Stock Market Highlights, May 22: Sensex up 268pts, Nifty near 22600; Awfis Space IPO subscribed 1.5x

Stock Market Highlights on Wednesday, May 22, 2024: M-cap of all BSE listed companies settled at Rs 416 trillion or $5 trillion today

SI Reporter New Delhi

Sensex, Nifty, stock brokers

8:17 AM

Buy ideas for May 22: Britannia, Cipla; check target prices

The stock was consolidating in a narrow range after a sharp run up. The consolidation has taken the form of a Symmetrical Triangle pattern on the daily charts. The pattern is a trend continuation pattern, and we expect the stock to resume its next leg of upmove. The Daily momentum indicator MACD has a positive crossover which is a Buy signal. READ MORE

8:13 AM

Oil slips for third session on likely 'higher for longer' US rates

>> Oil prices fell for a third straight session on Wednesday on expectations the Federal Reserve could keep US interest rates higher for longer due to sustained inflation, potentially impacting fuel use in the world's largest oil consumer.

>> Brent crude futures were down 43 cents, or 0.5%, to $82.45 a barrel. U.S. West Texas Intermediate crude (WTI) futures slipped 50 cents, or 0.6%, to $78.16.

>> Oil prices settled about 1% lower on Tuesday.

8:09 AM

Japan's Nikkei seen rising 4.6% this year on solid corporate outlook, global economy: Poll

>> The Nikkei is forecast to trade at 40,750 at the end of this year, according to the median estimate of 16 analysts polled May 13-21, up from Tuesday's close of 38,946.93.

>> Gains have been capped recently as local companies issued modest earnings forecasts at the peak of earnings season this month.

>> The index has been hovering below 40,000 since the beginning of April after hitting a record intraday high of 41,087.75 on March 22.

Source: Reuters

8:05 AM

Indian equities traders seek cues from election shadow bets

>> Traders in India's stock markets are turning to illegal election betting platforms for clues to combat the uncertainty facing citizens and markets alike regarding the outcome of a long general election.

>> Weeks before vote counting set for June 4, stock markets are closely tracking shadow-betting platforms that are flourishing nationwide, with wagers now suggesting the ruling Bharatiya Janata Party (BJP) will win a slimmer majority than expected.

>> Having reached record highs just before voting began, India's S&P BSE Sensex benchmark has turned volatile as reports of lower turnout and voter fatigue fan doubts about the margin of victory for the ruling party.

Source: Reuters

8:00 AM