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Is the Indian Stock Market Closed Today due to the Lok Sabha Elections?

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This month, on May 1, the Stock Market was closed except on May 20 owing to Maharashtra Day, which marks the anniversary of the state of Maharashtra’s creation on May 1, 1960.

On May 20, there will be a notable closure of both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). This is because the second vacation of the month falls on the fifth voting phase of the Lok Sabha Election 2024 in Mumbai. Since all six of the city’s seats are scheduled for polling, the shutdown is consistent with the seven-phase election.

This month, on May 1, the market was closed except on May 20 owing to Maharashtra Day, which marks the anniversary of the state of Maharashtra’s creation on May 1, 1960. This came after the Indian states were reorganised linguistically.

Also Read Today’s Stock Market Trading Guide: Dow Jones, Gift Nifty, and Go Digit IPO.

The Maharashtra Lok Sabha elections are divided into five parts. The dates of the first four phases are April 19, April 26, May 7, and May 13, respectively. The last stage is scheduled for May 20. On June 4, the votes will be counted.

Maharashtra banks will be closed on May 20 due to the general election’s fifth phase. Thirteen of the state’s forty-eight Lok Sabha constituencies—Dhule, Dindori, Nashik, Kalyan, Palghar, Bhiwandi, Thane, Mumbai North, Mumbai North-West, Mumbai North-East, Mumbai North-Central, Mumbai South-Central, and Mumbai South—will be voting in this phase.

Here’s a list of market holidays in 2024 –

  • May 20 – General Elections
  • June 17- Bakrid
  • July 17- Muharram
  • August 15- Independence Day
  • October 2- Gandhi Jayanti
  • November 1- Diwali
  • November 15- Guru Nanak Jayanti
  • December 25- Christmas

Stock Market Update

The Sensex and Nifty 50, which are key domestic stock market indicators, concluded Saturday’s trading session with upward momentum. This extends their recent three-day rally, which was buoyed by fresh foreign investments and favourable global signals. Every sectoral index finished in positive territory, with small and mid-cap indices surpassing the benchmarks in performance.

The 30-share BSE Sensex finished at 74,005.94 during the second special trading session, up 88.91 points, or 0.12%. The NSE Nifty 50 increased by 35.90 points, or 0.16%, to 22,502.00. The Nifty SmallCap 100 increased by 0.82%, while the Nifty Midcap 100 experienced a 0.51% increase in the overall market. The India VIX, a measure of anxiety, had a 3.67% surge in closure on Saturday.

Plans for a specific trading session in the stocks and equity derivative divisions scheduled on May 18 were revealed by the BSE and NSE on May 7. This session assesses their readiness to handle significant disruptions or outages at the main site.

Today’s Stock Market Trading Guide: Dow Jones, Gift Nifty, and Go Digit IPO.

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Everything you should know before Friday’s Gift Nifty Live market opening is: Present Nifty signals a sluggish start; Fed officials advise against rate-cut bets as global markets decline; Today is Go Digit IPO closure; The market opens on Saturday.

Pre-market stock update for May 17, Friday: Volatility is likely to remain an order of the day for the Indian equity market as we near the conclusion of the Lok Sabha elections. That apart, global news and FII flow also weigh on the trading sentiment. 

After yesterday’s extremely volatile session, the Nifty will likely open marginally lower this morning as the global mood seems tepid. At 07:00 AM, Gift Nifty futures quoted at 22,480, suggesting a likely marginal dip on the Nifty 50 index.

Also Read M&M Shares Hit Fresh 52-Week High on Complete Stake Sale in New Delhi Centre for Sight for ₹425 Crore.

Global markets

Overnight, the US market ended off record highs after several Federal officials warned that the central bank still needed more confidence to cut interest rates and that the timing of the move remained uncertain.

Vodafone Idea Ltd

Dow Jones crossed the 40,000 mark in intra-day deals, but eventually settled at 39,869, down 0.1 percent. The S&P 500 and Nasdaq slipped 0.2 percent each.

The US 10-year bond yield remained subdued around 4.365 per cent, near about five week lows. Among commodities, Gold futures eased back to $2,380 levels, while Brent Crude Oil continued to hover around $83 per barrel.

Equity markets in the Asia Pacific region were all in red this morning. Japan’s Nikkei declined 0.8 percent. The Australian benchmark indices fell 0.4 percent, and Malaysia’s Kospi was down 0.3 percent.

Trading strategy for Friday, May 17 – Should you be a buyer or seller today? Here’s what market experts recommend:

On the technical front, the 22,300 zone is likely to cushion upcoming blips, while 22,200-22,100 is likely to act as the next support zone for Nifty, said – Osho Krishan, Sr. Analyst – Technical & Derivative Research at Angel One.

