Stock Market Highlights, May 31: Benchmarks snap 5-day losing run ahead of Lok Sabha exit polls

Stock Market Highlights on May 31: Sensex, and Nifty indices closed up to 0.19 per cent higher ahead of exit polls, Q4FY24 GDP data

3:49 PM

Tech View :: Trading strategy for Bank Nifty

Bank Nifty saw a sharp recovery from its 21-day EMA, closing near the resistance level of 49000. The RSI is making higher lows and heading towards a bullish crossover. A buy-on-dips strategy is advisable with a stop loss at the 21-day EMA, placed at 48500. Thus, 48500 is strong support and 49200 is the first resistance. If Bank Nifty breaks 49200 on the daily chart, it could soon reach 50000."

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

3:44 PM

Comment :: 'Pre-election trading strategy has come to an end'

The pre-election trading strategy has come to an end, and all eyes will be on the release of the exit poll for further action. Regional diversions, marginally low voter turnout and strong resistance at current range are prompting investors to adopt a cautious stance. They are aligning their investments towards fundamentally strong sectors & stocks to safeguard against any abrupt reactions in the market. On the global front, the release of inflation data from the US, which are estimated to be high, could sway global market sentiment in the near-term.

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

 

3:41 PM

Currency check :: Rupee ends at 83.46/$ against Thursday’s close of 83.32/$

3:40 PM

Broader markets :: SmallCap index outshines peers

3:39 PM

Sensex Heatmap :: Consumption, IT stocks decline on Friday

3:38 PM

Closing Bell :: Nifty holds 22,500 ahead of LS exit poll outcome on Saturday

3:37 PM

Closing Bell :: Sensex turns volatile in fag-end, ends 76 points higher

3:29 PM

Suzlon Group gets 82 megawatt wind energy project from Oyster Green

As part of the agreement, Suzlon will supply the wind turbines and execute the project, including erection and commissioning. The company will also undertake comprehensive operations and maintenance services post commissioning. READ MORE

3:24 PM

S&P Global to observe India's fiscal glidepath for possible rating upgrade

However, it needs to be seen whether the government uses the funds to reduce fiscal deficit or increase spending, Phua said. India is able to finance its deficit domestically in its local currency which will come through in the ratings construct going forward, he added. READ MORE

3:15 PM

Macquarie sees 47% downside in Zomato amid rising competition for Blinkit

Macquarie's stand comes a month after Goldman Sachs analysts said Zomato-owned quick commerce platform Blinkit's implied market value is larger than that of its core food delivery business. READ MORE

3:03 PM

Adani group shares in demand; Enterprises, Total Gas, Power rally up 14%

Adani Power hit a record high of Rs 791.95, as it zoomed 13 % in intra-day trades as India's foremost private power producer, is very well placed to benefit from the long-term power demand outlook. READ MORE

2:53 PM

KNR Constructions stock soars 28% in 3 weeks, nears record high; here's why

Shares of KNR Constructions hit a fresh 52-week high at Rs 315, up 4 per cent on the BSE in Friday’s intra-day trade. The stock has surged 13 per cent in the past two days on a robust order book. In the past three weeks, the stock of the engineering, procurement and construction (EPC) services company has soared 28 per cent. It was trading close to its record high of Rs 343.55 hit on September 1, 2021. READ MORE

2:44 PM

Domestic PV sales set to exceed 5mn; TaMo set to tap growth opportunity

India's vehicle penetration, at about 30 vehicles per 1,000 population, is well below global norms and is expected to continue to increase. READ MORE

2:36 PM

Market check:: Sensex slips into red, down 600 pts from day's high

2:30 PM

Suven Pharma slips 3% as Q4FY24 results serve bitter pill to investors

Suven Pharmaceuticals on Thursday reported a 58 per cent year-on-year (Y-o-Y) decline in net profit at Rs 62.4 crore, while its revenues reduced by 32 per cent Y-o-Y. READ MORE

