The domestic equities barometers had modest losses at the close of the week ending on May 19th 2023. The Nifty ended at a little over 18,200. The overall market’s performance was uneven. While the recent rally had been fuelled by factors such as robust foreign institutional investor (FII) buying and encouraging domestic economic indicators, current global uncertainties surrounding interest rates and the US debt ceiling impasse have forced investors to periodically take some profits off the table.
The S&P BSE Sensex dropped 298.22 points or 0.48% for the week, to close at 61,729.68. To end at 18,203.40, the Nifty 50 Index dropped 111.4 points or 0.61%. At 26,154.36, the BSE Mid-Cap index had a loss of 0.18%. At 29,796.33, the BSE Small-Cap index had a 0.61% gain.
Weekly market summary
On Monday, May 15th, the market gained ground thanks to encouraging signs from the European and Asian markets as well as a continuing decline in India’s wholesale inflation rates. On intraday, the Nifty 50 Index momentarily crossed the threshold of 18,400. Nevertheless, profit-taking in the last hour caused it to close below 18,400. S&P BSE Sensex, the barometer index, increased 317.81 points or 0.51% to 62,345.71. To reach 18,398.85, the Nifty 50 index gained 84.05 points or 0.46%.
Tuesday, May 16th, saw a halt in the rising trend of several equities’ barometers, ending a two-day winning streak. The important 18,300-point level was breached by the benchmark Nifty index. The S&P BSE Sensex decreased 413.24 points, or 0.66%, to 61,932.47. To reach 18,286.50, the Nifty 50 index lost 112.35 points or 0.61%.
The weak global mood was a major factor in the domestic market indexes’ modest losses on Wednesday, May 17th, which occurred for the second straight day. Investors showed cautiousness due to worries about a possible US recession, which were made worse by the current US debt ceiling standoff. The S&P BSE Sensex decreased 61,560.64 by 371.83 points or 0.60%. To 18,181.75, the Nifty 50 index dropped 104.75 points or 0.57%.
On Thursday, May 18th, domestic barometers continued to fall for the third session in a row. The general pessimistic mood, which was mostly fuelled by trepidation about the US debt-ceiling agreement and indications of a downturn in China’s demand, had an impact on this fall. The Nifty index fell below 18,150 at the closing. S&P BSE Sensex dropped 128.90 points or 0.21%, to 61,431.74. Both indices decreased by 1.5% during the course of three trading days. The Nifty 50 index decreased 51.80 points or 0.28% to 18,129.95.
After a choppy session on Friday, May 19th, domestic market indexes closed with slight gains, ending a three-day losing skid. The Nifty ended the day over 18,200. To reach 61,729.68, the S&P BSE Sensex increased by 297.94 points or 0.48%. To reach 18,203.40, the Nifty 50 index increased by 73.45 points or 0.41%.
The stock movers
Tata Motors
Tata Motors had a 1.76% increase. In comparison to the net loss of Rs 10.33bn in the last quarter (Q4) of the financial year (FY) 2021-22, the car giant posted a consolidated net profit of Rs 54.08bn in Q4 of FY 2022-23. Tata Motors’ total revenue from operations increased 35.05% year-on-year (YoY) in Q4 FY 2022-23 to Rs 1.06 trillion.
Adani Enterprises
Adani Enterprises fell by 0.40%. The port-to-power conglomerate said that it will raise a total of Rs 125bn in funding. The money would be raised by issuing the specified quantity of equity shares and/or other qualified securities via QIP or another legal method.
Bharti Airtel
Bharti Airtel increased by 1.76%. The firm reported consolidated net income of Rs. 25.92bn in the fourth quarter of FY 2022-23, up 39.3% YoY (excluding extraordinary items). The total income was Rs 360.09bn, an increase of 14.3% YoY.
UltraTech Cement
UltraTech Cement decreased by 0.40%. A 0.8 million tonnes per year (MTPA) brownfield cement facility has been opened by UltraTech Nathdwara Cement (UNCL), a wholly owned subsidiary of UltraTech Cement, near Neem Ka Thana, Rajasthan.
Bharat Petroleum Corporation
Bharat Petroleum Corporation (BPCL) had a decrease of 0.32%. According to the public sector unit (PSU) oil marketing company, the board of directors has accepted capital expenditure requests totalling Rs 527.31bn.
The ethylene cracker project at the Bina refinery, which includes downstream petrochemical plants and refinery expansion and has a gross capital investment of around Rs 490bn, has been authorised by the BPCL’s board.
State Bank of India
The loss for the State Bank of India (SBI) was 0.53%. The largest PSU bank recorded an increase in standalone net profit of 83.18% to Rs 166.95bn on an increase in total revenue of 29.41% to Rs 1.07 trillion in Q3 FY 2022-23 compared to Q3 FY 2021-22.
ITC
ITC fell by 0.13%. Compared to Q4 of FY 2021-22, the company’s standalone net profit increased by 21.38% to Rs 50.87bn on an increase in net sales of 5.12% to Rs 161.16bn.
