Stock Market Highlights : Nifty forms large bullish candle; what does it signal for Wednesday’s trade?

Benchmark equity indices Sensex and Nifty on Tuesday spurted by over 2.5 per cent to log their best single-day gains in three months, propelled by heavy buying in metal, energy and banking stocks amid a global rally in stocks. The 30-share BSE benchmark zoomed 1,344.63 points or 2.54 per cent to settle at 54,318.47 points with all of its constituents closing with gains. During the day, it jumped 1,425.58 points or 2.69 per cent to 54,399.42.

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US stocks open sharply higher as technology, growth stocks rebound

Wall Street’s main indexes opened higher on Tuesday, as solid retail sales data and a clutch of strong forecasts added to an upbeat global mood driven by hopes of easing crackdown on tech firms and COVID-19 in China. The Dow Jones Industrial Average rose 203.58 points, or 0.63%, at the open to 32,427.00. The S&P 500 opened higher by 43.99 points, or 1.10%, at 4,052.00, while the Nasdaq Composite gained 242.78 points, or 2.08%, to 11,905.57 at the opening bell.

Dr Lal Pathlabs Q4 Results: Profit dips 27% to Rs 62 cr

Dr Lal Pathlabs on Tuesday said its consolidated net profit declined 27 per cent to Rs 62 crore in the fourth quarter ended March 31, 2022. The company had reported a net profit of Rs 85 crore for January-March period a year ago.

The Indian equity markets, in line with the global equity markets, seem to be in the midst of a perfect storm, displaying an extremely high level of volatility.

– Milind Muchhala, Executive Director, Julius Baer India

Market View: Kunal Shah – Senior Technical & Derivative Analyst at LKP Securities

The Bank Nifty bulls attacked the bears with full strength resulting in a breakout move on the index. The index remains in a buy mode with immediate support placed at 33,800 levels. The resistance on the upside stands at 34,800-35,000 and if sustains above this will see further short covering on the upside.

It’s a much-needed breather for the bulls after five weeks of slide and we may further rebound ahead. Nifty has decisively surpassed the critical hurdle at 16,100 and we’re now eyeing the 16400-16600 zone. Since all the sectors are participating in the rebound, we suggest focusing more on stock selection. In absence of any major event, global markets will remain in focus for cues.

– Ajit Mishra, VP – Research, Religare Broking

JUST IN: BofA cuts Nifty target to 16,000 from 17,000

IOC board approves 1:2 bonus share issue

Indian Oil Corporation on Tuesday said its board considered and approved a bonus issue of shares. The company said it would issue shares in the ratio of 1:2, i.e., one new bonus equity share of for every two existing equity shares. The allocation is subject to the approval of shareholders through postal ballot. The Board has fixed July 1, 2022 as record date to determine the eligibility of shareholders to receive bonus shares.

After a long gap, the market has witnessed a strong resilience supported by heavyweights and broader markets. The market was trading at oversold territory and was inspired by optimism in the Asian markets led by Chinese technology stocks, in hopes of easing regulatory crackdown and declining Covid cases. The much-watched LIC’s IPO showed a subdued listing. However, we believe that LIC is a decent investment opportunity in the short to medium-term; considering its deep discount valuation, strong market presence, improvement in future profitability due to the changes in surplus distribution norms and strong sector growth outlook.

– Vinod Nair, Head Of Research at Geojit Financial Services

LIC ends at 7% discount to issue price

LIC ends at 7% discount to issue price

JUST IN: Airtel ARPU at Rs 178 vs Rs 163 QoQ

  • ET NOW poll had estimated ARPU at Rs 179

Bharti Airtel Q4 Results: Profit surges 164% YoY to Rs 2,008 crore, beats estimates

Telecom major Bharti Airtel on Tuesday reported consolidated net profit at Rs 2,007.8 crore, registering a jump of 164.46 per cent compared with Rs 759.2 crore in the same quarter last year. This is much higher than Rs 1,587 crore that analysts projected in an ETNow poll. The Board has considered and recommended a dividend of Rs 3 per fully paid-up equity share of face value Rs 5 each and Rs 0.75 per partly paid-up equity share of face value Rs 5 each (paid-up Rs 1.25 per share) for the financial year 2021-22.

