Market Highlights- Sensex ends flat, Nifty above 17000 amid high volatility; IndusInd Bank, NTPC top gainers

Market Highlights: Sensex ends flat, Nifty above 17000 amid high volatility; IndusInd Bank, NTPC top gainers

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian benchmark indices recouped majority of early losses to end on a flat note in the volatile session with selling seen in the capital goods, auto and IT indices. The BSE Sensex closed 84.88 points or 0.15% at 56,975.99, and the NSE Nifty 50 settled 33.40 points or 0.20% down at 17,069.10. Apollo Hospitals, Eicher Motors, Titan Company, Bajaj Auto and Wipro were among the top Nifty losers, while gainers were IndusInd Bank, Coal India, Tata Steel, Power Grid Corporation and HDFC. Among the sectors, capital goods, auto and IT indices fell a percent each. However, some buying was seen in the FMCG, metal, power and realty names. In Broader markets, the BSE midcap index fell 0.47% and smallcap index shed 0.87%. This week is going to be a truncated one as the market will remain shut on Tuesday on account of Ramzan Eid.Live Updates

Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates

15:40 (IST) 2 May 2022 Sensex, Nifty end lower

Indian benchmark Indices recouped majority of early losses to end on a flat note in the volatile session with selling seen in the capital goods, auto and IT indices.

The BSE Sensex closed 84.88 points or 0.15% at 56,975.99, and the NSE Nifty 50 settled 33.40 points or 0.20% down at 17,069.10. Sectorally, capital goods, auto and IT indices fell a percent each. However, some buying was seen in the FMCG, metal, power and realty names. In Broader markets, the BSE midcap index fell 0.47% and smallcap index shed 0.87%.

15:18 (IST) 2 May 2022 HDFC results in-line

“The quarterly results from HDFC Ltd. are largely in line with expectations. The company has shown a healthy improvement in all key metrics – disbursement, net interest margin, credit cost, asset quality, and dividend payout ratio. However, in an environment of deteriorating credit quality analysts are going to closely look at the adequacy of provisioning even when HDFC has disclosed the NPLs as per RBI norms. The potential impact of higher provisioning over the next 12 months will keep the analysts on the cautious side. The higher cost of borrowing will depress the escalated net interest margins. We expect the demand for home mortgages to remain robust but at the same time, there is aggressive competition from PSU banks and well-funded NBFCs. HDFC has a strong leadership position in the mortgage industry and its management will be tested over the next year as it tries to find the right balance between growth and asset quality,” said Abhay Agarwal, Founder, and Fund Manager, Piper Serica, SEBI Registered Portfolio Management Service Provider.

15:07 (IST) 2 May 2022 Bank Nifty in green

Bank Nifty was up 0.11% on Monday afternoon while Sensex and Nifty were down with losses.

14:31 (IST) 2 May 2022 HDFC Q4 profit rises 16%; firm declares Rs 30 dividend

Housing Development Finance Corporation (HDFC) on Monday said its standalone net profit for the quarter ended March 2022 stood at Rs 3,700.32 crore, up 16.36% compared to Rs 3,179.83 crore it reported a year back. The board of directors also announced a dividend of Rs 30 per share for the financial year ended March 2022. This is more than Rs 23 per share the company announced last year

14:29 (IST) 2 May 2022 LIC IPO opens May 4, primary market timing extended; Should you subscribe or stay away from this issue?

LIC IPO: This week will mark the beginning of the much-awaited Life Insurance Corporation of India (LIC) IPO (Initial Public Offering). The LIC IPO will open for investors to bid on later this week on May 4 and close on May 9. Investors will be allowed to bid for the public issue in the fixed price band of Rs 902-949 per share, which translates to Rs 21,008 crore on the upper end of the price band, however, LIC has offered various discounts to investors, which makes the net issue size to Rs 20,558 crore. The public issue of LIC will be the biggest ever witnessed by Dalal Street. Just ahead of the LIC IPO opening, the timing for the IPO market has been increased from 10 AM till 7 PM for all the days. 

