Sensex extends rally to 4th day, ends 123 pts higher; ITC, IT stocks shine

CLOSING BELL ON MAY 30, 2023: The NSE Nifty 50 gained 35 points at 18,634; while the Bank Nifty hit a fresh all-time high at 44,499.

3:57 PM

Comment :: 'Mixed global cues capping the momentum'

Markets are gradually inching towards the record high; however mixed global cues are capping the momentum. We feel the scenario may continue and that may keep the traders guessing on the sustainability of the trend. Having said that, traders should maintain a positive tone till Nifty holds 18,250 and proactively manage their positions. 

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

 

3:52 PM

Comment :: 'Underlying trend is strong, supported by strong liquidity'

The domestic market continued its rally as recent Q4 results indicated improvement in demand. Further, expectations of a normal monsoon and a drop in international commodity prices support a rise in the margin profile. The underlying trend is strong, supported by strong liquidity, the negative slope of the interest yield, and the forecast of strong QoQ growth in Q4 FY23 GDP vs. 4.4% in Q3.

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

3:49 PM

Tech View :: 'Nifty may stay range-bound in coming sessions'

The Nifty witnessed a day of consolidation today and managed to close the day on a positive note, up ~35 points. On the daily charts, we can observe that after a sharp upmove, the Nifty is witnessing consolidation which is a bullish sign. During this range-bound price action, it will prepare a base for itself and set the stage for the next leg of the upmove. The hourly momentum indicator still has a negative crossover which points out that the consolidation is still not over, and it could lead to a rangebound price action over the next few trading sessions. in case of a huge gap up it is unlikely to sustain at higher levels without the support from the momentum indicator. Overall, the uptrend is intact, and this consolidation shall provide an opportunity for initiating fresh long positions. In terms of levels, 18705 – 18735 shall act as the immediate hurdle zone while 18570 – 18500 is the crucial support zone from a short-term perspective.

 

Views by: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

3:46 PM

Comment :: 'Bulls make hay in May'

On a day when the Volatility Index dropped below 12, it was an eventful trading session today as the month of May has witnessed cash market volumes surging towards a six-month high as the return of FII's pepped up domestic investors in search of Alpha in a month which defied the usual 'Sell in MAY and Go Away' rhetoric.

As markets shrugged away inflation, supply-chain disruptions and a slowdown in certain discretionary spends, buoyant FII inflows of Rs 450bn since April has powered the Bank Nifty to its yearly-high today ahead of the MSCI rejig tomorrow. The sight of 63K on the BSE SENSEX today was indeed music to Bulls who made Hay in May.

Views by: S Ranganathan, Head of Research at LKP Securities

3:43 PM

Currency check :: Rupee ends lower at 82.71/$ against Monday’s close of 82.63/$

3:42 PM

BSE Stats :: Market remains equally divided between gainers and losers

3:41 PM

Buzzing stock :: Force Motors freezes at 20% upper circuit

3:40 PM

Buzzing stock :: Repco Home Finance rally 10% on solid Q4

3:39 PM

Buzzing stock :: Jubilant Pharmova ends off lows, still down over 7% on US FDA observation

3:37 PM

Broader market :: MidCap, SmallCap indices rise in tandem with benchmarks

3:36 PM

Sector check :: Metal, Pharma indices fall in an otherwise firm market

3:35 PM

Sensex Heatmap :: ITC, financials, IT stocks lift Sensex for 4th day

3:33 PM

CLOSING BELL :: Nifty holds 18,600 at close

3:32 PM

CLOSING BELL :: Sensex ends lackluster trade over 100 pts higher

3:27 PM

Repco Home Finance surges 25% in 2 days post solid Q4 results

Net interest income (NII) rose marginally by 3 per cent year-on-year (YoY) at Rs 155 crore. Net interest margin improved 30 bps sequentially to 5.1 per cent. Assets quality improved during the quarter, with gross non-performing asset (GNPA) ratio coming in at 5.77 per cent and NNPA at 2.99 per cent against 6.97 per cent and 4.86 per cent in the year earlier period, respectively. READ MORE

