IT stocks spark 234-pt rally in Sensex; Nifty tops 18,300; Adani Ent up 20%

CLOSING BELL: Among sectors, the Nifty Metal climbed over 3 per cent, followed by the Nifty IT index (up 2.5 per cent)

4:20 PM

COMMENT:: IT stocks rallied on bargain opportunities, pent-up demand

"The domestic market inched higher in anticipation of possible progress in US debt ceiling negotiations. Despite a weak fourth-quarter performance, IT stocks rebounded on account of bargain opportunities and pent-up demand. Investors remain watchful ahead of the release of US FOMC minutes on Wednesday, as the minutes may give some indication of a pause on rate hikes."

 

- Vinod Nair, Head of Research at Geojit Financial Services
 

4:19 PM

Nifty 50 could move towards the 18,500 resistance level, if it sustains above 18,300

"The Nifty experienced an upward movement after forming a hammer like pattern on the previous Friday. It found support at the 21-day Exponential Moving Average (EMA), which halted its decline. However, the Relative Strength Index (RSI) is in a bearish crossover, indicating weak momentum. The immediate support level for the Nifty is at 18,200. If it manages to sustain its position above 18,300, there is a possibility of moving towards the resistance level at 18,500." 

 

- Rupak De, Senior Technical Analyst at LKP Securities
 

4:17 PM

Bank Nifty likely to consolidate in the 43,500 - 44,000 range

"The Bank Nifty, has been consolidating near its all-time high. It has managed to sustain its position above important moving averages, indicating strength in the trend. Despite this, the Relative Strength Index (RSI) is currently displaying a bearish crossover, suggesting weak momentum. In the short term, the Bank Nifty may continue to consolidate in a narrow range of 43,500-44,000. The support levels to watch are at 43,700 and 43,500, while the resistance level stands at 44,000-44200."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities
 

4:12 PM

Shares of Adani Group log smart gains; Adani Enterprises zooms 19%

Shares of Adani Group companies were in demand for the second straight trading day after the SC-appointed panel said that it not possible to conclude that there was a regulatory failure at this stage. READ MORE

4:10 PM

Gland Pharma slumps 17%; stock down 80% from its record high

The stock has plunged 80 per cent from its all-time high level of Rs 4,350, which it had touched on August 12, 2021. Currently, the stock quotes 42 per cent lower against its issue price of Rs 1,500 per share in November 2020. READ MORE

4:08 PM

TCS gains over 2% as consortium bags Rs 15,000-cr order from BSNL for 4G deployment

Tejas Networks Ltd, too, is a part of the TCS-led consortium which has bagged APO for 4G deployment. Shares of Tejas were up a per cent. READ MORE

4:06 PM

Siemens tumbles over 8% after board okays sale of low voltage-geared motors biz

In a step to address the fast-growing demand for electric vehicle (EV) charging infrastructure in India, the company signed an agreement to acquire the EV division of Mumbai-based Mass-Tech Controls. READ MORE

4:04 PM

Jet Airways, SpiceJet hit 52-week lows; slip up to 10%

Shares of Jet Airways declined 5 per cent as uncertainty continued over the revival of the grounded air line company. READ MORE

4:02 PM

Shreyas Shipping hits 20% upper limit; board to mull share delisting on May 24

The company said delisting proposal will provide the public shareholders an opportunity to realise immediate and certain value for their equity shares. READ MORE

4:00 PM

Narayana Hrudayalaya rallies 11% to hit a record high on strong Q4 results

The company reported the highest-ever revenue and profitability in Q4FY23, as well as for FY23, which is attributed to increased patient footfalls along with improvements in speciality and payor mix. READ MORE

3:58 PM

Balaji Amines tanks 19%, hits 52-week low on weak Q4 results; recoups losses at close

Hemanth Reddy Gaddam has also resigned as whole-time director & CFO of the company with effect from closing hours on May 2023 to focus on its subsidiary Balaji Speciality Chemicals. READ MORE

3:56 PM

Nifty IT index soars 2.5%; MphasiS, LTIMindree, Tech Mahindra, Persistent Systems jump over 3%

