Markets slide amid escalating tensions
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Market Overview
Nifty opened flat at 24,431.50, briefly touching the day's high at 24,447 before dipping 70 points to 24,375. It then traded within a narrow 40-point range between 24,375 and 24,415 for nearly three hours until 1 PM. However, a sharp intraday sell-off followed after reports of Pakistan’s attempted attacks and subsequent retaliation by the Indian Army. This triggered a steep decline, with the index falling from 24,400 to 24,270 by 2:30 PM. Although Nifty attempted an 80-point recovery to 24,350, it faced intense selling pressure in the final 20 minutes, plunging to 24,150. Despite this, the weighted average closing helped Nifty settle at 24,273.80, down 0.57%.
Market sentiment was supported by steady FII inflows and positive global cues, including easing trade tensions between the U.S. and China. However, escalating geopolitical tensions from ongoing retaliations could significantly influence near-term market direction.
Broader Market Performance:
Broader markets reversed their gains and turned red in the second half. Out of 2,935 stocks traded on the NSE, 820 advanced, 2,027 declined, and 88 remained unchanged.
Sectoral Performance:
Nifty IT emerged as the top gainer, closing 0.23% higher, while Nifty Realty was the biggest loser, falling 2.47%. Out of the 12 major sectors, only Nifty IT and Nifty Media closed in the green, while the remaining 10 sectors ended in the red, reflecting a broadly negative market sentiment.
Note: The above numbers for Commodity futures were taken around 5 pm. Here’s the trend of FII-DII activity from the last 5 days:
Change in OI for the day
The following is the change in OI for Nifty contracts expiring on 15th May:
The maximum Call Open Interest (OI) is observed at 24,400, followed closely by 24,500, indicating strong resistance at 24,500 with ultimate resistance at 24,600 levels.
The maximum Put Open Interest (OI) is 24,000, followed by 24,400, suggesting strong support at 24,000 and additional support at 23,800.
Note: OI is subject to multiple interpretations, but generally, an increase in the call OI indicates resistance in a falling market, and an increase in the put OI indicates support in a rising market.
Source: Sensibull
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What’s happening in India
The RBI has recognized FIMMDA as a self-regulatory organization (SRO) for financial markets. FIMMDA, a voluntary body formed in 1998, represents major market players. This recognition aims to enhance compliance and provide a platform for policy consultations. Dive deeper
Adani Green Energy's promoter, Ardour Investment Holding, converted 7.61 lakh warrants worth Rs 84.6 crore into equity shares, increasing the promoter group's stake from 61.14% to 61.16%. The shares were allotted at a premium of Rs 1,470.75 each, with the remaining warrants convertible by July 2025. Dive deeper
Sebi revised disclosure guidelines for REITs and InvITs, requiring them to disclose audited financial statements for the last three years and any applicable stub period in the offer documents. Additional disclosures, including project-wise cash flows and contingent liabilities, will be audited. These changes will take effect immediately, with some provisions applicable from April 1, 2025. Dive deeper
TRAI's March subscriber data showed strong growth for Airtel and Reliance Jio, while Vodafone Idea’s subscriber base remained flat. Jio led with 465.10 million subscribers, followed by Airtel at 280.76 million, together holding nearly 79% of India's wireless broadband market. Mobile growth was driven by rural areas, with a rise in 5G FWA subscribers. Dive deeper
The NSE will launch F&O contracts on Fortis Healthcare, Piramal Pharma, and UNO Minda from May 30, 2025, following approval from SEBI. The contracts will adhere to SEBI’s stock selection criteria outlined in its August 2024 circular. Details on the market lot and strike price will be communicated on May 29. Dive deeper
Canara Bank reported a 33% YoY rise in Q4FY25 net profit to Rs 5,004 crore, while NII fell 1.4% to Rs 9,442 crore. The board declared a Rs 4 dividend per share. The bank’s asset quality improved with Gross NPA at 2.94% and Net NPA at 0.70%. Dive deeper
The NSE denied reports that it sought government intervention to resolve its ongoing IPO approval delay with SEBI. The exchange clarified it had no correspondence with the government in the past 30 months regarding the issue. SEBI's concerns, including governance shortfalls, have stalled NSE's IPO, which the exchange emphasizes as essential for transparency and accountability. Dive deeper
Dabur reported an 8% YoY decline in Q4FY25 net profit to Rs 320 crore, with revenue rising slightly by 0.6% to Rs 2,830 crore. Sequentially, profit dropped sharply by 38% from Q3FY25, while revenue saw a 16% QoQ decline. The company declared a final dividend of Rs 5.25 per share for FY25. Dive deeper
Tata Chemicals reported a reduced net loss of Rs 56 crore for Q4, compared to a loss of Rs 850 crore last year. Revenue rose 1% YoY to Rs 3,509 crore, but EBITDA declined by 26%. The board proposed a dividend of Rs 11 per share and approved raising Rs 200 crore through term loans or NCDs. Dive deeper
Gensol Engineering shares fell 5% after the Securities Appellate Tribunal (SAT) denied interim relief against Sebi’s market access ban over alleged fund diversion and document forgery. The case involves a Rs 978 crore EV loan, with Sebi accusing the company of misusing funds. Dive deeper
Voltas reported a 108% YoY increase in Q4 net profit to Rs 241 crore, with revenue rising 13.4% YoY to Rs 4,768 crore, though it missed analyst estimates. EBITDA grew 74.6%, and the board recommended a Rs 7 dividend per share for FY25. Operating margin improved to 7% from 4.5% a year ago. Dive deeper
BSE issued a cybersecurity advisory urging BFSI sector participants to bolster defenses against rising cyber threats, including ransomware and DDoS attacks. This follows a CERT-In warning amid heightened geopolitical tensions. Key measures include reviewing security controls, conducting risk assessments, and enhancing monitoring. Dive deeper