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13:38 (IST) 2 May 2022 LIC IPO: Angel on says ‘Subscribe’

“Though there are concerns over LIC regarding market share loss in individual insurance business and historically lower margins, we believe that valuations factor in most of the negatives. Expected improvements in product mix and greater transfer of surplus to shareholders account over the coming years are expected to drive profits from current low levels, which along with cheap valuations provide comfort. Moreover, discount of Rs 45 and Rs 60 for retail investors & LIC policyholders makes the issue more attractive for them. Hence, we are assigning a “SUBSCRIBE” recommendation to the issue.”

~Angel One

13:35 (IST) 2 May 2022 LIC IPO: Current valuation attractive considering its strong market presence

“At the upper price band of Rs.949, LIC is available at P/EVPS (Embedded Value Per Share) of 1.1x which is at a discount of 65% compared to the average valuation of private life insurance players. Even though headwinds like declining market share, lower short-term persistency ratios and sub-par margins demand a discount to private players, the current valuation is attractive considering its strong market presence, improvement in profitability due to changes in surplus distribution norms. Hence, we assign a “Subscribe” rating on a short to medium term basis.”

~ Geojit Financial Services

13:19 (IST) 2 May 2022 IDBI Bank Q4 Results

IDBI Bank has posted 34.8% jump in its Q4 net profit at Rs 690.6 crore versus Rs 512.2 crore and net interest income (NII) was down 25.3% at Rs 2,420.5 crore versus Rs 3,240 crore, YoY, reported CNBC-TV18. IDBI Bank was quoting at Rs 45.60, up Rs 0.25, or 0.55% on the BSE.

13:16 (IST) 2 May 2022 Sensex, Nifty in red

Benchmark indices were trading lower in the volatile trade with Nifty hovering around 17000. The Sensex was down 255.08 points or 0.45% at 56805.79, and the Nifty was down 89.80 points or 0.53% at 17012.70.

13:14 (IST) 2 May 2022 SBI Cards declines 1%

SBI Cards and Payment Services share price trading in the red after company clocked a massive 231% on-year growth in profit at Rs 581 crore as impairment loss and bad debts declined 44% on-year to Rs 393 crore for the quarter ended March 2022. Total revenue from operations grew by 23% to Rs 2,850 crore during the same period, led by higher income from fees & services and interest income. SBI Cards & Payment Services was quoting at Rs 818.35, down Rs 11.40, or 1.37% on the BSE.

13:04 (IST) 2 May 2022 First-time investors should go for LIC IPO or not?

“Life Insurance Corporation (LIC) is the largest life insurer in India, with 61.6% market share in terms of premiums (or GWP), and 71.8% market share in terms of the number of individual policies issued as of December 31, 2021. LIC is synonymous with insurance in India and enjoys a phenomenal brand recall. We believe India’s highly underpenetrated life insurance space is still at a nascent stage and is attractively positioned to capture the huge growth opportunity. LIC enjoys many competitive advantages like strong brand value, extremely large scale of operations, a huge network of agents, and an envious distribution network. . The issue is priced at ~1.1 times Embedded Value, which is at a steep discount compared to its Indian & global peers. Nevertheless, first-time investors must be aware that the business of insurance is long-term in nature; therefore we recommend this issue for the long term only.”

~Parth Nyati, Founder, Tradingo

13:03 (IST) 2 May 2022 Key things investors should consider before buying LIC IPO

“Even post the listing, the government will still be the major shareholder and key manager, thus any future government intervention might be detrimental to shareholders. Insurance is a complex business for novice investors to understand as many terms are based on lots of estimates and assumptions, new investors will take time to get used to insurance terms like embedded value, VNB margins, APE, GWP, etc. There are concerns with the company like losing market share to private players, lower profitability & revenue growth compared to private players, lower VNB margins, and short-term persistency ratios. However, the company has made plans to address these issues and planning to take steps like increasing up-selling and cross-selling, increasing direct sales of their individual products on their website, designing products for the millennials, focusing more on non-par products, and protection based products, and linked products.”

