Nifty above 16,150; weak market breadth

The domestic equity barometers reversed early gains and turned red in morning trade, mirroring the weakness in other Asian peers. The Nifty traded tad above the 16,150 mark. FMCG shares extended their losing streak for second consecutive session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 140.97 points or 0.26% to 54,147.64. The Nifty 50 index lost 57.10 points or 0.35% to 16,157.60.

In the broader market, the S&P BSE Mid-Cap index fell 0.44% while the S&P BSE Small-Cap index declined 0.42%.

The market breadth was weak. On the BSE, 1,078 shares rose and 1,880 shares fell. A total of 131 shares were unchanged.

Investors continued to assess the global macroeconomic outlook as they await the minutes from the last U.S. Federal Reserve meeting, due on Wednesday, which could give clues on whether the tightening would continue.

New Listing:

Shares of Delhivery were currently trading at Rs 528.70 on the BSE, at a premium of 7.24% compared with the issue price of Rs 487. The scrip was listed at Rs 493, representing a premium of 8.56% to the issue price.

So far, the scrip has hit a high of Rs 543.95 and a low of Rs 474. Over 2.97 lakh shares of the company have changed hands in the counter till now.

The IPO of Delhivery was subscribed 1.63 times. The issue opened for bidding on 11 May 2022 and it closed on 13 May 2022.

Shares of Venus Pipes and Tubes were locked in an upper circuit of 5% at Rs 351.75, a premium of 7.90% compared with the issue price of Rs 326.

The scrip was listed at Rs 335, representing a premium of 2.76% to the initial public offer (IPO) price.

So far, the scrip has hit a high of Rs 351.75 and a low of Rs 335. Over 1.28 crore shares of the company have changed hands in the counter till now.

The IPO of the tubes manufacturer was subscribed 16.31 times. The issue opened on 11 May 2022 and it closed on 13 May 2022. The IPO price band was Rs 310 to Rs 326 per equity share.

Buzzing Index:

The Nifty FMCG index fell 1.16% to 38,063. The index has declined by 1.25% in two sessions.

Hindustan Unilever (down 2.74%), Tata Consumer Products (down 1.58%), Emami (down 1.55%), Colgate-Palmolive India (down 1.24%), Dabur India (down 1.17%), Britannia Industries (down 1.12%) and Procter & Gamble Hygiene (down 1.08%) declined.

Marico advanced 0.36%. The company has made a strategic investment and acquired stake in HW Wellness Solutions Private Limited, a leading Digital first brand in the healthy breakfast and snack segment under the brand name `True Elements`. As part of the aforesaid transaction, the company has acquired 53.98% of the paid-up share capital of HW Wellness and it has accordingly become a subsidiary of the company.

Stocks in Spotlight:

Zomato surged 13.16%. The food delivery platform on Monday said its consolidated net loss widened to Rs 359.70 crore in Q4 March 2022 compared with net loss of Rs 134.20 crore in the corresponding quarter last year. Revenue from operations came in at Rs 1,211.80 crore, rising 75.01% compared to Rs 692.40 crore in the same quarter last year.

Bharat Electronics (BEL) rose 0.39%. The PSU company reported a 15.6% fall in standalone net profit of Rs 1,141.81 crore in Q4 FY22 from Rs 1,352.38 crore posted in Q4 FY21. Net sales declined 8.2% to Rs 6,200.69 crore for the quarter ended 31 March 2022 from Rs 6,757.05 crore recorded in the corresponding period last year.

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