Bharti Airtel Q4 Results: Profit surges 164% YoY to Rs 2,008 crore, beats estimates

Sector watch: Nifty Metal, media pack lead sectoral gainers

Sector watch: Nifty Metal, media pack lead sectoral gainers

Sensex Heatmap: All index stocks end in the red

Sensex Heatmap: All index stocks end in the red

CLOSING BELL: Sensex rallies 1,345 pts, logs biggest daily rise in 3 months; Nifty above 16,250

Gautam Adani’s fortune up by a third, even as market tanks 9% this year

India’s richest billionaire Gautam Adani has seen his fortune soaring by a third or about Rs 2 lakh crore this calendar, even as the BSE Sensex has seen a nearly 9 per cent fall during the same period.

  • Adani, 59, is valued at $102 billion, as per publicly available data on the Bloomberg Billionaire Index, which is $25.5 billion (Rs 1.96 lakh crore at an exchange rate of 77) or 33.4 per cent higher than his December 31’s fortune of $76.5 billion.
  • This is against Mukesh Ambani, 65, India’s second richest, who has seen his wealth eroding from $1.72 billion to $88.3 billion in 2022 so far, data suggests.
  • Adani’s personal wealth hit a $125 billion mark on April 26, before some selling pressure set in the market.
Gautam Adani's fortune up by a third, even as market tanks 9% this year

What’s the short-term, medium-term & long-term view on LIC?

Q4 EARNINGS: ABBOTT INDIA

Stocks that hit 52-week high & lows today

Price as on 17 May, 2022 02:47 PM, Click on company names for their live prices.

Sensex today LIVE: Index extends gains, rallies over 1100 points

Sensex today LIVE: Index extends gains, rallies over 1100 points

Affle India, Vedanta, MRPL among top gainers on NSE in afternoon trade

Price as on 17 May, 2022 02:08 PM, Click on company names for their live prices.

Weak LIC listing due to unpredictable market conditions: DIPAM Sec

Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey on Tuesday said the weak debut of the country’s largest insurer LIC on the bourses was due to unpredictable market conditions and suggested investors to hold on to the stock for long-term value. LIC on Tuesday listed its shares at a discount of 8.11 per cent at Rs 872 per share on NSE. On BSE, the shares got listed at Rs 867.20 apiece, down 8.62 per cent over the issue price of Rs 949 a share. LIC had fixed the issue price of its shares at Rs 949 apiece after a successful initial public offering, which fetched Rs 20,557 crore to the government.

Global Market Update: European shares open higher on China COVID relief

European shares rose on Tuesday and were set to extend gains to a third straight session, on hopes that demand from China could be sustained as authorities looked to relax COVID-19 curbs. The pan-European STOXX 600 index rose 0.7% by 0710 GMT, with gains across all major sub-sectors, and led by travel and commodity-linked stocks. The main index had ended flat on Monday as data showing slowing growth in China hit risk sentiment.

Market LIVE Updates: BSE Metal index rallies nearly 7%

  • All index constituents in the green
  • Vedanta, Hindalco, Coal India among top gainers
  • Index best sectoral performer on BSE
Market LIVE Updates: BSE Metal index rallies nearly 7%

SS Mundra appointed as Chairman of BSE Board

Price as on 17 May, 2022 01:19 PM, Click on company names for their live prices.

IPO UPDATE: Paradeep Phosphates subscribed 19% so far on Day 1

IPO UPDATE: Paradeep Phosphates subscribed 19% so far on Day 1

Having committed over USD 955 million (around Rs 7,353 crore) to acquire 10 companies in the immediate past, Tech Mahindra will be less acquisitive in the new fiscal year and focus on integrating them, a senior company official said. The Mahindra Group company, with revenues of nearly USD 6 billion in FY22, will look at acquisitions in an opportunist way in the new year, its chief of strategy Jagdish Mitra told PTI.

Price as on 17 May, 2022 01:14 PM, Click on company names for their live prices.

Q4 RESULTS: BAJAJ ELECTRICALS

  • PAT: Rs 39 cr vs Rs 55 cr YoY
  • Revenue: Rs 1334 cr vs Rs 1258 cr YoY
  • EBITDA: Rs 63 cr vs Rs 73 cr YoY

After LIC’s discounted holding, what are you doing with your shares right now?

Forex market view: Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services

Rupee fell fresh all-time low as broader strength in the dollar continued and also as global crude oil prices continued to trade higher. Last week’s inflation number released on the domestic front and from the US came in higher that disturbed the overall market sentiment. We expect the momentum for the USDINR to remain positive and quote in the range of 77.40 and 78.20.

While LIC debuted at a slight discount to its issue price, investors should not look to exit at current levels and hold the stock from a medium to long-term perspective. We believe LIC continues to be a solid bet in the long run as it is a play on the growth story of the under-penetrated life insurance industry. Its sustained market leadership position, robust pan-India distribution network, and shifting focus towards profitable products, thus supporting margins and improving persistency ratios, will collectively make LIC an attractive pick from a long-term perspective.