~Parth Nyati, Founder, Tradingo

12:44 (IST) 2 May 2022 TVS Motor Company sales grows by 24% in April 2022

TVS Motor Company sales grew by 24% from 238,983 units in the month of April 2021 to 295,308 units in April 2022. TVS Motor Company was quoting at Rs 645.55, down Rs 9.55, or 1.46 percent on the BSE.

Total two-wheelers sales grew by 24%, from 226,193 units in April 2021 to 280,022 units in April 2022. Domestic two-wheeler sales grew by 37%, from 131,386 units in April 2021 to 180,533 units in April 2022.

Motorcycle sales grew by 4%, from 133,227 units in April 2021 to 139,027 units in April 2022. Scooter sales of the Company grew by 57%, from 65,213 units in April 2021 to 102,209 units in April 2022. 

12:18 (IST) 2 May 2022 Rainbow Children’s Medicare: Check share allotment status, grey market premium; stock listing on May 10

Rainbow Children’s Medicare’s Rs 1581-crore IPO, which got 12.43 times subscription, will finalise the share allotment on Thursday, 5 May. The initiation of refunds or unblocking of funds from ASBA account will take place on 6 May, and the equity shares will get credited to depository accounts of allottees on 9 May. Rainbow Children’s Medicare IPO is likely to list on stock exchanges on 10 May 2022, according to RHP. The IPO shares were sold at a price range of Rs 516-542 per share. Read full story

11:40 (IST) 2 May 2022 Foreign Investors cut holding in Nifty 500 to multi-quarter low, DIIs increase stake in these sectors

Foreign Institutional Investors (FII) continued to trim their stake in domestic stock markets in the January-March quarter, pulling out $13.5 billion from domestic stocks and reducing their holdings in the Nifty 500 to a multi-quarter low. Data sourced by brokerage firm Motilal Oswal showed that FII holding in Nifty 500 was down 40bp sequentially and down 210bp on year to 20.3% in the last quarter of the previous fiscal year. On the other hand, Domestic Institutional Investors (DII) were net buyers and pumped in $11.5 billion into equities during the same period. 

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11:37 (IST) 2 May 2022 Solara Active Pharma slips 15% after Rajender Rao resigns as MD & CEO

Shares of Solara Active Pharma Sciences hit a 52-week low of Rs 545.75, sliding 15% on the BSE in Monday's intra-day trade, after the company announced that Rajender Rao Juvvadi has resigned from the position of Managing director and CEO (MD & CEO).

11:23 (IST) 2 May 2022 Nifty needs to close above 17,200 for any chance of reversal in current trend

“The current triangle consolidation is expected to break down if we close below 16,950 on the spot. Nifty needs to close above 17,200 for any chance of reversal in current trend. Traders will be keeping a close eye on the post policy press conference from Jerome Powell & Bank of England meet scheduled this week.”

~Rahul Sharma, Director, Head- Technical & Derivatives Research, JM Financial Services

11:22 (IST) 2 May 2022 Wipro shares fall post disappointing Q4 results

Wipro shares declined 3% to Rs 493.55, falling 5% from its intra-day high of Rs 519 on the BSE, in Monday's intra-day trade after it reported a disappointing margin for March quarter (Q4FY22). The stock of the information technology (IT) software & consulting company was close to its 52-week low price of Rs 477.80, touched on May 4, 2021. In the past one month, it has slipped 18% as compared to 4% decline in the S&P BSE Sensex.

11:05 (IST) 2 May 2022 Nifty needs to close above 17,200 for any chance of reversal

“The current triangle consolidation is expected to break down if we close below 16,950 on the spot. Nifty needs to close above 17,200 for any chance of reversal in current trend. Traders will be keeping a close eye on the post policy press conference from Jerome Powell & Bank of England meet scheduled this week,” said Rahul Sharma, Director, Head- Technical & Derivatives Research, JM Financial Services.

10:53 (IST) 2 May 2022 16800 may attract bargain hunters

“On Friday, the bullish vibes lived only till achieving our objective of 17370, post which buyers withdrew sharply, which now threatens a 16400-15800 plunge in the near term. Upside prospects today would rest on the ability to stage a pull back above 16950 after the downside gapped opening, which could pave the way for consolidation with 17170 as the lid, especially as VIX continues to remain below 20. Else, the hopes would be on 16800 to attract bargain hunters,” said Anand James – Chief Market Strategist at Geojit Financial Services.

