Sensex rises 170 pts, Nifty tops 17,800; GSFC leaps 20%, MCX crashes 6%

CLOSING BELL: There were 21 gainers of the 30-pack index, and 33 on the 50-pack index, led by Power Grid, Nestle India, Tata Consumer Products, IndusInd Bank, L&T, HCL Tech, Tata Motors, SBI Life, HUL

Stock market highlights: Extending their rally into fifth straight session, the frontline S&P BSE Sensex closed 170 points higher at 60,301, while the Nifty50 shut shop at 17,814, up 44 points.

There were 21 gainers of the 30-pack index, and 33 on the 50-pack index, led by Power Grid, Nestle India, Tata Consumer Products, IndusInd Bank, L&T, HCL Tech, Tata Motors, SBI Life, HUL, Eicher Motors, and Axis Bank. 

In the broader markets, the BSE MidCap and Smallcap indices rose up to 0.34 per cent.

Sector Watch 

An impressive recovery in the domestic travel and tourism business after the pandemic lull has brightened prospects of related stocks, which remain good bets ahead of the summer holiday season, as per analysts. READ MORE

IPO Mart :: Mankind Pharma

The Rs 4,300-crore offer went past the half-way mark on the second day of the offer with 52 per cent subscription till 3:30 PM. The interest was led by Qualified Institutional investors (QIB) with 92 per cent subscription, followed by NII (72 per cent) and retail investors (20 per cent).

4:17 PM

COMMENT:: Domestic markets mirrored the mood on Wall Street

The domestic bourses mirrored the mood on Wall Street as soft economic data and underwhelming earnings dragged US equities to a weak close yesterday. However, the market gradually recovered after an uptick in US futures, with the earnings of tech companies providing support. Adding to investors' concerns about a possible recession, the US consumer confidence data for April hit a nine-month low ahead of the upcoming Fed policy meeting.

 

- Vinod Nair, Head of Research at Geojit Financial Services
 

4:15 PM

Nifty can target 18,000/ 18,200 on the upside

The Nifty Bulls managed to hold the support of 17,700 after the gap-down opening and the index recovered fully at the end of the session. The momentum remains strong and one should keep a buy approach and expect targets of 18,000/18,200 in the near term. The monthly expiry indicates resistance at 18,000 where the highest open interest is built up on the call side.

- Kunal Shah, Senior Technical Analyst at LKP Securities

4:14 PM

Bank Nifty:: A decisive move above 43,000 can induce further rally

Bulls have kept their hold on the Bank Nifty as the index ended in the green, recovering from the morning losses. In the short term, the trend remains bullish with the new range for traders being 42,500-43,000, where writers have significant build-up. On the lower end, a fall below 42,500 may trigger panic in the banking space; whereas on the higher end, a decisive rise above 43,000 may induce further rally.

- Rupak De, Senior Technical Analyst at LKP Securities

 

4:11 PM

Price hikes to drive HUL Q4 revenue, ad-spends to dent margin: Analysts

According to brokerages, a sequential expansion in Ebitda margins is expected, amid tapering commodity cost inflation. READ MORE

4:09 PM

Wipro Q4 preview: Soft quarter likely; share buyback, Q1FY24 guidance eyed

As per an average of brokerage estimates, the company could report an average of Rs 23,586 crore of revenue, up 12-13.2 per cent year-on-year (YoY). READ MORE

4:07 PM

Ipca Labs plunges 16% in two days, hits 3-year low on Unichem acquisition

The acquisition will allow Ipca to re-enter US formulation generic market, however at 2.3x sales, as acquisition cost is expensive, given challenges and uncertainty associated with US market. READ MORE

4:05 PM

Siemens hits record high; stock surges 22% thus far in 2023

Last week, Siemens, as part of a consortium along with Rail Vikas Nigam Limited, received two separate orders from Gujarat Metro Rail Corporation. READ MORE

4:02 PM

AU Small Finance tumbles 7% in 4 sessions; what should investors do?

Last week, reports claimed that the Reserve Bank of India has raised concerns about the rapid rise in advances at AU Small Finance Bank. READ MORE

4:01 PM

Triveni Turbine surges 8% on healthy business outlook

ICRA upgraded the long-term rating of the bank facilities of TTL on expectation of improvement in revenues, operating profits, and robust debt coverage metrics in FY2023-FY2024. READ MORE

3:58 PM

Stock of this digital transformation solutions provider has soared 33% in two days

Thus far in the current calendar year 2023, the stock price of Saksoft nearly-doubled or zoomed 99 per cent, as compared to 2 per cent decline in the S&P BSE Sensex. READ MORE

3:55 PM

Shares of Gujarat PSUs in demand; GMDC, GSFC, GACL rally up to 20%

Gujarat government on Tuesday has announced a new policy for minimum level of dividend distribution and bonus shares to shareholders for listed companies and PSUs of the state. READ MORE

3:52 PM

Market Breadth positive; 110 stocks hit 52-week high

3:50 PM

Nifty Realty index gains 1.4%; Indiabulls RealEstate surges 5%

3:48 PM

BSE Smallcap Heatmap:: GSFC, GIPCL, GMDC zoom 20%; MCX cracks 6%

3:46 PM

BSE Midcap Heatmap:: NHPC, Voda Idea, Auro Pharma gain up to 5%; Ipca Labs sheds 5%