Stock Market Live Updates: Nifty, Sensex Ended Flat; Adani Ports, Divi's Lab Top Gainers

On Monday, the benchmark indices opened at a record-high level but ended on a weak note due to sell-off pressure as the election result date nears. Nifty ended 24.55 pts or (0.11%) down at 22,932.55 while Sensex ended 45.79 pts or (0.061%) down at 75,364.60 level. On the Nifty pack, the top 5 gainers were DIVISLAB, IndusInd Bank, ADANIPORTS, Axis Bank and LTIM while the top 5 losers were ADANIENT, WIPRO, GRASIM, SBILIFE and ONGC.

BSE Sensex today surged by 467 points to 75,878 and Nifty rallied by 115 points to 23,072 on May 27, 2024 in afternoon trade amid upward trend set by Asian markets. Nifty Bank soared by 600 points to 49,572 and Nifty Midcap rose by 528 points to 52,951 on Monday. MM Forgings Ltd shares today witnessed a sharp rally of 15.79% on BSE today as its board of directors will meet on May 29 to consider financial results, dividend, and bonus issue. Current market price of MM Forgings share on BSE is Rs 1291.85 per share.

Nazara Technologies share today hit 52-week high after block deal involving nearly 48.84 lakh shares of the company, representing a 6.38% stake in the company occurred on the exchanges on May 27. Current market price of Nazara Technologies share on BSE is Rs 652.80 per share with intraday gain of 6.22%.

Among the Nifty's top gainers were Divis Labs, Adani Ports, Hindalco, NTPC, and Tata Steel. Meanwhile, Adani Enterprises, Wipro, Eicher Motors, Hero MotoCorp, and Dr. Reddy's Labs were among the top losers. About 1,806 shares advanced, 746 shares declined, and 165 shares remained unchanged.

The Nifty index crossed the 23,000 mark for the first time on Friday. This achievement, a significant psychological barrier for investors, was reached swiftly after the index came within a mere 7 points of the milestone on Thursday. Unlike previous instances where the market flirted with such levels for weeks or even months, this time it took only nine trading sessions for the Nifty to recover 1,200 points from its May 13 low of 21,821.

Despite briefly surpassing the 23,000 mark on Friday, the index couldn't sustain its position, closing over 70 points below the intraday record high of 23,026. Nevertheless, the Nifty ended the week 2.2% higher, marking its fourth weekly gain out of the last five weeks.

Driving this rally were the large cap stocks, particularly industry giants such as Reliance Industries and HDFC Bank. These companies were among the top contributors to the Nifty's upward movement. In a testament to the market's strength, nine out of the top ten companies by market capitalization collectively added Rs 1.9 lakh crore to their market value over the past week.

As the earnings season draws to a close next week, the market will be closely watching several Public Sector Undertakings (PSUs) as they report their financial results. Notable names like Life Insurance Corporation (LIC), National Mineral Development Corporation (NMDC), and Indian Railway Catering and Tourism Corporation (IRCTC) are set to announce their results, which could further influence market trends.

The upcoming trading session on Monday promises to be dynamic, with numerous stocks set to react to earnings reported after market hours on Friday and over the weekend. Companies such as United Spirits, NTPC, Hindustan Copper, Sun TV, Allcargo Logistics, and Gokaldas Exports are expected to be in focus.

Additionally, results from DCM Shriram, Electronics Mart, Gujarat Mineral Development Corporation (GMDC), Natco Pharma, and Vishnu Prakash R Punglia will be awaited by investors.

While the Nifty scaled new heights, the Nifty Bank index is still trailing its record high by about 1,000 points. However, it made notable progress last week by reclaiming the 49,000 mark for the first time since May 7, even though it couldn't close above this level. Despite this, the banking index outperformed the Nifty on Friday, finishing the week with gains of 1.8%.

The recent rally and the crossing of the 23,000 mark are indicative of a positive market sentiment driven by strong corporate earnings, economic recovery, and investor optimism. However, market analysts caution that such rapid gains often lead to short-term volatility and profit booking, as evidenced by the Nifty's inability to hold above the 23,000 level on Friday.

