Closing Bell: Market recoups early losses to end flat; auto, IT, capital goods take a hit – Moneycontrol

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Indies end on flat note in the volatile session
Mahindra Holidays posts consolidated net profit at Rs 16.2 crore
Tata Steel in focus ahead of March quarter earnings
Goldman Sachs keeps buy call on Mphasis with a target at Rs 3,710
Nifty Metal index up 0.5 percent led by the Tata Steel, NALCO, APL Apollo
CLSA keeps buy rating on UltraTech Cement with a target at Rs 7,980
GE Power India bags contract worth Rs 863.4 crore from GREENKO
Atul Auto April Auto Sales rises 74%
Nomura keeps buy rating on Wipro with a target at Rs 690
CIL's coal supply to power sector rises 16% in April; PSU plans to augment dispatches further
Saregama Q4 net profit rises 30.3% at Rs 48.2 crore against Rs 37 crore (YoY)
Meghmani Organics Q4 profit at Rs 102.2 crore against Rs 36 crore (YoY), stock surges 10%
UBS keeps buy rating on Maruti Suzuki, raises target price to Rs 10,000
BSE Smallcap index falls 1 percent dragged by the Solara Active Pharma Sciences, Zee Learn, RPG Life Sciences
Sharekhan maintains  buy on IndusInd Bank, price target of Rs 1,150
SML Isuzu posts 242% jump in April 2022 sales at 1,044 units
Geojit assigns subscribe rating on Life Insurance Corporation of India IPO
IDBI Bank Q4 net profit up 34.8% at Rs 690.6 crore
Citi keeps buy rating on Maruti Suzuki India, target at Rs 10,700
SBI Cards trades lower post March quarter earnings
CLSA maintains buy rating on IndusInd Bank with a target at Rs 1,200
USFDA issues 4 observations for Shilpa Medicare's Nacharam unit in Hyderabad
TVS Motor Company sales in April 2022 grows by 24%
Nifty PSU Bank index falls 1 percent dragged by the Indian Bank, SBI, Bank of India
Welspun Corp bags order of Rs 706 crore from IOC
Usha Martin share price falls 4% despite better March quater results
Devyani International posts 24.3% jump in Q4 consolidated net profit at Rs 76.4 cr
BSE Healthcare index slips 1 percent dragged by the Solara Active Pharma Sciences, RPG Life Sciences, Metropolis Healthcare
Coal India's supplies to power plants up 16% amid soaring generation
BSE Capital Goods index sheds 1 percent dragged by the Graphite India, Bharat Forge, HEG
EaseMyTrip to apply for a Full-Fledged Money Changer License from RBI
Tata Chemicals share price surges 10% after March quarter surges to Rs 470 crore
Just Dial reports 34% year-on-year decline in profit at Rs 22.1 crore
CLSA maintains buy rating on IndusInd Bank, target at Rs 1,200 per share
TVS Motor Company launches Tech Loaded TVS NTORQ 125 XT
Yes Bank reports profit of Rs 367 crore in Q4FY22 against a loss of Rs 3,788 crore
Wipro Q4 profit up 3.98 percent QoQ to Rs 3,087.3 crore, revenue up 2.68 percent to Rs 20,860 crore
Indices trade lower with Nifty below 17000
Nifty IT index falls 1 percent dragged by the Mindtree, L&T Technology Services, L&T Infotech
Coal India reports 53.5 million tonne of coal production in April 2022
BSE Auto index slips 1 percent dragged by the Ashok Leyland, Bajaj Auto, Escorts
Mahindra & Mahindra April auto sales at 45640 vehicles
Bajaj Auto April 2022 sales down 20% at 3,10,774 units
HDFC, Britannia Industries, Alembic Pharmaceuticals among other to declare results today
Indian rupee opens 10 paise lower at 76.53 per dollar
Indices opens on negative note with Nifty below 17000
Expect waterfall of selling in Nifty below support of 16807 mark: Prashanth Tapse
Benchmark indices expected to open on negative note: Mohit Nigam
Indian markets are likely to open sharply lower: ICICI Direct
Benchmark indices expected to open on negative note: Mohit Nigam
Wipro Q4 consolidated PAT rises 4% QoQ, attrition hits margins
Rupee is expected to depreciate today: ICICI Direct
Surya Roshni bags order worth Rs 608.6 crore from IOCL
Hero MotoCorp sells 4,18,622 units in April 2022
Gold dips as bond yields rise before Fed meeting
Petrol, diesel prices remain steady for the 26th day in a row
Oil falls on China growth concerns even as EU weighs Russia import ban
IndusInd Bank Q4 consolidated profit rises 51.2% YoY to Rs 1,400.5 crore, NII grows 12.7%
Maruti Suzuki India sells 1,50,661 units in April 2022
Tata Motors sales 72,468 vehicles in April 2022
GST collection scales to all-time high in April 2022
China April factory activity contracts at steeper pace as lockdowns bite
Japan's April factory activity expands at slower rate
YES Bank Q4 posts profit of Rs 367 crore as provisions decline 95%
Eight core sector growth slows down to 4.3% in March from 6% a month back
SGX Nifty indicates a gap-down start for the Indian indices
Wall Street closes sharply lower on Amazon slump, inflation worries

