Stock Market Highlights, May 16: Sensex swings 1220 pts intraday, ends 677 pts up; Nifty holds 22400

Stock Market Highlights on Thursday, May 16, 2024: M&M, Tata Consumer Products, Tech M, Bharti Airtel, LTIMindtree, Infosys, Titan, and HDFC Life were the top gainers

Closing Bell on Thursday, May 16, 2024: Benchmark indices swung sharply in trades on Thursday as investors adjusted their positions during the weekly F&O expiry. The S&P BSE Sensex oscillated 1,220 points during the day, before closing at 73,6634, up 677 points or 0.93 per cent.

The Nifty50, meanwhile, moved in a range of 22,055 to 22,432, before shutting shop at 22,404, up 203 points or 0.92 per cent.

M&M, Tata Consumer Products, Tech M, Bharti Airtel, LTIMindtree, Infosys, Titan, and HDFC Life were the top gainers on the 50-stock index, rising between 2 per cent and 4 per cent.

The broader MidCap, and SmallCap indices, meanwhile, stayed range-bound, settling 1.07 per cent and 0.85 per cent higher, respectively.

Among sectors, the Nifty PSU bank index was the only loser (down 0.88 per cent). On the upside, the Nifty Realty climbed 1.63 per cent, the Nifty Media (1.2 per cent), and the Nifty Financial Services (1 per cent). 

3:56 PM

Tech View :: '22,600 is the next crucial resistance on Nifty'

On the daily charts, we can observe that the Nifty been in an pullback mode and now reached the 61.82% Fibonacci retracement level 22,430. The Nifty has managed to close above the key daily moving averages which shall act as a support (22,330 – 22,270) in the case of a dip.

Daily and hourly momentum indicators have triggered a positive crossover which is a buy signal. Thus, both price and momentum indicator is suggesting continuation of the up-move. On the upside, 22,586 – 22,600 is the next crucial resistance to watch out for. On the downside, 22,200 should be kept as a trailing stop-loss for the long positions.

 

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:53 PM

Tech View :: Key levels on Bank Nifty after May 16's fag-end surge

The Bank Nifty witnessed a robust comeback by the bulls, overpowering the bears and orchestrating an intraday surge of 1,000 points. The next immediate hurdle for the index stands at 48,200, aligned with the 20-day moving average (20DMA), breaching which could trigger additional short covering towards the 49,000 mark. On the downside, support is established at the 47,600-47,500 zone. As long as this support level remains unbreached, the bullish sentiment prevails.

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

3:51 PM

Comment :: 'Domestic market experienced a late surge, driven by strong global trends'

The domestic market experienced a late surge, driven by strong global trends that pointed to lower-than-expected US consumer inflation figures, which suggests at least two interest rate cuts in 2024. Further, buoyancy in the broader market continues with exports increasing despite global economic uncertainties, leading the heavyweights’ sectors such as banking, IT, and industrials to outperform.

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

3:45 PM

Currency check :: Rupee ends flat vs US dollar

3:43 PM

Broader markets :: Mid, SmallCap indices hold gains throughout session

3:41 PM

Sectoral trends :: Broad-based gains seen in markets; PSBs sole losers

3:40 PM

Sensex Heatmap :: M&M leads charge on Sensex post Q4, Maruti drags

3:39 PM

Closing Bell :: Nifty reclaims 22,400 in fag-end

3:38 PM

Closing Bell :: Sensex zooms over 650 pts on May 16

3:27 PM

Case for a stronger rupee: Why the INR will only weaken 2% each year

Moreover, as the depth and breadth of Indian financial market improves, heighted FPI inflows into various asset classes may help to bolster the RBI’s reserves, it added. Government borrowings have remained largely constant for the past four years (post the pandemic led surge) and current account deficit has also surprised positively. Overall, political risk premium for India is falling with timely intervention by the RBI helping to instil further confidence in the rupee stability. READ MORE

3:16 PM

Bandhan Bank slips 7% on heavy volumes ahead of Q4 results on Friday

At 02:27 PM Bandhan Bank was quoting 6 per cent lower at Rs 178.25, as compared to 0.32 per cent decline in the S&P BSE Sensex. Average trading volume on the counter surged nearly two-fold with a combined 33.86 million equity shares, representing 2 per cent of total equity of the bank, changing hands on the NSE and BSE so far in trade. READ MORE

3:00 PM

Comment :: Silver hits record high; how should investors trade?

The ongoing momentum-driven buying is likely to extend in the immediate run driven by a robust rally in gold and other industrial metals. Expectations of interest rate cuts, escalating geopolitical tensions, and enduring inflation concerns could help prices stay firm in the immediate run. Investors can add silver into their portfolio but should be limited to below 5 percent. Periodic buying in small quantities is advised for greater benefits. Investors should also consider that silver prices can be highly volatile due to speculation, which can lead to short term price surges. Silver is one of the most volatile precious metals and its volatility can be twice or thrice greater than gold in some days.

Views by: Hareesh V, Head of Commodities, Geojit Financial Services

2:45 PM

Indian steel mills fear surge in Chinese imports after US imposes tariffs

India's steel industry, already reeling from cheaper imports, is worried about a surge in shipments from China after the United States imposed tariffs on Chinese steel, industry executives and analysts said.

US President Joe Biden on Tuesday unveiled steep tariff increases on an array of Chinese imports including steel and aluminium. Read more

 

2:26 PM

Quick Heal rises 5% on inking pact with EET Group; up 25% in last 6 months

Shares of cybersecurity firm Quick Heal rose as much as 4.52 per cent to hit an intraday high of Rs 479 per share. Notably, the stock has climbed approximately 25 per cent in the past six months. 

The surge came following the announcement of a strategic collaboration with Europe's EET Group to bolster its cybersecurity offerings. Read more
 

2:08 PM

18% of global fund managers overweight on Indian equities: BofA survey

Fund managers globally, BofA Securities said, are most bullish on equities in nearly three years (since November 2021), driven by optimism on a cut in interest rates by global central banks rather than earnings per share (EPS) growth. 

18 per cent of fund managers surveyed by BofA Securities are overweight on Indian equities, though the level of optimism has dipped from March 2024 levels, their findings suggest. Read more