Sensex ended the day with the gain of 1,197 points to 75,418 and Nifty soared 370 points to 22,967 on Thursday, 22 May, 2024. Nifty Bank rallied 987 points to 48,768 and Nifty Midcap zoomed 251 points to 52,418. Banking and ETF sectors witnessed a surge today. Shares of Adani Enterprises, IRFC, M&M emerged as the top gainers of the day. Whereas, Vedanta, Sun Pharmaceuticals, LIC were among the top losers in the market today.
On Thursday, May 23, all ten publicly listed companies within the Adani Group experienced gains in trading, coinciding with record highs in both benchmark indices, Sensex and Nifty. Adani Enterprises is set to create a milestone by entering the esteemed 30-stock index. With a remarkable 9% increase this month and a staggering 54% surge over the past six months, the stock's trajectory underscores its significant market momentum.
In the pre-opening session of Dalal Street on Thursday, the benchmark indices Nifty and Sensex opened on a flat note. IndusInd Bank, ONGC, L&T, Axis Bank and Asian Paints were the top gainers while the top 5 losers were Power Grid, Sun Pharma, Hindalco, JSW Steel and Grasim Ind in the early trade.
IIFL Alternative Research predicts that Adani Enterprises (AEL) stock will replace Wipro on the BSE Sensex in the upcoming benchmark index rejig. The official announcement is anticipated on Friday, May 24, coinciding with the semi-annual rebalancing process for the BSE indices.
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May 23, 2024, 3:25 pm IST
ITC's Q4 Results: Profit Sees Marginal Decline To Rs 5,120 Crore; Declares Dividend Of ₹7.5 Per Share
ITC Ltd's fourth-quarter results indicate a 2% year-on-year surge in revenue from operations, totaling Rs 19,446 crore for the January-March 2024 period, compared to Rs 19,058 crore in the corresponding period last year. Despite a marginal 1.4% decline in consolidated net profit, amounting to Rs 5,120 crore, slightly below the estimated Rs 5,149 crore, the company demonstrated resilient performance across key segments. Notable highlights include a 7.6% growth in cigarettes revenue (Rs 7,920 crore), a 7.3% increase in FMCG revenue (Rs 5,300 crore), and a significant 15% growth in hotels revenue (Rs 898 crore). However, agriculture business revenue witnessed a 13% year-on-year decline, totaling Rs 3,100 crore.
May 23, 2024, 3:13 pm IST
Jio Financial Seeks Shareholder Approval For Foreign Investments Through Equity
Shares of Jio Financial Services Ltd, a Nifty 50 giant, are up by 5% in Thursday's trading. In a filing to the stock exchange, the company disclosed its intention to secure shareholder approval for foreign investments, including foreign portfolio investments, up to 49% through equity. Owned by Mukesh Ambani, the company posted a 6% sequential increase in consolidated net profit, reaching ₹311 crore for the quarter ending March 2024, compared to ₹294 crore in the preceding December quarter.
May 23, 2024, 2:51 pm IST
KPI Green Energy Initiates Stock Split Following Bonus Issue And 450% Surge
Following a board meeting on Thursday, KPI Green Energy announced its plans for an inaugural stock split, dividing each existing share with a face value of Rs.10 into two shares valued at Rs.5 each. This initiative follows earlier actions, including a bonus share issuance earlier this year, where one bonus share was granted for every two shares held, and a free share issuance in 2023, offering one free share for every existing share held. Additionally, the board previously recommended a final dividend of 2% per equity share, with a face value of Rs.10 each, for FY24. This dividend proposal awaits shareholder approval at the upcoming annual general meeting.
May 23, 2024, 2:37 pm IST
Nifty 50 Surges Past 22,950 Mark For First Time, Sensex Hits Record High
The Nifty 50 index has surpassed the 22,900 mark for the first time ever, while the Sensex reached a new record high, crossing its previous level of 75,124.3. The rally saw the Nifty, Sensex, and Nifty Midcap 100 all hitting all-time highs. Key contributors to Nifty's gains include L&T, Axis Bank, and ICICI Bank. The Nifty PSU Bank index led sectoral advancements, with Bank of Baroda and Union Bank both rising over 3%. Additionally, all Adani Group stocks are trading positively.