On the higher end, 22,500-22,600 is very much in the vicinity of the bulls, especially with the kind of momentum seen on the weekly settlement session, the analyst added.

Neeraj Sharma, AVP of Technical and Derivatives Research at Asit C. Mehta Investment Intermediates too believe that the Nifty could rally to 22,500–22,600 levels in the near term. The analyst said, technically, the Nifty has surpassed the hurdle of 22,310, where the 21-day exponential moving average (21-DEMA) was placed and managed to close above it, indicating strength. Also Read Gift Nifty Live, Global Markets Hint Gap-Up Open on May 16; FIIs Trade in Focus.

Rupak De, Senior Technical Analyst at LKP Securities recommends that the over the next few days, the bulls might have the upper hand in the market as the Nifty moved above the critical moving average after several days. On the higher side, the Nifty might move towards 22,600 in the short term. Support on the lower end remains at 22,250.

Stocks in focus

Among individual stocks, Vodafone Idea will be in focus after the telecom major said it loss widened to Rs 7,674 crore in the March 2024 quarter. Gail India too will see some action after the company reported near 3-fold jump in net profit at Rs 2,469 crore.

On Friday, Amber Enterprises, Atul Auto, Balkrishna Industries, Balrampur Chini, Bandhan Bank, Delhivery, GlaxoSmithKline Pharma, Godrej Industries, JB Chemicals, JSW Steel, LT Foods, NHPC, Pfizer, The Phoenix Mills, Polyplex Corporation, RCF, Rail Vikas Nigam (RVNL), Shipping Corporation of India, Shalimar Paints, Sobha, TV Today, Gift Nifty Live Universal Cables, Zee Entertainment and Zydus Lifesciences are scheduled to announce Q4 results.

Primary Market Update

Go Digit General Insurance IPO closes today. The issue was subscribed up to 79 per cent as of yesterday. Subscription is open in the price range of Rs 258 – Rs 272 per share. Should you subscribe? 

Other news
Lastly, today is not the final trading session of the week as equity market will be open for normal trading tomorrow May 18, Saturday in special session. The stock exchanges are conducting this trading session to check their preparedness to handle major disruption or failure, if any, at the primary site.

Trading will be in two sessions, the first session will be from 9:15 am – 10 am on the primary site, followed shift in trading to Disaster Recovery Site (DRS) from 11:30 am – 12:30 pm.

M&M Shares Hit Fresh 52-Week High on Complete Stake Sale in New Delhi Centre for Sight for ₹425 Crore.

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M&M Shares: On May 14, 2024, Mahindra Holdings signed the share purchase agreement with the three bidders, NDCFS, and the eye care chain’s promoters. A total of ₹425.39 crore has been paid for the entire stake selling transaction.

On Wednesday, May 15, Mahindra & Mahindra Ltd. shares reached a new 52-week high of ₹2,306.95 per share on the NSE following the company’s announcement that its whole investment in the eye care business New Delhi Centre for Sight Limited (NDCFS) had been successfully sold for ₹425.39 crore.

Also Read Gift Nifty, Global Markets Hint Gap-Up Open on May 16; FIIs Trade in Focus.

Mahindra Holdings Limited (MHL), the firm’s wholly-owned subsidiary, entered a Share Purchase Agreement (SPA) with three bidders on Tuesday to sell its entire investment of 30.83% of the paid-up capital of NDCFS on a fully diluted basis, according to a filing the company made with the markets.

The buyers in this sale include Space Investments Limited, Defati Investments Holdings BV and Infinity Partners, and neither of them belongs to the Promoter or Promoter Group Companies of Mahindra Holdings Ltd, M&M informed the stock exchanges.

The SPA was executed by Mahindra Holdings on May 14, 2024, with the three buyers and NDCFS, along with the promoters of the eye care chain. The entire stake sale deal has been conducted for an aggregate consideration of ₹425.39 crore.

Space Investments bought 25.7% of the stake offered for sale on a fully diluted basis for a consideration of ₹354.56 crore, while Defati Investments Holdings BV picked a 2.85% stake in New Delhi Centre for Sight Limited for ₹39.4 crore, along with Infinity Partners purchasing a small 2.28% stake in NDCFS for a consideration of ₹31.43 crore.

Also Read TBO Tek Share Price Makes a Bumper Debut, Stock Opens with 55% Premium at ₹1,426 Piece on NSE.

As per the Companies Act, 2013, NDCFS is an associate company of Mahindra Holdings as well as a wholly owned subsidiary of MHL and ‘that of the Company under Indian Accounting Standards’, Mahindra & Mahindra stated in its latest exchange filing.

