Sensex soars 380 pts, ends at 51,017; Nifty at 15,301; metal stocks slide

Volatility index, India VIX, however, surged 11 per cent to 21 levels ahead of the expiry of monthly F&O contracts due tomorrow

4:58 PM

MARKET CLOSING COMMENT :: Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities

Nifty gained momentum in the recent past and now trades near all-time high levels of 15430. Last concrete support was seen at 14700 and we await closer support levels to mature in the near term. We believe the undertone is positive and any correction should be used as an opportunity to accumulate. We see value in IT, Auto and specific BFSI stocks.

4:46 PM

Key resistance and support levels for Nifty

Technically, the nifty index has sustained above the prior week candle of Bullish Marubozu, which confirms the strong bullish trend in the counter. Moreover, on the daily time-frame, the index has been hovering above the Downward Sloping Trendline and 21-Days Moving Averages that suggests a bullish strength for the near term. In addition, an indicator MACD & Stochastic witnessed positive crossover, which suggests a bull-run for upcoming sessions. At present, the nifty seems to have resistance at 15450 levels while immediate support is placed at around 15140 levels.

Views by: Sumeet Bagadia, Executive Director at Choice Broking

4:33 PM

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Retail Research at HDFC Securities

Indian benchmark equity indices rose for the fourth consecutive session on May 26. Nifty opened flat and then rose till about 1100 Hrs. Later it went sideways. At close, the Nifty was up 93.00 points or 0.61% at 15,301.50.

 

Nifty closed at the highest since Feb 16, 2021. It also closed at almost the day’s high accompanied by a strongly positive advance decline ratio. IT sector witnessed rotational buying while Metals stocks came under pressure as metal prices continued to remain soft globally after a dream rally. 15336-15432 is the next resistance band for the Nifty while 15211-15256 is the support band for the near term.

4:18 PM

MARKET RECAP :: Vinod Nair, Head of Research at Geojit Financial Services

Domestic markets started cautiously positive and witnessed a strong rebound as it gained momentum from expectations of another set of relief measures. The new stimulus package is expected to focus on boosting the worst-hit sectors like tourism, aviation and hospitality along with MSMEs. Value buying was seen in the IT sector while Metals stocks remained in the correction phase due to muted international commodity prices

3:59 PM

TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

After two consecutive dull sessions, the index showed some traction and closed the day at 15,301 and formed a small bullish candle on the daily chart. Now, the index has shifted its support to 15,250-15,200 zone. If it holds these levels then one can see more strength and we may head towards previous swing highs. Immediate hurdle is coming near 15,370-15,430 zone where we can witness immediate profit booking levels.

3:51 PM

BSE Snapshot

3:48 PM

Broader market:: S&P BSE MidCap index ends in the red

3:47 PM

NSE Snapshot:: Top Nifty50 gainers today

3:44 PM

Sensex contributors:: Infosys, HDFC, TCS, and Bajaj Finance lead Sensex higher

3:42 PM

Sectoral trends on the NSE :: Realty, IT stocks lend support; metals decline

3:40 PM

Sensex Heatmap at close

Top gainers: Bajaj Finserv, Bajaj Finance

Top losers: PowerGrid, NTPC

3:36 PM

CLOSING BELL

The BSE barometer of 30 shares reclaimed the 51,000-mark and settled at 51,018, up 380 points from previous day's closing. On the NSE, the Nifty50 ended the session at 15,301, up 93 points.

3:28 PM

TCS sees pandemic-driven boost in Europe as clients adopt new technologies

Indian software company Tata Consultancy Services Ltd (TCS) is seeing acceleration in some parts of its business across Europe as the pandemic pushed companies to adopt new technologies more rapidly, a top executive said.

