Stock Market Live Updates: Market Ends With Deep Cuts; Sensex & Nifty Fall For The 4th Consecutive Session

Indian benchmark indices closed in the red for the fourth consecutive session on May 29, with the Nifty ending around 22,700. Notable losers on the Nifty included HDFC Life, SBI Life Insurance, ICICI Bank, Tata Consumer Products, and Tech Mahindra. Meanwhile, top gainers were Hindalco, Power Grid Corp, Divis Labs, Nestle, and Cipla.

Sectoral performance was mixed: capital goods, healthcare, metal, and power sectors ended in positive territory, while auto, banking, FMCG, IT, oil & gas, and realty sectors declined by 0.3-1%. The BSE midcap and smallcap indices both rose by 0.3%.

Additionally, the Indian Rupee weakened by 16 paise, closing at 83.34 per Dollar compared to the previous close of 83.18.

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May 29, 2024, 3:43 pm IST

Market Ends With Deep Cuts

Indian benchmark indices closed in the red for the fourth consecutive session on May 29, with the Nifty ending around 22,700. Notable losers on the Nifty included HDFC Life, SBI Life Insurance, ICICI Bank, Tata Consumer Products, and Tech Mahindra. Meanwhile, top gainers were Hindalco, Power Grid Corp, Divis Labs, Nestle, and Cipla. Indian benchmark indices closed in the red for the fourth consecutive session on May 29, with the Nifty ending around 22,700. Notable losers on the Nifty included HDFC Life, SBI Life Insurance, ICICI Bank, Tata Consumer Products, and Tech Mahindra. Meanwhile, top gainers were Hindalco, Power Grid Corp, Divis Labs, Nestle, and Cipla.

May 29, 2024, 1:56 pm IST

Campus Activewear Shares Rally 16% On Healthy Q4

Campus Activewear shares witnessed stunning rally of 16% after recording robust Q4 results. Current market price of Campus Activewear share on BSE is Rs 290.50 per share. Campus Activewear shares soared 11% in last 1-week. Post the earnings release, Motilal Oswal retained buy call on the stock with a target price of Rs 295. JM Financial also retained buy call on the stock, but cut the target price to Rs 295 per share. The footwear maker's net profit soared 42.6% year-on-year to Rs 32.7 crore during the quarter and revenue jumped 4.6% YoY to Rs 364 crore. Sequentially, the bottomline of Campus Activewear rose but the topline saw a decline.

May 29, 2024, 1:39 pm IST

Silver Price In India Jumps By Rs 10,900 In 10-Days; Crosses 1 Lakh Mark In This City

Silver prices have been witnessing sharp rally for some time now. In last 10-days only, 1kg silver prices have already surged by Rs 10,900 to Rs 97,700 on May 29, 2024. The prices of silver have already crossed 1-lakh mark in Chennai where 1kg silver prices are retailing at Rs 1,02,200. Silver price in India was recorded at Rs 78, 600 on January 1, 2024 and today the price is Rs 97,700. From January 1, 2024 to May 29, 2024, silver prices have rallied by Rs 19,100 barely in 4-months or by 24.3%. In last 10-days, silver prices declined by Rs 6,200 in India. Silver prices today surged by Rs 1200 to settle at Rs 97,700. Spot Silver Price Today: Spot silver declined 0.4% to .99, platinum was down 0.7% to ,056.06 and palladium gained 0.6% to 8.47. Market experts say that the ongoing weakness in US dollar led to rally in silver and gold prices. Meanwhile, the US GDP and PCE data will be released on Thursday and market experts are anticipating the data to be flat which will remain positive for bullion market.