However, on the completion of the aforestated stake sale, the shareholding of MHL has become ‘Nil’ in NDCFS, and the latter no longer is an Associate Company of MHL, along with a joint venture.

In April 2024, the company’s domestic sales across vehicle categories grew by 13% to 68,614 vehicles against 60,481 vehicles in the year-ago period. The company’s domestic sales of vans and utility vehicles grew by 32% in April 2024 to 41,008 vehicles from 34,698 vehicles in the corresponding month of the previous year.

Mahindra and Mahindra Ltd shares were trading 1.06% higher at ₹2,294 per piece at 1:06 pm on the NSE.

Gift Nifty, Global Markets Hint Gap-Up Open on May 16; FIIs Trade in Focus.

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Pre-market stock update on Thursday, May 16:With an emphasis on FII inflows after US rates dropped to 5-week lows, equity markets in India are anticipated to follow strong foreign signals and trade on a positive note today.
Gift Nifty futures opened at 22,380 at 7:00 AM, indicating a probable 70-point gap-up on the Nifty 50 index.

Global Markets

The US market closed at all-time highs overnight as statistics revealed that US consumer prices increased less than anticipated in April, indicating that inflation has started to decline in the second quarter. According to the data, there could be many interest rate reductions in 2024.
In April, the US consumer price index (CPI) increased by 0.3%, less than the 0.4% increase that was anticipated. The figure indicates a slowdown in domestic demand, which US central bank officials are probably happy to hear as they work to facilitate a “soft-landing” for the economy.

Following which, all three indices closed at new life-time highs. Dow Jones jumped 0.9 per cent. The S&P 500 rose 1.2 per cent, and Nasdaq soared 1.4 per cent.

The US 10-year bond yield eased to 4.32 per cent, its lowest level in the last five weeks. Among commodities, Gold futures jumped back to $2,400 levels, while Brent Crude Oil hovered around $83 per barrel.

Mirroring the cues from the US peers, the Australian and Malaysian stock benchmark indices surged over 1 per cent each this morning. Taiwan too was up 0.8 per cent. Japan’s Nikkei held a 0.6 per cent gain even as data showed that its economy shrank more than expected in Q12024 hit by slowdown in consumer spending and sticky inflation.

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Domestic Cues

Thursday’s FII flows will be closely watched after a decline in US yields. In the derivatives market, the FIIs are said to have built big short positions and have been active sellers thus far in May. On Wednesday, the DIIs net bought shares worth Rs 3,788 crore, while the FIIs net sold equities worth Rs 2,833 crore.

The Foreign Portfolio Investors (FPIs) continued to aggressively build short positions in Index futures. The long short ratio on 14th May stood at 30.46 per cent, said Ashwin Ramani, Derivatives & Technical Analyst of SAMCO Securities in a note.

Foreign investors are the most pessimistic in over a decade on Indian stocks amid speculation over Prime Minister Narendra Modi’s party winning fewer seats in the ongoing national elections than previously estimated.

Net short positions – measured as the difference between the number of index futures contracts on which global funds are long to those on which they hold a short position – surged to 213,224 contracts, data compiled by Bloomberg showed. The gap is the widest since data going back to 2012. Among individual stocks, shares of oil & gas producers & explorers will be in focus on Thursday after the government, in its bi-weekly review, cut the windfall tax on petroleum crude to Rs 5,700 per metric tonne from Rs 8,400. The tax remained unchanged at zero for diesel and aviation turbine fuel.

That apart, shares of Biocon, Container Corporation of India, Crompton Greaves Consumer Electricals, DCW, eClerx Services, Endurance Technologies, Gail India, Hindustan Aeronautics (HAL), Vodafone Idea, Indian Hume Pipe, Indoco Remedies, JK Paper, Krishna Institute of Medical Sciences (KIMS), Kopran, Mahindra & Mahindra (M&M), Info Edge (Naukri), Prism Johnson, Sanghvi Movers, Solar Industries, Texmaco Rail, V-Guard and Wonderala Holidays are likely to be on investors radar ahead of Q4 results today.

Also Read TBO Tek Share Price Makes a Bumper Debut, Stock Opens with 55% Premium at ₹1,426 Piece on NSE.

Trading strategy for Thursday, May 16 – Should you be a buyer or seller today? Here’s what market experts recommend:

Ashwin Ramani of SAMCO Securities states that the support level of 22,200 which earlier acted as a strong support for Nifty, is acting as resistance now. The Nifty has failed to aggressively close above the channel support level convincingly in the last two trading sessions. The call writers (Bears) have sizeable positions at the 22,200 Strike and the option activity at this strike will provide cues about Nifty’s Intraday direction ahead of the weekly expiry today.