10:41 (IST) 2 May 2022 India’s manufacturing sector accelerated in April

S&P Global India Manufacturing Purchasing Managers’ Index (PMI) was at 54.7 in April, up from 54 in March, showing an acceleration in India’s manufacturing sector activities and a strong start to new fiscal year 2023. The month of April witnessed accelerated expansions in new orders and production and international sales also grew solidly, following a contraction in March, according to the seasonally adjusted monthly survey published Monday.

10:23 (IST) 2 May 2022 IndusInd Bank soars 4% post robust Q4 results; what should investors do?

IndusInd Bank share price jumped 4% to hit an intraday high of Rs 1,025 on Monday morning after the lender reported a growth of 51.2% on-year in its consolidated profit after tax (PAT) of Rs 1,400.5 crore as compared to Rs 926.07 crore registered a year back. The Net Interest Income (NII) for the private sector lender rose 12.7% on-year to Rs 3,985 crore. Brokerages remain bullish on the stock and see up to 35% upside, given the bank’s well-capitalized balance sheet, improvement in collection efficiencies in MFI business, reduction in fresh slippages/restructured book and high PCR levels.

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10:12 (IST) 2 May 2022 YES Bank zooms 6% post Q4 results

YES Bank share price jumped 6% in early trade Monday as investors cheered the private lender’s Jan-Mar earnings performance, with a large reduction in provisions for bad debts boosting the bottom-line. The private lender reported a net profit of Rs 367 crore for the March 2022 quarter. FY22 is the first full-year profit since FY19. YES Bank’s share price rose to a high of Rs 14.51 as against Rs 13.63 at previous close on the BSE.

09:56 (IST) 2 May 2022 Mahindra & Mahindra April auto sales

Mahindra & Mahindra today announced that its overall auto sales for the month of April 2022 stood at 45640 vehicles. In the Utility Vehicles segment, Mahindra sold 22168 vehicles in April 2022. The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 22526 vehicles in April 2022. Exports for the month were at 2703 vehicles.

09:53 (IST) 2 May 2022 Tata Chemicals surges 7% in weak market on strong Q4 performance

Tata Chemicals share price surged 7% amid weak market post strong Q4 results. The stock of Tata Group commodity chemicals company had hit a 52-week high of Rs 1,158 crore on October 18, 2021. It traded 6% higher as compared to 0.59% fall in the S&P BSE Sensex.

09:39 (IST) 2 May 2022 Aviation stocks decline after ATF prices hiked by over 3%

Stocks of the aviation related industry are likely to see some action, as jet fuel prices were hiked by 3.22 per cent — the ninth straight increase this year — to an all-time high of Rs 1,16,851.46 per kl (Rs 116.8 per litre) in the national capital, according to a price notification of state-owned fuel retailers.

09:36 (IST) 2 May 2022 Bajaj Auto April Auto Sales

Bajaj Auto has reported total sales of 3,10,774 units against 3,88,016 units, fall by 20%, on-year. Its 2-wheeler sales were down 19% at 2,81,711 units against 3,48,173 units and commercial vehicle sales were down 27% at 29,063 units versus 39,843 units, on-year.

09:36 (IST) 2 May 2022 Gold outlook for Akshaya Tritiya: Geopolitical risks, inflation key drivers; gold may hit Rs 54000 in 3 months

The global economic outlook remains murky as a robust recovery from the pandemic is tempered by the war in Ukraine and China’s continuing battle against Covid-19. Any escalation in the conflict, which is already weighing on growth forecasts, could further burnish the appeal of gold. Increasing geopolitical uncertainty following Russia’s invasion of Ukraine is also driving strategic portfolio diversification by investors who are less concerned about higher real rates. Read full story

09:28 (IST) 2 May 2022 IndusInd Bank shares jump 4% in a weak market on robust Q4 results

IndusInd Bank share price soared 4% after the private lender reported a 51% on-year jump in net profit to Rs 1,401 crore in the January-March quarter, aided by lower provisions and higher net interest income. Net interest income (NII) increased by 13% on-year to Rs 3,985 crore.

