Stock Market Highlights, May 16: Sensex swings 1220 pts intraday, ends 677 pts up; Nifty holds 22400

Stock Market Highlights on Thursday, May 16, 2024: M&M, Tata Consumer Products, Tech M, Bharti Airtel, LTIMindtree, Infosys, Titan, and HDFC Life were the top gainers

3:56 PM

Tech View :: '22,600 is the next crucial resistance on Nifty'

On the daily charts, we can observe that the Nifty been in an pullback mode and now reached the 61.82% Fibonacci retracement level 22,430. The Nifty has managed to close above the key daily moving averages which shall act as a support (22,330 – 22,270) in the case of a dip.

Daily and hourly momentum indicators have triggered a positive crossover which is a buy signal. Thus, both price and momentum indicator is suggesting continuation of the up-move. On the upside, 22,586 – 22,600 is the next crucial resistance to watch out for. On the downside, 22,200 should be kept as a trailing stop-loss for the long positions.

 

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

3:53 PM

Tech View :: Key levels on Bank Nifty after May 16's fag-end surge

The Bank Nifty witnessed a robust comeback by the bulls, overpowering the bears and orchestrating an intraday surge of 1,000 points. The next immediate hurdle for the index stands at 48,200, aligned with the 20-day moving average (20DMA), breaching which could trigger additional short covering towards the 49,000 mark. On the downside, support is established at the 47,600-47,500 zone. As long as this support level remains unbreached, the bullish sentiment prevails.

Views by: Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

3:51 PM

Comment :: 'Domestic market experienced a late surge, driven by strong global trends'

The domestic market experienced a late surge, driven by strong global trends that pointed to lower-than-expected US consumer inflation figures, which suggests at least two interest rate cuts in 2024. Further, buoyancy in the broader market continues with exports increasing despite global economic uncertainties, leading the heavyweights’ sectors such as banking, IT, and industrials to outperform.

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

3:45 PM

Currency check :: Rupee ends flat vs US dollar

3:43 PM

Broader markets :: Mid, SmallCap indices hold gains throughout session

3:41 PM

Sectoral trends :: Broad-based gains seen in markets; PSBs sole losers

3:40 PM

Sensex Heatmap :: M&M leads charge on Sensex post Q4, Maruti drags

3:39 PM

Closing Bell :: Nifty reclaims 22,400 in fag-end

3:38 PM

Closing Bell :: Sensex zooms over 650 pts on May 16

3:27 PM

Case for a stronger rupee: Why the INR will only weaken 2% each year

Moreover, as the depth and breadth of Indian financial market improves, heighted FPI inflows into various asset classes may help to bolster the RBI’s reserves, it added. Government borrowings have remained largely constant for the past four years (post the pandemic led surge) and current account deficit has also surprised positively. Overall, political risk premium for India is falling with timely intervention by the RBI helping to instil further confidence in the rupee stability. READ MORE

3:16 PM

Bandhan Bank slips 7% on heavy volumes ahead of Q4 results on Friday

At 02:27 PM Bandhan Bank was quoting 6 per cent lower at Rs 178.25, as compared to 0.32 per cent decline in the S&P BSE Sensex. Average trading volume on the counter surged nearly two-fold with a combined 33.86 million equity shares, representing 2 per cent of total equity of the bank, changing hands on the NSE and BSE so far in trade. READ MORE

3:00 PM

Comment :: Silver hits record high; how should investors trade?

The ongoing momentum-driven buying is likely to extend in the immediate run driven by a robust rally in gold and other industrial metals. Expectations of interest rate cuts, escalating geopolitical tensions, and enduring inflation concerns could help prices stay firm in the immediate run. Investors can add silver into their portfolio but should be limited to below 5 percent. Periodic buying in small quantities is advised for greater benefits. Investors should also consider that silver prices can be highly volatile due to speculation, which can lead to short term price surges. Silver is one of the most volatile precious metals and its volatility can be twice or thrice greater than gold in some days.