– B Gopkumar, MD & CEO, Axis Securities

Shankar Sharma on bear market!

Escorts Construction Equipment unveils India’s first Hybrid Pick-n-Carry Crane and Mono Chassis Safe Crane at EXCON 2022.

Price as on 17 May, 2022 11:40 AM, Click on company names for their live prices.

Tata Power partners with Hyundai Motor for EV charging infra in India

Price as on 17 May, 2022 11:37 AM, Click on company names for their live prices.

Sensex today LIVE: Sensex surges to day’s high, trades 900 points higher

Sensex today LIVE: Sensex surges to day's high, trades 900 points higher

LIC Listing: Investors lose Rs 42,500 crore in few minutes

LIC on Tuesday eroded over Rs 42,500 crore in investor wealth, as a weak listing resulted in its market capitalisation slipping to Rs 5.57 crore in early trade against just over Rs 6 lakh crore market value at the issue price. The stock fetched a market capitalisation of Rs 5,57,675.05 crore in the first few minutes of listing against Rs 6,00,242 crore at the issue price. This was higher than Hindustan Unilever’s Rs 5.2 lakh crore and ICICI Bank’s Rs 4.7 lakh crore, but fell short of Infosys’ Rs 6.2 lakh crore.

LIC Listing: Investors lose Rs 42,500 crore in few minutes

Market LIVE Updates: Nifty reclaims 16,000

Market LIVE Updates: Nifty reclaims 16,000

Markets will remain highly volatile in the short-term. High inflation and Fed tightening will continue to be short-term challenges for the market. In the medium-term, there is a possibility of inflation peaking off and if that happens the central banks may not tighten as much as the market fears now. In such a scenario markets can bounce back sharply. But this is some time away. In the near-term the market is likely to remain weak amidst high volatility. Long-term investors can buy high quality stocks across sectors, particularly in financials, IT and pockets of autos.

– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Paradeep Phosphates IPO: Here’s what analysts recommend

The majority of the brokerages are positive on the issue, thanks to its sound financial track record, established brand name, sales and distribution reach, massive storage, reasonable valuations and capacity expansion. However, a few have flagged issues including weather-sensitive business, cost pressures due to increase in raw material prices and in-line pricing, leaving little room for the upside.

Though LIC listing has been below the issue price of Rs. 949, given the attractive valuations and stability in the markets, we expect some buying interest in the stock both from retail and intuitional investors. Since large amount of money has been released post listing of LIC, part of this money could get diverted into equity markets.

– Hemang Jani, Head – Equity Strategy, Broking and Distribution, Motilal Oswal Financial Services

Sensex today LIVE: Index rallies 600 points, trades at day’s high

Sensex today LIVE: Index rallies 600 points, trades at day's high

Top 5 gainers on NSE today in morning session

Price as on 17 May, 2022 10:16 AM, Click on company names for their live prices.

LIC lists at discount on stock exchanges

Shares of Life Insurance Corporation of India (LIC) made a tepid debut on Dalal Street as the state-run insurer listed at Rs 867.2 on BSE, a discount of 8.62 per cent over its issue price of Rs 949. On the National Stock Exchange (NSE), the counter listed at a discount of 8.11 per cent. Retail investors and policyholders were given a discount of Rs 45 and Rs 60 per share, respectively, in the bidding process.

LIC lists at discount on stock exchanges

It has taken LIC 65 years to list. Have an optimistic view of the capital market despite the headwinds and ups and downs”, says DIPAM Secy Tuhin Kanta Pandey at the listing ceremony

Pre-open indicative price (BSE) at Rs 872 vs issue price of Rs 949

Pre-open indicative price (BSE) at Rs 872 vs issue price of Rs 949

Macquarie initiates coverage on LIC with a target price of Rs 1,000

Foreign brokerage Macquarie has initiated coverage on LIC with a ‘neutral’ rating with a target of Rs 1,000 per share. The brokerage said any investor, who is taking exposure to LIC, is indirectly taking exposure to equity markets and the inherent volatility that comes with it. Macquarie said LIC’s market share has fallen due to a lack of diversified product portfolio, adding that the life insurance company has an excessive focus on single premium and group business. Macquarie’s target for LIC at Rs 1,000 suggests a modest 5.37 per cent upside over the issue price of Rs 949.

Rupee hits new record low

Vodafone Idea, YES Bank, IOC among most active stocks on NSE

Price as on 17 May, 2022 09:23 AM, Click on company names for their live prices.