09:27 (IST) 2 May 2022 USDINR continues its broad consolidation of 76.20-76.70 levels

“USDINR continues its broad consolidation of 76.20-76.70 levels. Overall strength in US$ as well as weakness in Chinese Yuan is being countered by flows related to IPO as well as the possibility of central bank selling. LIC IPO anchor investment flows may cap sharp upsides in the pair. Exporters to keep on selling on spikes above 76.60 while Importers to keep on buying near term on any dips below 76.35. We may get some meaningful move post the Fed outcome on Wednesday while also the upcoming Nonfarm payrolls remain a key trigger.”

~Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors

09:26 (IST) 2 May 2022 Volatility to continue, economy facing stocks will do well in FY23

“The excessive volatility in the market is likely to continue for some time. The sharp sell-off in US markets on Friday is an indication of the nervousness and fear in the market caused by an increasingly hawkish Fed, rising dollar index and the prolonging war in Ukraine. The positive side is that domestic cues are getting stronger: GST collections in April at 1.68 lakh crores, rising auto sales, improving business sentiments and good corporate results reflect an economy bouncing back smartly. This indicates that the economy facing stocks will do well in FY23. DIIs and retail investors will be encouraged by the economic data while the FIIs are likely to press sales further since rates are likely to rise sharply in US and the dollar index is rising.”

~V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

09:22 (IST) 2 May 2022 Nifty top gainers, losers

In the Nifty pack, Hero MotoCorp, Infosys, Tech Mahindra, ONGC and Bajaj Finance were among major losers, while gainers were IndusInd Bank, Axis Bank, Tata Motors and Power Grid Corp.

09:22 (IST) 2 May 2022 Sensex top gainers, losers

IndusInd Bank, NTPC, Axis Bank were the only Sensex gainers. Meanwhile, Infosys, Tech Mahindra, Maruti, Bajaj Finserv, Bajaj Finance, Asian Paints and Sun Pharma were the top losers.

09:22 (IST) 2 May 2022 Sensex, Nifty open in red

Indian benchmark indices opened on negative note with Nifty below 17000 amid weak global cues. The BSE Sensex was down 483.39 points or 0.85% at 56577.48, and the Nifty was down 144.70 points or 0.85% at 16957.80.

09:15 (IST) 2 May 2022 Unless Nifty crawls above resistance, market will stay prone to corrective moves

“In the week gone by, Domestic market consolidated and traded in a limited range. Though it ended on a negative note on Friday, it also formed a bearish engulfing candlestick pattern on the daily chart. This was the second week in a row where the Nifty faced fierce resistance in the 17400-17500 zone and retraced from that level. Unless the index crawls above this pattern resistance once again, the market will stay prone to corrective moves. Daily MACD is bearish and below the signal line. However, the declining peak of Histogram is looking supportive for the index. We recommend continuing to track the markets cautiously. It is also suggested that aggressive positions on either side should be avoided unless the market takes a directional call from the present stage of consolidation.”

~Yes Securities

09:13 (IST) 2 May 2022 Crude oil prices to remain volatile this week

“On Friday, Crude oil futures declined and erasing all of its earlier gains in a volatile trading session. A late session sell-off in the U.S. stock market with a steep drop in U.S. heating oil futures were the catalysts behind the weak price action. The U.S. heating oil contract that plummeted by more than 20% at one point on the day of its expiration. On Friday, WTI crude oil settled at $104.69, down by 0.64% and Brent settled at $106.08 per barrel. Domestic markets were settled on a positive note at Rs8,117 up by1.00%. Crude oil prices to remain volatile this week ahead of the U.S. Federal Reserve policy meetings. Crude oil is having support at $101.30-$99.50 and resistance is at $105.90–107.40, In INR terms crude oil has support at Rs7,860-7,740; while resistance is at Rs8,185–8,320.”

~Rahul Kalantri, VP Commodities, Mehta Equities

09:05 (IST) 2 May 2022 Sensex, Nifty edge lower in pre-open session

Benchmark indices are trading lower in the pre-opening session with Nifty below 17000. The Sensex was down 526.44 points or 0.92% at 56534.43, and the Nifty was down 203.20 points or 1.19% at 16899.30.

