Stock Market Highlights, May 17: Sensex up 253 pts, Nifty tops 22,450; broader indices outperform

Stock markethighlights on May 17, 2024: M&M, JSW Steel, Ultratech Cement, Kotak Bank, ITC, Maruti Suzuki, NTPC, and Tata Motors were the top gainers on the Sensex

3:49 PM

Tech View :: 'Nifty Bank will see short-covering rally if it surpasses 48,200'

The Bank Nifty index managed to close above the level of 48,000 but was unable to surpass the 20-DMA, which is placed at 48,200. A break above the 20-DMA will lead to further upside towards 49,000, with short covering likely to come into play. The lower-end support is placed at the 47,600-47,500 levels, and as long as the index sustains above this level, the view remains bullish.

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

3:46 PM

Tech View :: 'Nifty needs to break 22,500 decisively for bullish trend'

The Nifty index continued its ongoing momentum but failed to surpass the 22,500 mark, where the highest open interest is built up on the call side. For the index to achieve its all-time high level in the near term, it needs to break this level decisively. The downside support is placed at 22,300, and dips towards this support level should be seen as an ideal opportunity to initiate long positions.

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

3:45 PM

Comment :: What all happened in the markets today?

Despite mixed global signals and uncertainties surrounding the US Fed, the Indian market experienced a robust recovery, largely fuelled by the outperformance of the broader market and positive Q4 earnings. Further, some index heavyweight earnings surpassed expectations, and midcap and small-cap stocks continued to exhibit buying interest during dips. Auto and consumer durables particularly stood out with strong earnings momentum

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

3:41 PM

Currency check :: Rupee strengthens 16 paise vs US dollar

3:39 PM

Broder markets :: VIX cools off, Nifty SmallCap index surges 1.6%

>> Nifty MidCap hits record high intraday

3:37 PM

Sensex Heatmap :: M&M ends as top gainer for 2nd day, IT stocks sag

3:36 PM

Closing Bell :: Nifty holds 22,450

3:35 PM

Closing Bell :: Sensex ends range-bound session over 250 points higher

3:27 PM

Gifting shares? Bombay HC ruling clarifies capital gains tax treatment

For capital gains tax to apply, there must be a transfer of a capital asset resulting in a profit or gain. Since a gift involves no exchange of money, there's no profit to be taxed. READ MORE

3:15 PM

ALERT :: Delhi HC quashes order upholding arbitral award in favour of Kalanithi Maran, says report

3:00 PM

GSK Pharma Q4 results: Net profit up 46% at Rs 194.48 cr on higher sales

Consolidated revenue from operations in the quarter under review stood at Rs 929.8 crore as against Rs 787.45 crore in the year-ago period, it added. READ MORE

2:47 PM

GPT Infraprojects hits 52-week high on strong Q4 results

GPT Infraprojects Q4 net profit rises 55.8% to Rs 16.2 crore while its revenue surges a little over 10% to Rs 295 crore.

 

2:34 PM

Container volume likely to grow 8% to 342 million tonnes in FY25: Report

Container volume is expected to grow by 8 per cent to 342 million tonnes this fiscal despite the risk of a prolonged Red Sea crisis, CareEdge Ratings said on Thursday. READ MORE

2:30 PM

Go Digit Subscription Status, Day 3: IPO subscribed 6x, QIBs steal the show

The initial public offer (IPO) of Go Digit Insurance will open for the third, and final day, today, May 17, 2024. The offer, which opened on Wednesday, May 15, was subscribed 79 per cent at the end of Day 2. READ MORE

2:28 PM

LT Foods announces Q4 results

LT Foods Q4 net profit rises over 15% Y-o-Y to Rs 148.8 crore. Its revenue soars 14% to Rs 2,074 crore.

 

2:24 PM

Concor hits record high

2:21 PM

GSK Pharma announces Q4 results

GSK Pharma Q4 net profit surges 46% Y-o-Y to Rs 194.5 crore. Its revenue jumps 18% to Rs 930 crore.

