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Nifty below 16,300; breadth turns positive

Published on May 18, 2022 14:40

The equity indices sharply pared gains in the mid-afternoon trade. Pharma, FMCG and healthcare sectors advanced while realty and PSU banks stocks corrected. The Nifty slipped below the 16,300 level.

At 14:30 IST, the barometer index, the S&P BSE Sensex, rose 9.29 points or 0.02% at 54,327.76. The Nifty 50 index rose 11.80 points or 0.07% at 16,271.10.

In the broader market, the S&P BSE Mid-Cap index fell 0.04% while the S&P BSE Small-Cap index rose 0.55%.

The market breadth was positive. On the BSE, 1,918 shares rose and 1,377 shares fell. A total of 132 shares were unchanged.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 7.36% as compared with 7.366% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 77.585, compared with its close of 77.44 during the previous trading session.

MCX Gold futures for (3 June 2022) settlement fell 0.18% to Rs 50085.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, rose 0.39% to 103.76.

In the commodities market, Brent crude for (June 2022) settlement rose $ 1.51 or 1.35% at $ 113.44 a barrel.

Buzzing Index:

The Nifty FMCG index rose 1.14% to 37,946.35 extending its gaining streak to the second day. The index lost 3.22% in two trading sessions.

Among the components of the Nifty FMCG index, Marico (up 3.94%), Tata Consumer Products (up 2.49%), Hindustan Unilever (up 2%), Godrej Consumer Products (up 1.32%) and Dabur India (up 1.13%) were the top gainers.

Stocks in Spotlight:

Themis Medicare rose 5.44% to Rs 875 after the company announced the add on approval for drug "Viralex" by the Drug Controller General of India (DCGI). Viralex (Inosine Pranobex) is an immunomodulatory agent with broad spectrum antiviral properties.

Aurobindo Pharma gained 4.85% to Rs 562.05 after the pharmaceutical company on Wednesday cleared five observations, earlier raised by USFDA. The pre-approval inspection was carried out from 8 February 2022 to 15 February 2022. On completion of the inspection, the USFDA issued Form 483 with five observations.

Nucleus Software Exports surged 12.31% to Rs 443 after the company`s consolidated net profit surged 112.2% to Rs 18.72 crore in Q4 FY22 from Rs 8.82 crore in Q3 FY22. Revenue from operations increased 28.7% QoQ to Rs 140.72 crore during the quarter. Total expenses rose 11.9% to Rs 119.84 crore in Q4 FY22 over Q3 FY22.

Global Markets:

European opened lower while Asian stocks ended mixed on Wednesday following overnight comments from U.S. Federal Reserve Chairman Jerome Powell, who said he`s resolved to raise rates until inflation comes down.

Earlier in May, the U.S. central bank raised rates by half a percentage point its largest hike in two decades as it looks to fight inflation. U.S. stock futures were lower in early premarket trade on Wednesday as investors looked to build on a solid rally in recent sessions. U.K. inflation soared to a 40-year high of 9% in April as food and energy prices spiraled, official figures revealed Wednesday, escalating the country`s cost-of-living crisis.

On the macro front, Japan`s economy shrank 1% on an annualized basis in January-March as compared with the previous quarter, data showed Wednesday.

Wall Street finished sharply higher on Tuesday, lifted by Apple, Tesla and other mega-cap growth stocks after strong retail sales in April eased worries about a slowing economic growth.

On the economic front, retail sales numbers came in about as expected. Consumer spending on retail rose 0.9% in April, according to the U.S. Census Bureau. Retail sales excluding autos rose 0.6% in April.

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