09:01 (IST) 2 May 2022 Petrol and diesel price May 2: Fuel cost unchanged; Check prices in Delhi, Mumbai, other cities here

Petrol prices have been left untouched for the 25th day running by oil marketing companies (OMC) on May 2. Prices have been steady since April 6 after OMCs hiked prices by Rs 10 per litre through 14 price hikes across major cities. Petrol in the National Capital of Delhi currently retails at Rs 105.41 per litre, after the last hike of 80 paise nearly four weeks ago. Diesel in the city is priced at Rs 95.87. In Mumbai, a litre of petrol and diesel cost Rs 120.51 and Rs 104.77, respectively. Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international prices and foreign exchange rates. 

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08:56 (IST) 2 May 2022 Nifty immediate resistance at 17100

“Indian benchmark indices are expected to open on negative note as suggested by trends on SGX Nifty. Some stock specific actions can be witnessed in stocks such as Wipro, IndusInd Bank, SBI Cards, Tata Chemicals, Tanla Platforms as all these companies posted their earnings post market hours. Immediate support and resistance in Nifty 50 are 16700 and 17100 respectively. Immediate support and resistance in Bank Nifty are 35500 and 36500 respectively.”

~Mohit Nigam, Head – PMS, Hem Securities

08:47 (IST) 2 May 2022 Rupee likely to depreciate on weak global market sentiments, firm dollar

The Indian rupee expected to trade sideways to bearish after depreciating in last four months amid higher crude oil prices, geopolitical uncertainties, stronger dollar index, risk-off sentiments and foreign fund outflows. In the previous session, the local unit appreciated against the American currency, tracking a weak greenback overseas and fresh foreign fund inflows. So far this year, rupee has depreciated 2.82% to 76.43 a dollar. “USDINR May futures expected to head towards life higher of 77.50 while on downside it will find support around 75.50,” according to HDFC Securities.

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08:39 (IST) 2 May 2022 Volatility likely to continue

“Markets are witnessing volatile swing weighed by concerns over multi-decade high inflation rates, potential aggressive interest rate hike by US Fed and slowing global growth along with prolonged Russia-Ukraine war. Also relentless selling by FIIs is hampering the investor’s sentiments. Going ahead, volatility is likely to continue as the focus will shift to central bank policy meetings at both the US Federal Reserve and the Bank of England. Apart from, this slew of economic data release, monthly auto sales data and ongoing earnings season will keep investors busy. The mother of all IPO – LIC will also hit Dalal Street on 4 May 2022 which could pull out liquidity from the market and exert some selling pressure.”

~ Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services

08:37 (IST) 2 May 2022 HDFC, Britannia, Tata Coffee, Wipro, Yes Bank, Bharat Dynamics, Hindustan Aeronautics stocks in focus May 2

BSE-listed companies such as Housing Development Finance Corporation (HDFC), Britannia Industries, Alembic Pharmaceuticals, Astec Lifesciences, Adani Wilmar, Castrol India, CG Power and Industrial Solutions, Devyani International, Dwarikesh Sugar Industries, EIH Associated Hotels, IDBI Bank, Inox Leisure, JBM Auto, Jindal Stainless, Mahindra & Mahindra Financial Services, Mahindra Holidays & Resorts India, Meghmani Organics, NGL Fine-Chem, Olectra Greentech, Saregama India, Shakti Pumps (India), and Surana Solar will release quarterly earnings on May 2. Read full story

08:36 (IST) 2 May 2022 Limit positions, focus on identifying sectors, themes which are showing resilience

“It’s almost two weeks under consolidation but markets are not offering any cue over the next directional move. We suggest waiting for a decisive breakout from the 16,800-17,300 zone in Nifty. Meanwhile, participants should amid the consolidation bias. Investors, on the other hand, shouldn’t look much into the short term fluctuations and keep a close watch on the earnings for cues.”

