Share Market Highlights: Nifty50, Sensex snap 6-day gaining streak ahead of US Fed meeting
Share Market Highlights: Indian equity benchmarks Nifty 50 and Sensex were under pressure on Wednesday, tracking nervousness among investors globally ahead of a key decision on benchmark interest rates by the Fed, the US central bank. The outcome of the scheduled meeting of Fed Chair Jerome Powell-led Federal Open Market Committee (FOMC) may also set the tone for interest rates in the coming months.
Here are some of the headlines that were in focus on Dalal Street:
- Tata Steel share price: What to do with Tata group stock after steelmaker's better-than-estimated Q4 results
- InterGlobe Aviation jumps amid Go First crisis; analysts gung-ho on stock
- Go First bankruptcy filing sends PSU bank stocks tumbling
- Anil Singhvi market strategy
- Titan likely to post double-digit growth in profit, revenue on rising gold prices, wedding season
- Crude oil prices slump 5% to five-week low amid US debt default fears
Catch minute-by-minute updates of all the action in the Indian share market on May 3, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and trade recommendations only on Zeebiz.com's blog:
Share Market Highlights: Indian equity benchmarks Nifty 50 and Sensex were under pressure on Wednesday, tracking nervousness among investors globally ahead of a key decision on benchmark interest rates by the Fed, the US central bank. The outcome of the scheduled meeting of Fed Chair Jerome Powell-led Federal Open Market Committee (FOMC) may also set the tone for interest rates in the coming months.
Here are some of the headlines that were in focus on Dalal Street:
- Tata Steel share price: What to do with Tata group stock after steelmaker's better-than-estimated Q4 results
- InterGlobe Aviation jumps amid Go First crisis; analysts gung-ho on stock
- Go First bankruptcy filing sends PSU bank stocks tumbling
- Anil Singhvi market strategy
- Titan likely to post double-digit growth in profit, revenue on rising gold prices, wedding season
- Crude oil prices slump 5% to five-week low amid US debt default fears
Catch minute-by-minute updates of all the action in the Indian share market on May 3, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and trade recommendations only on Zeebiz.com's blog:
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Share Market Today | Nifty 50, Sensex halt 8-day winning run; RIL, TCS, Infosys, L&T biggest drags
Both Sensex and Nifty finish the day 0.3 per cent lower. The Sensex loses 161.4 points to end at 61,193.3 and the Nifty settles at 18,089.9, down 57.8 points from its previous close. Here's how the headline indices moved through the day:
Nifty 50
Sensex
Images: NSE, BSE
Oil & Gas stocks in focus
Nifty Oil & Gas index dipped nearly 1 per cent as crude oil sees a sharp fall adding to previous losses, with Brent below $74/bbl, Nymex at $70/bbl. Hindustan Petroleum jumped around 1.5 per cent, while ONGC was down over 1.5 per cent on the NSE today.
Oil & Gas stocks in focus
Nifty Oil & Gas index dipped nearly 1 per cent as crude oil sees a sharp fall adding to previous losses, with Brent below $74/bbl, Nymex at $70/bbl. Hindustan Petroleum jumped around 1.5 per cent, while ONGC was down over 1.5 per cent on the NSE today.
Manppuram Finance shares in a free fall
Manappuram Finance shares were in a free fall during Wednesday's session as the stock tanked as much as 10 per cent to Rs 116.65 per share after Zee Business reported that Enforcement Directorate (ED) conducted searches at the company's Thrissur offices in Kerala. Read More
Go First Impact: PSU bank shares under pressure
Public sector banks such as Bank of Baroda, Central Bank of India, and IDBI Bank were under pressure on May 3, 2023, after Go First – a domestic airline company – filed for bankruptcy on Tuesday.
The third largest domestic carrier in terms of market share owed Rs 652.1 crore to PSU banks and also to private lender Axis Bank. Read More
MRF stock vrooms on 2.5x Q4 profit
Tyre maker MRF shares spurted by almost 5 per cent on the BSE today to hit the day’s high level of Rs 92850 per share after the company reported almost 2.5 times rise in the Q4 profit.
The intraday chart shows a steep spike during mid-session immediately after the company announced its March quarter earnings.
MRF’s profit came at Rs 410 crore in the March quarter of the last fiscal as compared to Rs 157 crore in a year ago quarter, while revenue grew by 10 per cent year-on-year to Rs 5,725.4 crore in Q4.
