Sensex, Nifty End Marginally Lower; Metal Stocks Witness Selling

Mon, 23 May Closing

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After opening on a positive note, Indian share markets failed to keep up early gains and ended the day marginally lower.

Benchmark indices erased all the intraday gains and ended in red as metal stocks came under pressure.

At the closing bell, the BSE Sensex ended 38 points or 0.1% lower.

Meanwhile, the NSE Nifty was down by 51 points, ending at 16,215.

Maruti Suzuki, M&M, and HUL were among the top gainers today.

Tata Steel, Ultratech Cement, and ITC were among the top losers today.

The broader markets ended on a weak note as the BSE Mid Cap index slipped 0.3% while the BSE Small Cap index plunged 0.6%.

Among sectoral indices, stocks in the metal sector and pharma sector witnessed most of the selling. While stocks in the auto sector and IT sector witnessed buying.

Shares of ESAB India and Ratnamani Metals hit their 52-week high today.

For more details about 52-week high stocks, check out our recent article on the stocks hitting 52-week high and whether it's time to exit them.

Also, as the markets have turned volatile, penny stocks are losing their touch. However, there are select few stocks which have rallied to their 52-week highs and delivered multibagger returns.

If you're new and on the lookout for fundamentally strong penny stocks, check out the list of multibagger penny stocks for 2023.

Outside the home ground, Asian share markets ended on a weaker note as persistent worries about inflation and rising interest rates dogged the global economic outlook.

At the close in Tokyo, the Nikkei 225 jumped 1%, while the Hang Seng plunged 1.2%. The shanghai composite ended on a flat note.

The SGX Nifty was trading 0.7% lower at the time of writing.

The rupee is trading at 77.5 against the US$.

Gold prices are currently trading up by 0.5% at Rs 51,106 per 10 grams while silver is trading up at 1.2% at Rs 62,124 per kg.

Speaking of gold, have a look at the chart below to see how gold has inched up ever since the Russia invaded Ukraine.

Gold Prices Inching up since Russia Invaded Ukraine

Watch this video to know whether gold really makes your portfolio crash-proof: Does Gold Make Your Portfolio Crash-Proof?

Speaking of stock markets, lead smallcap analyst at Equitymaster Richa Agarwal talks about a simple exercise that could give you a great lead in picking the most promising stocks, in her latest video.

In the video, Richa talks about insider buying and which stocks to keep on your watchlist to help polish your stock picking process.

Tune in to the below video to find out more:

In news from the steel sector, the central government on Saturday announced the calibration of custom duties on raw materials for iron and steel products by levying export duty on some steel products and reducing import duty on some.

Indian government has decided to impose hefty export duties on crucial steel-making raw materials like iron ore and pellets.

The export duty has been increased to 50% from 30% for all grades of iron ore. Furthermore, the government has newly imposed a 15% export duty on hot-rolled, and cold-rolled steel products.

On the other hand, import duty has been cut on some raw materials like PCI, met coal, and coking coal. Import duties on ferronickel, a key raw material for steelmakers, have also been reduced.

The increment in custom duties is a bid to curb inflation as it is likely to divert more supply towards the domestic markets exerting downward pressure on prices.

However, steelmakers are not happy with the move as their current expansion plans were based on the assumptions of growth in global as well as domestic markets.

The increased duties will make Indian steel prices less competitive globally and a majority of steelmakers are not sure whether the domestic market will absorb the extra production.

Following the announcements, steel stocks faced deep cuts in today's trading session as steel companies are prompted to review massive capital expenditure plans.

Tata Steel, JSW Steel, and Steel Authority of India closed 12.5%, 13.2%, and 11% lower respectively on the BSE today.

The metal sector was the best performing sectoral index in 2021, gaining 70%. But so far in 2022, the metal index is down by 4% (YoY) and 16% in May 2022.

So, is the rally in metal stocks over? Read Brijesh's view on metal stocks to know more.

Moving on to latest corporate earnings, Divi's Lab reported its Q4 results today. The board of Divi's Laboratories recommended a dividend of Rs 30 for the financial year 2022.

The dividends are subject to the approval of the members at the ensuing annual general meeting (AGM) and shall be credited within 30 days from the conclusion of the AGM.

The pharma company's net profit grew over 78% to Rs 8.9 bn for the quarter ended March 2022 as compared to Rs 5 bn reported in the same quarter last year.

Meanwhile, Divi's Laboratories' revenue rose 40% to Rs 25.2 bn during the quarter under review from Rs 17.9 bn a year ago.

The company's operating margins expanded by 370 basis points to 43.8% in the fourth quarter as compared to 40.1% in the same quarter last year.

Despite posting strong numbers, Divis Laboratories' share price closed 9.5% lower on the BSE today.

To know more about the company, check out Divi's Laboratories' financial factsheet and its latest quarterly results.

Meanwhile, read about these 5 Stocks that have expanded margins, alongside Divi's Laboratories, in spite of inflation pressure.

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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