 

Europe has been the fastest growing region for TCS from where it gets about a third of its annual revenue of $22.17 billion. In the last full year, continental Europe was the only geography that showed growth for TCS. READ MORE

3:23 PM

Transport Corporation shares hit 20% upper circuit post Q4 results

Shares of Transport Corporation of India (TCI) were locked in 20 per cent upper circuit at Rs 366.90 on the BSE on Wednesday after the company reported 69 per cent year-on-year (YoY) growth in standalone profit after tax (PAT) in March quarter (Q4FY21) at Rs 52.86 crore, on the back of healthy revenue growth. The company, India’s leading integrated supply chain and logistics solutions provider, had PAT of Rs 31.28 crore in Q4FY20. READ MORE

3:12 PM

March Quarter Results :: Berger Paints

PAT: Rs 210 crore

Revenue: Rs 2,030 crore

Dividend: Rs 2.8/share

3:01 PM

NEWS ALERT | Royal Enfield to shut all plants and offices in Tamil Nadu from may 27-29

-- Company says the closure is due to escalating Covid situation in the state

-- It will resume operations with first shift on May 31.

2:48 PM

MARKET UPDATE:: India VIX soars 11%

2:36 PM

Broader market :: BSE MidCap index down 0.05%

2:23 PM

MARKET UPDATE:: Infosys, HDFC, Bajaj Finance among top contributors to Sensex's gain today

2:16 PM

March Quarter Results :: Manappuram Finance declares dividend of Rs 75 paise

>> PAT: Rs 470 cr vs Rs 390 cr YoY

>> Revenue: Rs 1,622 .3cr vs Rs  Rs 1,605.3 cr YoY

>> Provisioning: Rs 106.6 cr vs Rs 80.2 cr QoQ

2:11 PM

Indoco Remedies zooms 20% on strong revenue from international business

Shares of Indco Remedies zoomed 20 per cent to Rs 405 on the BSE in intra-day trade on Wednesday on the back of huge volumes after the pharmaceutical company reported a strong revenue growth from its international business in the March quarter (Q4FY21). The stock surpassed its previous high of Rs 377.15, touched on May 6, 2021. It was trading close to its record high level of Rs 413, hit on May 25, 2015. READ MORE

1:57 PM

Heatmap: S&P BSE Sensex gainers and losers at this hour

1:57 PM

Sector Watch :: Nifty Realty index gains over 2%

1:43 PM

ALERT :: Indices extend gain; Nifty surpasses record closing high of 15,313

1:39 PM

European markets check

(Source: Reuters)

1:27 PM

Credit Suisse cuts metals stocks from overweight to underweight

Credit Suisse is cutting metal stocks from overweight (OW) to underweight (UW) in its latest India market strategy. "We book profits on metals, reversing positions added in December-20 and earlier, as P/B relative to market is near a 10-year high. It can go higher and stay elevated in a super-cycle, but we believe the current surge in apparent demand is due to an extreme inventory cycle and not a structural increase. Slower steel capacity increases due to ESG regulations are not sufficient to justify holding on, particularly given the Tata profit surge is iron-ore driven, and should correct," Credit Suisse said. READ MORE

1:19 PM

March Quarter Results :: LT Foods posts profit of Rs 56.4 crore

>> Revenue: Rs 1,129.2 crore

>> Ebitda: Rs 121 crore

1:08 PM

No financial data lost in leak, says Dominos about incident in March

“Domino’s, as a policy, does not store financial details of users such as complete credit card number, CVV, passwords etc and therefore, no such information was compromised,” the company said in an email. It has hired an external agency to assess the impact of the data leak. READ MORE

12:59 PM

These 20 small-cap stocks appear overbought on the charts. Trade cautiously

The overbought condition on any technical parameter hints at the possibility of a correction going ahead. Hence, It is advisable to book profit and buy again at lower levels, if the technical and fundamentals of the company remain robust.

 

Despite being in the overbought terrain, there could be a few stocks that continue to hold positive strength if the fundamentals of the company are robust and there is a genuine demand for its stock as indicated by the trading volume. READ MORE

12:49 PM

Cadila Health in focus :: Zydus, TLC sign agreement to sell Liposomal Amphotericin B in India

>> Amphotericin B Liposome for Injection 50mg is a critical drug to treat Mucormycosis or Black Fungus

>> Under the terms of the agreement, TLC will manufacture and supply AmphoTLC on a non-exclusive basis to Zydus, and Zydus will commercialize AmphoTLC