May 29, 2024, 1:27 pm IST

Board Of Adani Enterprises Approves Fund Raise Worth Rs 16,600 Crore Via QIP

The board of Adani Enterprises has given the green light to raise Rs 16,600 crore via the Qualified Institutional Placement (QIP) route. This decision, announced on Tuesday, marks a crucial step in the conglomerate's strategy to boost its financial health and fuel its expansive ambitions across various sectors. "We wish to inform you that the Board of Directors... has inter-alia approved raising of funds by way of issuance of such number of equity shares having face value of Re 1 each of the Company and/or other eligible securities or any combination thereof for an aggregate amount not exceeding Rs 16,600 crore or an equivalent amount thereof by way of qualified institutional placement (QIP) or other permissible mode in one or more tranches," stated Adani Enterprises in a regulatory filing.

May 29, 2024, 12:51 pm IST

Sensex Today: Dr V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services

The nervousness in the market continues with uncertainty regarding the election results. An important sustaining trend during this uncertain phase is the continuous buying by DIIs which has reached around Rs 45000 crores so far this month. This can be interpreted as a reflection of expectation of political stability after the election results. However, it appears that retail and HNIs are in a wait and watch mode. FII selling intensity has slowed down considerably recently. From the global perspective, there are positives as well as negatives. The positive is the Nasdaq setting a new record high imparting resilience to the mother market.

May 29, 2024, 12:14 pm IST

Gold Price India: No Respite In Prices, 24K/100 Grams Gold Up By Rs 7600 In 3-Days

Gold prices in India witnessed rally for third consecutive day today ahead of crucial inflation data, which could throw more light on Federal Reserve’s interest rate trajectory. US GDP data and core PCE data will be released on Thursday and experts are anticipating flat data. 22k gold price today rallied for 3rd day in a row to Rs 67,100/10 grams after recording jump by Rs 250 and 100 grams of 22 carat yellow metal surged by Rs 2500 to Rs 6,71,000. 24k gold prices in India today rallied by Rs 270 to Rs 73,200/10 grams and 100 grams of 24 carat precious metal surged by Rs 2700 to Rs 7,32,000. It is worth noting here that 100 grams of 24k gold prices surged by Rs 7600 in last 3-days to Rs 7,32,000. 18 carat gold prices today jumped by 200 to Rs 54,900/10 grams and 100 grams of 18 carat gold soared by Rs 2000 to Rs 5,49,000 on May 29, 2024.

May 29, 2024, 12:13 pm IST

Campus Activewear Stock Surges Over 17% On Strong Profit Performance In March Quarter

Shares of Campus Activewear, a sports and athleisure footwear firm, soared by almost 14% on Wednesday, May 29th, a day subsequent to the company's announcement of a 43% surge in net profit for the March quarter in comparison to the previous year. The stock commenced trading 4.3% higher at ₹261.05 per share on the BSE, marking an increase from its prior close of ₹250.2 per share. It then escalated to an intra-day peak of ₹295.95 per share, reflecting a rise of over 17% from Tuesday's closing price. Campus Activewear unveiled its quarterly financial results on Tuesday post-market hours. Notably, the company's net profit for the March quarter skyrocketed by 42.76% to ₹32.75 crore, compared to ₹22.94 crore in the corresponding period of the previous year.

May 29, 2024, 11:50 am IST

Suzlon's Stock Surges 4% Following 551 MW Order Win

In an exchange filing, Suzlon Energy Ltd. announced securing a new order of 551.25 MW for its 3 MW Wind Turbine series from the Aditya Birla Group. The order is slated to be executed at two sites: 368.55 MW in Rajasthan's Barmer district and 182.7 MW in Gujarat's Bhuj district. The power generated from these projects will be utilized by the Aditya Birla Group for captive usage. This initiative is expected to provide electricity to nearly 454,000 households and reduce carbon dioxide emissions by approximately 1.792 million tonnes annually.

May 29, 2024, 11:24 am IST

Avendus Introduces ₹3,000-Crore Late-Stage Fund For Tech And Healthcare Firm Investments

Avendus, a financial services firm, has introduced its third Future Leaders Fund, with a target raise of approximately ₹3,000 crore, with an option to increase by up to ₹1,500 crore through a green-shoe option. This late-stage fund will concentrate on significant investments in private markets, aiming for 10-12 investments with an average ticket size ranging between ₹200-300 crore each, as stated by Avendus in a Wednesday release. The fund will prioritize sectors including financial services, consumption, digital and technology, healthcare, and manufacturing.