Investors will now be looking at global cues, macroeconomic data, and the remaining earnings reports for further direction. The performance of large-cap stocks, particularly in sectors like banking and technology, will be crucial in determining whether the Nifty can consolidate its position above 23,000 and push towards new record highs.

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May 27, 2024, 3:42 pm IST

Market Closing Outlook By Vinod Nair, Head of Research, Geojit Financial Services

"The bulls are facing stiff resistance at 23,000 levels as investors start booking profit at higher levels to avoid any knee jerk reaction in the market ahead of the election result. Better earnings growth, the expectation of a revival in private capex, and a moderation in FIIs selling intensity are the key positive triggers in the market. The release of India's Q4 GDP and US inflation figures this week will also influence investors to get a direction in the near term."

May 27, 2024, 2:58 pm IST

Crude Oil Outlook By Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services

"Oil prices have started the session slightly higher but moves for the are expected to be in a range as U.S. and U.K. markets are closed today. However, in the week ahead prices could see high volatility with focus of the U.S. fuel demand during the current summer driving season, U.S. oil inventory data due on Wednesday and the OPEC+ members meeting on 2nd June, where they are expected to roll-over current output cuts till year-end. Technically, Crude oil’s momentum looks sideways with a negative bias, with resistances at 6560/ 6690, while support holds at 6340/ 6250."

May 27, 2024, 2:21 pm IST

Top 5 Gainers and Losers Today

Stock Market Live Updates

May 27, 2024, 2:16 pm IST

Star Cement Q4 Results Review By Asit C Mehta Equities

STRCEM reported a mixed set of numbers, EBITDA and blended realisation in line with our estimate, while revenue and volume are marginally ahead of our estimate. Revenue up by 10.1% YoY (+40.2% QoQ) to Rs9.13bn, mainly led by 13.8% YoY (+43.7% QoQ) increase in volume of 1.41mt (1.387mt cement + 0.024mt clinker) sales. However, realisation was down by 3.3% YoY and 2.4% QoQ to Rs6474. EBITDA in absolute number stood at Rs1.8bn (+8.1% YoY, +20.8% QoQ) and EBITDA margin stood at 19.7% in Q4FY24 vs. 20%/22.8% in Q4FY23/Q3FY24, respectively. EBITDA/tn was down by 5% YoY and 15.9% QoQ to Rs1274 due to lower realisation, higher logistics cost coupled with increase in raw material cost. Overall opex per tonne is down by 2.8% YoY, but increased by 1.6% QoQ. P&F cost per tonne was down (-38.5% YoY, -39% QoQ) and employee cost per tonne was down (-13.7% YoY, -30.1% QoQ). PAT stood at Rs877mn (-8.8% YoY, +19.2% QoQ). The YoY decline in PAT was due to higher depreciation charges because of growth capex during the quarter (new GU + clinker unit) coupled with higher interest and tax expenses. In addition, the company is adding 2mtpa new cement grinding unit at Silchar in Assam, expected to commission in Sep’25. We see a volume growth of 20% CAGR over FY24–FY26E at an average capacity utilisation of 67%. We expect Revenue/EBITDA/PAT growth of 21%/28%/44% CAGR over FY24–FY26E. At CMP Rs220, the stock trades at ~16x/~13x/~10x FY24/25E/26E EV/EBITDA. It traded at an average EV/EBITDA of ~11x in the last six years. With an improvement in profitability, return ratios & balance sheet and a continued focus on capacity addition, we expect it to trade at higher-than-historical multiples, going forward. We value the company at 10x FY26E EV/EBITDA to arrive at a target price of Rs262 (an upside of 19%) maintain with BUY rating. While, delay in capex plan and incentive, slower-than-expected demand, regional pricing pressure from new entrant are key downside risks to our call.

May 27, 2024, 1:53 pm IST

Nazara Technologies Hits 52-Week High, Gains 6.22% Today

Nazara Technologies share today hit 52-week high after block deal involving nearly 48.84 lakh shares of the company, representing a 6.38% stake in the company occurred on the exchanges on May 27. Current market price of Nazara Technologies share on BSE is Rs 652.80 per share with intraday gain of 6.22%.

