Stock Market LIVE: Indices flat in choppy trade; auto, FMCG gain, metals drag

Share market LIVE updates: Indian stock markets were volatile on Tuesday amid weak global cues. Asian shares, US futures pared earlier losses but remained under pressure on growth concerns. At 10am, Sensex was down 12.35 pts at 54458.32, Nifty fell 15.50 pts to 16286.40

China’s woes, a global wave of monetary tightening and the war in Ukraine are casting a pall over the world economy. In a semi-annual report, the Fed warned of deteriorating liquidity conditions across key financial markets.

Russia gas flow stop could erase post-COVID recovery across EBRD region

An abrupt halt of Russian gas exports could see economies in emerging Europe, central Asia and north Africa slide back to pre-pandemic GDP levels, the European Bank for Reconstruction and Development warned on Tuesday.

Many countries in the EBRD's region of operation, which covers some 40 economies stretching from Mongolia to Slovenia and Tunisia, depend on Russian gas and a sudden ceasing of supplies would lower output per capita by 2.3% this year and 2% in 2023, according to the lender's latest report.

Rainbow Children's Medicare shares list at discount

Rainbow Children had raised ₹1,581 crore through its public issue that consisted of a fresh issue of ₹280 crore and an offer for sale of ₹1,301 crore worth of shares by existing shareholders. 

The stock opened at ₹506, against issue price of ₹542 on the BSE, while the listing price on the NSE was ₹510.

India active COVID-19 cases dip to 19,637

With 2,288 new coronavirus infections reported in a day, India's tally of COVID-19 cases rose to 4,31,07,689, while active cases fell to 19,637, according to Union Health Ministry data updated on Tuesday.

The death toll climbed to 5,24,103 with 10 fresh fatalities, the data updated at 8 am stated.

The active cases comprise 0.05% of the total infections, while the national recovery rate was 98.74%, the ministry said.

India's inflation likely accelerated to an 18-month high in April

India's retail inflation likely surged to an 18-month high in April, largely driven by rising fuel and food prices and staying well above the Reserve Bank of India's upper tolerance limit for a fourth consecutive month, a Reuters poll found.

Food inflation, which accounts for nearly half the consumer price index (CPI) basket, reached a multi-month high in March and is expected to remain elevated due to higher vegetable and cooking oil prices globally.

These factors likely pushed inflation in Asia's third-largest economy to 7.5% on an annual basis in April, according to a May 5-9 Reuters poll of 45 economists, from 6.95% in March.

If realised, that would be the highest inflation rate since October 2020 and well above the RBI's upper 6% limit.

Forecasts for the data, due to be released on 12 May, ranged between 7.0% and 7.85%.

Titagarh Wagons set to hit the US market soon in a made-in-India first

Titagarh Wagons is planning a post-pandemic turnaround, involving growing revenue three times over the next three years and targeting new markets in Africa, West Asia, South East Asia, Australia and the US with its made-in-India freight wagons and transit trains.

IPO-bound companies wary as Sebi tightens promoter norms

A recent regulatory move tightening disclosures about promoter groups of market-bound companies has set off concerns among investment banks who fear estranged family members could misuse them and delay share sale.

Oil tumbles on global economic worries, strong dollar

Oil prices tumbled more than 1% on Tuesday, extending the previous day's steep declines, as coronavirus lockdowns in top oil importer China, a strong dollar and growing recession risks fed worries about the outlook for global demand.

Brent crude fell $1.31, or 1.2%, to $104.63, after slipping to as low as $103.19 a barrel. U.S. West Texas Intermediate crude fell $1.25, or 1.2%, to $101.84 a barrel after hitting an intraday low of $100.44.

On Monday, both benchmarks posted their biggest daily percentage fall since March, dropping by 5-6%.

Stocks to Watch

Shares of RIL, Asian Paints, HCL Tech, JSW Group, NTPC, Adani Ports, among others, could be in focus today. 

Asian Paints, Cipla, Vodafone Idea, Gujarat Gas, Ajanta Pharma, Cera Sanitaryware, Chalet, Electrosteel Castings, Kansai Nerolac Paints, Max Financial Services, Mahanagar Gas, Reliance Capital, Torrent Power are among the companies due to announce quarterly results on 10 May.

For Nifty, 16100-16000 to be crucial supports: Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One

The volatility index has gained traction in the past couple of trading sessions, raising concerns for the participants. Simultaneously, the relentless selling spree in the market has certainly showcased the tightening of the bearish grip. On technical levels, the 78.60% of the Fibonacci retracement placed around the 16190 odd level is expected to be an intermediate cushion to any fall, followed by the psychological mark of 16000. While on the higher end, a decisive closure above the unfilled gap of 16480-16650 could only direct some assurance to the bulls.

Going forward, till the global bourses remain under pressure, our market is likely to remain tentative with huge whipsaw movements. Also, till the upside gap remains unfilled, we would advocate avoiding aggressive bets and advise having a close tab on the mentioned levels with global developments.

Rupee slides to lifetime low, stocks continue fall

The rupee plunged to 77.46 against the dollar on Monday after hitting a record low of 77.52 in intraday trading, as foreign investors continued to pull money from Indian assets as the dollar strengthened after the US Federal Reserve raised interest rates.

LIC IPO shrugs off market jitters, gets subscribed 3 times

India’s largest initial public offering received bids for nearly three times the shares on offer, helping the government raise ₹21,000 crore by selling 3.5% in Life Insurance Corp. of India.

SGX Nifty futures fall 

Nifty futures on the Singapore Exchange were down 106.50 points, or 0.65%, at 16,185 in early deals on Tuesday, indicating a gap-down start for Indian benchmarks. 

On Monday, the benchmark Sensex fell 364.91 points to end the day at 54470.67, and the Nifty was down 109.40 points at 16301.90.

Asian shares slump on investor concern about global growth

Stocks slid and bonds rallied Tuesday as concerns about a darkening economic outlook reverberated around global markets.

An Asia-Pacific equity gauge fell to the lowest since July 2020 amid drops in Japan, China and Hong Kong, where technology shares slumped. S&P 500 and Nasdaq 100 futures wavered after U.S. stocks hit a 13 month-low.

Oil fell toward $100 a barrel on economic concerns and the European Union’s move to soften some proposed sanctions on Russian oil over the Ukraine war.

A dollar gauge is at the highest level since 2020, while China’s economic slowdown amid Covid lockdowns is putting pressure on the yuan.

S&P 500 futures fell 0.2%, Nasdaq 100 futures fell 0.1%, and Euro Stoxx 50 futures lost 0.7%.

Japan’s Topix index shed 1.8%, Australia’s S&P/ASX 200 Index dropped 2.2%, South Korea’s Kospi index declined 1.8%, China’s Shanghai Composite index fell 1.2%, and Hong Kong’s Hang Seng index was 2.9% lower. 

Overnight, the Dow Jones Industrial Average fell 653.67 points, or 1.99%, to 32,245.7, while the S&P 500 lost 132.1 points, or 3.20%, to 3,991.24, its lowest close since March 31, 2021. The Nasdaq Composite dropped 521.41 points, or 4.29%, to 11,623.25.

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