Sensex today falls 180 points, Nifty 50 slips below 24,800 in range-bound trade; metal stocks bleed
Stock market today: The Indian stock market finished the last trading session of May in the red, as a sharp sell-off in technology, auto, and metal stocks dragged the indices lower after a brief rebound in the previous session.
PSU stocks offered little support to the market, which wasn't enough to lift the indices higher. Eventually, the Nifty 50 ended with a cut of 79.90 points, or 0.32%, slipping back below the 24,800 mark to close at 24,753 points, while the Sensex skidded 182 points, or 0.22%, to settle at 81,450 points.
The broader markets, however, managed to end the session with mild losses, indicating that market breadth still favored the bulls. The Nifty Midcap 100 closed the session with a drop of 0.08%, and the Nifty Smallcap 100 ended with a marginal cut of 0.07%.
Despite lackluster activity in the Nifty 50 and Sensex during much of the second half of May, both indices managed to end the month with gains of over 1.5%, extending their winning streak to a third consecutive month.
While large caps concluded the month with decent gains, mid- and small-cap indices continued to outperform as the Nifty Midcap 100 rose 6%, while the Nifty Smallcap 100 rallied even higher by 8%.
Markets have been moving in a tight range amid a lack of fresh triggers, and the resurfacing of global trade tensions has also prompted investors to stay on the sidelines. The inconsistency in overseas investor inflows has also been weighing on overall market movement.
Meanwhile, India's GDP growth data for March is due later today, and the latest U.S. PCE data—also scheduled for release—could offer further clarity on the Federal Reserve's rate-cut trajectory, which remains uncertain amid sticky inflation and slowing growth.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
10 minutes ago
- Indian Express
GDP figures show India is back on the road to growth
The National Statistics Office's (NSO) provisional estimates peg India's gross domestic product (GDP) growth at 6.5 per cent for 2024-25, with the fourth quarter growing at a blistering 7.4 per cent. The first and second advance estimates, which were based on limited data, had projected 6.4 per cent and 6.5 per cent, respectively. The positive surprises in GDP revisions seen in the past three fiscals may end here, at least for now. The economy seems to be realigning with its long-term trend growth. The decadal average growth before the Covid-19 pandemic was 6.6 per cent. For 2023-24, the first advance estimates had pinned growth at 7.3 per cent, the provisional estimates revised that to 8.2 per cent and then to 9.2 per cent. In India's GDP reporting framework, provisional estimates are more reliable and enduring than the two preceding advance estimates. The next GDP estimate for fiscal 2025 will be released in early 2026. Until then, these estimates provide a more stable basis for forecasting GDP amid a wall of global uncertainty. India's nominal GDP, which factors in the inflation rate, grew 9.8 per cent in fiscal 2025. Put another way, the size of the absolute economy reached $3.91 trillion from $3.6 trillion in fiscal 2024. Private consumption grew a good 7.2 per cent on rural demand even as urban stayed subdued. That said, consumption growth did slow to 6 per cent in the fourth quarter. Government consumption expenditure, too, was restrained, growing 2.3 per cent for the full fiscal year and dropping to -1.8 per cent in the fourth quarter. Government investments picked up sharply in the fourth quarter, helping investment growth outpace GDP. Central government capex exceeded the revised estimates for the full fiscal. On the supply side, agriculture and services performed well, but manufacturing was a laggard, growing 4.5 per cent — slower than agriculture. Merchandise exports were nearly flat at $437.41 billion ($437.07 billion in fiscal 2024). Labour-intensive construction ratcheting up 9.4 per cent over the double-digit growth last fiscal augurs well for employment. The economic outlook for fiscal 2026 will be shaped by the interplay of global tariff shocks and the buffers and policy levers India has. While our economy is primarily driven by domestic factors, growing ties with developed nations through trade and capital flows means it cannot be fully insulated from adverse global events. The external environment has undergone a dramatic shift this year following the imposition of reciprocal tariffs by the US and ongoing escalation and de-escalation. This can impact India via both direct and indirect channels. The direct impact is felt through the effects on the US economy and the increased tariffs that hinder our competitiveness. With US growth expected to slow to 1.5 per cent in calendar 2025 from 2.8 per cent in 2024, demand for Indian exports to the US will decrease. The full impact will only become clear once the India-US trade deal is concluded. The indirect or collateral impact will play out via slowing