Stock Market Highlights, May 2: Sensex ends range-bound session 128 pts up, Nifty near 22,650

Stock Market Highlights on Thursday, May 2: Markets settled with positive bias a day after the US Fed kept interest rates unchanged

3:51 PM

Tech View :: Key levels to watch on Nifty, Bank Nifty

Nifty50
On the daily charts, we can observe that the Nifty after the sell in the previous trading session has consolidated. 22,700 on the upside remains a crucial resistance while 22,450 is the crucial support from short term perspective. The Nifty is likely to consolidate within this range over the next few trading sessions. 

 

Bank Nifty

The Bank Nifty witnessed follow through selling pressure and closed in the red down ~166 points. Overall, the Bank Nifty can also consolidate. Key support on the downside is 49,000 – 48,900 while resistance is placed at 49,800 – 49,850. Overall, we expect some consolidation in both the indices.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

 

 

3:48 PM

Comment :: What all happened in the markets today?

Benchmark indices saw moderate gains, mirroring global trends after the FED decided to maintain its interest rate, as widely accepted. The US central bank hinted at potential rate cuts while remaining cautious about sustaining the high inflation trend. The broader market largely traded range bound, while positive commentary from the auto companies on recent volume numbers led the sector to outperform.

Views by:  Vinod Nair, Head of Research, Geojit Financial Services

3:45 PM

Broader markets :: MidCap index gains nearly 1%

3:42 PM

Sector check :: Auto, Metal indices rise 1%

3:39 PM

Sensex Heatmap :: 12 of 30 stocks decline; Airtel, Wipro, Axis Bank weigh

3:37 PM

CLOSING BELL :: Nifty ends near 22,650

3:37 PM

CLOSING BELL :: Sensex ends higher after US Fed keeps rates unchanged

3:30 PM

Why is gold up 20% in the last one year, and what should investors do?

While the yellow metal has shown promising short-term performance, with a return of about 20 per cent over the past year, its long-term returns are less impressive. Over a decade, gold has returned around 8 per cent, a figure that pales in comparison to other asset classes such as equities (Sensex), which has returned over 12 per cent in the same period. READ MORE

3:16 PM

South Indian Bank Q4 results: Net profit dips 14% to Rs 288 crore

The bank's board has recommended a dividend of Rs.0.30 per equity shares of face value of Re 1 each (30 per cent) for the financial year ended March 31, 2024 READ MORE

3:01 PM

ALERT:: Adani Enterprises Q4 net dips 22%; stock slips into red

Adani Enterprises today reported 22 per cent drop in Q4 consolidated net at Rs 623.20 crore for the quarter ended March 2024 when compared with Rs 799.26 crore posted in the quarter ended March 2023. Total income, however, was up 1.1 per cent YoY at Rs 29,630.29 crore as against Rs 29,311.42 crore. 

2:51 PM

Analysts recommend buying these 3 finance stocks, see up to 25% upside

The earnings season is in full swing and so are the financial services stocks, on an index level Nifty Financial Services has shot up by 3 per cent in the last one month, while in comparison Nifty 50 rose by 0.90 per cent till Thursday's intraday deals. READ MORE

2:41 PM

Iron & steel stocks rally up to 11% on strong March quarter results

Surya Roshni, Gallantt Ispat, Sarda Energy & Minerals, Welspun Corp and Vardhman Special Steels (VSSL) have surged between 5 per cent and 11 per cent in Thursday's intra-day trade. READ MORE

2:32 PM

Travel distribution firm TBO Tek eyes Rs 1K cr via IPO; issue to open May 8

The company's maiden public issue comprises a fresh issue of equity shares aggregating up to Rs 400 crore and an Offer-for-Sale (0FS) of up to 1.25 crore equity shares by promoters and investors. READ MORE

2:22 PM

ALERT:: Dabur India Q4 net rises 17%; stock up 1%

2:13 PM

Global check:: US stock futures up day after Fed outcome; UK mixed

1:59 PM

Manufacturing PMI slips to 58.8 in April from March's 16-year high

Indian manufacturing slowed down a bit in April but growth stayed robust to signal the second-best improvement in the sector's health in three and a half years, said a private business on Thursday. READ MORE

