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NSE Intra-day chart (11 May 2023)
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Market Commentary 12 May 2023
Benchmarks likely to make negative start on weak global cues


Indian equity benchmarks fluctuated between gains and losses throughout the day and ended flat with negative bias on the weekly expiry day, as traders restrained from taking any long position ahead of macro-economic data i.e. Consumer Price Index (CPI) for the month of April and Index of Industrial Production (IIP) scheduled to be release on May 12, 2023. Benchmark indices traded with gains for most part of the day, as traders took support with Industry body PHDCCI's statement that enhanced competitiveness of the Indian economy will attract more investments and create new employment opportunities for the growing young population in the country. Further, Union MSME minister Narayan Rane has urged the global and domestic industries to continue to invest in India, which is on its path to become the third largest economy. He said immense business opportunities are available in various sectors in India and promised full support to investors looking to invest in the country. But at the end, key indices failed to hold heads in green and settled with minor cuts as investors awaited more of financial results from India Inc for domestic cues. Traders overlooked exchange data showing that Foreign Institutional Investors (FIIs) were net buyers on Wednesday as they bought equities worth Rs 1,833.13 crore. Meanwhile, the government has extended the deadline to May 31 for Goods Transport Agencies to exercise the option of paying GST on forward charge basis for current fiscal. Under GST, Goods Transport Agencies have the option to collect and pay GST on forward charge basis. If they do not opt to do so, the liability to pay the tax gets transferred to the recipient of the service, under reverse charge mechanism. Finally, the BSE Sensex fell 35.68 points or 0.06% to 61,904.52 and the CNX Nifty was down by 18.10 points or 0.10% to 18,297.00.


The US markets trimmed some of their initial losses and ended mostly lower on Thursday, while the tech-heavy Nasdaq reached positive territory. The Dow closed lower for the fourth consecutive session, with a steep drop by shares of Disney (DIS) weighing on the blue chip index. Disney plunged by 8.7 percent to a four-month closing low after the entertainment giant reported fiscal second quarter earnings and revenue roughly in line with estimates but a decrease in streaming subscribers. Renewed concerns about turmoil in the banking sector also weighed on Wall Street amid a nosedive by shares of PacWest Bancorp (PACW). PacWest Bancorp plummeted by 22.7 percent after the regional bank revealed in a SEC filing that deposits slumped by 9.5 percent last week. Meanwhile, the Nasdaq may have benefited from easing concerns about the outlook for interest rates following the release of the Labor Department's report on producer price inflation in the month of April. The Labor Department said its producer price index for final demand inched up by 0.2 percent in April after falling by a revised 0.4 percent in March. Street had expected producer prices to rise by 0.3 percent compared to the 0.5 percent drop originally reported for the previous month. The report also showed the annual rate of producer price growth slowed to 2.3 percent in April from 2.7 percent in March. The pace of growth was expected to slow to 2.4 percent. A separate Labor Department report showed initial jobless claims climbed to their highest level in well over a year in the week ended May 6th. The report said initial jobless claims rose to 264,000, an increase of 22,000 from the previous week's unrevised level of 242,000.  


Crude oil futures settled considerably lower on Thursday amid uncertainty about the outlook for energy demand following weak data from China. Traders overlooked a report from OPEC that forecast an increase in Chinese oil demand. The OPEC report says China is now expected to require 800,000 barrels per day, up from 760,000 barrels per day seen last month. Benchmark crude oil futures for June delivery fell $1.69 or about 2.3 percent to settle at $70.87 a barrel on the New York Mercantile Exchange. Brent crude for July delivery declined $1.44 or 0.88 percent to settle at $74.97 a barrel on London's Intercontinental Exchange.