May 29, 2024, 10:46 am IST

Goldman Sachs And BNP Paribas Emerged As Top Buyers In ₹900 Crore Inox Wind Promoter Sale

Inox Wind Energy Ltd., a promoter entity of Inox Wind Ltd., announced on Tuesday to the exchanges that it has divested 4.5% of equity in the company through open market block deals. This transaction, valued at approximately ₹900 crore, reduces Inox Wind Energy's stake in Inox Wind to 33.83%, down from 38.43% as of the end of the March quarter. The buyers in this block deal included Goldman Sachs (Singapore) Pte, BNP Paribas Arbitrage, and another fund named Okoworld Okovision Classic. Goldman Sachs acquired 26 lakh shares, BNP Paribas Arbitrage acquired 16.5 lakh shares, and Okoworld Okovision Classic acquired 35 lakh shares in this transaction. On Tuesday, more than 50 lakh shares of Inox Wind were exchanged in the block deal.

May 29, 2024, 10:21 am IST

CCI Approves ITC's Hotel Business Demerger Into Separate Entity

The Competition Commission of India (CCI) has approved ITC's hotel business demerger into a distinct entity. This approval sets the stage for the separate listing of ITC Hotels' shares. Following the National Company Law Tribunal's (NCLT) directive, ITC is slated to hold a shareholder meeting on June 6, 2024, to deliberate and sanction the proposed demerger of its hotel arm. ITC's board had previously given the nod for the demerger on August 14, 2023, outlining an estimated timeline of around 15 months for the new entity's listing. Under the demerger scheme, ITC shareholders are anticipated to retain approximately 60 percent direct ownership in ITC Hotels (proportional to their stake in ITC), while ITC will retain the remaining 40 percent stake. Notably, no cash considerations are involved in this demerger arrangement.

May 29, 2024, 10:00 am IST

Hindalco Shares In Focus As Novelis Launches IPO Roadshow

Novelis has announced the launch of its IPO roadshow, planning to sell 45 million shares priced between and each. This sale will result in a 7.5% equity dilution. Hindalco, the parent company, is set to receive between Rs 6,700 crore and Rs 7,800 crore from the IPO. The equity valuation ranges from .8 billion to .6 billion, translating to an enterprise value of .1 billion to .9 billion.

May 29, 2024, 9:28 am IST

Market Opens With Deep Cuts

Indian benchmark indices opened lower on Wednesday, weighed down by weak signals from global markets. At the opening bell, the Sensex dropped 245.91 points, or 0.33%, to 74,924.54, while the Nifty fell 82.05 points, or 0.36%, to 22,806.10.

May 29, 2024, 9:23 am IST

Rupee Opens Lower

Indian Rupee opens at 83.21 versus Tuesday's close of 83.17 against US Dollar.

May 29, 2024, 8:41 am IST

Oil Prices Rise Amid Geopolitical Tensions Ahead Of OPEC+ Meeting

Oil prices continued to climb as heightened geopolitical tensions in the Middle East, marked by another attack on a ship in the Red Sea, added to market concerns ahead of the OPEC+ meeting. Brent crude futures surpassed , following a 1.4% increase on Tuesday, while West Texas Intermediate traded above . The attack on a bulk carrier in the key waterway and Israeli tanks reaching the center of Rafah in Gaza have further fueled uncertainty.

May 29, 2024, 8:39 am IST

Asian Markets Dip Amid Bond Selloff, Mixed Economic Signals

Asian stocks experienced a weak start as traders evaluated a bond selloff, mixed economic data, and comments from Federal Reserve officials for policy direction clues. Shares in Australia and South Korea declined, while Japan saw gains. Futures for Hong Kong equity benchmarks pointed to a lower opening. Treasuries stabilized in Asia following declines caused by weak US note sales and anticipation of the Fed’s preferred price gauge later this week.