Stock Market Highlights, May 23: Indices end at record highs! Sensex soars 1197 pts, Nifty nears 23K

Stock market LIVE updates on Thursday, May 23, 2024: In the broader markets, the S&P BSE MidCap index hit a new high of 43,442.5, while the S&P BSE SmallCap index touched a new lifetime high of 48,229

3:52 PM

Tech View :: 'Expect Nifty to rally to 23,400'

We anticipate the prevailing positive trend to continue, with the alignment of the banking index potentially adding further momentum. We are now targeting the 23,100-23,400 zone for the Nifty, with the 22,600-22,800 zone expected to provide support in case of any pullback. Investors should focus more on heavyweight stocks and remain selective in the midcap and smallcap segments.

Views by: Ajit Mishra – SVP, Research, Religare Broking

3:51 PM

Tech View :: What levels should you watch on Nifty now?

Nifty
A 1000-point rally from 21,800 levels as shorts get squeezed out of the system as FIIs positioning in long : short ratio bounces from 26% longs. Nifty futures witnesses 2.5% fresh longs on intraday basis today till now.

Nifty manages to cross crucial resistance of 22800+ levels at the back of weekly expiry today and can head towards the 23000 mark by the month end expiry from current levels.

Aggressive put options writing can be seen from base of 22500 PE to all the way till 22800 PE forming strong support base at 22,600/22,700 levels now.

Bank Nifty

BankNifty, on the other hand, sees unwinding as FIIs sold approx 1279 cr yesterday, thereby, BankNifty slightly underperforming. Crucial resistance for BankNifty continues to be at its previous ATH of 49000+ levels beyond which BankNifty can see levels of 49500+ levels.

Views by: oni Patnaik, Assistant Vice President, Equity Derivatives Research, JM Financial Services.

3:49 PM

Comment :: Why did markets gain on May 23?

he headline index posted a record gain, with leading sectors such as banking and automotive outperforming. The RBI's record dividend is akin to an indirect rate cut, and is expected to reduce bond yields. The broader market remained buoyant, aided by the composite HSBC PMI data for May, which indicated strong expansion. Early onset of southwest monsoon has provided a boost to the domestic market, which was underperforming in the last 2 months to other emerging markets.

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

3:46 PM

New Listing :: Go Digit ends over 12% higher vs issue price

>> Stock listed at Rs 281

>> Stock ends at Rs 305.5

>> Issue price was Rs 272

3:44 PM

IPO Update :: Awfis Space issue subscribed 4x; retail portion 12x

3:41 PM

Broader markets :: Mid, SmallCap indices underperform frontline indices

3:40 PM

Sectoral trends :: Financial indices rally 2%, Pharma slips

3:39 PM

Sensex Heatmap :: 27 of 30 index stocks rise on Thursday

3:37 PM

Closing Bell :: Nifty ends near 23,000

3:35 PM

Closing Bell :: Sensex zooms nearly 1,200 pts, ends at record closing

3:20 PM

Adani Group stocks rally; Enterprises surges 8%, Ports, Power hit new high

Separately, shares of Adani Ports and Special Economic Zone hit a fresh all-time high of Rs 1,430.6 today, advancing 4 per cent on the BSE in the intraday trade, after a report said the Adani Group is set to invest $3 billion to expand its global ports capacity, targeting substantial acquisitions to strengthen its position along the vital trade corridor connecting India to Europe via Central and West Asia. READ MORE

3:03 PM

Global check:: US, UK stock futures trade up to 0.9% higher

2:55 PM

ALERT:: ITC Q4 net dips 1.3% to Rs 5,020 cr; stock up 1%

ITC today reported 1.3 per cent dip in standalone net profit at Rs 5,020.20 crore for Q4FY24 when compared with Rs 5,086.86 crore in Q4FY23. Revenue from operations grew by 1.4 per cent YoY to Rs 17,752.87 crore from Rs 17,506.08 crore. The company's board declared dividend of Rs 7.50 per share.

2:49 PM

ALERT:: Kranti Inds wins new order for supply of machine parts; stock jumps 6%

2:44 PM

ALERT::KPI Green Energy board okays 1:2 stock split; stock up 1.5%

KPI Green Energy board today approved sub-division of the company's each equity share from the face value of Rs 10 each into two equity shares with a face value of Rs 5 each. 

2:33 PM

Market check:: Nifty outruns broader indices, up over 300 points

2:26 PM

COMMENT:: Nifty may cross 23,000 in May; support moves higher to 22,600/22,700 levels

A 1,000 points rally from 21,800 levels as shorts get squeezed out of the system as FIIs positioning in long : short ratio bounces from 26 per cent longs. Nifty futures witnesses 2.5 per cent fresh longs on intraday basis today till now. Nifty manages to cross crucial resistance of 22,800 levels at the back of weekly expiry today and can head towards the 23,000 mark by the month end expiry from current levels. Aggressive put options writing can be seen from base of 22,500 PE to all the way till 22,800 PE forming strong support base at 22,600/22,700 levels now.