2:21 PM

This garments and apparels stock jumped 7% on May 31; Know why

At the operating front, Lux Industries' earnings before interest taxes, depreciation and amortisation (Ebitda), zoomed 79.2 per cent on a Y-o-Y basis to Rs 75.6 crore in Q4FY24, from Rs 42.2 crore in Q4FY23. READ MORE

2:11 PM

Modi govt revived banking sector, Rs 10 lakh cr bad loans recovered: FM

She said there has been no leniency in recovering bad loans, especially from large defaulters, under the Modi government and the process is ongoing. READ MORE

1:58 PM

Bharat Dynamics slips 4% after sharp rise as investors profit book post Q4

The defence public sector company on Thursday reported an 89 per cent year-on-year (YoY) surge in net profit, reaching Rs 288.8 crore for the fourth quarter ending March 31, 2024. READ MORE

1:49 PM

Praj Industries jumps 7% on healthy Q4 results; Rs 6 dividend announced

Praj Industries profit rose 4.3 per cent year-on-year (Y-o-Y) to Rs 91.9 crore in Q4FY24, from Rs 88 crore in the same quarter last year (Q4FY23). READ MORE

1:37 PM

Economic strength or extreme euphoria: What's driving Indian stock markets?

Valuations in most parts of the Indian stock market, analysts said, are expensive with the extent of overvaluation increasing in inverse order of market capitalization (market-cap). READ MORE

1:31 PM

Trump found guilty in hush money trial: Can he still be President?

Despite this significant legal blow, former US President Donald Trump remains a prominent contender in the ongoing 2024 US presidential race. READ MORE

1:22 PM

Bikaji Foods rallies 9%, nears record high on heavy volumes

Bikaji Foods rallied 9% to Rs 592.95 on the BSE in Friday's intra-day, trading close to its record high level of Rs 604.95 touched on January 30, 2024. READ MORE

1:10 PM

OPEC meeting to shape India's Russian oil purchases as May levels stay high

The extent of India’s imports of cheap, discounted Russian oil, which is linked to the financial health of oil marketing companies led by Indian Oil, in 2024 hinges on the outcome of a meeting of some of the world’s top oil exporting nations in early June, said industry officials. READ MORE

12:59 PM

Swan Energy's stock slides 5% as net profit takes beating in Q4 show

Shares of Swan Energy fell 4.9 per cent at Rs 574.75 per share on the BSE in Friday's intraday deals. This came after the company delivered a double digit drop in its net profits. READ MORE

12:48 PM

Wipro public shareholders object to outgoing CEO Delaporte's severance pay

A majority of public shareholders in Wipro, India’s fourth largest information technology (IT) services company, objected to chief executive Thierry Delaporte's cash compensation, according to regulatory filings. READ MORE

12:37 PM

Here's why Welspun Corp is falling in trade today; check details

The company's revenue (topline) grew 9.6 per cent to Rs 4,461.2 crore in the March quarter of FY24, from Rs 4,070.2 crore in the March quarter of FY23. READ MORE

12:25 PM

Swan Energy's stock slides 5% as net profit takes beating in Q4 show

Shares of Swan Energy fell 4.9 per cent at Rs 574.75 per share on the BSE in Friday's intraday deals. This came after the company delivered a double digit drop in its net profits. READ MORE

12:13 PM

Market check:: BSE MidCap index in red; IPCA, Rajesh Exports slide up to 6%

12:03 PM

This recently listed IPO has surged 35% in 3 days; up 144% from IPO price

Exicom Tele-Systems rallied 10% to Rs 346.60, its highest level since its listing on March 5, 2024, on the BSE in Friday's intra-day trade. READ MORE

11:52 AM

Muthoot Finance shares rise 4%, test record high post Q4; analysts upbeat

Muthoot Finance Q4: Muthoot Finance clocked its highest-ever consolidated loan asset under management (AUM) of Rs 89,079 crore in Q4FY24. READ MORE