May 27, 2024, 1:41 pm IST

Clara Industries Hits 52-Week High On Recommending Bonus Share, Dividend

Small cap packaging sector company, Clara Industries Ltd shares today jumped by 8.70% on BSE after the company reported healthy quarterly earnings, dividend, and bonus issue on May 25. The company recommended 4:1 bonus share and 5% interim dividend. Current market price of Clara Industries share on BSE is Rs 239.85 per share. The Board of Clara Industries fixed June 6, 2024 as the record date for interim while record date for bonus issue is yet to be announced. Clara Industries shares soared 37% in last 3-months and 226% in last 2-years. FIIs stake in Clara Industries stood at 2.8% for March 2024 quarter. Meru Investment Fund Pcc-Cell 1 holding 2.39% stake in Clara with 98,770 shares of the company. Clara Industries shares today hit fresh 52-week high and witnessed spurt in volume by more than 5.39 times.

May 27, 2024, 1:21 pm IST

Awfis Space Solutions IPO: Public Issue Subscribed 29 Times On Final Day

Awfis Space Solutions, a provider of flexible workspace solutions in India, has witnessed a strong response to its Initial Public Offering (IPO). The IPO, which will close on May 27, was subscribed a staggering 29.03 times as of 12:36 pm on the Bombay Stock Exchange (BSE), highlighting the strong demand among investors. This fervent interest was evident as bids poured in for 25.05 crore shares against the 86.29 lakh shares on offer. The IPO, valued at Rs 599 crore, included a fresh issuance of shares worth Rs 128 crore and an offer-for-sale (OFS) of 1,22,95,699 equity shares by existing shareholders. The price band for the offer was set between Rs 364 and Rs 383 per share.

May 27, 2024, 12:51 pm IST

MM Forgings Ltd shares Zoom 15% Ahead OF May 29 Board Meeting

MM Forgings Ltd shares today (May 27) witnessed a sharp rally of 14.79% on BSE at the time of writing the story (11:51 am). Current market price of MM Forgings share on BSE is Rs 1291.85 per share. MM Forgings shares already gained 14.52% in last 1-week span only and soared 1591% in last 10-yearrs. The FII-backed auto ancillaries stock has a market cap of Rs 3,118.63 crore. It is worth mentioning here that FII/FPI stake in MM Forgings soared from 1.93% to 2.28% in March 2024 quarter. Meanwhile, number of FII/FPI investors rose from 35 to 37 in March 2024 quarter. Its board of directors will hold meeting on May 29 to consider financial results, dividend and bonus share.

May 27, 2024, 12:33 pm IST

Yellow Metal Shines, Prices Rise After Huge Drop; 24K/100 Grams Up By Rs 2700

Gold prices in India today witnessed rally on May 27 after remaining stable on May 26, May 25, and witnessing sharp decline on May 24 and May 23 tracking global rates as investors trimmed expectations of an interest rate cut by the Federal Reserve. 22k gold price today is quoting at Rs 66,650/10 grams after the rally by Rs 250 and 100 grams of 22 carat yellow metal prices today surged by Rs 2500 to Rs 6,66,500 in India. 24k gold price today in India surged by Rs 270 to Rs 72,710/10 grams and 100 grams of 24 carat yellow metal got dearer by Rs 2,700 to Rs 7,27,100 in the country. Meanwhile, 18k precious metal prices today surged by Rs 200 to Rs 54,530/10 grams and 100 grams of 18 carat gold prices rallied by Rs 2000 to Rs 5,45,300 in the country. Silver Prices Today: Silver prices India today witnessed sharp rally. 1 kg silver prices jumped by Rs 1500 to Rs 93,000 and 100 grams of silver prices today are retailing at Rs 9,300 after rising by Rs 150.

May 27, 2024, 11:48 am IST

Affle India's Shares Jump 6% After Strong Q4

Affle (India) Ltd. shares surged over 5% on Monday following the company's remarkable growth in both year-on-year and sequential performance. By 10:50 am, the stock was trading 3.50% higher at ₹1,270.80 on the NSE. In its Q4FY24 report, Affle (India) posted a 40% year-on-year increase in consolidated net profit, reaching ₹87.5 crore. Sequentially, net profit rose by 14% from ₹76.8 crore in the previous December quarter.