Coal India's board has approved a final dividend of Rs 5.15 per share for FY25, amounting to Rs 3,173.8 crore for nearly 23 lakh shareholders. The government, holding 63.13% of the equity, will receive Rs 2,003 crore. The dividend payout will be made within 30 days of approval at the AGM. Dive deeper
Niva Bupa Health Insurance reported a 31% YoY rise in net profit to Rs 206 crore for Q4FY25, with gross written premium growing 36% to Rs 2,395 crore. The retail health segment increased its market share to 9.4%, while the claims settlement ratio improved to 93.2%. Dive deeper
Blue Star reported a 21% YoY increase in Q4 net profit to ₹194 crore, with revenue rising 20.8% to ₹4,018.96 crore. Full-year net profit grew 40% to ₹581 crore, driven by strong demand in room ACs and electro-mechanical projects. The company remains optimistic about future growth amid strong sector demand. Dive deeper
IndiGo cancelled over 165 flights from various domestic airports, including Amritsar and Srinagar, due to airspace restrictions following missile strikes in Pakistan. Passengers can reschedule their flights or cancel bookings with a full refund at no extra cost. The cancellations are effective until 5:29 AM IST on May 10, 2025. Dive deeper
NTPC plans to raise Rs 4,000 crore through the issuance of non-convertible debentures (NCDs) on May 9, 2025, with a coupon rate of 6.84% for a 10-year tenor. The proceeds will be used for capital expenditure, loan refinancing, and other corporate purposes. Dive deeper
Nazara Technologies received approval from the NCLT for its acquisition of Smaaash Entertainment, which is undergoing a corporate insolvency resolution process. The NCLT also settled a dispute over the Smaaash brand, ruling that the transfer of assets was fraudulent. Dive deeper
What’s happening globally
The Federal Reserve kept the funds rate at 4.25%–4.50% in May 2025, maintaining a wait-and-see approach amid concerns over tariffs, inflation, and economic growth while emphasizing solid economic expansion. Dive deeper
Gold declined to around $3,330 per ounce as a cautious US interest rate outlook weighed on its appeal. The Federal Reserve held rates steady, citing inflation and unemployment risks, and ruled out preemptive rate cuts. Dive deeper
The yield on the US 10-year Treasury note rose above 4.29% as investors weighed the Fed's cautious stance and geopolitical developments, including a potential UK trade deal and continued tariffs on China. Dive deeper
The People’s Bank of China cut the reserve requirement ratio by 50 basis points, injecting around CNY 1 trillion in liquidity to support economic growth. It also reduced the seven-day reverse repo rate by 10 basis points and introduced re-lending facilities to support various sectors. Dive deeper
The Bank of England cut the Bank Rate by 25bps to 4.25% in May 2025, reflecting progress in disinflation and easing external shocks, with a cautious approach to future policy changes.
The UK Residential Market Survey by RICS showed a -3% house price balance in April 2025, the first negative reading in nine months, with lower interest rates expected to support house prices in the long term. Dive deeper
The Swedish Riksbank kept its policy rate at 2.25% in May 2025, citing global uncertainty and weaker growth prospects. Inflation remains elevated, but the Riksbank expects it to fall below previous forecasts, with a possible rate cut depending on future data. Dive deeper
Taiwan's exports surged 29.9% YoY to USD 48.66 billion in April 2025, driven by front-loading ahead of US tariffs. Shipments to ASEAN, the USA, and Mainland China saw significant growth, exceeding market expectations. Dive deeper
Google is partnering with Elementl Power on three advanced nuclear energy projects, each with 600 megawatts of power capacity, to meet AI's rising energy demands. The companies will collaborate with utilities to provide safe, carbon-free electricity. Dive deeper
Alphabet reported that Apple is exploring AI-powered search options for Safari, which could challenge Google's dominance. Apple, currently receiving billions from Google to be the default search engine, is also partnering with OpenAI. Losing this position could significantly impact Google's search ad revenue. Dive deeper
OpenAI launched the "OpenAI for Countries" program to invest in AI infrastructure abroad, partnering with governments to build data centers and customize products. The initiative aims to pursue 10 international projects, focusing on democratically aligned countries. This effort follows discussions at the Paris AI Action Summit. Dive deeper
Meta removed over 23,000 Facebook Pages and accounts in March for scam activities targeting people in India and Brazil. The scammers used deepfakes to falsely depict finance influencers and cricket players promoting fake investment apps and gambling sites. Dive deeper
Management chatter
In this section, we pick out interesting comments made by the management of major companies and policymakers of the Indian and Global Economy.
Jerome Powell, Chair, U.S. Federal Reserve, on rate pause and tariff-driven risks
“We think right now the appropriate thing to do is to wait and see how things evolve. There’s so much uncertainty.”
“The US economy is currently healthy, but tariffs will materially affect its trajectory.”
“We can afford to be patient and not rush to adjust rates.”- Link
Jitendra Srivastava, CMD, REC, on power sector momentum and lending activity
"Last year has been good for the company, power sector as well."
"Sanctioned projects of over ₹3.37 lakh crore."
"Disbursed ₹2.07 lakh crore, which is an increase of 18% year-on-year." - Link
🧑🏻💻Have you checked out The Chatter?
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Calendars
In the coming days, we have the following significant events and corporate actions:
That’s it from us for today. We’d love to hear your feedback in the comments, and feel free to share this with your friends to spread the word!
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Excellent summary! There seems to be an error in the following line. "The maximum Put Open Interest (OI) is 24,000, followed by 24,400, suggesting strong support at 24,000 and additional support at 23,800." I think 24,400 in the middle of the sentence should be replaced by 23,800. Otherwise, the summary is so comprehensive and informative.