May 23, 2024, 2:23 pm IST
HEG Decides To Demerge Business That Was 94% Of Its FY24 Revenue; Stock Falls 7%
Despite a strong 60% rally over the past six months, HEG Ltd. encountered a sharp decline in share value following the revelation of its graphite business spin-off. Traders swiftly unload stocks, causing a 7% dip on Thursday, hitting a day's low at Rs.2,509.20. The graphite electrode manufacturer has greenlit the demerger of its graphite segment into a new entity, alongside the merger of Bhilwara Energy. This strategic maneuver aims to unlock shareholder value, although the graphite business represented a staggering 94.41% of the company's total turnover in the fiscal year 2024.
May 23, 2024, 1:44 pm IST
Record Surplus Likely To Have 0.2-0.3% Of GDP Impact On Govt Finances, Says Finance Secretary
Record surplus transfer from the Reserve Bank of India is estimated to have impact up to 30 basis points of GDP on government finances, Finance Secretary TV Somnathan said. Meanwhile, another official said that impact on government finances cannot be directly translated into fiscal deficit number.
“Transfer of ₹ 2.10-lakh crore likely to have impact ranging between 0.2 to 0.3 per cent of GDP on government finance,” Somnathan said. Another official said that this does not translate directly into fiscal deficit number for fiscal year 2024-25 (FY 25). “There are so many other things to keep in mind including possible increase in the expenditure. So, what will be our fiscal deficit number in full Budget of FY 25, that can not be said now,” he said.
Final Budget for FY25 is expected to be presented in July, post formation of government. In the interim budget, the government said that as announced in the Budget Speech for FY 2021-22, it would continue on the broad glide path of fiscal consolidation to reach a fiscal deficit to GDP level below 4.5 per cent by FY 2025-26. In line with this commitment, RE 2023-24 projects fiscal deficit to GDP of 5.8 per cent, which is lower than the Budget estimate of 5.9 per cent. It is estimated that the fiscal deficit will be 5.1 per cent of GDP in FY 2024-25, the Budget document said.
The government had budgeted a receipt of ₹1.02-lakh crore as dividends from the RBI, public sector banks and financial institutions in the interim budget for FY25. The dividend or surplus transfer by the RBI to the Centre was ₹87,416 crore for fiscal 2022–23. The previous high was ₹1.76-lakh crore in 2018-19.
During the current fiscal, revenue collection has begun on a very positive note with GST collection in April crossed ₹2-lakh crore. Experts believe that the interim budget revenue targets for FY24-25 are a tad conservative, with the government assuming a tax buoyancy lower than the previous year. “Given that nominal GDP growth for FY24-25 (interim budget projection: 10.5 per cent) is expected to grow faster than FY23-24 (9.1 per cent), we think there is a possibility of an overshoot in revenue receipts, provided that economic momentum holds up,” Shreya Sodhani, Regional Economist of Barclays said in a note.
May 23, 2024, 1:31 pm IST
Market At Record High
The Nifty index has surpassed the 22,800 mark for the first time, with the Nifty and Nifty Midcap 100 both reaching record highs. Major contributors to Nifty's gains include L&T, Axis Bank, and ICICI Bank. The Nifty PSU Bank index led sectoral gains, with Bank of Baroda and Union Bank each rising over 3%. Additionally, all Adani Group stocks are trading in the green, with Adani Enterprises up by 5%.
May 23, 2024, 1:22 pm IST
Post Listing View On Go Digit From Shivani Nyati, Head Of Wealth, Swastika Investmart Ltd.
Go Digit, the fast-growing general insurance company, witnessed a moderate debut on the stock exchanges, listing at Rs. 286 per share. This translates to a 5.15% gain over its issue price of Rs. 272. While positive, this performance falls short of pre-listing expectations and the grey market premium (GMP) which suggested a potential gain of around 10%. Go Digit's position as the fastest-growing private non-life insurer by GWP in India positions it for continued success in the dynamic insurance market. The company's advanced technology platform and focus on innovation bode well for its future. Go Digit's moderate listing necessitates a balanced approach from investors. While the company possesses strong long-term potential, careful consideration of the valuation and competitive landscape is crucial. Investors may hold their position by keeping a stoploss at the issue price.