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities:
Early losses were mostly in reaction to the slump seen on Wall Street on Friday, but markets recovered most of its early losses as investors covered some shorts ahead of the trading holiday on Tuesday. The robust GST collections for April also calmed the nerves of investors, who are already facing the brunt of the ongoing war and volatile oil prices. 
Investors are also keenly awaiting the outcome of the US Fed's monetary policy announcement scheduled later this week. The Nifty is holding above the level of 16800, but at the same time, it is failing to show a sustained momentum. 
In short, the market is consolidating within a broad trading range of 17400 and 16800. We may not see any trending move in the market unless it crosses the 17400 level or breaks the 16800 level. A close below the same will be negative for the market. Also, the volatility index is well above the 20 level, which is an indication that the market is about to break the trading range in the near future.

Mohit Nigam, Head – PMS, Hem Securities:
Benchmark Indices pares early losses after gap down opening on the back of weak global cues. Nifty 50 ends 0.20% lower and Sensex ends 0.15% lower today. 
Selling is witnessed in Auto and IT space while some buying was witnessed in banking, metal and realty names. We believe that this volatility would likely to continue in the markets due to recent hawkish turn by FED. 
Some of the factors that are taking indices below are FII selling, rising commodity prices, rising dollar index while some factors that are positive for the markets include GST collection, auto sales and manufacturing PMI. 
Immediate support and resistance for Nifty are 16,700 and 17,200 respectively. Immediate support and resistance for Bank Nifty are 35,500 and 36,500 respectively.

S Ranganathan, Head of Research at LKP securities: 
Markets opened gap down on the back of weak global cues ahead of the FOMC meet but managed to recoup most of the losses as factory output for April improved sequentially amidst input cost inflation. 
Banks led the recovery on expectations of higher credit growth this fiscal and the broader markets despite being a bit sluggish ahead of a trading holiday tomorrow witnessed accumulation in select pockets like standalone refineries and hospitality.

Vinod Nair, Head of Research at Geojit Financial Services:
The recent hawkish turn by Fed has made investors extra cautious ahead of the upcoming Fed meeting triggering high volatility in the market. 
The rising dollar index, FII selling spree and elevated commodity prices further hammered the risk sentiment. 
On the other hand, domestic numbers like GST collection, auto sales numbers and Manufacturing PMI for the month of April gave a sense of an improving economic outlook.
Market Close: Benchmark Indies ended on flat note in the volatile session on May 2 with selling seen in the capital goods, auto and IT indices.
At close, the Sensex was down 84.88 points or 0.15% at 56,975.99, and the Nifty was down 33.40 points or 0.20% at 17,069.10. About 1201 shares have advanced, 2180 shares declined, and 175 shares are unchanged.
Apollo Hospitals, Eicher Motors, Titan Company, Bajaj Auto and Wipro were among the top Nifty losers, while gainers were IndusInd Bank, Coal India, Tata Steel, Power Grid Corporation and HDFC.
Among the sectors, capital goods, auto and IT indices fell a percent each. However, some buying was seen in the FMCG, metal, power and realty names. 
The BSE midcap index fell 0.47 percent and smallcap index shed 0.87 percent.
Mahindra Holidays has posted consolidated net profit at Rs 16.2 crore against loss of Rs 10.2 crore and revenue was up 16.6% at Rs 542.6 crore versus Rs 465.4 crore, YoY.

Kotak Institutional Equities View on IndusInd Bank: 
Kotak Institutional Equities has kept buy rating on the stock and raised the target to Rs 1,050 from Rs 975.
The strong 55 percent YoY earnings growth led by 9 percent YoY operating profit, while slippages are still high but bank is well past its worst phase.
It may see a less exciting growth phase ahead and focus would be on risk-adjusted returns, reported CNBC-TV18.
Brokig house Goldman Sachs has kept buy call on Mphasis with a target at Rs 3,710 per share as Q4 was in-line with multiple levers for future margin expansion.
The company management reiterated its FY23 guidance and with recent correction, stock trading at attractive valuation, reported CNBC-TV18.
CLSA View On UltraTech Cement
Brokerage firm CLSA has kept buy rating on UltraTech Cement with a target at Rs 7,980 per share.
The Q4 was above estimates on lower costs with capacity expansions to drive growth.
The price increase to offset near-term cost inflation, but demand outlook uncertain.
CLSA expect comapny to be net cash by FY24, reported CNBC-TV18.
UltraTech Cement was quoting at Rs 6,679.05, up Rs 50.05, or 0.76 percent on the BSE.
Market at 3 PM
Benchmark indices erased most of the intraday losses and trading flat amid volatility.
The Sensex was down 17.73 points or 0.03% at 57043.14, and the Nifty was down 14.70 points or 0.09% at 17087.80. About 1070 shares have advanced, 2187 shares declined, and 159 shares are unchanged.
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