May 27, 2024, 11:17 am IST

Nazara Technologies’s Promoter Sells Over 6% Equity To Plutus Wealth Management In A Block Deal

Nazara Technologies announced on Monday, May 27, that its promoter Mitter Infotech LLP has sold 48.84 lakh equity shares, equivalent to 6.36% of its stake, to Plutus Wealth Management in a block deal window. This transaction will offer liquidity for the promoters, who have committed 25 years to the company's development. Despite the sale, the promoters will maintain control of the company, with Nitesh Mittersain remaining in his role as CEO and joint managing director, as per Nazara Tech's statement.

May 27, 2024, 10:54 am IST

NSE To Reduce Tick Size To 1 Paisa For Stocks Under ₹250 From June 10th

The National Stock Exchange (NSE) has announced the introduction of a one paisa tick size for stocks priced below ₹250 per share, effective June 10th. This change aims to enhance liquidity and improve price discovery by allowing more precise price adjustments. Currently set at five paise, the tick size for these stocks will be reduced to one paisa. The adjustment will apply to all securities except Exchange-Traded Funds (ETFs) under various series. Additionally, the tick size for T+1 settlement securities will also apply to T+0 settlement securities (series T0). The NSE will conduct monthly reviews and adjustments of tick sizes based on the closing prices of the last trading day of each month, as stated in a circular.

May 27, 2024, 10:39 am IST

Week's Global Market Outlook From Alex Volkov, Market Analyst At VT Markets

Week ahead: PCE data to play integral role in Fed rate decisions The Dow Jones and S&P 500 both ended their multi-week winning streaks, a shift driven by economic data that came in hotter than expected. This unexpected strength in the economy has prompted many to push back their expectations for Federal Reserve rate cuts, creating caution in interest rate-sensitive sectors. Meanwhile, the Nasdaq is set to extend its winning streak, buoyed by Nvidia’s standout performance. Nvidia’s earnings report was a highlight, with shares surging 9.3%, reflecting strong investor confidence in the company’s future prospects. Commodity performance Crude oil prices fell 3.3%, trading at .90 per barrel, impacted by robust US economic data and heightened rate expectations. Gold similarly dropped by 3.3% to 33, as higher US yields and a stronger dollar weighed on the precious metal What to focus on this week With the country’s monthly CPI Indicator coming in on Wednesday this week, traders and analysts are keenly watching for signs of inflationary trends that might influence monetary policy decisions. Australia's Q1 2024 headline inflation rose by 3.6% year-over-year, exceeding market expectations of 3.4%. Trimmed mean core inflation also increased by 4% year-over-year, surpassing the anticipated 3.8%. In the Euro Area, April headline inflation remained stable at 2.4% year-over-year, while core inflation fell for the ninth consecutive month to 2.7%. Market expectations are for headline inflation to remain at 2.4% year-over-year and core inflation to ease to 2.5%. With the inflation report for the Euro Area due on Friday, 31 May, traders are closely monitoring these figures as they could significantly impact the European Central Bank's (ECB) policy decisions. A 25 basis points rate cut by the ECB is almost fully priced in for June, contingent on no inflationary surprises. The upcoming report will therefore be pivotal in shaping market sentiment and the ECB's next moves. The Federal Reserve, for one, has indicated a willingness to hike rates further if necessary, reducing the probability of a rate cut in the near term. This upcoming report will be essential in determining the Fed's monetary policy direction. This week, companies reporting include Salesforce, Kohls Corp, Costco Wholesale Corp, Nordstrom, Marvell Technology, and Zscaler. Their earnings results will provide further insights into sector-specific performance and broader market trends.

May 27, 2024, 10:12 am IST

Jefferies Forecasts Tripling Of EBITDA For GMR Airports In Five Years

Jefferies, a brokerage firm, has begun covering GMR Airports Ltd. with a "buy" recommendation and a price target of ₹100, implying a potential upside of 15% from current levels. The firm believes that GMR Airports is transitioning from a utility to a retail consumption play, poised to benefit from robust growth in air traffic, travel retail opportunities, increased aero tariffs, and the unlocking of real estate potential. Jefferies anticipates further re-rating, supported by corporate structure simplification, improved leverage ratios, and backing from Groupe ADP. GMR Airports, India's largest private airport operator, manages two of the country's busiest airports, Delhi and Hyderabad, accounting for a cumulative share of 27% of India's passenger traffic.