Views by: Hareesh V, Head of Commodities, Geojit Financial Services

2:45 PM

Indian steel mills fear surge in Chinese imports after US imposes tariffs

India's steel industry, already reeling from cheaper imports, is worried about a surge in shipments from China after the United States imposed tariffs on Chinese steel, industry executives and analysts said.

US President Joe Biden on Tuesday unveiled steep tariff increases on an array of Chinese imports including steel and aluminium. Read more

 

2:26 PM

Quick Heal rises 5% on inking pact with EET Group; up 25% in last 6 months

Shares of cybersecurity firm Quick Heal rose as much as 4.52 per cent to hit an intraday high of Rs 479 per share. Notably, the stock has climbed approximately 25 per cent in the past six months. 

The surge came following the announcement of a strategic collaboration with Europe's EET Group to bolster its cybersecurity offerings. Read more
 

2:08 PM

18% of global fund managers overweight on Indian equities: BofA survey

Fund managers globally, BofA Securities said, are most bullish on equities in nearly three years (since November 2021), driven by optimism on a cut in interest rates by global central banks rather than earnings per share (EPS) growth. 

18 per cent of fund managers surveyed by BofA Securities are overweight on Indian equities, though the level of optimism has dipped from March 2024 levels, their findings suggest. Read more

1:54 PM

Somany Ceramics shoots up 20% on strong jump in profits; brokerage upbeat

Shares of Somany Ceramics shot up by 19.9 per cent at Rs 745.65 on the BSE in Thursday's intraday trade. The stock price of the company soared after it staged a strong show in its quarterly earnings for the January-March quarter of the fiscal year 2023-24 (Q4FY24). Read more

1:41 PM

Nifty MNC index at new high; Honeywell, 3M India, Schaeffler gain up to 9%

Shares of multi-national companies (MNCs) continued their northward movement, with the Nifty MNC Index hitting a new high of 28,590, gaining nearly 1 per cent in Thursday's intraday trade. The spurt comes after various companies reported healthy March quarter earnings and gave a strong outlook. Read more

1:24 PM

HOAC Foods IPO Day 1: Check subscription status, GMP, financials & more

Hariom Atta & Spices (HOAC Food India) has garnered considerable investor interest with its initial public offering (IPO) on Day 1 of the subscription. The HOAC Foods India IPO, which opened on Thursday, May 16, has been oversubscribed 13.57 times, indicating robust demand from investors. By 12:31 PM, the IPO had received an impressive 1,56,78,000 bids, surpassing the 11,55,000 shares offered in the IPO. Read more

1:09 PM

Nifty Realty soars 1.60 per cent in a weak market

12:44 PM

Norway excludes Adani Ports from govt pension fund over ethical concerns

Norges Bank, Norway's central bank, on Wednesday announced it was excluding three companies from its government pension fund due to ethical considerations. The companies are India's Adani Ports and Special Economic Zone (APSEZ), United States-based L3Harris Technologies, and China's Weichai Power.

Adani Ports, part of billionaire Gautam Adani's conglomerate, was excluded due to the fund’s concerns about its potential contribution to “serious violations of individuals' rights in situations of war or conflict”. Read more

12:38 PM

Average home prices in India up 10% in first quarter this year: Report

Average home prices in India’s top eight cities increased 10 per cent in the January-March quarter compared to the same time last calendar year, said a report on Thursday.

"The surge in housing prices is a direct consequence of the robust housing demand that we’re witnessing, especially in premium and luxury housing, by homebuyers across the country," said Boman Irani, president of CREDAI National. He was referring to ‘CREDAI – Colliers - Liases Foras Housing Price-Tracker Report Q1 2024’. Read more

12:19 PM

Broader indices outperform benchmarks

12:04 PM

Asian markets update

11:50 AM

Newly listed Aadhar Housing soars 8% after HNIs buy shares in bulk deals

Shares of Aadhar Housing Finance (Aadhar) surged 8 per cent to Rs 356 on the National Stock Exchange (NSE) in Thursday’s intra-day trade after High Net Investor (HNI) Akash Bhanshali bought 2.2 million equity shares of housing finance company on Wednesday through open market.

