Sensex, Nifty50 edge lower in morning trade as energy and FMCG stocks drag

• India’s benchmark indices Sensex and Nifty50 edged lower in morning trade on Friday amid positive cues in global markets.
  
• Energy and FMCG stocks emerged as the major drags.
  
• While the 30-stock Sensex was down 0.12% or 72 points to 61,359, the 50-stock Nifty50 was down 0.2% or 34 points to 18,095.

India’s benchmark indices Sensex and Nifty50 edged lower in morning trade on Friday amid positive cues in global markets. Energy and FMCG stocks emerged as the major drags.

While the 30-stock Sensex was down 0.12% or 72 points to 61,359, the 50-stock Nifty50 was down 0.2% or 34 points to 18,095.

Top gainers and losers on Nifty50

Source: NSE, as on May 19, 2023

Earlier on Thursday, markets lost their initial gains and closed the day in the red dragged down by auto, pharma and FMCG stocks.

Gold prices edged lower to ₹59,700 per 10 grams while silver was hovering at ₹72,100 per kilogram. Crude oil prices edged up, with Brent crude hovering at $76 per barrel.

Debt ceiling progress pushes markets up

Progress on the debt ceiling issue drove the US markets up on Thursday. While the Dow Jones closed 0.34% up, S&P 500 gained 0.94%. The tech-heavy Nasdaq rallied 1.51%.

Markets in Asia were largely positive, with Nikkei 225 gaining 1.03%, followed by KOSPI which was up 0.79% on Friday morning, while Taiwan Weighted gained 0.33%. On the other hand, Hang Seng fell 1.07% while Shanghai Composite was down 0.1%.

Stocks to watch

State Bank of India: The lender reported its highest ever standalone quarterly net profit of ₹16,695 crore in Q4 registering a growth of 83% on year beating analysts estimates. Its net interest income (NII) grew 29% on year to ₹40,393 crore.

ITC: The cigarette to FMCG player reported a 22.66% on year jump in consolidated net profit at ₹5,225 crore for March quarter while revenue from operations rose more than 7% to ₹19,058 crore.

InterGlobe Aviation: IndiGo reported a net profit of ₹919 crore in March quarter, which is the second consecutive profitable quarter for India’s largest airline. Last year it posted a loss of ₹1,682 crore. Its revenue came in line with analysts estimates at 14,161 crore, growing by 76% on year.

Reliance Industries: Chinese fashion giant Shein will be back in India as reports say it is in the process of a partnership with Reliance Retail. The Chinese company’s app was banned two years ago by the Indian government amid escalating border conflicts.

Nazara Technologies: The company’s subsidiary Nodwin Gaming has signed definitive and binding agreements with existing investors Nazara, Krafton and JetSynthesys and new ones to raise ₹232 crore.

Earnings today: Power Grid Corporation of India, JSW Steel, Punjab National Bank, Zomato, Delhivery, Glenmark Pharmaceuticals, Bandhan Bank, Muthoot Finance, Alkem Laboratories, JK Lakshmi, Motherson Sumi Wiring India, Route India, Star Cement, Vinati Organics, Hindustan Copper, TAJGVK Hotels & Resorts among companies to report their quarterly earnings today.

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