 

2:12 PM

IIFL Securities Q4 result: Net profit more than doubles to Rs 180 cr

IIFL Securities on Friday announced its net profit more than doubled to Rs 180.4 crore in three months ended March 2024 driven by strong growth in all the business segments. In comparison, the company had posted a net profit of Rs 86.4 crore in the year-ago period, IIFL Securities said in a statement. READ MORE

2:09 PM

India needs its own JP Morgans, Citibanks around the world: Niti Aayog CEO

India needs its “own JP Morgans and Citibanks” – giant banks of international standards, said B V R Subrahmanyam, chief executive officer of Niti Aayog on Friday, highlighting the need for reforms in financial services. READ MORE

1:56 PM

JK Paper up 9% on hopes of recovery in FY25; declares Rs 5 dividend

Shares of JK Paper soared 8.87 per cent to an intraday high of Rs 380.96 per share on the BSE on Friday. While the paper company posted a weak set of results, the management reportedly said that it expects higher volume growth in the paper and boards segment in the current financial year of 2024-25 (FY25). READ MORE

1:48 PM

Stock idea: Analysts raise target price on Info Edge post Q4; details here

Analysts, across the board, have raised their target prices on Info Edge India stock, after the company turned back in the black in the January to March quarter (Q4) of financial year 2023-24 (Q4FY24). They have a maximum target price of Rs 7,050 on the stock, implying a gain of 20.2 per cent from Thursday's closing price. READ MORE

1:39 PM

BOJ may face more pressure to hike rates amid declining consumer spending

The yen has depreciated by roughly 10% against the dollar so far this year despite the BOJ's decision in March to end eight years of negative rates. READ MORE

1:31 PM

Nifty Midcap index at new high; Dixon, Endurance, JSW Infra soar up to 14%

In the past six trading days, the index has outperformed by surging 5.4 per cent, as compared to 2.4 per cent rise in the Nifty 50. READ MORE

1:19 PM

SBI MF adds automotive opportunities fund to its thematic line-up

According to fund house, the growing demand for premium automobiles & rising electric vehicle adoption also bodes well for the cos in this sector, while bringing new investment options to the fold. READ MORE

1:11 PM

China to announce new measures to fix its property crisis, spur growth

Housing prices in China slumped in the first four months of the year, although factory output rose nearly 7 per cent, according to data released Friday, as the country prepares to announce fresh measures to reinvigorate its ailing property industry. READ MORE

1:02 PM

Rulka Electricals IPO oversubscribed 13.7 times on day 2; check price, GMP

Rulka Electricals SME IPO's present GMP on May 17th, 2024 is Rs 235. With a price band of Rs 235.00, Rulka Electricals SME IPO's estimated listing price is Rs 470 per share. READ MORE

12:52 PM

Kaynes Tech zooms 14% on robust Q4; stock more-than-doubles in one year

The surge came after the company announced a strong set of numbers. Notably, the stock has zoomed almost 339 per cent from its listing price of Rs 578, and 121 per cent in the last one year. READ MORE

12:41 PM

ICICI Direct faces user outrage after multiple trading platform delays

Trading platform ICICI Direct's app and website experienced three delays Friday morning after undergoing maintenance. The platform resumed around 10:20 pm, as several users complained about the delay. READ MORE

12:34 PM

Endurance Tech zooms 14%, hits record high on solid Q4, Rs 8.5 dividend

Endurance Technologies stock price: During Q4FY24, Endurance Technologies reported a 54 per cent year-on-year (Y-o-Y) jump in net profit at Rs 210.15 crore. READ MORE

12:22 PM

Unfazed NFOs: No election jitters for mutual fund scheme launches

New fund offers (NFOs) launched by domestic mutual funds have remained largely unaffected by the election-induced volatility. However, some fund houses expect better buying opportunities after the announcement of the election results on June 4. READ MORE