On May 15, listing day, Akash Bhanshali acquired 2.2 million shares worth of Rs 70.19 crore of Aadhar via bulk deals on the NSE, the exchange data shows. Akash Bhanshali purchased these shares at an average price of Rs 319.06 per share, data shows. Read more
 

11:43 AM

Honeywell Automation shares rally 8%, hit 52-week high amid strong Q4 show

Share of Honeywell Automation surged up to 7.6 per cent at Rs 53,000, hitting a 52-week high on the BSE in Thursday's intraday trade. The stock price of the company soared after it staged a strong show in its quarterly earnings for the January-March quarter of the fiscal year 2023-24 (Q4FY24).

Honeywell Automation's board announced a final dividend of Rs 100 per share for the fiscal year 2024 while releasing its Q4FY24 results. Read more

11:20 AM

Kirloksar Brothers hits new high on strong earnings; zooms 108% in 3 months

Shares of Kirloksar Brothers (KBL) hit a new high of Rs 1,880.95, as they rallied 11 per cent on the BSE in Thursday’s intra-day trade, in otherwise subdued market. In comparison, the S&P BSE Sensex was up 0.01 per cent at 72,993 at 10:35 am.

In past three days, the stock of Kirloksar Group company has surged 32 per cent after it reported a solid 57 per cent year-on-year (Y-o-Y) jump in its consolidated profit after tax (PAT) at Rs 142.7 crore in March quarter (Q4FY24). It had posted PAT of Rs 90.7 crore in Q4FY23. Read more
 

11:12 AM

Pricol shares hit 52-week high on robust March quarter results

Shares of Pricol on Thursday soared as much as 5.28 per cent to a 52-week high of Rs 462.85 per share. The surge in the stock came on the back of a strong quarter-ending March financial year 2024 (Q4FY24).

The automotive components manufacturer’s net profit climbed 39.3 per cent to Rs 41.5 crore in the March quarter of financial year 2024 (Q4FY24), from Rs 29.8 crore in the same quarter a year ago (Q4Fy23). Read more

Pricol facility

10:48 AM

Ambuja, ACC, JK, Ultratech: Will cement stocks crack under pressure?

Poor demand over the next few months as the monsoon season picks up pace, coupled with no price hikes, may keep cement stocks tepid in the near-term, believe analysts. As a strategy, however, they suggest investors accumulate related stocks on dips, encashing benefits of a rebound in the second half of the current financial year 2024-25 (FY25). Read more

10:42 AM

Titagarh Rail Systems shares zoom 9% on stellar Q4 earnings; profits rise

Shares of Titagarh Rail Systems soared by up to 9.4 per cent at Rs 1,216.30 on the BSE in Thursday's intraday trade. The stock price surge came after the Indian rolling stock manufacturer’s strong quarterly earnings for the January-March quarter of the fiscal year 2023-24 (Q4FY24).

Titagarh Rail Systems revenue saw an 8 per cent year on year (YoY) uptick, reaching Rs 1,052.4 crore in Q4FY24 compared to Rs 974.2 crore in Q4FY23. Read more

10:25 AM

Oil India stock up 5% on bonus issue plan; cut in windfall tax aids rally

Shares of Oil India rallied 5 per cent to Rs 663 on the BSE in Thursday’s intra-day trade after the company said its board will consider bonus issue in forthcoming meeting on Monday, May 20. The stock of state-owned oil exploration & production (E&P) company had hit a record high of Rs 669.05 on April 3, 2024.

Earlier, on May 10, Oil India informed that its board meeting was scheduled to be held on Monday, 20th May, 2024 inter-alia, to consider and approve the audited financial results of the company for the quarter & year ended 31st March, 2024 and recommendation of final dividend for FY23-24, if any. Read more