~Ajit Mishra, VP Research, Religare Broking

08:27 (IST) 2 May 2022 Nifty to remain volatile this week, support in 17000-16800 range; Buy these two shares

Equity benchmark index completed a third monthly slide (Sensex down 883 points or 1.5% in April) this year as higher oil prices, geopolitical tension, FIIs selling, prolonged war between Russia-Ukraine and sharp decline in global market dampen the sentiments.  After trading within a 500-point range for the entire week, the Sensex ended in the red on Friday. Finally, Sensex slipped 136 points or quarter percent while Nifty shed 69 points or 0.4% against the previous week close.

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08:26 (IST) 2 May 2022 Markets will be eyeing Manufacturing PMI and Services PMI data this week

“This week is a holiday-shortened one and it’s going to be critical as some of the important events and data are lined up. Participants will first react to the auto sales numbers. On the macro front, markets will be eyeing Manufacturing PMI and Services PMI data on May 2 and May 5 respectively. The much-awaited IPO of insurance behemoth, LIC, is opening for subscription on May 4. On the global front, the US Fed meeting outcome will be in focus. Markets are discounting a 50 bps rate hike this time and the focus would be on their commentary on the quantum of rate hikes ahead. “

~Ajit Mishra, VP Research. Religare Broking

08:22 (IST) 2 May 2022 SGX Nifty hints at weak start for Sensex, Nifty; 5 things to know before opening bell

Domestic equity markets witnessed heightened volatility the previous week and headline indices closed with losses. S&P BSE Sensex ended at 57,060 while the NSE Nifty 50 closed at 17,102. During the same time frame, the volatility index soared by nearly 6% and currently sits just above 19 levels. Entering Monday’s trade, SGX Nifty was deep in red, suggesting a weak opening for domestic equities. Global cues were also weak with South Asian stock markets mirroring Wall Street’s losses. Chartists believe there could be further weakness in the Nifty 50.

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08:14 (IST) 2 May 2022

“If we talk about the derivative data, the May series begins on a light note where FIIs' long exposure in index future stands at 37% which is in oversold territory while the put-call ratio is sitting at 0.96 level that is also heading towards the oversold zone. Technically, the Nifty is stuck in the range of 16850-17450 and any decisive move from this band will dictate the further direction of the market. If the Nifty slips below the 16850 level, there will be a risk of any major correction where 16600/16400 are the next important support levels.”

“On the upside, 17300 is an immediate resistance while if Nifty manages to cross the 17450 level then 17600 will be the next hurdle. Banknifty has a critical support zone of 35500-35000 and if it slips below this zone then there will be a risk of a move towards the 34000 level. On the upside, 36700-37000 is a critical supply zone; above this, we can expect a short-covering rally.”

~Santosh Meena, Head of Research, Swastika Investmart

08:12 (IST) 2 May 2022 LIC IPO to open on May 4

The much-awaited LIC IPO will open May 4 (May 2 for anchor investors) and close May 9 for the general public, LIC officials said at a press briefing last week, adding it would list on stock exchanges on May 17. In India's biggest public issue to date, the government-owned insurance giant is selling over 22.13 crore shares. The price band has been fixed at Rs 902-949 per share. Total IPO value is set at Rs 21,000 crore. Policy holders will get a Rs 60 per share discount and retail employees and anchor investors will get a Rs 45 discount.

08:09 (IST) 2 May 2022 Eight core sector growth slows down to 4.3% in March

India's eight core sectors grew by 4.3% in March, down from 6% in February, the commerce ministry said on April 29. Only three of the eight core sectors exhibited faster rates of output growth in March as opposed to six in February. These three sectors were fertiliser, cement, and electricity. While fertiliser output jumped by a huge 15.3% on-year in March, that of cement and electricity rose 8.8% and 4.9%, respectively.

08:07 (IST) 2 May 2022 Tokyo shares edge lower with eyes on Fed

Tokyo shares drifted lower on Monday ahead of three consecutive public holidays, as investors focused on an upcoming US Federal Reserve monetary policy meeting. The Nikkei 225 index opened flat then slipped 0.52%, or 139.55 points, to 26,708.35 in morning trade while the broader Topix index fell 0.23%, or 4.33 points, to 1,894.73.