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Market LIVE: Sensex erases all gains, turns red, Nifty gives up 15,200; RIL, HDFC Bank, SBI fall – The Financial Express

Nifty Metal index gained 1.4 per cent, and Nifty FMCG index was up nearly one per cent.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 index slipped into the red in afternoon deals on Tuesday. BSE Sensex was hovering over 50,600 while the broader Nifty 50 index gave up 15,200. Nestle India was the top Sensex gainer, followed by Asian Paints, Titan Company, Bajaj Finsv, Mahindra & Mahindra, ONGC, Tech Mahindra among others. HDFC Bank was the only Sensex laggard, down over half a per cent. Except for Nifty PSU Bank and Nifty Private Bank indices, all the sectoral indices were trading in the positive territory. Nifty Metal index gained 1.4 per cent, and Nifty FMCG index was up nearly one per cent.

Foreign direct investment (FDI) in equity in India rose 19 per cent on-year in FY21 to a record $59.6 billion despite the onslaught of the COVID-19 pandemic. However, such inflows, which had jumped as much as 40 per cent between April and December, seem to have lost some momentum in the March quarter.

According to the India Strategy report of Motilal Oswal Financial Service, global commodity prices have surged in CY21, with the CRB core commodity index rising 70% YoY in Apr’21. The recent comments of Chinese policymakers have resulted in some moderation and volatility in prices. Nonetheless, the rise in global commodity prices in CY21 has brought the focus back on inflation. While food/agri prices have shown a faster increase, the CRB index is supported by a lower base of Apr’20. The rise in prices comes amid an increase in COVID cases and restricted economic activity. With the uncertainty in the demand environment, it would prove challenging for companies to pass on the rise in commodity costs.

Privatisation-bound Bharat Petroleum Corporation (BPCL) may sell a part of its stake in Petronet LNG and Indraprastha Gas (IGL) to shed its promoter status to obviate the need for its new owner to make open offers for the two gas companies, sources said. BPCL holds 12.5 per cent of shareholding in India’s largest liquefied natural gas importer, Petronet, and a 22.5 per cent stake in city gas retailer, IGL. It is a promoter of both the listed companies and holds board positions.

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A British brokerage on Tuesday cut India’s FY22 GDP growth estimate by a sharp 0.80 per cent to 9.2 per cent, saying the economic impact of the second wave of infections has been deeper than initially expected. Barclays chief India economist Rahul Bajoria also mentioned the slow pace of vaccinations in the country and the rolling lockdowns across many states for the estimate.

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Investment firm Strides Ventures on Tuesday announced a debt fund for Indian startups with corpus that can go up to Rs 1,875 crore. The firm will continue investing in early to late-stage startups with ticket size from the new fund expected to go up to Rs 70 crore, Strides Ventures said in a statement.

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Sensex is up 50 points in the green while the Nifty 50 index is up 31 points at this hours, as headline indices trade flat with positive bias. 

Ethereum price has Jumped 1187.3 per cent since last year, giving this cryptocurrency backing a namesake blockchain platform a market valuation of around $313.9 billion. Ethereum is a blockchain-based platform for developing decentralized apps and smart contracts. Ether is the native cryptocurrency used for all the transactions on Ethereum’s blockchain.

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Barbeque-Nation Hospitality share price hit 20 per cent limit of upper circuit at Rs 767.50 apiece in intraday deals on BSE after the company posted revenues of Rs 226 crore in Jan-Mar quarter of FY21, a growth of 18.5 per cent on-year. It stood at Rs 190 crore in the same quarter last year. The company’s operating profit or EBITDA stood at Rs 56 crore, up 128 per cent on-year with margins of 24.8 per cent. 

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While Sensex and Nifty near all-time highs, the pillars of Dalal Street are getting shaky as big money opts to stay out. Institutional participation, both foreign and domestic, is close to 14-year lows, while retail investors continue to favour short-term trades. This change in market dynamics could result in bad news in the event of a correction, creating liquidity scarcity, global brokerage and research firm JP Morgan highlighted in a recent note. Sensex and Nifty are near all-time highs once again. Earlier in April, the headline indices slipped just 5% from highs while India fought the second wave and lockdowns were re-imposed.

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Barbeque-Nation Hospitality share price hit 20 per cent limit of upper circuit at Rs 767.50 apiece in intraday deals on BSE after the company posted revenues of Rs 226 crores in Jan-Mar quarter of FY21, a growth of 18.5 per cent on-year.

Everest Organics share price hit a 20 per cent upper circuit of Rs 399.50, also its record high on the BSE after the company announced the successful development of an anti-fungal API “Posaconazole” meant to treat black fungus patients, at the lab scale in the existing R & D facility of Everest Organics Limited.

Infosys co-founder S D Shibulal has bought shares worth Rs 100 crore of the IT major from wife Kumari Shibulal through an open market transaction. “…We are hereby informing you about the sale of 7,45,150 equity shares (representing 0.02 per cent) of Infosys to S D Shibulal by way of block sale on the platform of the stock exchange on May 24, 2021,” Kumari Shibulal said in a regulatory filing.

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Panacea Biotec share price hit 5 per cent upper circuit at Rs 406.10 apiece on BSE after the company along with the Russian Direct Investment Fund (RDIF) announced the launch of production of the Russian Sputnik V vaccine against coronavirus. The first batch produced at Panacea Biotec’s facilities at Baddi will be shipped to the Gamaleya Center for quality control. Panacea Biotec stock was trading close to its 52-week high of Rs 407.20 apiece, touched on April 28, 2021.