Rupee settled lower against dollar on Thursday weighed by broad strength in the dollar index. Traders were cautious ahead of macro-economic data i.e. Consumer Price Index (CPI) for the month of April and Index of Industrial Production (IIP) scheduled to be release on May 12, 2023. Traders ignored Industry body PHDCCI's statement that enhanced competitiveness of the Indian economy will attract more investments and create new employment opportunities for the growing young population in the country. On the global front, sterling trimmed declines after the Bank of England raised interest rates for the 12th consecutive time, while the safe-haven dollar rose on Thursday as more evidence of weakness in China's post-COVID recovery clouded the outlook for the global economy. Finally, the rupee ended at 82.09 (Provisional), weaker by 15 paise from its previous close of 81.94 on Wednesday.


The FIIs as per Thursday's data were net buyers in both equity and debt segment. In equity segment, the gross buying was of Rs 8127.78 crore against gross selling of Rs 5832.22 crore, while in the debt segment, the gross purchase was of Rs 916.51 crore against gross selling of Rs 103.88 crore. Besides, in the hybrid segment, the gross buying was of Rs 9.10 crore against gross selling of Rs 9.84 crore.


The US markets ended mostly in red on Thursday amid report that US Treasury Secretary Janet Yellen, CEO of JP Morgan warned about the debt limit and said the delay in increasing the debt limit will spread fear in the market. Asian markets are trading moistly lower on Friday following lackluster trade on wall street overnight. Indian markets ended the choppy session with marginal cuts on Thursday as downbeat earnings updates from prominent companies offset signs of slowing inflationary pressures in the United States. Today, the domestic indices are likely to get negative start amid weakness in global markets. Investors likely to be remain cautious ahead of the April consumer inflation and March IIP data, slated to be released later in the day. There are expectations that April retail inflation to have cooled as rises in food and fuel prices moderated. Though, foreign fund inflows likely to aid domestic sentiments. Foreign institutional investors (FII) bought shares worth Rs 837.21 crore on May 11, provisional data from the National Stock Exchange showed. Some support may come as CRISIL Rating stated that India's vulnerability to global shocks is expected to reduce in FY24 as the Current Account Deficit (CAD) improves amid challenging external financing conditions. CAD is India's major short-term external liability, affecting the exchange rate and investor sentiment. After peaking at 3.7 per cent of Gross Domestic Product (GDP) in the second quarter of the previous fiscal (FY22), CAD shrank significantly to 2.2 per cent in the third quarter of FT23. This decline was driven by falling oil imports, boost from services exports, and rising remittances. Traders may take note of report that Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar Singh has said that the government is at a fairly advanced stage of finalising a well-coordinated e-commerce policy and consumer protection rules, which will incorporate provisions of Open Network for Digital Commerce (ONDC). Agriculture related stocks will be in focus as the finance ministry exempted imports of crude soya bean and sunflower oil from basic customs duty and agriculture infrastructure and development cess till June 30, subject to certain conditions. Meanwhile, investors await more of financial results from India Inc for domestic cues, with Tata Motors and Cipla, among Nifty 50 constituents, due to post its earnings later in the day. From the broader market, Colgate-Palmolive, HPCL, IGL, Polycab will also announce their quarterly earnings today. Besides, Adani Transmission, Adani Total Gas and Indus Towers will also be eyed as the three stocks have been excluded from MSCI India Standard Index, as part of the May review. Max healthcare, HAL and Sona BLW, may see positive impact on being added to the index. All the changes will be effective May 31.


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  • Tata Motors has launched an extension to its bestselling EV in the personal mobility segment, the new Nexon EV MAX, at an attractive starting price of NPR 46.49 lakh for 7.2 kW charging option in Nepal. 
  • Coal India is eyeing to conclude the eleventh version of the national coal wage agreement (NCWA-XI), within a month, which would benefit its 2.38 lakh strong non-executive workers. 
  • Asian Paints consolidated basis, the company has reported 43.97% rise in its net profit at Rs 1258.41 crore for fourth quarter ended March 31, 2023 as compared to Rs 874.05 crore for the same quarter in the previous year. 
  • Adani Enterprises is planning to raise funds by way of issuance equity shares or any other eligible securities (Securities) through permissible modes.
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