensex opened 722 points higher at 53,514.43 and Nifty jumped over 234 points to 16,043.80 amid mixed global cues.

Tata Steel was the top gainer, advancing over 3 per cent, followed by Axis Bank, IndusInd Bank and HUL.

8:40 am: Global updates

Wall Street ended lower after a volatile session on Thursday, with Cisco Systems slumping after giving a dismal outlook, while investors fretted about inflation and rising interest rates.

The S&P 500 declined 0.58% to end the session at 3,900.79 points. The Nasdaq declined 0.26% to 11,388.50 points, while the Dow Jones Industrial Average declined 0.75% to 31,253.13 points.

Asian shares jumped in early trade on Friday after China cut a key lending benchmark to support a slowing economy, but a gauge of global equities remained set for its longest weekly losing streak on record amid investor worries about sluggish growth.

China cut its five-year loan prime rate (LPR) by 15 basis points on Friday morning, a sharper cut than had been expected, as authorities seek to cushion an economic slowdown, though it left the one-year LPR unchanged. The five-year rate influences the pricing of mortgages.

MSCI's broadest index of Asia-Pacific shares outside Japan quickly built on early gains after the cut, and was last up 1.4%.

8:35 am: SGX Nifty

The Indian equity market is likely to open on a positive note today as SGX Nifty was trading 218 points lower at 16,002.

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

8:20 am: Market on Thursday

Equity benchmark Sensex dived over 1,500 points to hit an intraday low of 52,669.51 and Nifty also tanked over 400 points amid an extremely weak trend in the global markets.

The 30-share BSE benchmark settled 1,416.30 points lower at 52,792.23. The broader NSE Nifty tumbled 431 points to 15,809.40.

Persistent foreign fund outflows and a spurt in crude oil prices also dampened sentiment.

Parth Nyati, founder, Tradingo said, “Global inflation has become the biggest spoilsport and has derailed the economic growth recovery globally. The post-pandemic inflation which was once believed to be transient has now become an entrenched one.”

“This has created a huge sell-off and meltdown in the majority of the stock markets globally. India's WPI inflation jumped to a 17-year high, this will force RBI to further hike interest rates. All these factors have collectively led to over a 2 per cent fall in Nifty and Sensex. However, we believe that investors must be greedy when others are fearful and use this opportunity to lap up quality shares with good growth prospects and reasonable valuations,” Nyati added.