Rupee Close:
Indian rupee ended 9 paise higher at 77.23 per dollar against Tuesday’s close of 77.32.
S Ranganathan, Head of Research at LKP securities:
Indices displayed extreme volatility today ahead of the CPI & IIP data this week. While we did see a sharp recovery in Indices during afternoon trade, the market breadth was very weak with several stocks in the broader market taking a big knock-on selling pressure as the Small-Cap Index lost 3%.
Market Close: Indian benchmark indices ended lower for the fourth straight session with Nifty closing below 16,200.
At Close, the Sensex was down 276.46 points or 0.51% at 54,088.39, and the Nifty was down 72.90 points or 0.45% at 16167.10. About 787 shares have advanced, 2531 shares declined, and 116 shares are unchanged.
Shree Cements, Bajaj Finserv, Larsen and Toubro, Bajaj Finance and NTPC were among the top Nifty losers, while gainers included ONGC, Axis Bank, IndusInd Bank, Cipla and HDFC.
Among sectors, bank and realty indices were up 0.5 percent each, while IT, auto, FMCG, pharma, power and capital goods indices shed 0.5-1 percent.
BSE midcap index shed 0.4 percent and smallcap index fell 2.2 percent
Indiabulls Housing Finance shed 20 percent
Indiabulls Housing F&O Open interest at 116% Likely to come in F&O Ban
— Yatin Mota (@YatinMota) May 11, 2022
BuzzingGujarat Gas share price rose 5 percent on May 11 after company clocked a 27.6 percent year-on-year growth in consolidated profit at Rs 444.4 crore in quarter ended March 2022 despite higher input cost, led by strong topline and operating income. Revenue surged 36.5 percent to Rs 4,773.4 crore during the same period.
Today’s Stock Market Action
Today’s Stock Market Action
Buzzing:Torrent Power share price declined more than 3 percent after company posted consolidated loss of Rs 487.4 crore in Q4FY22 against profit of Rs 398 crore in same period last year impacted by additional impairment charge of Rs 1,300 crore with respect to DGEN Mega Power Project. Revenue from operations grew by 21 percent YoY to Rs 3,744 crore in Q4FY22 and EBITDA increased by 15 percent YoY to Rs 1,088 crore during the same quarter.
Motilal Oswal View on Cipla
“We lower our FY23/FY24 EPS estimate by 7% each to factor in higher expenditure on R&D and operational cost related to procurement and supply chain.
“We expect a 14% earnings compound annual rate led by a 21/5/10% sales compound annual rate in US generics/DF/SAGA over FY22-24.
“We value the stock at 23x 12-month forward earnings and add Rs 35/share of gRevlimid NPV to arrive at our target price of Rs 880. We maintain our neutral rating as current valuations adequately factor in an upside from earnings growth,” it said.
Nifty Bank index gained 0.5 percent supported by the Axis Bank, IndusInd Bank, Kotak Mahindra Bank
Market at 3 PMBenchmark indices has erased some of the intraday losses but still trading lower with Nifty around 16200.The Sensex was down 207.03 points or 0.38% at 54157.82, and the Nifty was down 51.30 points or 0.32% at 16188.70. About 659 shares have advanced, 2517 shares declined, and 96 shares are unchanged.