Share Market Today LIVE | Besides ITC, 24 other stocks hit 52-week highs in BSE 500 universe
| Stock | 52-week high | Previous 52-week high |
| ABB | 3,480.00 | 3,466.90 (06 Apr 2023) |
| AKZOINDIA | 2,475.00 | 2,466.00 (02 May 2023) |
| ANURAS | 1,224.20 | 1,190.00 (02 May 2023) |
| APOLLOTYRE | 357 | 353.25 (28 Apr 2023) |
| BDL | 1,047.50 | 1,029.60 (12 Apr 2023) |
| CARBORUNIV | 1,137.35 | 1,125.25 (02 May 2023) |
| DLF | 434.2 | 428.80 (28 Apr 2023) |
| ENGINERSIN | 95.2 | 90.75 (23 Jan 2023) |
| GMRINFRA | 46.85 | 46.15 (02 May 2023) |
| HAL | 3,032.10 | 2,958.75 (02 May 2023) |
| INDHOTEL | 363 | 350.65 (02 May 2023) |
| INDIAMART | 5,731.00 | 5,650.00 (02 May 2023) |
| INDIANB | 334.85 | 330.40 (02 May 2023) |
| INDIGO | 2,235.95 | 2,194.00 (06 Feb 2023) |
| IRCON | 89.45 | 87.95 (02 May 2023) |
| ITC | 428.45 | 428.00 (28 Apr 2023) |
| KEI | 1,940.05 | 1,931.40 (02 May 2023) |
| NCC | 126.85 | 123.50 (02 May 2023) |
| OFSS | 3,665.00 | 3,650.00 (09 May 2022) |
| PETRONET | 242.25 | 239.80 (16 Mar 2023) |
| POLYCAB | 3,310.00 | 3,258.00 (02 May 2023) |
| RECLTD | 138.5 | 138.30 (02 May 2023) |
| RVNL | 130.2 | 118.40 (02 May 2023) |
| STARCEMENT | 127.85 | 124.10 (12 Dec 2022) |
| SYNGENE | 705.95 | 699.50 (02 May 2023) |
Indian Hotels hit fresh 52-week high
Shares of Indian Hotels Company – a Tata Group-owned hotel chain – have hit a fresh 52-week high for the second straight session on Wednesday after gaining nearly 4.5 per cent on the BSE. The stock has jumped around seven per cent in the last three sessions since the Q4 results on April 27, 2023.
Share Market Today LIVE | ITC shares hit life-time high
The stock of the cigarettes-to-hotels conglomerate scales yet another peak, touching the level of Rs 428.5 apiece for the first time ever.
ITC has broken a series of records in the recent past.
Last Friday, ITC shares had touched a record high of Rs 428 apiece.
Share Market Today LIVE | Profit-booking in Tata Steel? Stock gives up initial gains even as brokerage maintain positive views following Tata group giant's better-than-expected Q4 results
Tata Steel shares decline by as much as Re 1.1 or one per cent to Rs 109.2 apiece on BSE, having begun the day in the green to rise to as high as Rs 111.1 within the first few minutes of trade.
Image: BSE
Share Market Today LIVE | IT, financial stocks weigh on headline indices; Nifty PSU Bank worst hit among NSE sectoral indices
| Index | Change (%) |
| NIFTY PSU BANK | -0.88 |
| NIFTY IT | -0.63 |
| NIFTY METAL | -0.56 |
| NIFTY OIL & GAS | -0.34 |
| NIFTY FINANCIAL SERVICES | -0.22 |
| NIFTY AUTO | -0.21 |
| NIFTY BANK | -0.17 |
| NIFTY FINANCIAL SERVICES 25/50 | -0.17 |
| NIFTY HEALTHCARE INDEX | -0.07 |
| NIFTY PHARMA | -0.06 |
| NIFTY PRIVATE BANK | 0 |
| NIFTY CONSUMER DURABLES | 0.02 |
| NIFTY MEDIA | 0.5 |
| NIFTY FMCG | 0.84 |
| NIFTY REALTY | 1.02 |
Share Market LIVE | Ajay Bagga says US not likely to default, but some negative impact on markets cannot be ruled out
In conversation with Zee Business Managing Editor Anil Singhvi, independent market expert Ajay Bagga says the US administration, in his view, is not likely to default though some negative impact on the markets, owing to panicking investors, cannot be ruled out.
"They (the US) have money till August or September, but they are not going to default," says Bagga.
Bagga's remarks come days after US Treasury Janet Yellen warned that the US may run short of cash after June 1.
Share Market Today LIVE | Tata Steel shares rise in early deals after Tata group steelmaker fares better than analysts' estimates in Q4
Tata Steel shares rise by Re 0.75 or 0.7 per cent to Rs 111.1 apiece on BSE.
Here's what brokerages make of Tata Steel after the company's Q4 results:
| Brokerage | Rating | Target price |
| CLSA | Outperform | Rs 125 |
| Morgan Stanley | Equal-weight | Rs 110 |
| Jefferies | Buy | Rs 145 |
| JPMorgan | Overweight | Rs 150 |
Share Market Today LIVE | Sensex ends pre-opening session down 81 pts at 61,274
Image: PTI