RIL, ITC, HDFC twins lift Sensex 345 pts up; Bank Nifty hits new peak

CLOSING BELL ON MAY 29, 2023: The Nifty 50 ended 99 points higher, while the Bank Nifty registered an all-time high at 44,483, before settling up 0.7 per cent.

4:00 PM

Comment :: What will take benchmarks to all-time high?

Domestic equities edge higher following global optimism after the US government reached a tentative agreement to raise the debt ceiling and avert a default. Nifty after giving a gap-up opening traded in positive territory throughout the session to close with gains of 99 points (+0.5%) at 18599 levels. Nifty Bank hit a fresh record high at 44,483 levels. Broader markets along with all major sectors too ended in green. Only Oil & Gas and IT closed lower. Indian markets are seeing strong momentum driven by banking and other heavyweight stocks. We expect the uptrend in Nifty to continue and expect it to head toward its life-high levels on the back of positive global cues, consistent FIIs buying, and healthy corporate earnings.

Views by: Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services

3:54 PM

Currency check :: Rupee ends at 82.63/$ against Friday’s close of 82.58/$

3:51 PM

City Union Bank crashes 10% on weak Q4

3:48 PM

Greaves Cotton tumbles 10% as govt to de-register arm from FAME-II scheme

3:45 PM

D B Realty soars 11% ahead of Q4 results on Tuesday

3:42 PM

ICICI Lombard settles 8% higher on ICICI Bank's proposal to raise stake

3:40 PM

Broader market check :: Mid, SmallCap indices underperform frontline peers

3:38 PM

Sectoral check :: IT stocks buck broad-based buying trend

3:37 PM

Sensex Heatmap :: M&M, Titan, Tata Steel lead the 30-pack's rally

3:34 PM

CLOSING BELL :: Nifty fails to hold 18,600

3:33 PM

CLOSING BELL :: US debt ceiling deal lifts markets; Sensex zooms over 300 pts

3:26 PM

Global Check:: US stock futures hold marginal gains; UK mixed

Source: Investing.com

3:18 PM

RBI may reduce policy repo rate in fourth quarter of 2024: Oxford Economics

Oxford Economics said RBI may cut key policy rate in fourth quarter of current calendar year as a mix of factors will allow central bank to shift focus and adopt accommodative policy stance sooner. READ MORE

3:09 PM

ALERT:: Mahamaya Steel up 4.5% post Q4 results

Mahamaya Steel reported a 34.7 per cent dip in Q4FY23 net profit at Rs 0.62 crore as against Rs 0.95 crore in Q4FY22. Total income surged 33 per cent YoY to Rs 189.04 crore.

3:00 PM

Smartwatch maker Noise seeks to raise $40-50 mn to expand in growing market

Nexxbase Marketing Pvt, which sells smartwatches and earphones under its Noise brand, seeks funds to add products and gain market share in its home base of India. READ MORE

2:48 PM

ALERT:: La Opala RG Q4 net jumps 48%; stock gains 3%

La Opala RG posted a 48.4 per cent YoY growth in Q4FY23 net profit at Rs 29.20 crore when compared with Rs 19.68 crore in Q4FY22. Total income was up 22.9 per cent at Rs 115.82 crore.

2:37 PM

Maruti Suzuki Jimny: Banking on Gypsy's legacy to take on the SUV challenge

The Jimny's popularity can be gauged from the fact that Maruti is receiving around 700 bookings of the vehicle every day. READ MORE

2:25 PM

City Union Bank dips 10%, nears 52-week low on disappointing Q4 results

Though the management has guided for credit growth of 12-15 per cent, there will be near term pressure on NIMs and earnings, ICICI Securities said. READ MORE

2:13 PM

Indian stocks reclaim spot in world's top 5 markets as Adani scrips rebound

India reclaimed its spot as the world's fifth largest stock market after losing that status to France in January, aided by a revival in Adani Group stocks. READ MORE

2:06 PM

Earnings Impact:: Greenlam soars over 14% post 79% jump in Q4 net

Greenlam Industries posted a 79.8 per cent YoY jump in Q4FY23 net profit at Rs 46.10 crore when compared with Rs 25.70 crore in Q4FY22. Total income rose 15.2 per cent to Rs 533.80 crore.

1:54 PM

RBI governor warns bank boards against overaggressive growth, evergreening

Reserve Bank of India governor Shaktikanta Das has cautioned banks about "overaggressive" growth strategies and evergreening loans, saying he wanted to sensitise their board members. READ MORE

1:41 PM

ALERT:: NIIT Q4 net rises 17%; stock dips 3%

NIIT today reported 17 per cent YoY growth in Q4FY23 net profit at Rs 53.90 crore; backed by a 30 per cent jump in revenue at Rs 385.70 crore.

1:29 PM

Greaves Cotton sinks 10% as govt seeks to remove EV arm from FAME-2 scheme

The govt said that Greaves Electric Mobility failed to adhere to Phased Manufacturing Programme guidelines, hence it will need to return the subsidy of about Rs 124 cr claimed under the FAME-II scheme. READ MORE

1:17 PM

Microfinance loans grow 21.3% YoY to Rs 3.5 trn in FY23, says report

Asset quality profile improved with loans due in more than 90 days dipping to 1.06 per cent in March from 2.43 per cent a year ago, according to industry group Sa-Dhan. READ MORE

1:06 PM

Asian Market Update:: Hang Seng slips in red; Nikkei up 1%

12:50 PM

MAREKT CHECK :: Sensex mildly off highs

12:39 PM

Rakesh Jhunjhunwala's portfolio up 11% thus far in FY24; beats markets

Rakesh Jhunjhunwala's equity portfolio where the late ace investor held stake of over 1 per cent in companies – either in his name or jointly with his wife, Rekha Jhunjhunwala at the end of January – March 2023 quarter (Q4-FY23) – has outperformed the market thus far in financial year 2023-24 (FY24) with a rise of 11 per cent. The S&P BSE Sensex and the Nifty 50, in comparison, have gained around 6 per cent and 6.7 per cent, respectively during this period. READ MORE

12:24 PM

Crypto exchange Binance launches new compliant platform for users in Japan

Leading blockchain and cryptocurrency platform Binance has announced the launch of a new platform for customers in Japan to comply with local regulations. READ MORE

12:10 PM

Broader market :: Smallcap stocks at this hour

12:00 PM

IndusInd Bank regains Rs 1-trn market cap after 3 yrs; brokerages bullish

Shares of IndusInd Bank hit an over three-year high of Rs 1,294.65, up 2 per cent on the BSE in Monday’s intra-day trade amid expectations of healthy outlook going forward. The stock of private sector lender trading at its highest level since February 2020. In past one month, IndusInd Bank has outperformed the market by surging 12 per cent, as compared to 2.7 per cent rise in the S&P BSE Sensex. READ MORE