Market at pre-open: Benchmark indices are trading weak in the pre-opening session with Nifty below 15900.
At 09:02 IST, the Sensex was down 1,023.65 points or 1.89% at 53184.88, and the Nifty was down 350.40 points or 2.16% at 15889.90.
Aether Industries sets price band at Rs 610-642
Speciality chemicals company Aether Industries Ltd has set a price band of Rs 610-642 a share for initial public offering. Earlier, the firm said its IPO will open on May 24 for subscription and close on May 26.
The basis of allotment expected on May 31, credit of shares expected on Jun 2 and the firm may be listed on exchanges on June 3.
The IPO consists of a fresh issue of Rs 627 crore and an offer-for-sale of up to 2.82 million shares by its existing shareholders and promoters.
On the upper end of the price band, the firm will raise around Rs 801 crore.
Prashanth Tapse, Vice President (Research), Mehta Equities:
Markets could be in for a bearish start, tracking overnight slump in US markets and subsequent fall in the SGX Nifty. Deteriorating macro sentiments such as soaring inflation, recession fears, and the prospect of the Federal Reserve getting even more hawkish will continue keep benchmarks on the edge.
Another main reason for the pessimism can be attributed to relentless selling from the FII camp. FIIs continue to be net sellers for the 8th straight month since October 2021. They have sold shares worth Rs 37,937 crore in the month of May so far.
Technically, the sell-off on Dalal Street will gain steam if Nifty slips below 15971 mark. Below the same, the index could swiftly slip to 15671 mark. Bulls have a chance to fight only above the 16411 mark.
Morning Scan: All the big stories to get you started for the day
A round-up of the biggest articles from newspapers
Results on May 19
HPCL, Ashok Leyland, Bosch, Chambal Fertilisers & Chemicals, Container Corporation of India, Endurance Technologies, Gland Pharma, Dr Reddy’s Laboratories, Godrej Consumer Products, Novartis India, Ramco Systems, Punjab & Sind Bank, Rossari Biotech, Ujjivan Financial Services, and Suryoday Small Finance Bank will be in focus ahead of March quarter earnings on May 19.
ICICI Direct:
The rupee is expected to depreciate today amid strong dollar and persistent foreign fund outflows. USDINR (May) broke a strong
resistance level at 77.65 and ended at 77.68.
We may see the pair approaching 78.00 soon. We expect the rupee to depreciate further and trade in the range of 77.50 to 77.80
FII and DII data
Foreign institutional investors (FIIs) have net sold shares worth Rs 1,254.64 crore, whereas domestic institutional investors (DIIs) remained net buyers, to the tune of Rs 375.61 crore worth of shares on May 18, as per provisional data available on the NSE.
Lupin reports loss of Rs 512 crore in March quarter
Lupin reported a loss of Rs 512 crore in the March quarter against a profit of Rs 546 crore a year ago. Revenue rose 3% to Rs 3865 crore.
EBITDA declined 63% year on year to Rs 282 crore. The company said its current quarter was challenging with headwinds in the U.S. on account of price erosion, and inflation in input materials and freight.
Daily Voice | No surprise if some developed nations enter recession, says Raghvendra Nath of Ladderup Wealth Management
“From a valuation standpoint, the last two years of rally had stretched valuations of most good quality businesses and a consolidation may be good for stock prices in the long run.”
Aurobindo Pharma received USFDA nod for Nicotine Polacrilex Lozenges, which is used to help people stop smoking, reported CNBC-TV18.
Dr Reddy’s Laboratories received USFDA nod for generic of Kuvan, which is used to treat a blood disorder, reported CNBC-TV18.
Adani Group enters healthcare:
Adani Group on May 18 announced its entry into the healthcare sector, stating that it has incorporated a wholly-owned subsidiary for healthcare-related services.
The subsidiary, Adani Health Ventures Limited (AHVL), will carry out the business of healthcare-related activities including the setting up of medical and diagnostic facilities, an exchange filing said.