 

BankNifty, on the other hand, sees unwinding as FIIs sold approx Rs 1,279 crore yesterday, thereby, BankNifty slightly underperforming. Crucial resistance for BankNifty continues to be at its previous ATH of 49000+ levels beyond which BankNifty can see levels of 49500+ levels.

 

- Soni Patnaik, Assistant Vice President, Equity Derivatives Research, JM Financial Services

2:15 PM

ALERT:: BSE Sensex hits new high, up almost 1,000 pts at 75,218

2:07 PM

PG Electroplast soars 11%, hits record high on solid Q4, 1:10 stock split

PGEL forecasts revenues of Rs 3,400 crore, a growth of 23.8 per cent over FY24 consolidated revenues, despite the transfer of the TV business to Goodworth Electronics. READ MORE

 

 

1:56 PM

4 reasons why the Sensex has surged over 800 points on May 23

Here's why the stock market rallied on Thursday: PSU bank stocks cheer RBI's dividend move; Optimism over the election outcome coupled with ease in bond yields lift NSE Nifty and MidCap index to new highs. READ MORE

1:42 PM

SBI automotive opportunities fund: Know details before investing

The SBI Mutual Fund last week launched its first actively managed automotive sector mutual fund. It is designed to invest in equity and equity-linked instruments of companies in the automotive and allied industries, both domestically and globally. Launched on May 17, the fund aims to capitalise on the growth and export opportunities within the automotive sector. Read more

1:26 PM

Sun Pharma hits over 3 month low; slips 5% in strong market post Q4 results

Shares of Sun Pharmaceutical Industries slipped 5 per cent to Rs 1,467 on the BSE in Thursday’s intra-day trade. In otherwise strong market, the stock prices cracked post March quarter (Q4FY24) results.

The company’s management guided for high single digit revenue growth in fiscal 2024-25 (FY25) but refrained from giving margin guidance. Read more

 

1:12 PM

Godrej Properties sells 650 flats for Rs 2K cr in Noida amid strong demand

Realty firm Godrej Properties has sold around 650 flats in Noida for more than Rs 2,000 crore, amid strong consumer demand for residential properties.

Godrej Properties on Thursday said in a regulatory filing it has "sold around 650 homes worth over Rs 2,000 crore in its project, Godrej Jardinia, located in Sector 146, Noida." Read more
 

12:58 PM

This PSU defense stock to turn ex-split on Friday; zooms 54% in 8 days

Bharat Dynamics (BDL) stock hit a new high at Rs 2,813.75, as it rallied 6 per cent on the BSE in Thursday's intra-day trade ahead of the 1:2 stock split on Friday. The stock of state-owned company was quoting higher for the eight straight day, zooming 54 per cent during the period. READ MORE

12:49 PM

June spectrum auction: Jio likely to spend Rs 12,000 cr, Airtel Rs 8,000 cr

Jio is expected to take the lead in the auction once again, with plans to bolster its spectrum portfolio, particularly in the 800 MHz band across certain circles. READ MORE

 

12:36 PM

GMM Pfaudler slips 5% on weak Q4 performance; Rs 1 dividend announced

GMM Pfaudler's consolidated net profit dropped 14 per cent to Rs 28.7 crore in Q4FY24, from Rs 33.3 crore in the same quarter a year ago (Q4FY23). READ MORE

12:25 PM

ALERT:: BSE Sensex at day's high, up 550 pts

12:18 PM

Reliance to enter consumer durable goods market under Wyzr brand: Report

Reliance Industries will enter the consumer durables market by launching a variety of white goods and electronics, a financial paper reported. The project will be executed over next several months with a wide range of products including fans, refrigerators, and televisions. READ MORE

11:59 AM

Nvidia plans new AI chips every year after logging $15 billion in profits

American chip maker Nvidia would likely make new artificial intelligence chips every year instead of once every two years. According to a report by The Verge, during the company’s Q1 earnings call, Nvidia CEO Jensen Huang said that there is another chip which is currently under the works and the company is on a “one-year rhythm”.  READ MORE

11:46 AM

Grasim Q4 results: Profit rises 15.5% to Rs 2,721.8 cr, revenue up 12.7%

Aditya Birla Group flagship holding firm Grasim Industries Ltd has reported an increase of 15.54 per cent in consolidated net profit at Rs 2,721.81 crore for the fourth quarter ended March 2024, led by strong performance by its cement and financial services business. READ MORE