Buzzing:Vodafone Idea share price gained after telecom operator posted consolidated loss of Rs 6,563.1 crore in quarter ended March 2022, which narrowed compared to loss of Rs 7,230.9 crore in previous quarter, supported by higher operating income and ARPU. Revenue during the quarter at Rs 10,239.50 crore increased by 5.4 percent QoQ aided by tariff hikes taken in November 2021, with 24.38 crore subscribers as of March 2022. EBITDA grew by 22 percent QoQ to Rs 4,649 crore and margin improved by 610 bps QoQ to 45.4 percent in Q4FY22 with average revenue per user rising by Rs 9 sequentially to Rs 124 during the quarter.
Gainers and Losers on the BSE Sensex in the early trade:
Market Opens: Indian indices opened higher on May 11 with Nifty around 16250.
At 09:16 IST, the Sensex was up 150.10 points or 0.28% at 54514.95, and the Nifty was up 48 points or 0.30% at 16288. About 840 shares have advanced, 574 shares declined, and 117 shares are unchanged.
ICICI Direct##ICICI Direct
Indian markets are expected to open lower on the back of mixed global cues as investors awaited key inflation data from the US due later in the day.
US markets ended mixed tracking gains in technology stocks amid concerns about inflation, higher interest rates and the outlook for the global economy.
Mohit Nigam, Head – PMS, Hem Securities:
The Indian market is projected to open flat, according to the SGX Nifty and Global Trend. The US stock market was trading higher, recovering from a recent sell-off triggered by concerns about inflation, rising interest rates, and the possibility of a worldwide recession.
The rising dollar index and the extended crisis in Ukraine have changed international dynamics and increased selling pressure internationally in recent weeks. As a result, market direction is very erratic and tough to predict.
Indian markets are extremely volatile as a result of FII selling, rate hikes by the US Fed and RBI, growing inflation, and continuous geopolitical tensions between Russia and Ukraine.
Positive geopolitical developments, as well as stronger-than-expected critical macroeconomic data, may assist to change the tide and entice investors to return to the equities market.
Investors should exercise caution in the markets, and we recommend accumulating some liquidity during the current decline, as uncertainty and volatility are likely to linger for some time. In these situations, investors should exercise caution and take advantage of market declines to acquire fundamentally sound securities.
Immediate support and resistance for Nifty are 16,000 and 16,500 respectively. Immediate support and resistance for Bank Nifty are 33500 and 35,000 respectively.
Indian rupee opened 10 paise higher at 77.22 per dollar on Wednesday versus Tuesday’s close of 77.32.
Prashanth Tapse, Vice President (Research), Mehta Equities:
Despite the upsurge in overnight US markets, SGX Nifty is trading below the dotted lines, indicating a nervous start for our stock markets. Sentiments will be mostly negative during the trading session, as negative factors will continue to weigh on investors’ minds.
FIIs have continued with their exit strategy and sold shares worth Rs 3,960.59 crores on Tuesday. The rising interest rate scenario across key nations have raised concerns of a fragile economic growth going ahead.
Technically speaking, Nifty’s interweek support is seen only at 15901 mark and below the same expect a waterfall of selling towards 15200-15250 mark.
The rupee is expected to depreciate today amid strong dollar and risk aversion in the global markets. Further, persistent FII outflows on worries over slowing global economic growth and rising interest rates across major countries will hurt Rupee.
Additionally, markets will remain vigilant ahead of inflation data from US to get clues on how aggressive the Fed will be in tightening policy. US$INR (May) is expected to trade in a range of 77.25-77.75
Market at pre-open: Benchmark indices are trading firm in the pre-opening session amid mixed global cues.
At 09:02 IST, the Sensex was up 324.17 points or 0.60% at 54689.02, and the Nifty was down 10.40 points or 0.06% at 16229.60.
STOCKS TO WATCH:
Asian shares inch up from near two-year lows ahead of US inflation data
Asian shares edged higher on Wednesday from close to two-year lows hit in the previous session and the dollar held steady, ahead of keenly awaited U.S. inflation data that will offer a guide to how aggressively the U.S. Fed will raise rates.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.45%, trading marginally above its lowest level since July 2020 touched the day before. Japan’s Nikkei gained 0.3%.
Paradeep Phosphates IPO price band at Rs 39-42
The Red Herring Prospectus of Paradeep Phosphates (PPL) dated May 6, 2022 was filed with the Registrar of Companies, Odisha at Cuttack, on May 7, 2022.
Zuari Agro Chemicals Limited (ZACL) has been informed by PPL that the Bid/Offer opening will be on May 17, 2022 and Bid/Offer closing will be on May 19, 2022. Anchor Investors shall Bid one Working Day prior to the Bid/Offer Opening Date, i.e., on May 13, 2022.
PPL and the Selling Shareholders have finalized the price band to range from Rs39 to Rs42. Additionally, the Bid Lot for the Offer has been finalized to be 350 Equity Shares and in multiples of 350 Equity Shares thereafter.