Stock Market LIVE updates for Wednesday, May 15, 2024: The BSE MidCap and SmallCap indices climbed up to 0.7% in opening trades in the larger markets.
The bell will open on May 15, 2024. Indian stocks recorded respectable early-day gains on Wednesday, helped by both domestic bargain hunting and a strong global outlook. At 73,171, the S&P BSE Sensex was up 66 points, or 0.09 percent, on the quotation.
In the meantime, the NSE Nifty50 increased by 37 points, or 0.17 percent, to trade at 22,255. Gains in Cipla, Bharti Airtel, Hindalco, BPCL, Coal India, Tata Steel, ONGC, NTPC, and SBI helped to strengthen the benchmarks.
The BSE MidCap and SmallCap indices gained around 1% apiece in the larger markets.
Sectorally, the Nifty PSU Bank index increased by more than 1%, and the Nifty Media and Metal indexes saw increases of 0.6% and 0.7%, respectively.
BSE SmallCap Heatmap:: KDDL, ITI soar up to 10%; Chalet Hotels slips 4%
BSE MidCap Heatmap:: Linde India, Oberoi Realty zoom 7%; Aarti Inds down 1%
Sectoral Movers:: Metals, PSU Banks, Realty shine in early trade on May 15
Broader market check:: MidCap, SmallCap indices outrun Nifty; VIX up 2%
Nifty Movers & Shakers:: Cipla soars 4%; HDFC Bank, HDFC Life in red
Sensex 30 Heatmap:: Airtel, NTPC gain 1.5%; HDFC Bank slips 0.8%
Opening Bell:: NSE Nifty 50 atop 22,250, up 39 pts
Opening Bell:: Sensex opens nearly 100 pts higher at 73,194
Pre-open deals: Sensex up nearly 100 pts; Nifty atop 22,250
Currency check :: Rupee opens at 83.49/$ vs Tuesday’s close of 83.51/$
Pre-market: Gift Nifty hints gap-up open; Bank Nifty expiry; FII, DII flows
Among key stocks – Bharti Airtel will react to its Q4 numbers released post market hours on Tuesday, the telecom major reported a 31 per cent YoY drop in net profit at Rs 2,071 crore. Cipla too will be in focus on reports that the Hamied family are planning to sell 2.53 per cent stake in Cipla via block deals on Wednesday.
Stocks to watch on May 15: M&M, Radico Khaitan, Macrotech Developers
M&M:Mahindra Holdings has announced the sale of its 30.84 per cent stake in New Delhi Centre For Sight for Rs 425.4 crore to Space Investments, Defati Investments & Infinity Partners.
Radico Khaitan:The company reported its Q4 results on May 14. Its profit rose 26.5 per cent on a year-on-year basis to Rs 54 crore, as compared to Rs 42.6 crore in the same quarter a year ago. Its revenue jumped 30 per cent to Rs 1,079 crore, as opposed to Rs 832 crore in the same quarter previous fiscal.
Bharti Airtel, Cipla, Paytm, Colgate among seven stocks to track on May 15
Bharti Airtel: The telecom giant reported a 31 per cent decline in consolidated net profit for Q4FY24, amounting to Rs 2,071.6 crore, compared to Rs 3,005.6 crore in the same period last year. Consolidated revenue from operations also dropped 10.5 per cent to Rs 7,467 crore year-on-year.
Cipla: Reports suggest that Cipla promoters are set to sell a 2.53 per cent stake worth Rs 2,637 crore.
Nifty Bank, Private Bank indicate bullish turn on charts; key levels here
In light of these factors, traders may consider buying on dips on Nifty Bank index with targets set at the aforementioned resistance levels. Conversely, if the index breaks below the support level of 46950, it could indicate further downside momentum. In such a scenario, the next support levels to watch would be at 46,580 and 45,730.
MOIL, TechM: Top buy & sell ideas from Vinay Rajani of HDFC Securities
Buy Tech Mahindra (Rs 1,275): | Target: Rs 1,380 | Stop loss: Rs 1,215
On April 26, stock broke out from the downward sloping trend line on the daily chart. Price rise was accompanied by rise in volumes. Post breakout, stock witnessed correction and reached a gap support on the daily chart. After taking support in the gap, sock resumed its primary uptrend. Indicators and oscillators have turned bullish on the daily chart.
Stock futures are little changed as Wall Street readies for key inflation report
>> Stock futures were little changed as Wall Street braced for April’s consumer price index.
>> Futures tied to the Dow Jones Industrial Average added 17 points, while S&P 500 futures and Nasdaq 100 futures hovered near the flatline.
China’s BYD launches hybrid pickup in Mexico as US hikes EV tariffs
>> Chinese automaker BYD unveiled the Shark, a mid-size hybrid-electric pickup truck, in Mexico on Tuesday, as its regional chief brushed off new US tariff hikes on Chinese EVs, saying the company was not eyeing an entry to the US market.
>> The Shark strengthens BYD’s foothold in the North American market with a vehicle aimed directly at incumbents Ford, General Motors, and Toyota.
>> It is for now only available in Mexico, executives said, and is the first time the world’s largest electric-vehicle (EV) maker has launched a new product outside its home country.
Wall Street check :: Nasdaq ends at record close
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