Stock Market Highlights, May 8: Benchmarks end flat after choppy session; Mid, SmallCap indices rise

Stock Market Highlights on May 8: The S&P BSE Sensex, after gyrating 611 points intraday, ended at 73,466, down 45 points. The Nifty, on the other hand, settled unchanged at 22,303

Closing Bell on May 8: Indian equities faced yet another volatile session on Wednesday as investors turned cautious amid the ongoing Lok Sabha elections. The S&P BSE Sensex, after gyrating 611 points intraday, ended at 73,466, down 45 points or 0.06 per cent.

The Nifty, on the other hand, settled unchanged at 22,303. BPCL, Tata Motors, Hero MotoCorp, Power Grid, Hindalco, Coal India, NTPC, L&T, and Nestle India were the top gainers, rallying up to 2.7 per cent on the benchmarks, that helped trim the losses.

In the broader markets, the BSE MidCap and SmallCap indices outperformed the frontline indices as they climbed 0.78 per cent and 0.5 per cent, respectively.

Among sectors, the Nifty Auto, and Metal indices climbed 1.5 per cent each, while the Nifty Private Bank index fell 0.8 per cent.

3:58 PM

Tech View :: Key levels on Bank Nifty

The Bank Nifty index encountered a volatile trading session during the expiry day, highlighting the ongoing struggle between bulls and bears. The next significant support level for the index is positioned at 47,770, coinciding with the 50-EMA. On the upside, immediate resistance lies at 48,250. A decisive breach above this level could propel the index towards 48,400-48,500, where call writing activity is evident.

 

Views by: Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

3:54 PM

Tech View :: 'Nifty outlook to remain weak as long as it stays below 22,400'

Nifty remained volatile throughout the day. However, the short-term trend appeared weak as the index remained below the critical moving average, 21EMA, on the daily timeframe. In the near term, the sentiment may continue to weaken as long as it stays below 22,400. On the downside, the index might decline towards 22,150.

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

3:51 PM

Comment :: 'Earnings landscape seems to be moderating'

The Indian market echoed subdued investor sentiments akin to those of its Asian peers, and on worries about declining voter turnout. Despite domestic Q4 earnings largely meeting estimates, the earnings landscape appears to be moderating. A sector-specific action was visible in FMCG and auto stocks, aided by an expectation of a revival in rural demand in H1FY25.

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

 

3:49 PM

Paytm hits all-time low of Rs 317.45; stock tanks 68% from 52-week high

Gupta's resignation marks the third senior resignation from the company in the past few months after its associate entity, Paytm Payments Bank (Paytm PB), faced regulatory action from the Reserve Bank of India (RBI). READ MORE

3:46 PM

IPO Update :: Subscription status of Aadhar Housing, TBO

Indegene: 65.62x (QIB 184x, NII 54x, Retail 7x)

Aadhar Housing Finance: 33% (QIB 32%, NII 33%, Retail 32%)

TBO Tek: 79% (QIB 1%, NII 1.2x, Retail 2.4x)


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Alert: Status as of 3:35 PM

Note: This is the last day of bidding for Indegen, and first for Aadhar HC, TBO Tek

Bidding closes at 5 PM 

3:42 PM

Broader markets :: Mid, SmallCap indices shine after yesterday's selling

3:40 PM

Sensex Heatmap :: Gainers and losers neck and neck

3:38 PM

Closing Bell :: Nifty ends unchanged

3:37 PM

Closing Bell :: Sensex slips marginally after choppy day

3:29 PM

Oil & Gas stocks surge in volatile session; IGL soars 7%, Gail India 4.5%

 Leading the surge was IGL, climbing by 7.29 per cent, trailed by GAIL with a rise of 4.66 per cent, followed closely by MGL up by 4.42 per cent, and Petronet LNG increasing by 4.15 per cent. READ MORE

3:20 PM

Nifty PSU Bank index snaps two day losing run; rises 2.5% on May 08

On last Friday, the RBI issued a draft circular aimed at bolstering balance sheets through project financing. According to the proposed norms, lenders would need to provision up to 5 per cent of outstanding exposures for construction projects, decreasing to 2.5 per cent upon project completion and further to 1 per cent once 20 per cent of the loans are repaid with sufficient cash flow. READ MORE

3:06 PM

Balaji Amines soars 16% on margin expansion in Q4, 550% dividend bounty

Balaji Amines stock price zoomed 16 per cent to Rs 2,422.45 apiece on the BSE in Wednesday's intraday trade, after the chemical company reported strong results for the March quarter of fiscal 2023-24 (Q4FY24). READ MORE

3:00 PM

Q4 Results update: Canara Bank profit surges 18% to Rs 3,757 crore

State-owned Canara Bank on Wednesday reported an 18 per cent rise in its net profit to Rs 3,757 crore during the fourth quarter ended March 2024. During the quarter, the bank's total income increased to Rs 34,025 crore as against Rs 28,685 crore a year ago, Canara Bank said in a regulatory filing. READ MORE

2:54 PM

ALERT:: Hero MotoCorp Q4 net rises 18%; stock up 1%

Hero MotoCorp today reported 18.3 per cent growth in Q4 net profit at Rs 1,016.05 crore in the quarter ended March 2024 as against Rs 858.93 crore in the year ago period. Total income was up 13.5 per cent YoY to Rs 9,699 crore from Rs 8,544 crore.

2:40 PM

SBI Q4 preview: Profit may fall up to 38% YoY on higher opex, say analysts

The growth in SBI's Q4FY24 net profit will likely depend on the one-time staff cost (higher salary provision) the bank may set aside during the quarter, analysts said. READ MORE