growth in other export markets for India, such as the European Union and Asia. S&P Global expects global growth to slip to 2.7 per cent in 2025 from 3.3 per cent in 2024. The elevated tariffs on Chinese goods will exacerbate China's overcapacity and deflationary pressures, prompting it to divert excess supply to other markets, including India. The recent thaw in US-China trade tensions saw both countries agreeing to reduce tariffs by 115 per cent for a 90-day period. However, this provides only a temporary relief, and uncertainty looms over what will follow the 90-day window. The persistent uncertainty is delaying private investment decisions and remains a concern for volatility in capital flows, financial markets and currency exchange rates. India has some buffers, and positive developments will support economic activity this fiscal. The composition of India's exports provides some resilience, as services exports, which now account for nearly half of the country's exports, are less vulnerable to global trade cycles than goods exports. According to the World Trade Organisation, global goods trade will contract 0.2 per cent in calendar 2025, while services trade will grow at 4 per cent. Although services exports will slow, it will do so at a slower pace than goods exports, providing some buffer on the trade front. A low current account deficit, moderate government external debt and healthy forex reserves (at $686 billion currently) reduce India's vulnerability to global shocks, but do not provide complete insulation. A record wheat harvest and strong pulses output, as per the second advance estimates, along with a favourable monsoon forecast for the upcoming kharif season, are expected to boost agricultural production and control food inflation. Moreover, we expect crude prices to average a low around $65 per barrel this fiscal. These factors provide the RBI with more elbow room to support growth. We anticipate two more rate cuts of 25 basis points this fiscal. Essential items such as food and fuel account for a larger share of the consumption basket for lower-income households. Thus, low food inflation will improve discretionary spending for lower-income groups in both urban and rural areas. Urban consumption will be further supported by low interest rates and income tax cuts announced in the budget, which will take effect this fiscal. This, in turn, will complement healthy rural consumption. Unlike the previous fiscal year, the central government seems to be prioritising capital expenditure at the outset this year. In April, capex reached Rs 1.59 lakh crores, accounting for 14.3 per cent of the budget target. Despite tepid domestic private investment prospects and the government's limited ability to fuel public investment due to fiscal considerations, India is benefiting from global supply-chain shifts. Apple plans to manufacture most iPhones for the US market in India, and a Vietnamese electric vehicle manufacturer is set to open an Indian plant in June, with product launches expected this year. More such investment opportunities are likely as companies diversify away from China. The strong financials of Indian corporates, especially large and mid-sized, has led to resilience and flexibility to capitalise on opportunities. But reforms that address structural bottlenecks remain crucial to raise India's attractiveness as an investment destination and unlock its growth potential. Given the overall landscape, we expect India's GDP to grow 6.5 per cent this year, with risks tilted to the downside. The writer is Chief Economist, CRISIL
Economic Times
17 minutes ago
- Economic Times
What is LRS or RBI's Liberalised Remittance Scheme?
Funds can be remitted outside India for various purposes such as investments, travel, education and more The Reserve Bank of India provides the Liberalised Remittance Scheme. Indian residents can send money abroad. Individuals can remit up to $2,50,000 annually. This is without special permission from the RBI. The scheme is for education, travel, investments, and more. Tax is applicable depending on the purpose of remittance. Tired of too many ads? Remove Ads (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of .) 1. LRS is a facility provided by the Reserve Bank of India (RBI) that allows resident individuals in India to send money abroad.2. Individuals can remit up to $2,50,000 per financial year (April– March) without special permission from the RBI3. Only resident individuals, including minors (through a guardian), are eligible. The scheme does not apply to companies, partnerships, or trusts.4. Funds can be remitted for various purposes, including education and medical expenses abroad, travel, gifting and donations, investments in foreign stocks, bonds, real estate, and deposits.5. Depending on the purpose, tax collected at source , or TCS, of up to 20% may be applicable on the remitted on this page is courtesy Centre for Investment Education and Learning (CIEL).Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.
