Closing Bell | Sensex ends 118 points lower, Nifty holds 22200; BSE MidCap up 0.6%, Smallcap gains 1%

#1 INR opening:83.5150

#2 INR Closing: 83.50

Indian rupee remained range bound making a high of 83.4625 and a low of 83.5125 as FPIs remained $ buyers before the crucial election test on 4th June as they continued to sell of equities. Indian rupee is expected to remain in a range of 83.40 to 83.60 tomorrow as FPIs continue their buying and RBI continues its selling.

On May 15th, the Nifty index experienced a volatile trading session, oscillating within a 140-point range. Despite the fluctuations, the market ultimately exhibited sideways momentum, closing with a neutral candlestick on the daily chart.

Should the Nifty index manage to sustain a close above the 22,300 level, where the 20-day Exponential Moving Average (EMA) resides, it may extend its upward trajectory towards the 22,600 and 22,800 levels in the forthcoming sessions. The Relative Strength Index (RSI) stands at 46.6, indicating an uptick from oversold territory and signaling growing bullish momentum. Conversely, the levels of 22,000 and 21,900 are anticipated to act as support levels.

An analysis of Nifty put options reveals a concentration of Open Interest (OI) at the 22,000 level, implying potential support at this level. On the call side, significant OI concentrations are observed at the 22,500 and 22,600 levels, nearing all-time highs.

Markets languished throughout the session and slipped into the red towards close on profit taking in banking, auto and FMCG stocks, whereas gains in realty, oil & gas and power capped the downside. With rate cuts from the US Fed getting delayed further and FII selling worsening the sentiment, investors are getting nervous and taking a cautious stance amid growing uncertainty.

The market witnessed a sideways movement throughout the day as the emotions of investors were impacted by the election-led jitters. FIIs continued to remain in the selling mode; however, domestic investors were largely concentrated on stock-specific picks. The positive results from the capital goods sector and robust growth outlook gained investors’ attention and led the segment to outperform. A drop in US 10yr yield ahead of the release of sensitive CPI data from the US will be watched carefully by the market to gain insights on rates.

Sensex Today | Shrikant Chouhan, Head Equity Research, Kotak Securities

Today, the benchmark indices witnessed lackluster activity, the nifty ends 8 points lower while the Sensex was down by 118 points. Among Sectors, PSU Banks gained the most rallied over 1 percent whereas profit booking were seen in selective FMCG and Media stocks. Technically, after two days promising pullback rally the market consolidate near 50 day SMA (Simple Moving Average) or 22300/73300.

The intraday market texture is non directional perhaps traders are waiting for either side breakout . For the bulls now, 50 day SMA or 22300/73300 would act as an immediate breakout level. Above which the market could rally up to 22375-22400/73500-73600. On the flip side, below 22150/72800 the selling pressure is likely to accelerate. Below the same, it could retest the level of 22050-22000/72500-72300.

A volatile week for Nifty with index touching 21850 levels start of the week with all eyes on the last phases of the 2024 Lok Sabha elections. Last two days saw a bounce back with Metals, PSUs and small caps outperforming the frontline index. Stock specific moves observed on MSCI index rebalance. A few earnings callout - ABB & Siemens surged on huge PAT beat, VBL rallies as company gears up for peak season, BOB falls on higher slippages and credit costs, TaMo shares plunge with peak performance now behind

Global markets maintain momentum ahead of the US April CPI report - to throw more light on Feds interest rate path going forward. FIIs continue to be on a net selling spree - with MTD net selling seen to the tune of Rs 33,540cr. High volatility, elections uncertainty and optionally on Chinese markets recovery drives this bulk FII selling. DIIs have net bought Rs 26,500cr MTD - not aggressive enough to counter the overall FII net outflows. On technicals, immediate resistance is at 22400 levels and the next lower levels to be watched around 22000 levels. India VIX has continues to spike further and has now climbed above 20 levels - highest since Sept 2022

Following three days of rebound, the markets took a pause and closed nearly unchanged. Initially, there was an uptick, but pressure from certain heavyweights pushed the Nifty lower, leading to a range-bound movement until the end of the session. Meanwhile, a mixed trend prevailed on the sectoral front, with energy and realty sectors witnessing gains while FMCG and auto sectors ended in the red. However, the broader indices managed to post modest gains ranging from 0.5% to 1%.

We maintain our cautious outlook on the Nifty index, highlighting the resistance in the 22,300-22,400 zone, and suggest continuing with a stock-specific trading approach. In addition to domestic factors, it's advisable to closely monitor the US markets for cues.

Indian markets closed marginally lower, with Sensex dropping 118 points while Nifty held the 22,200 mark ahead of crucial US inflation data. Sensex closed at 72,987 points, down 0.08%, and Nifty at 22,200 points. Nifty PSU Bank Index led gainers, up 1.4%, followed by Nifty Realty and oil & gas, both up 1%. Nifty FMCG Index was the top loser, down 1%, with Nifty auto down 0.5%. Nifty Bank and Nifty Private Bank indices slipped 0.3% each.

#1 Revenue up 5% QoQ to Rs 1239 crore

#2 EBITDA Rs 83 crore, up 33% QoQ

#3 EBITDA margin 6.7% vs 5.3% QoQ

#1 Net profit at Rs 14 crore vs Rs 11 crore YoY

#2 Revenue Rs 424 crore vs Rs 363 crore YoY

#3 EBITDA Rs 55 crore vs Rs 45 crore YoY

#4 EBITDA margin13% vs 12.3% YoY

Shares of Siemens soared 7% after the company’s board approved the demerger of its energy business into a new entity, Siemens Energy India Limited, set to be listed on BSE and NSE. This move is part of Siemens’ global restructuring plan but is seen as a positive development by analysts. Both the energy and infrastructure/mobility verticals will benefit from a sharper focus, especially with abundant growth opportunities for both sectors, analysts said. ( More read)