Market LIVE Updates: All sectors trade higher in opening deals

  • Nifty Metal best sectoral performer in opening session, rallies over 2.5%
Market LIVE Updates: All sectors trade higher in opening deals

Sensex Heatmap: Majority of index stocks trade in the green

Sensex Heatmap: Majority of index stocks trade in the green

OPENING BELL: Sensex rises 300 points, Nifty at 15,940; Adani Power jumps 5%, SAIL 2%

IPO Listing: LIC looks set to make a modest debut today

Insurance behemoth Life Insurance Corporation of India (LIC) is likely to see a modest stock market debut on Tuesday as uncertain investor sentiment could restrict the opening day gain that some of the previous listings have seen. In the unofficial grey market, the stock is trading around Rs 19 below its issue price of Rs 949 per share. Though the discount has fallen from Rs 25 last week, it still points to a soft listing.

SGX Nifty signals a positive start

Nifty futures on the Singapore Exchange traded 44.5 points, or 0.28 per cent, higher at 15,888, signaling that Dalal Street was headed for a positive start on Tuesday.

Tech View: 15,750 emerges as strong support for Nifty50

Nifty50 on Monday snapped a six-day losing streak but formed an indecisive Bullish Harami candle on the daily chart. Analysts said the recent selling pressure seems to have halted and that a close above the 15,900-16,000 level could send signs of a rebound ahead.Read more at:https://economictimes.indiatimes.com/markets/stocks/news/tech-view-15750-level-emerging-as-strong-support-for-nifty50-recovery-on-cards/articleshow/91597845.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Dollar knocked from 20-year high; yuan slide pauses

The dollar fought for a footing on Tuesday and the tumbling Chinese yuan found a floor as investors trimmed bets on whether US interest rate rises will drive further dollar gains. The US dollar index dipped marginally to 104.100 and is about 0.8% below Friday’s 20-year peak of 105.100. China’s yuan was steady at 6.7953 per dollar in offshore trade, and seems to be finding a base after sliding more than 6% in a month.

Oil prices open lower as EU struggles to seal Russia import ban

Oil prices opened lower in early Asian trade on Tuesday after the European Union’s efforts to enact a ban on Russian oil imports, a move that would tighten global supply, ran into resistance from member country Hungary. Brent crude futures fell 35 cents, or 0.3%, to $113.89 a barrel at 0004 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 52 cents, or 0.5%, to $113.68 a barrel.

Hong Kong stocks open higher

Hong Kong stocks opened higher Tuesday despite Wall Street stocks finishing mostly down on weak Chinese economic data. The Hang Seng Index rose 1.29 percent, or 256.60 points, to 20,206.81. The Shanghai Composite Index opened down 0.09 percent, or 2.69 points, at 3,071.06, while the mainland’s second exchange, the Shenzhen Composite Index, sank 0.41 percent, or 7.88 points, to 1,918.13.

Tokyo shares climb despite US falls

Tokyo shares rose in morning trade on Tuesday despite Wall Street stocks finishing mostly lower on weak Chinese economic data. The benchmark Nikkei 225 index opened in negative territory but soon climbed 0.20 percent, or 51.97 points, to 26,599.02, while the broader Topix index added 0.26 percent, or 4.90 points, to 1,868.16. The dollar fetched 129.16 yen against 129.08 yen in New York on Monday.

US stocks settle mostly lower

Stocks closed a wobbly day of trading mostly lower on Wall Street Monday, extending a losing streak for markets. The S&P 500 fell 15.88 points, or 0.4%, to 4,008.01. The benchmark index is coming off a six-week losing streak. The Dow Jones Industrial Average eked out a gain, rising 26.76 points, or 0.1%, to 32,223.42. The tech-heavy Nasdaq had a sharp drop. It fell 142.21 points, or 1.2%, to 11,662.79.

Sensex, Nifty on Monday

Snapping six consecutive sessions of losing run, the Indian stock markets’ key indices, Sensex and Nifty, closed in the positive on Monday led by good buying support in power, banking and financial stocks. The 30 stock S&P BSE Sensex closed 180.22 points or 0.34 per cent higher at 52,973.84 points against its previous session’s close at 52,793.62 points. The broader Nifty 50 of the National Stock Exchange closed 60.15 points or 0.38 per cent higher at 15,842.30 points against its previous session’s close at 15,782.15 points.

Good morning, dear reader! Here’s something to kickstart your trading day

Good morning, dear reader! Here's something to kickstart your trading day





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