Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed the trading session on a positive note on May 16. The BSE Sensex rose 649.15 points or 0.89% to finish the day’s trading at 73,636.18, while the NSE Nifty 50 closed 194.10 points or 0.87% higher at 22,394.65. Bank Nifty closed up 287.45 points or 0.60% at 47,974.90. Following the trend, Nifty Midcap 100 closed in the green up 466.25 points or 0.92% at 51,174.
The NSE Nifty 50 closed 194 points or 0.87% higher at 22,349.65, while the BSE Sensex closed 650 points or 0.89% higher at 73,636.18.
Tata Consumer Products, LTIMindtree, M&M, Bharti Airtel, and Tech Mahindra were the top gainers in the Nifty 50. While Maruti Suzuki, Tata Motors, SBI, BPCL, and Power Grid Corporations were the key laggards in the Nifty 50 on May 16.
The company’s stock shoot up over 9% to hit a 52-week high of Rs 4,563.60 on strong Q4.
The company reported a net profit of Rs 4,308.71 crore in the quarter ending March of FY24 against Rs 2,831.18 crore reported in Q4 of FY23. Its revenue from operations stood at Rs 14,768.75 crore in Q4 of FY24, against Rs 12,494.67 crore it posted in Q4 of FY23.
According to data released by Gem and Jewellery Export Promotion Council, the apex body for the Gems & Jewellery Industry in India, the overall imports of Gems & Jewellery for the month of April 2024 witnessed a marginal 3.95% growth, at $1891.49 million (Rs 15,772.69 crores), as compared to $1819.54 million (Rs 14,919.69 crores) for the same period previous year. While the demand remains a bit subdued owing to elections in the country, the slight uptick can be contributed to occasional spike in demand due to Akshaya Tritiya, said Kama Jewelery .
The automobile-major M&M reported a net profit growth of Rs 2,754.08 crore in Q4 of FY24 from Rs 2,636.67 crore reported in Q4 of FY23.
Apollo Tyres surged by over 7% in early trading on Thursday despite the tyre company posting a 14% fall in net profit for Q4 FY24. The stock rallied by 7.21% to reach an intraday high of Rs 508.3 per share on the NSE.
On Tuesday, Apollo Tyres reported a 14% decline in its consolidated net profit for the March 2024 quarter, amounting to Rs 354 crore, due to higher expenses. In comparison, the company had recorded a net profit of Rs 410 crore in the January-March quarter of the previous fiscal year.
The NSE Nifty 50 was down 32.55 points or 0.15% at 22,168, while the NSE Nifty 50 was down 81.52 points or 0.11% at 72,905.51.
The stock of Maruti Suzuki was down 2.8% at Rs 12,409 from its previous close of Rs 12,767.30. It was the key laggard in the Nifty 50. The stock has touched its 52-week low of Rs 8,960.55 on May 19.
Courtesy: NSE
Courtesy: BSE
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The Nifty largely traded sideways as the index failed to generate any significant directional breakout. Bulls struggled to push Nifty above the 22250 mark on a closing basis. Sentiment remains subdued as long as it stays below 22250. A decisive move beyond this level could potentially propel Nifty towards 22600 and beyond. Conversely, a failure to sustain above 22200 might invite selling pressure in the market.
Courtesy: NSE
The stock of Somany Ceramics rose 17.4% to Rs 729 from its previous close of Rs 621.10 after its net profit jumped to Rs 24.31 crore in Q4 of FY24. The company’s total income came in at Rs 679.22 crore in Q4 of FY24.
Tech Mahindra, Bharti Airtel, LTIMindtree, Infosys, and ONGC were the top gainers in the Nifty 50. While Maruti Suzuki, Power Grid Corp, Tata Motors, Shriram Finance, and Divi’s Lab were the key laggards in the Nifty 50 on May 16.
The NSE Nifty 50 opens up by 0.53% at 22,319.20, while the BSE Sensex gains 0.48% to 73,338.24 in the opening trade.
Foreign institutional investors (FII) offloaded shares worth net Rs 2,832.83 crore, while domestic institutional investors (DII) mopped shares worth net Rs 3,788.38 crore on May 15, 2024, according to the provisional data available on the NSE.
The NSE has added Balrampur Chini Mills, Biocon, Birlasoft, Granules, GMR Infra, LIC Housing Finance, Hindustan Copper, Vodafone Idea, Piramal Enterprises, Sail, India Cement, and Zee Entertainment Enterprise in F&O on May 16, 2024.
WTI crude prices are trading at $79.07 up by 0.56%, while Brent crude prices are trading at $83.14 up by 0.47%, on Thursday morning.
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.88% at 104.14.
Global stock markets rose to record highs while U.S. Treasury yields and the U.S. dollar fell on Wednesday as data showed U.S. consumer prices rose less than expected in April, suggesting inflation has resumed a downward trend in the second quarter, Reuters reported. The tech-heavy Nasdaq Composite ended up by 231.21 points or 1.40% at 16,742.39. The S&P 500 ends up by 61.47 points or 1.17% at 5,308.15, while the Dow Jones Industrial Average ended higher by 349.89 points or 0.88% at 39,908.