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3:15 PM

Participatory-notes investment hits 4-month high of Rs 95,911 cr in April

Participatory notes (P-notes) are issued by registered Foreign Portfolio Investors (FPIs) to overseas investors who wish to be part of the Indian stock market without registering themselves directly. They, however, need to go through a due diligence process. READ MORE

3:03 PM

US Market Check:: Nasdaq futures up 1%; S&P 500 up 0.5%

Source: Investing.com

2:54 PM

Domestic financial markets remained orderly in 2022-23: RBI report

Reserve Bank of India (RBI) has said that in 2022-23 the domestic financial market movements remained orderly, notwithstanding persisting impact of global spillovers during the year. READ MORE

2:42 PM

ALERT:: EID Parry Q4 net tumbles 63%; stock sheds 3%

EID Parry (India) Q4 net profit tumbled 63.2 per cent to Rs 82.77 crore for the quarter ended March 2023 as against Rs 225.12 crore in the quarter ended March 2022. Total income declined by 12.6 per cent YoY to Rs 916.92 crore from Rs 1,049.11 crore.

2:30 PM

ALERT:: V-Guard Industries Q4 net dips 49%; stock slips 3%

V-Guard Industries Q4 net profit declined 48.9 per cent to Rs 46.33 crore for the quarter ended March 2023 as against Rs 90.60 crore in the year ago period. Total income, however, was up 2.7 per cent YoY at Rs 1,081.97 crore from Rs 1,053.57 crore.

2:17 PM

Top 4 IT companies see 40% drop in large client additions in FY23

Infosys is the only IT firm whose net client addition remained flat at 23 in FY23. All the other firms added fewer clients. READ MORE

2:05 PM

ALERT:: 3M India Q4 net jumps 22%; stock gains over 3%

3M India Q4 net profit rose 22.4 per cent to Rs 135.72 crore for the quarter ended March 2023 when compared with Rs 110.92 crore in the year ago period. Total income advanced by 13 per cent YoY to Rs 1,055.90 crore from Rs 934.81 crore.

1:53 PM

ITC trades ex-date for dividend; stock gains over 2% in subdued market

Thus far in the calendar year 2023, ITC has outperformed the market by surging 35 per cent, as compared to 2.8 per cent rise in the S&P BSE Sensex. READ MORE

1:42 PM

After RIL-bp, Nayara Energy sells petrol, diesel at Re 1 less than PSUs

After Reliance Industries Ltd and its partner bp plc of the UK, Nayara Energy - the nation's largest private fuel retailer - has started selling petrol and diesel at Re 1 less than the fuel sold by state-owned retailers, officials said. READ MORE

1:33 PM

ALERT:: Everest Kanto Q4 net plunges 44%; stock sheds 5%

Everest Kanto Cylinder Q4 consolidated net profit plunged 44 per cent to Rs 36.30 crore for the quarter ended March 2023 when compared with Rs 64.80 crore in the corresponding quarter a year ago. Total income declined by 37.8 per cent YoY to Rs 297.90 crore from Rs 478.70 crore.

1:19 PM

Unilever CFO Pitkethly to leave company by May 2024 as inflation worsens

The announcement of his departure comes as Unilever, like the rest of the consumer goods industry, is grappling with significant cost inflation and pressure on its margins. READ MORE

1:07 PM

Global Market Update:: Kospi gains in flat Asian trade

Source: Yahoo Finance

12:48 PM

Nearly half of FAME electric 2-wheeler sales based on false claims: Report

An investigation done by ARAI found several firms depending on imports for key parts such as electric motors, controllers, and onboard chargers. READ MORE

12:40 PM

Inflation risks to moderate, growth momentum to sustain: RBI annual report

Government capex increase in recent years expected to spur higher private investment in 2023-24, it says. READ MORE

12:26 PM

Media stocks upbeat; NDTV, Zee Entertainment largely drive gains