Stock Market Highlights, May 22: Sensex up 268pts, Nifty near 22600; Awfis Space IPO subscribed 1.5x

Stock Market Highlights on Wednesday, May 22, 2024: M-cap of all BSE listed companies settled at Rs 416 trillion or $5 trillion today

3:50 PM

Tech View :: 'Nifty trend to stay positive till it holds 22,500'

Nifty continues to trend bullishly, finding support at 22,500. The index has been moving higher within a rising channel. The trend is likely to remain strong as long as it stays above 22,500. On the higher end, the index might move towards 22,800 in the short term, with immediate support at 22600. A dip below 22600 might briefly take the index towards 22500.

Views by: Rupak De, Senior Technical Analyst, LKP Securities

3:49 PM

Tech View :: ' Break above 48,276 will lead to sharp short-covering in Nifty Bank'

The Bank Nifty index witnessed a volatile trading session on the weekly expiry day. The index is still trading below its 20DMA, which is placed at 48,276. A break above this level will lead to sharp short-covering moves towards the 49,000 mark.

Currently, the index is stuck in a broad range between 47,500 and 48,300. A break on either side will result in trending moves. However, within this range, the view remains bullish, and dips should be utilized to buy the index

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

3:48 PM

Comment :: 'Markets ended higher despite caution among global peers'

Despite mixed global market sentiments ahead of the US FED minutes, Indian markets exhibited a subtle positive trend. Investors are optimistic about stable Q4 earnings and easing election jitters that had previously increased volatility.

Interest in the FMCG sector has risen due to the potential for an early onset of monsoon. Nevertheless, markets may underperform in the short term as they wait for the election outcome, with FIIs staying on the sidelines 

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

 

3:46 PM

Currency check :: Rupee ends 3 paise weaker

3:43 PM

IPO Update :: Awfis Space issue sails through in Day 1

3:41 PM

Broader markets :: MidCap index slips marginally, SmallCap up 0.2%

3:40 PM

Sensex Heatmap :: RIL, HUL lift index; SBI caps gains

3:38 PM

Closing Bell :: Nifty ends near 22,600

3:36 PM

Closing Bell :: Sensex gains over 250 pts after trading range-bound

3:26 PM

March Quarter Results :: Sun Pharma reports net profit of Rs 2,654.5 crore

>> Margin at 25.3% 

 

>> Other income at Rs 606 crore
 

3:09 PM

DB Corp Q4 results: Net profit rises nearly three-fold to Rs 122.52 cr

"On a quarterly basis, Q4 FY24 saw broad-based growth for the 11th quarter in a row with 24.6 per cent growth in advertisement revenue to Rs 445.7 crore; EBITDA margin expanded by 1500 bps to reach Rs 196.7 crore (31 per cent margin) with 121.2 per cent year-on-year (YOY) growth and PAT saw 198.6 YOY growth to Rs 122.5 crore," said an earning statement from DB Corp. READ MORE

2:50 PM

India, China have agreed to cooperate in paying in local currency: Maldives

The Maldives on Wednesday said both India and China have agreed to cooperate in efforts to pay for imports in their respective countries' currency instead of the US dollar, which is likely to help Male save almost 50 per cent of the annual $ 1.5 million imports bill from the two countries.

Maldives' Economic Development Minister Mohamed Saeed said he met with the Indian High Commissioner Munu Mahawar two weeks ago, who in turn, said that New Delhi would support and cooperate in arranging for the settlement of import payments in Indian Rupee. Read more

2:45 PM

Nifty FMCG soars 1.37%

2:34 PM

Ixigo's parent firm, Bansal Wire Industries get Sebi's nod to float IPO

Le Travenues Technology Ltd, which operates the travel booking platform ixigo, and steel wire manufacturer Bansal Wire Industries have received Sebi's go-ahead to raise funds through Initial Public Offering (IPOs), an update with the markets regulator showed on Wednesday.

The two companies, which filed their preliminary IPO papers with Sebi in February and March, obtained their observations during May 14-17. Read more

2:16 PM

Strides Pharma soars 7% on strong Q4 performance

Strides Pharma showcased a stellar Q4 financials, with net profit reaching Rs 18.2 crore compared to a loss of Rs 9.5 crore year-on-year. Revenue saw a healthy 10 per cent growth, amounting to Rs 1,084 crore versus Rs 986.3 crore in the previous year. 

2:02 PM

This PSU stock has surged 25% in 4 days; zoomed 107% in 6 months

Shares of BEML soared 11 per cent to Rs 4,642, its new high on the BSE in Wednesday’s intra-day trade, surging 25 per cent in the past four days. This came after the company's announced on Friday, May 17 that it has bagged an order worth Rs 250 crore from Northern Coal Fields Limited for dump trucks. In past six months, the market price of BEML has more than doubled or zoomed 107 per cent. Read more

2:00 PM

Metropolis Health up 8% post Q4 nos; Ameera appointed Executive Chairperson

On Tuesday, May 21, Metropolis Healthcare reported an eight per cent year-on-year (Y-o-Y) rise in Q4FY24 net profit at Rs 36.1 crore, compared with a profit of Rs 33.5 crore reported in the same period last year. READ MORE

1:45 PM

SpiceJet to seek Rs 450 cr refund from former promoter Kalanithi Maran

The case dates back to 2015 when Maran exited SpiceJet by transferring his 58.46 per cent stake to the airline's current promoter, Ajay Singh, for a token Rs 2 amid cash flow troubles. Maran later alleged breach of agreement over non-issuance of certain share warrants, staking claim to Rs 1,300 crore. READ MORE

1:31 PM

Cipla receives USFDA approval to market Lanreotide injection in US

Drug major Cipla on Wednesday said it has received approval from the US health regulator to market a generic medication used to treat acromegaly and other conditions.