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COMEX gold trades 0.2% lower near $1880/oz after a 0.4% gain yesterday. Gold weakened amid reduced safe haven buying on back of stability in equity markets and Israel-Hamas ceasefire and concerns about Indian consumer demand. However, supporting price is continuing ETF inflows and loose monetary policy stance of major central banks. Gold’s struggle to break past the $1900/oz level and stability in equity market may make it vulnerable to profit-taking. Ravindra Rao, CMT, EPATVP-Head Commodity Research, Kotak Securities Ltd

After getting past the resistance of 14700 on a closing basis, the markets are in fine form. 15300 is the target that we need to keep an eye on. If we can close above this level, the next target for the Nifty would be 15550-15600. A strong support lies at 14900-15000 and till that is not pierced, we are in the bull territory and can continue buying on dips. Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

Gold prices were trading lower in India on Tuesday, following global rates as hopes of quick economic recovery lifted demand for riskier assets, while a weaker dollar and lower US Treasury yields limited losses for the safe-haven metal. On Multi Commodity Exchange, gold June futures were trading Rs 103 or 0.21 per cent down at Rs 48,450 per 10 gram, as against the previous close of Rs 48,553. 

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Currently dollar index is consolidating between 89.50 to 90.50 levels as Fed continues to reassure that they will not increase the interest rate soon. Domestically, rupee remains supportive on account of broad dollar weakness and inflows. That apart, a sharp decline in covid cases that could lead to ease of lockdown restrictions and reopening of economy in upcoming days has also boosted risk sentiments. Further drive in rupee movement will be tracked whether RBI gets lenient on rupee appreciation or capped its gains thereof. Technically, rupee has maintained its strong support at 72.80 levels that the pair hasn’t broken and bounced back from these levels near the resistance zone. On the upside, 73.50 remains a strong near term resistance. If rupee holds above 72.80 levels, one can cover import payments around 72.85-73.00 levels. For selling, one can look for upticks above 73.00-73.30 levels. Amit Pabari, managing director, CR Forex Advisors

Except for Nifty PSU Bank and Nifty Private Bank indices, all the sectoral indices were trading in the positive territory. Nifty Metal index gained 1.4 per cent, and Nifty FMCG index was up nearly one per cent.

HDFC Bank was the only Sensex laggard, down over half a per cent.

Nestle India was the top Sensex gainer, followed by Asian Paints, Titan Company, Bajaj Finsv, Mahindra & Mahindra, ONGC, Tech Mahindra among others.

BSE Sensex jumped 226 points or 0.45 per cent to 50,878, while the broader Nifty 50 is now less than a per cent away from its all-time high of 15,431. Nifty was trading at 15,270, up 73 points or 0.48 per cent.

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Sensex jumped over 200 points or 0.42 per cent to 50,864, while the broader Nifty 50 index was ruling above 15,200 in the pre-opening session on Tuesday.

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were once again revised upwards on Tuesday morning. So far this month, fuel prices have been increased 13 times. Petrol in Delhi today costs Rs 93.44 per litre, an increase of 23 paise. Diesel in the capital city costs Rs 84.32 litre today, up 25 paise. Petrol price in Delhi has been increased by Rs 3.04 so far in May, while diesel price has surged Rs 3.59 per lire. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.

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The global cues are positive as reopening of economies in western countries and encouraging economic data points points towards quick global economic recovery. Even domestically, with fresh cases subsiding continuously, investors are positive on soon uplifting of the restrictions by several states. Thus the overall structure of the market remains positive from the long term perspective. However, the risk of inflation and development on the Covid-19 front domestically would decide the market direction going ahead. Investors this week would watch out for US GDP data on global front while monthly F&O expiry would keep markets volatile on domestic front. Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services

BSE listed companies such as Alkem Laboratories, Bayer CropScience, Emami, AIA Engineering, Thermax, Bajaj Electricals, Computer Age Management Services, TTK Prestige, AstraZeneca Pharma India, Vardhman Textiles, Laxmi Organics Industries, LUX Industries, VIP Industries, Transport Corporation of India, Stove Kraft, Ramco Systems, GATI, TVS Srichakra, among others will report their quarterly results on May 25.

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Dalal Street got this week’s trading going with some positive momentum as benchmark indices closed with gains. S&P BSE Sensex was up 111 points on Monday’s closing, sitting at 50,651 points, while the Nifty 50 ended at 15,197. Broader markets outperformed benchmark indices while volatility was seen inching higher. On Tuesday morning, stock markets might attempt to soar further, with SGX Nifty sitting 100 points higher, hinting at a gap-up start. Cues from global peers were also positive after Wall Street equity indices closed in the green. 

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The short term trend of Nifty remains up. Further consolidation or any weakness from here could be a buy on dips opportunity. A sustainable upside breakout of 15K mark and the positive chart pattern of higher tops and bottoms indicate a strength of upside in the market and one may expect upside bounce from the lower levels. Immediate support is placed at 15085. Nagaraj Shetti, Technical Research  Analyst, HDFC Securities

Nifty has closed mildly higher on May 24, forming a doji after a rise, suggesting indecision at higher levels even as the Nifty approached past resistance levels. Largecaps are finding it difficult to rise as a group while the broader market still keeps doing well. 15256-15108 is the band for the Nifty for the near term. Deepak Jasani, Head of Retail Research, HDFC Securities

Foreign direct investment (FDI) in equity in India rose 19% year-on-year last fiscal to a record $59.6 billion despite the onslaught of the pandemic. However, such inflows, which had jumped as much as 40% between April and December, seem to have lost some momentum in the March quarter.

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