3:53 PM

Nifty Healthcare index gains 1.6%; Divi's Lab, Lal Path Lab, Apollo Hospitals lead

3:50 PM

Market Breadth was marginally negative; 1,850 stocks declined v/s 1,770 advancing shares on the BSE

3:48 PM

BSE Smallcap Heatmap:: Shreyas Shipping, Finotex Chemical, Elgi Equipment surge up to 20%

3:45 PM

BSE Midcap Heatmap:: Muthoot Finance, Balkrishna Inds, Adani Power zoom up to 9%

3:42 PM

Broader indices move in tandem with Nifty 50; India VIX rises 2%

3:39 PM

Nifty 50 Gainers:: Adani Enterprises soars nearly 20%; Adani Ports, Divi's Lab rally up to 6%

3:37 PM

Sensex 30 Heatmap:: 19 Gainers v/s 11 Losers

3:35 PM

CLOSING BELL:: NSE Nifty50 adds 111 pts to 18,314

3:33 PM

CLOSING BELL:: S&P BSE Sensex ends 234 pts higher at 61,964

3:26 PM

Economy likely to see downside risks to growth, upside risks to inflation

Economy is likely to see downside risks to growth and upside risks to inflation, partly due to challenges in country's external sector as well as weather-related uncertainties, finance ministry said. READ MORE

3:17 PM

ALERT:: Keystone Realtors Q4 net zooms 85%; stock rallies 6%

Keystone Realtors Q4FY23 net profit zoomed 85.1 per cent to Rs 74.04 crore when compared with Rs 40 crore in Q4FY22. Total income surged 44.3 per cent YoY to Rs 357.63 crore.

3:06 PM

ALERT:: CESC Q4 net flat at Rs 263 cr; stock slips over 2%

CESC Q4FY23 net profit grew marginally by 1.5 per cent to Rs 263 crore when compared with Rs 259 crore in Q4FY22. Total income was up 1.2 per cent YoY at Rs 1,711 crore.

2:53 PM

Jet Airways, SpiceJet hit 52-week lows, slip up to 10% in firm market

Shares of Jet Airways declined 5 per cent as uncertainty continued over the revival of the grounded air line company. READ MORE

2:42 PM

ALERT:: Intellect Design Arena to win contract from OTB Bank; stock surges 3%

Intellect Design Arena informed BSE that, OTP Bank, the largest bank in Hungary and one of the leading banking groups in Central and Eastern Europe, choose Intellect's award-winning Intellect Digital Core (IDC) Banking platform to provide a contextual banking experience for their customers with highly personalised and bespoke solutions subject to successful conclusion of the contract.

2:30 PM

Jet Airways revival: NCLAT to rule on consortium plea against SBI on May 30

The National Company Law Appellate Tribunal will on May 30 pass an order on an application by Jalan-Kalrock (JKC) consortium, which is reviving bankrupt Jet Airways, to stop State Bank of India (SBI) from invoking its bank guarantee of Rs 150 crore. READ MORE

2:18 PM

How RBI's withdrawal of Rs 2,000 notes is different from demonetisation

In 2016, Rs 500 and Rs 1,000 notes made up over 86% of the money in circulation. This time around, Rs 2,000 notes make up a relatively small part of the total money in circulation. READ MORE

2:08 PM

ALERT:: SPARC Q4 net loss at Rs 82 cr; stock down 2.5%

Sun Pharma Advanced Research Company (SPARC) today posted a net loss of Rs 81.99 crore. In Q4FY22 net loss stood at Rs 71.05 crore. Total income, however, more-than-doubled to Rs 58.42 crore from Rs 25.46 350 crore.

1:54 PM

ALERT:: Ramco Industries Q4 net jumps 36%; stock up 1%

Ramco Industries Q4 net profit rose 35.7 per cent to Rs 58.08 in the quarter ended March 2023 as against Rs 42.78 crore in the corresponding quarter a year ago. Total income, however, was down 10.4 per cent YoY at Rs 350 crore.