Sensex, Nifty end flat; Adani shares rally for 3rd day, SpiceJet sinks 14%

CLOSING BELL: Adani Enterprises led from the front with a near 13-per cent rally, followed by Divis Labs, Bajaj Finserv, BPCL, SBI Life, TC, Asian Paints, Tata Motors, and IndusInd Bank (1 per cent)

Stock market highlights: Equity markets came off highs in fag-end of the session on Tuesday as lack of major triggers kept trading activity in check. The S&P BSE Sensex settled 18 points higher at 61,982. The Nifty50, meanwhile, shut shop at 18,348, up 34 points led by gains in Adani Group shares.

The indices had hit intra-day highs of 62,245 and 18,420, respectively.

Adani Enterprises led from the front with a near 13-per cent rally, followed by Divis Labs, Bajaj Finserv, BPCL, SBI Life, UPL, Eicher Motors, ITC, Asian Paints, Tata Motors, and IndusInd Bank (1 per cent).

In the broader markets, the indices outran the frontline indices with the BSE SmallCap index rising 0.43 per cent and the BSE SmallCap index gaining 0.11 per cent.

Sectorally, the gains were largely broad-based with the Nifty Metal index climbing the most (up 2.6 per cent), followed by the Nifty Media index (1 per cent). The Nifty IT index was the only loser, down 0.5 per cent. 

4:19 PM

COMMENT:: Key events in the US likely to impact global markets

"Domestic benchmark indices closed flat after a positive session, driven by buying in the metal, pharma, and auto sectors. However, market sentiment was challenged by a sell-off in IT stocks, influenced by weak signals from the US market. The direction of the US market is anticipated to impact global equities, with investors closely monitoring upcoming events such as the release of FOMC minutes, US PMI, and progress in debt-ceiling talks."

 

- Vinod Nair, Head of Research at Geojit Financial Services
 

4:19 PM

VIEW:: Nifty 50 can rally to 18,800 if it conquers the 18,500 hurdle

"During the day, the Nifty index exhibited a predominantly sideways movement, hovering around the 18,400 level. Despite the lack of significant fluctuations, market sentiment remained optimistic as the Nifty managed to sustain its position above the support level of 18,300. However, a notable resistance was observed at 18,500. If the Nifty manages to break through this resistance decisively, it could potentially trigger a rally towards the 18,800 level"

 

- Rupak De, Senior Technical Analyst at LKP Securities

4:19 PM

VIEW:: Nifty needs to break and sustain above 18,550 to rally to a new high

“The Bank Nifty index today saw shorting of the 44,000 put options of this week's expiry converting the existing sold calls that traders had into short straddles of 44,000. This means that traders are not expecting a large movement in either direction for this week's expiry for this index. Nifty is also having almost equal number of sold puts and sold calls going into this expiry. For Nifty to start its next leg of up move it has to close above the 18,550 mark and sustain over there which would be its next trigger to break its all-time high.”

 

- Rahul Ghose, Founder & CEO – Hedged, an algorithm-powered advisory platform
 

4:15 PM

Adani Group shares extend rally; Adani Enterprises zooms 42% in 3 days

Adani Wilmar hit 10 per cent upper circuit, while, Adani Transmission, Adani Green Energy, Adani Total Gas, and NDTV hit the respective 5 per cent upper circuit for the second straight day. READ MORE

4:13 PM

Analysts see 24% upside in IndiGo; suggest tracking costs, airfare cap

Reports suggest that a parliamentary panel has summoned private airlines to discuss rising airfares. READ MORE

4:11 PM

Divi's Lab surges 10% in two days on strong revenue growth guidance

The stock was quoting at its highest level since February 1, 2023 and has recovered 25 per cent from its 52-week low of Rs 2,730, touched on March 14, 2023. READ MORE

4:06 PM

IndusInd Bank gains 15% in one month; nears 52-week high on healthy outlook

The management introduced planning cycle - 6 (FY23-26) wherein they have guided for 18-23% YoY credit growth, mainly-driven by retail (55-60% proportion) and PPOP margins to be 5.25-5.75%. READ MORE

4:04 PM

eMudhra hits new high, zooms 57% in one month post Q4 results

The company said strong growth led by Enterprise Solutions; change in model for Trust Services resulting in diversification and better quality of revenue for trust services. READ MORE

4:03 PM

Analysts see rich valuations for paint, tyre stocks; time to book profit?

Shares of related companies have gained up to 84 per cent, as against a 14 per cent rise in the S&P BSE Sensex. READ MORE

4:01 PM

OMCs extend gains on improved operational performance; IOC hits 52-week high

In the past six months, IOCL (up 28%), HPCL (up 22%) and BPCL (up 19%) have outperformed the benchmark S&P BSE Sensex index. READ MORE

3:57 PM

SpiceJet cracks to near 8-year low on heavy volumes, ends 14% lower

Average trading volumes on the counter jumped over eight-fold with around 15.91 million equity shares, representing around 2 per cent of total equity of SpiceJet changing hands on the BSE on Tuesday. READ MORE

3:54 PM

Market Breadth was almost neutral; 128 stocks hit 52-week high

3:51 PM

BSE Smallcap Heatmap:: Zuari Group, Vimta Labs, Kirloskar Inds among top gainers

3:49 PM

BSE Midcap Heatmap:: Gland Pharma, Adani Power, Patanjali gain around 5%

3:45 PM

Nifty 50 Losers:: Apollo Hospitals, HCL Tech, Tech Mahindra slip over 1%