Sensex Today Ends 372 Points Lower | Realty Stocks Drag | LIC Housing Finance Slips 6%

Wed, 17 May Closing

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After opening the day lower, Indian share markets extended losses throughout the trading session and ended weak.

Benchmark indices fell for the second straight day as sentiment turned cautious ahead of the looming US debt default on 1 June 2023, as the standoff on raising the borrowing limit continues.

At the closing bell, the BSE Sensex stood lower by 372 points (down 0.6%).

Meanwhile, the NSE Nifty closed up by 105 points (down 0.6%).

ITC, UPL and BPCL were among the top gainers today.

TCS, HCL Tech and Apollo Hospital on the other hand, were among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The SGX Nifty was trading at 18,232, down by 98 points, at the time of writing.

Broader markets ended on a mixed note. The BSE Midcap index ended 0.2% lower while the BSE SmallCap gained 0.2%.

Sectoral indices ended on a mixed note with stocks in the auto sector and FMCG sector witnessing most of the buying.

On the other hand, stocks from the realty sector and metal sector witnessed selling pressure.

Shares of TVS Motors and Bharat Dynamics hit their 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Asian stock markets ended on a mixed note. The Nikkei ended higher by 0.8%, while the Hang Seng was down 2.1%. The Shanghai Composite ended 0.2% lower.

The rupee is trading at 82.37 against the US$.

Gold prices for the latest contract on MCX are trading flat at Rs 60,266 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading lower by 0.1% at Rs 72,503 per kg.

Speaking of stock markets, 'sell in May and go away', is an old saying in the stock market.

But does it have merit? Does it work in the Indian market? What do the charts say?

In the below video chartist Brijesh Bhatia answers all these questions.

Why Jindal Steel & Power share price is falling

In news from the steel sector, Jindal Steel & Power share price fell more than 3%, reacting to poor March quarter earnings for the financial year 2023.

The steel maker posted a 79% slump in its consolidated net profit to Rs 4.6 billion (bn) for Q4 due to higher expenses. Revenue was down 4.5% YoY to Rs 136.9 bn.

The company's operating margin also contracted to 15.9% in the quarter under review from 21.4% a year ago.

The company will remain vigilant with its inventories and fixed assets even though such one-off costs may not persist in the near to medium term.

Going ahead, multiple factors are expected to bolster margin performance. Notably, the recent drop in coking coal costs should prove beneficial for its margin.

Jindal Steel is one of India's top steel and power producers and has a dominant presence in the mining and infrastructure sectors.

Nifty - Timing is Everything

Moving on, according to chartist Brijesh Bhatia, the benchmark Nifty 50 index has retraced by 38.20% Fibonacci level from the low of 17,553 to the high of 18,458 at 18,115.

Nifty Technical Chart

 

In a bullish trend, a retracement refers to a pullback in the upward price movement, offering opportunities for buying or adding to existing positions at relatively lower prices before the upward momentum continues.

The blue parallel lines marked at previous swing highs will act as a support zone for the ongoing bullish trend.

Ichimoku Kinko Hyo, a popular technical analysis tool is signalling buy as the index is trading at the support of the cloud, which coincides with the support zone signalling an accumulation zone for bulls.

The zone of 18,090-18,140 will act as an accumulation zone for Nifty, and the break of 17,975 will negate the chart structure.

If you're interested in being part of Brijesh's charting journey as he shares how to create wealth from profitable trade setups, join his telegram channel - Fast Profits Daily.

Why Suzlon Energy share price is rising

Moving on to news from the energy sector, Suzlon Energy's share price rose 4% intraday as the company secured a new order of 99 MW from Vibrant Energy.

The renewable energy company has received an order from Vibrant Energy for 33 wind turbine generators (WTGs) featuring its new 3 MW series with a Hybrid Lattice Tubular (HLT) tower for a 99 MW wind power project which is expected to be commissioned by the financial year 2025.

This order is for the new 3 MW series, specifically the S144-140m wind turbine model. The agreement with Suzlon Energy includes the supply of wind turbines, erection and commissioning services, and comprehensive operations and maintenance services after commissioning.

This order targets the C&I (Commercial & Industrial) consumer segment, which the company believes will be a significant contributor to India's renewable energy vision.

For a fundamental analysis of Novartis India, check out Equitymaster's Indian stock screener, has a separate screen for top energy stocks in India.

Zydus Lifesciences gets USFDA nod

Moving on to news from the pharma sector, Zydus Lifesciences today received final approval from the United States Food and Drug Administration (USFDA) to manufacture and market the Ephedrine Sulfate Injection USP, 50 mg/mL single-dose vials.

The drug will be manufactured at the group's injectable manufacturing facility at Jarod, near Vadodara.

The Ephedrine Sulfate injection is used for the treatment of clinical hypotension that occurs in the setting of anaesthesia. The injection witnessed annual sales of US$ 52 million (m) in the United States. The company now has 368 approvals and has filed over 440 abbreviated new drug applications so far.

Zydus Life will report its fourth-quarter earnings tomorrow, 18 May 2023.

Zydus Lifescience has recorded a surge of more than 47% in the last one year and a little over 22% in 2023.

Check out Equitymaster's stock screener for screening India's top pharma stocks.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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