May 23, 2024, 1:21 pm IST
Torrent Power Shares Rise 2% as Board Approves Major Fundraising
Torrent Power saw its shares rise by 2% following key decisions by its board. Despite a 7.6% drop in profit to Rs 447 crore from Rs 484 crore, the company's revenue increased by 8.1%, reaching Rs 6,529 crore compared to Rs 6,038 crore. The board approved the issuance of non-convertible debentures up to Rs 3,000 crore and the raising of funds via Qualified Institutional Placement (QIP) up to Rs 5,000 crore.
May 23, 2024, 12:35 pm IST
Adani Enterprises Likely To Replace Wipro On BSE Sensex
Gautam Adani-led conglomerate, Adani Enterprises is expected to be included in the 30-share BSE Sensex index, replacing Wipro. This change, as reported by IIFL Alternative Research, will be officially announced on Friday, May 24, coinciding with the semi-annual rebalancing of the BSE indices.
May 23, 2024, 12:33 pm IST
Adani Enterprises set to replace Wipro in Sensex; first Adani Group stock to enter benchmark
Adani Enterprises shares are expected to replace Wipro on Sensex in the coming rejig of the benchmark index, said IIFL Alternative Research in a note. The official announcement is expected on May 24, according to Moneycontrol.
A bomb threat mail was sent to three reputed hotels including The Oterra in Bengaluru, ANI reported."Teams of bomb squad and police are currently at The Oterra hotel," DCP South East Bengaluru told the news agency.
May 23, 2024, 12:21 pm IST
Go Digit Share Price Gains 7% Post Moderate Listing
Go Digit General Insurance share price listed with premium of 3.34% at Rs 281.10 on the BSE and with 5.1% premium on the NSE at Rs 286.
Delhi's hot weather doesn't seem to be cooling down anytime soon. According to the India Meteorological Department's (IMD) regional centre in Delhi, the heatwaves are only going to get worse. Below are all the details you need to know.
May 23, 2024, 12:05 pm IST
India May Business Growth Robust As Exports Jump At Record Pace, PMI
Business activity increased robustly in May, driven by the dominant services industry, according to a survey that showed exports jumping at a record high pace and the sharpest job addition rate in nearly 18 years.
May 23, 2024, 11:47 am IST
Adani Energy Board To Deliberate Fundraising Strategies
Adani Energy announced that its board of directors will convene on May 27 to discuss various fundraising options. These options include private placement, qualified institutions placement, preferential issue, or other potential methods.
May 23, 2024, 10:47 am IST
Muted Listing: Go Digit IPO Debuts At 5% Premium
Go Digit General Insurance made a modest debut on the Indian stock exchanges today. The shares of the digital insurance provider opened at Rs 286 on the National Stock Exchange (NSE), representing a 5.15% premium over the issue price of Rs 272 per share. On the Bombay Stock Exchange (BSE), the stock was listed at Rs 281.10, reflecting a 3.35% premium. Despite these gains, the market's response was quieter than anticipated.
May 23, 2024, 10:29 am IST
JSW Infra & AP Moller Capital Sign MoU For Collaborative Opportunities
JSW Infrastructure has entered into a non-binding Memorandum of Understanding (MoU) with AP Moller Capital. The agreement aims to explore and evaluate potential collaborations and cooperation in both organic and inorganic opportunities within the port and related infrastructure sectors.
May 23, 2024, 9:55 am IST
Nifty Derivative Outlook
“Nifty weekly contract has highest open interest at 23000 for Calls and 22000 for Puts while monthly contracts have highest open interest at 23000 for Calls and 21000 for Puts. Highest new OI addition was seen at 23000 for Calls and 22600 for Puts in weekly and at 22800 for Calls and 22400 for Puts in monthly contracts. FIIs decreased their future index long position holdings by -3.26%, increased future index shorts by 0.46% and in index options by 15.19% decrease in Call longs, 10.37% decrease in Call short, 22.86% decrease in Put longs and 14.44% decrease in Put shorts,” said Anand James, Chief Market Strategist,Geojit Financial Services.
May 23, 2024, 9:55 am IST
Nifty Outlook Today By Anand James, Chief Market Strategist,Geojit Financial Services
With initial volatility settling post the initial hour yesterday, there appears to be no major challenge to the upside trajectory, aiming for 22720-850. But we will keep 22560 in focus, and a slippage past this could call for 22417-370.