The company has received the final approval from the US Food and Drug Administration (USFDA) to market Lanreotide injection in multiple strengths, the Mumbai-based drug maker said in a statement. Read more

1:15 PM

Broader indices underperform benchmarks

1:00 PM

Ircon International shares slide 5% on sluggish Q4 show; profits dip by 4%

Shares of Ircon International slipped 5.5 per cent at Rs 273.95 per share on the BSE in Wednesday’s intraday trade. The crack in the stock price came after the civil construction firm delivered a sluggish quarter four performance for the financial year 2022-23 (Q4FY24).

The engineering and construction firm saw a decline of 3.8 per cent in its consolidated net profit, totaling Rs 246.8 crore for the March quarter, compared to Rs 256.49 crore from the same period last year. Read more

 

12:47 PM

State regulators asked to withdraw marketing of cancer drug Olaparib

The Central Drugs Standard Control Organisation (CDSCO) has asked regulators in states to make manufacturers of Olaparib tablets to discontinue marketing the anticancer generic drug after clinical studies by AstraZeneca Pharma India supported its withdrawal in specific cases.

Olaparib tablets are used to help maintain the response of certain types of ovarian, fallopian tube, and peritoneal (layer of tissue that lines the abdomen) cancer in people who have completely or partially responded to their first or later chemotherapy treatments. It is also used to treat certain forms of breast cancer. Read more

12:30 PM

Asia markets update

12:14 PM

Nvidia's Q1 result preview: Know street expectation, stock strategy here

The US-based chip giant Nvidia will announce the results for the January - March 2024 quarter on May 22, 2024. 

Analysts are eyeing impressive figures, with the street anticipating earnings of $13.2 billion, translating to $5.62 per share, alongside projected revenue of $24.6 billion in the quarter. Moreover, there's a buzz around the possibility of a $30 billion quarter by the year's end. Read more

11:56 AM

Zero electricity bill, tax tweaks: Govt's 100-day agenda, budget wish list

As the Lok Sabha 2024 elections come closer to the finish line, all eyes are now set on the 100-day agenda of the next government and the proposals and policies proposed in the full budget for financial year 2024-25 (FY25).

While the markets expect the Narendra Modi-led National Democratic Alliance (NDA) to come back to power for the third consecutive term from 2024 – 2027, its muscle / strength in the third term, however, has been a subject of debate after PM Modi’s ‘Abki baar 400 paar’ narrative. Read more

11:42 AM

HG Infra, PNC rally up to 13% on bidding for road projects in Maharashtra

Shares of HG Infra Engineering and PNC Infratech have hit their respective record high and rallied by up to 13 per cent on the BSE in Wednesday’s intra-day trade after these companies emerged as L1 bidders for engineering, procurement, and construction (EPC) road projects of Maharashtra State Road Development Corporation (MSRDC).

Thus far in the current calendar year, HG Infra has zoomed nearly 90 per cent, while, PNC Infratech has soared 44 per cent. In comparison, the S&P BSE Sensex has gained 2.5 per cent. Read more

11:24 AM

Rupee appreciates 7 paise to 83.24 against US dollar in early trade

The rupee appreciated by 7 paise to 83.24 against the US dollar on Wednesday amid softening crude oil prices in the international market. Forex traders said the local unit faced some resistance due to subdued sentiment in the domestic equity market and foreign fund outflows. Read more

11:10 AM

Q4 Results Today: Sun Pharma, Grasim, Nykaa Among 32 Firms to Post Earnings

The earnings season for the fourth quarter (Q4) of the financial year 2023-24 (FY24) is in full swing, with 32 companies, including Sun Pharma, Grasim Industries, Jubilant FoodWorks, Nykaa, and Ramco Cements, set to announce their results on Wednesday, May 22. This period is crucial for domestic markets as these announcements are expected to significantly influence stock movements.

Companies such as Avanti Feeds, NIIT Learning Systems, GMM Pfaudler, TeamLease Services, Ashoka Buildcon, DB Corp, Kaveri Seed Company, Unichem Laboratories, GE Power India, Gandhar Oil Refinery, Talbros Automotive Components, Goldiam International, Dhanlaxmi Bank, and Urja Global are also expected to release their Q4 FY24 earnings today. Read more

10:52 AM

Finance Ministry asks PSBs to review their IT disaster preparedness

The Union Finance Ministry (FinMin) has instructed public-sector banks (PSBs) to review their information technology (IT) systems, especially the disaster recovery channels, a senior government official said, requesting anonymity. READ MORE

10:45 AM

This metal stock has zoomed 175% in 8 weeks; m-cap crosses Rs 3 trillion

Shares of Hindustan Zinc continued their dream run on the bourses, hitting a new high of Rs 807 on the BSE on Wednesday, as they rallied nearly 9 per cent in today's intraday trade. The shares extended their Tuesday's 20-per cent surge in an otherwise range-bound market on a healthy outlook. READ MORE