Sensex falls over 200 pts; Nifty below 24,800; broader mrkt outperforms

The key equity indices continued to trade with minor losses in the mid-morning trade despite positive global cues, as fund outflows triggered by large block deals and heightened primary market activity weighed on investor sentiment. The Nifty traded below the 24,800 level. IT shares slipped after advancing for the past two consecutive trading sessions.

At 11:30 ST, the barometer index, the S&P BSE Sensex, slipped 229.91 points or 0.28% to 81,324.14. The Nifty 50 index shed 68.40 points or 0.28% to 24,757.80.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.21% and the S&P BSE Small-Cap index added 0.56%.

The market breadth was positive. On the BSE, 2,011 shares rose and 1,612 shares fell. A total of 218 shares were unchanged.

Economy:

Foreign direct investment in India fell 24.5% year-on-year to $9.34 billion in the January-March quarter of 2024-25 but grew 13% at $50 billion during the entire previous financial year, according to the government data released on Tuesday. FDI inflows during January-March 2023-24 stood at $12.38 billion. These were $44.42 billion in the full 2023-24 fiscal. During the October-December quarter of 2024-25 also, the inflows were contracted by 5.6% year-on-year to $10.9 billion due to global economic uncertainties.

IMD Forecasts:

The India Meteorological Department (IMD), under the Ministry of Earth Sciences, has issued its updated Long-Range Forecast for the 2025 Southwest Monsoon season (June?September) along with the Monthly Rainfall and Temperature Outlook for June 2025. According to the forecast, the seasonal rainfall across the country as a whole is likely to be 106% of the Long Period Average (LPA), with a model error of ?4%, indicating a high probability of above-normal rainfall during the monsoon season.

Regionally, the rainfall is most likely to be above normal over Central India and the South Peninsular region, while Northwest India is expected to experience normal rainfall levels (ranging between 92-108% of LPA). In contrast, Northeast India is likely to receive below-normal rainfall (<94% of LPA).

IPO Update:

The initial public offer (IPO) of Scoda Tubes received bids for 54,70,000 shares as against 1,18,46,169 shares on offer, according to stock exchange data at 11:20 IST on Wednesday (27 May 2025). The issue was subscribed 0.46 times.

The issue opened for bidding on Wednesday (28 May 2025) and it will close on Friday (30 May 2025). The price band of the IPO is fixed between Rs 130 and 140 per share. An investor can bid for a minimum of 100 equity shares and in multiples thereof.

The initial public offer (IPO) of Schloss Bangalore received bids for 1,79,11,166 shares as against 4,66,10,169 shares on offer, according to stock exchange data at 11:20 IST on Wednesday (28 May 2025). The issue was subscribed 0.19 times.

The issue opened for bidding on Monday (26 May 2025) and it will close on Wednesday (28 May 2025). The price band of the IPO is fixed between Rs 413 and 435 per share. An investor can bid for a minimum of 34 equity shares and in multiples thereof.

The initial public offer (IPO) of Aegis Vopak Terminals received bids for 2,66,44,653 shares as against 6,90,58,296 shares on offer, according to stock exchange data at 11:20 IST on Wednesday (28 May 2025). The issue was subscribed 0.39 times.

The issue opened for bidding on Monday (26 May 2025) and it will close on Wednesday (28 May 2025). The price band of the IPO is fixed between Rs 223 and 235 per share. An investor can bid for a minimum of 63 equity shares and in multiples thereof.

The initial public offer (IPO) of Prostarm Info Systems received bids for 7,01,12,216 shares as against 1,12,00,000 shares on offer, according to stock exchange data at 11:20 IST on Wednesday (28 May 2025). The issue was subscribed 6.26 times.

The issue opened for bidding on Tuesday (27 May 2025) and it will close on Thursday (29 May 2025). The price band of the IPO is fixed between Rs 223 and 235 per share. An investor can bid for a minimum of 63 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Consumer Durables index shed 0.35% to 37,657.60. The index fell 0.65% in the previous two trading sessions.

Havells India (down 1.25%), Cera Sanitaryware (down 0.84%), Crompton Greaves Consumer Electricals (down 0.83%), Whirlpool of India (down 0.77%), Dixon Technologies (India) (down 0.76%), Titan Company (down 0.51%), Bata India (down 0.45%), Amber Enterprises India (down 0.29%), Voltas (down 0.19%) down.

On the other hand, PG Electroplast (up 4.95%) ,Kajaria Ceramics (up 1.57%) and Kalyan Jewellers India (up 0.78%) added.

Stocks in Spotlight:

Life Insurance Corporation of India surged 7.27% after the company reported 38.15% jump in standalone net profit to Rs 19,012.79 crore while total income fell 3.53% to Rs 243,386.15 crore in Q4 March 2025 over Q4 March 2024.

Tasty Bite Eatables tanked 3.73%. The company has reported a standalone net profit of Rs 13.03 crore in Q4 FY25, which is more than double as compared with the PAT figure of Rs 6.25 crore recorded in Q4 FY24. Net sales during the period under review aggregated to Rs 178.36 crore, up 34.7% on year-over-year (YoY) basis.

Global Markets:

Asian market had a mixed start on Wednesday. Australia's inflation held steady at 2.4% in April, no change since February, while New Zealand's central bank surprised with a rate cut, trimming the benchmark to 3.25%.

Across the Pacific, Wall Street lit up on Tuesday. A decision by Trump to delay slapping 50% tariffs on the EU helped revive risk appetite, and investor mood got another lift from a sharp jump in US consumer confidence. After five straight months of decline, confidence snapped back hard in May.

The Dow Jones Industrial Average climbed 1.78%, the S&P 500 jumped 2.05%, and the Nasdaq surged 2.47%, powered by tech heavyweights like Tesla. All three indexes ended a four-day losing streak in style.

This market rebound is also riding on hopes of easing trade tensions between the US and China, as the Trump administration works to ink deals with multiple key economies.

All eyes are now on NVIDIA, which is set to report Q1 earnings after the closing bell on Wednesday. Analysts are betting on a strong showing. The chipmaker's stock rallied 3.2% during the session and held steady in after-hours trading.

Meanwhile, the Conference Board reported that US consumer confidence soared in May, with the index jumping to 98 from April's 85.7, a level not seen since May 2020.

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