May 23, 2024, 9:42 am IST
Sun Pharmaceutical Industries Result Update | All eyes on Deuruxolitinib launch
Amey Chalke of JM Financial said, “Sun’s management guided for high single digit revenue growth in FY25 but refrained from giving margin guidance. The R&D guidance of 8-10% is higher than FY24’s 6-7% as specialty pipeline progresses in trials. Deuruxolitinib launch is a key trigger – there are no unanswered queries but management cautioned against high launch costs. 4Q performance was healthy as US, India, EMs all delivered largely in-line double digit growth. Gross margin improvement was offset by higher R&D and promotional expenses; low tax rates and higher other income led to PAT beat. Global specialty sales grew at a slower pace of 11% (USD 271mn). gRevlimid was higher QoQ (~mn). South Africa and Brazil were key drivers for Sun’s EM business (+17% cc). Ilumya grew 21.7%YoY to USD 580mn in FY24 – while biosimilars competition remains a potential threat, past data and PsA launch are key drivers for this asset. Sun’s annual operating cash flows of USD 1bn+ and potential access to Taro’s rich cash reserves creates room for bolder and bigger bets in the specialty segment, in our view. The key focus area remains derma and eye-care in the US. Given the robust long-term specialty outlook, domestic leadership, strong cash position and risk-appetite for large M&As, we maintain BUY with a Mar’25 TP of INR 1,655.”
May 23, 2024, 9:37 am IST
Opening bell
2,239 stocks traded, 1,416 advanced, 744 declined and 79 were unchanged in the early trade.
Mr. Aditya Gaggar, Director of Progressive Shares said we recommend a BUY on the company at the current market price of Rs740 with the closing stop loss of Rs 560 for a target of Rs1000-Rs1260 with a horizon of 9–12 months.
May 23, 2024, 9:15 am IST
Rupee Vs Dollar
Rupee opens lower at 83.28 vs Dollar on Thursday.
May 23, 2024, 8:59 am IST
Market Outlook Today By Aditya Gaggar, Director of Progressive Shares
Heavyweights-led recovery pushed the Index higher to end the 22nd May trade at 22,598. The presence of strong momentum was seen as the Index has made back-to-back green candles on the daily chart indicating a high probability of retesting its previous high of 22,780 while on the lower side, the support is placed at 22,470. BankNifty remained an area of concern and limited the upmove of Nifty50. A firm move above 48,200 is a must to regain its momentum while 47,500 acts as a strong support. The Auto sector has been oscillating in a thin range, and at any point in time, we can expect a breakout. Coal India from the Energy segment is performing as per our expectations and we continue to hold a positive stance. A bullish Flag and Pole Formation breakout in the FMCG sector suggests continuation of the current underlying uptrend. We can expect some profit booking correction in the Metal sector; however, the underlying uptrend will remain intact and such corrections will provide better entry points. The Pharma sector is on the verge of giving a much-awaited range breakout and post the breakout, we can foresee a strong outperformance.
May 23, 2024, 8:22 am IST
Outlook By V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services On RBI’s Rs 2.11 Lakh Cr Dividend Payout To Govt
RBI is not a commercial organisation that earns profits. But it has a huge income. RBI earns huge income from seigniorage, i.e, printing of currency and putting that currency into circulation. The cost of printing a Rs 500 note is around Rs 2. So when RBI prints it and puts it into circulation, it makes a profit of Rs 498.
RBI subscribes to the bonds issued by the Government of India by printing currency and earns interest on that. The government pays interest by taxing the people. So the money should be spent on people’s welfare. That’s why part of RBI’s surpluses are transferred to the government for meeting public expenditure.
May 23, 2024, 7:51 am IST
Bank Nifty Outlook By Om Mehra, Technical Analyst, SAMCO Securities
While the index may oscillate within a broader range, weakness will be confirmed if it falls below 47,600. To resume its uptrend, the index must break above 48,100. Traders should remain watchful as large swings are to be anticipated.
May 23, 2024, 7:50 am IST
Nifty Outlook By Om Mehra, Technical Analyst, SAMCO Securities
The index formed a bullish candle with a long tail, indicating strong buying interest and the bulls' confidence. Currently, Nifty is holding its position above the previous resistance zone of 22,590, which is now acting as a crucial support level. Immediate support is seen at 22,500, suggesting that any minor pullback could present a buying opportunity at this level. If the upward momentum continues, the index might move towards 22,750, with the potential to breach its all-time high of 22,794.70.
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