Time of India
18 minutes ago
- Time of India
Investing in these 3 chemical sector stocks can give good returns now as sector is reviving
After a lull of about three years, India's chemicals sector now appears poised for an upgrade. If you are looking for a contrarian investment strategy , then you might want to take a small exposure to this sector. Here's why. On a rebound The sector saw a marginal but noticeable improvement in performance during the January–March 2025 quarter. While much of the gain can be attributed to the low base effect, analysts remain optimistic. Of the 32 companies tracked by Reuters-Refinitiv (with estimates from at least two analysts), 19—or 59.3%—beat net profit expectations for the quarter. Anuj Jain, Co-founder of Green Portfolio PMS, says the March quarter results signal the beginning of an upcycle in the chemicals industry after a pause of nearly 2–3 years. Though valuations remain high for several large-cap stocks in the sector, many mid- and small-cap companies are still available at attractive valuations. A bleak past The chemicals sector has faced persistent headwinds over the past few quarters due to muted demand, weak realisations amid pricing pressures, inventory destocking in the agrochemicals segment, and heightened competition from China. Data compiled from the Reuters-Refinitiv database for 139 chemical companies with a market cap of more than Rs.100 crore shows dismal aggregate revenue growth of just 2% and 3.4% in the June and September quarters of 2024-25, on a year-on-year basis. Nearly 54% of these companies underperformed the Nifty 500 index over the last year, while 66% lagged the broader market benchmark in 2025 year-to-date. Live Events Brokers upbeat, but wary A pick-up in domestic demand for RACs (room air conditioners) and the sheer rise in demand for gas used in refrigeration and air conditioning is expected to bode well for the sector. While a B&K Securities report highlights that the weakening of competition from within the European Union will open up export opportunities for Indian companies, it also cautions against the continued threat of strong competition from China. On the other hand, a gradual recovery is expected in the agrochemicals segment, supported by the rising demand for newer, innovative products and biological alternatives. A Motilal Oswal report released in March 2025 notes that prices in the global crop protection industry are likely to bottom out in 2025 across all key regions and product segments, paving the way for a more stable growth trajectory ahead. The B&K Securities report notes that a sustained recovery in demand from the EU27 block is crucial to boosting the export growth potential of the Indian chemicals industry. It adds that with inventory de-stocking now largely complete in European markets, both demand and volumes are expected to drive growth going forward. Challenges The US trade tariffs, low-cost dumping by Chinese manufacturers, and weak demand in Europe remain some of the major concerns for the sector. An April 2025 Kotak Securities report expresses hope for a decent recovery over 2024–25 and 2026–27. However, in the event of a prolonged tariff war, it cautions that there could be more substantial downside risk to these expectations. Here are three companies worth considering for a small exposure. These firms have reported double-digit growth in net earnings for the March 2025 quarter and enjoy the highest level of analyst coverage within the sector. SRF Q4 revenue and net profit beat estimates by 7.4% and 9.3%. Strong performance in specialty chemicals, refrigerant gases, and packaging films. 2025-26 revenue guidance at 20% growth. Elara Capital maintains an 'accumulate' rating, expecting gains from recovering demand. Navin Fluorine Q4 revenue and EBITDA beat estimates by 2.4% and 7.9%. CDMO (Contract Development and Manufacturing Organisation) and high-performance products drove growth. Refrigerant gas demand and better pricing supported performance. Management targets ~25% EBITDA margin in 2025-26. Prabhudas Lilladher sees strong long-term growth potential. UPL Q4 revenue and EBITDA beat estimates by 3.6% and 9.9%. Growth is driven by strong volumes, and inventory normalisation. 2025-26 revenue growth guided at 4-8%, led by volumes. Recovery in key markets and new products to aid growth. Antique sees balance sheet improving and growth momentum continuing.