May 27, 2024, 10:00 am IST

NTPC Stock Remains Flat After Release Of Q4 Earnings

Following the release of its fourth-quarter earnings report, shares of NTPC remained relatively unchanged in trading activity. In the fourth quarter, on a standalone basis compared to the previous year, the company's profit dipped by 2% to Rs 5,556.4 crore, down from Rs 5,672.3 crore. However, there was a 2.9% increase in revenue, climbing to Rs 42,532.2 crore from Rs 41,317.9 crore. On a consolidated year-over-year basis, the company's profit witnessed a notable surge, rising by 33% to Rs 6,490 crore compared to Rs 4,871.6 crore. Additionally, revenue saw an increase of 7.6% , reaching Rs 47,622 crore compared to Rs 44,253.2 crore. Other income also more than doubled, jumping to Rs 1,194.5 crore from Rs 491.8 crore. Moreover, the board has recommended a final dividend of Rs 3.25 per share.

May 27, 2024, 9:59 am IST

Gold Bounces Back From 2-Week Low As Investors Monitor US Inflation Data

Gold prices rebounded on Monday from a recent two-week low, a reversal attributed to traders' attention turning towards forthcoming US inflation data amidst diminishing expectations of interest rate adjustments by the Federal Reserve. Spot gold observed a 0.5% increase, reaching ,346.31 per ounce, after touching its lowest point since May 9 at ,325.19 on Friday. Concurrently, US gold futures saw a rise of 0.6% to ,347.60. Despite reaching a peak of ,449.89 earlier in the week, gold has since experienced a decline exceeding 0.

May 27, 2024, 9:21 am IST

Market Opens At Record High

The Indian benchmark indices opened higher on May 27, with the Nifty crossing the 23,000 mark. The Sensex rose by 214.20 points, or 0.28%, to 75,624.59, while the Nifty increased by 57.40 points, or 0.25%, to 23,014.50.

May 27, 2024, 9:04 am IST

Rupee Opens Flat

Rupee opens flat at 83.09 against US Dollar on Monday.

May 27, 2024, 9:02 am IST

Oil Prices Steady Ahead Of OPEC+ Meeting

Oil prices remained stable in early Asian trading on Monday as markets awaited the OPEC+ meeting on June 2, where producers are expected to discuss maintaining voluntary output cuts for the rest of the year. The Brent crude July contract edged up 11 cents to .23 a barrel, while the more-active August contract rose 13 cents to .97. U.S. West Texas Intermediate (WTI) crude futures also increased by 13 cents, reaching .85.

May 27, 2024, 9:00 am IST

Dollar Holds Steady Ahead Of Key Global Inflation Data

The dollar remained firm at the start of the week as investors focused on upcoming inflation data from the US, Europe, and Japan to gauge the global interest rate outlook. Key reports include German inflation on Wednesday and eurozone readings on Friday, which are expected to confirm a European rate cut anticipated by traders for next week. Sterling was testing the upper limit of its range for the year at .2735. Meanwhile, the Australian and New Zealand dollars have eased from recent highs, with the Aussie at {live-blog}.6626 and the kiwi at {live-blog}.6122, as markets have moderated expectations for US interest rate cuts.

May 27, 2024, 8:52 am IST

Asian Markets Edge Higher; Taiwan Weighted Up 1%

Asian shares traded higher on Monday as investors prepared for a busy week of economic data, culminating in a key US inflation report. This report could influence future interest rate cuts in the US, though such cuts are not expected for several months.

May 27, 2024, 8:44 am IST

US Stocks Rebound To Close Higher, Dow Ends Week In Red

US stocks rebounded on Friday from sharp losses the previous day, driven by news of an improving consumer outlook on inflation. This boost helped the Nasdaq achieve its fifth consecutive week of gains and a record closing high. The Dow Jones Industrial Average inched up 4.33 points, or 0.01%, to 39,069.59. The S&P 500 climbed 36.88 points, or 0.70%, to 5,304.72, while the Nasdaq Composite surged 184.76 points, or 1.10%, to 16,920.79.