1:47 PM

ALERT:: Adani Ports Q4 net soars 77%; stock marginally up

Adani Ports today reported 76.9 per cent surge in Q4 consolidated net at Rs 2,014.77 crore for the quarter ended March 2024 when compared with Rs 1,139.07 crore in the year ago period. Total income increased by 16.5 per cent YoY to Rs 7,199.94 crore from Rs 6,178.35 crore. READ MORE

1:39 PM

Powell's reassuring tone may not be enough for inflation-spooked markets

Federal Reserve Chairman Jerome Powell's reassuring message following the central bank's monetary policy meeting may not calm frazzled US stock and bond investors, as uncertainty over the path of inflation intensifies the focus on upcoming data. READ MORE

1:27 PM

Disappointment in Lok Sabha poll outcome will be short-lived: Pradeep Gupta

The Indian markets appear to be expensive, on an absolute basis, with 1-year forward valuation at 20 times. The overall risk/reward ratio, thus, seem unfavourable on a historical basis, Gupta said. READ MORE

1:17 PM

ArcelorMittal Q1 earnings beat expectations; expects 3-4% steel demand

The Luxembourg-based company said its first quarter core profit (EBITDA) was $1.96 billion, higher than the average forecast in a company poll of $1.81 billion, but lower than a year before. READ MORE

1:05 PM

BHEL up 7%, hits 12-year high on pact with HIMA for railway signaling biz

The market price of BHEL has recovered 45 per cent from March month low of Rs 207.20. At 11:06 am; the stock was trading 3 per cent higher at Rs 290.60, as compared to 0.34 per cent rise in the S&P BSE. READ MORE

12:53 PM

ALERT:: Federal Bank Q4 net rises marginally; total income up 23%

Federal Bank today reported a net profit of Rs 906.30 crore on a standalone basis for Q4FY24 as against Rs 902.61 crore in Q4FY23. Total income rose 23.4 per cent YoY to Rs 6,732 crore from Rs 5,454 crore.

12:48 PM

Federal Bank hits record high amid report KVS Manian may join as MD & CEO

According to reports, KVS Manian could replace Federal Bank's MD and CEO Shyam Srinivasan, whose term ends in the last week of September 2024. READ MORE

12:36 PM

ICICI Bank stock trades lower even as bank denies Sandeep Bakhshi's exit

ICICI Bank "categorically denied" reports regarding MD Sandeep Bakhshi allegedly expressing willingness to leave his position. READ MORE

12:25 PM

ALERT:: Honasa teams-up with Dr Vanita Rattan for skincare product development; stock down 2%

Honasa Consumer in an exchange filing on Thursday said, that its brand The Derma Co announced a first-of-its-kind collaboration with Dr Vanita Rattan (Dr V), a renowned doctor, cosmetic formulator, and influential figure from the UK to develop skin care products for the Indian population.

12:13 PM

BSE Realty index down 1.5% in a rising market; Godrej Properties weighs

Real-estate stock update: Realty stocks were witnessing some profit-taking on Thursday, as the BSE Realty index has rallied over 23 per cent so far in 2024. READ MORE

11:56 AM

Vedant Fashions stock falls 3% post Q4 as analysts cautious on FY25 outlook

Shares of Vedant Fashions fell as much as 2.93 per cent to an intraday low of Rs 925.95 apiece, on Thursday, despite a 6.3 per cent increase in March quarter (Q4FY24) profit. READ MORE

 

11:34 AM

Netweb Tech locks in 5% upper circuit after profit shoots up 181% in Q4

The cloud services company, Netweb Technologies’s share gained and locked in 5 per cent upper circuit at Rs 1765.40 a piece on the BSE in Thursday intraday trade. A total of 8,222 stocks of the company changed hands on the BSE. In comparison the S&P BSE Sensex rose 0.30 per cent at 74,740 levels. READ MORE

11:19 AM

Godrej stocks rally up to 9%; Godrej Properties down 4%

Shares of Godrej Group companies rallied up to 9 per cent on the BSE in Thursday's intra-day trade after the Godrej family on Tuesday announced an ownership realignment of their shareholdings in the Godrej Companies. READ MORE

11:00 AM

ICICI Bank denies report of MD & CEO Sandeep Bakhshi wanting to quit

ICICI Bank has denied a new portal’s article that the lender’s managing director (MD) and chief executive officer (CEO) Sandeep Bakhshi is considering stepping down from his position. READ MORE