Om Mehra, Technical Analyst of SAMCO Securities cautions, that the Nifty is forming an inverted head and shoulder pattern on the hourly chart, with the neckline remaining around 22,320; if crossed, expect a potential rally towards the 22,450-22,500 range.

On the downside, immediate support for the Nifty is seen at the 22,080 level. The Relative Strength Index (RSI) continues to hover below the 50 mark, signalling short-term weakness in the market, the analyst added.

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates also highlights that technically, on the daily scale, the Nifty has encountered resistance near the 22,300 levels, where the 21-Days exponential moving average (21-DEMA) is placed. As long as the Nifty remains below the 22,300 levels, we expect the index to consolidate in the range of 22,000-22,300. 

Despite the fall on Wednesday, the Bank Nifty is still respecting a bullish engulfing candle, indicating strength. As long as the Bank Nifty remains above 46,983, the bullish momentum will continue. On the upside, the 21-DEMA is placed near 48,060, which will serve as the first hurdle for the index, followed by 48,500, Hrishikesh said in his note.

Sentiment remains subdued as long as it stays below 22,250. A decisive move beyond this level could potentially propel Gift Nifty towards 22,600 and beyond. Conversely, a failure to sustain above 22,200 might invite selling pressure in the market, said Rupak De, Senior Technical Analyst at LKP Securities.

TBO Tek Share Price Makes a Bumper Debut, Stock Opens with 55% Premium at ₹1,426 Piece on NSE.

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TBO Tek share price debuts impressively, with NSE opening at ₹1,426 per share and BSE at ₹1,380, significantly higher than the issue price of ₹920. The IPO was subscribed 86.70 times, with QIBs oversubscribed at 125.51 times, NIIs at 50.60 times, and RIIs at 25.74 times.

TBO Tek share price made a stellar debut on the bourses today. On NSE, TBO Tek share price opened at Rs1,426 per share, 55% higher than the issue price of ₹920. On BSE, TBO Tek share price today opened at ₹1,380 apiece, up 50% than the issue price.

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Market experts anticipated TBO Tek share price to open in the range of ₹1,360 to ₹1,400 per share.

On Friday, the final day of subscriptions, TBO Tek’s initial public offering was subscribed 86.70 times, according to NSE data. The segment allocated for qualified institutional buyers (QIBs) received 125.51 times subscriptions, but the non-institutional investor group received 50.60 times as many subscribers. The section for retail individual investors (RIIs) received 25.74 times subscriptions.

The price band for each equity share in the offering, which has a face value of Re 1, has been set between ₹875 and ₹920. 16 equity shares make up each lot in the IPO, and more lots of 16 equity shares will be issued in the future. The IPO set aside 75% of the net offer for QIBs, 15% for NIIs, and 10% for retail investors. Employees have reserved equity shares worth up to ₹3 crore.

The company streamlines the travel industry for suppliers including lodging facilities, airlines, rental cars, transfers, cruise lines, insurance, and rail companies, among others. Travel agencies and independent travel advisers are examples of retail clients; corporate clients include tour operators, travel management organisations, online travel agencies, super apps, and loyalty apps. The seamless communication made possible by the two-sided technology platform benefits each of these parties equally.

TBO Tek ipo

Also Read Canara Bank Share Price Today Live Updates: Canara Bank Jumps 5% Post Stock Split; up 8% in Last Three Sessions.

TBO Tek IPO details

TBO Tek IPO, which is worth ₹1,550.81 crore, comprises a fresh issue of ₹400 crore, and an offer-for-sale (OFS) of up to 12,508,797 equity shares of face value of Re 1 each by the promoters and other investors.

52.12 lakh shares will be offered through OFS, according to announcements made by the company’s promoters, Manish Dhingra, LAP Travel, and Gaurav Bhatnagar. The company’s two investors, Augusta TBO and TBO Korea, who own respective holdings of 19.53 percent and 11.06 percent, will sell 72.96 lakh shares.

According to the Red Herring Prospectus for TBO Tek’s IPO, corporate promoters own 51.26 percent of this online travel distributor, while public shareholders own 46.43 percent of the company.

Augusta TBO is the company’s biggest public investor, holding 19.53% of the shares. General Atlantic owns 15,635,994 company shares, or 15% of the company’s total paid-up capital.

TBO Korea owns 11,523,854 shares, or 11.06 percent of the company overall. Promoters and public shareholders own 98.54 percent of the company; the TBO ESOP Trust, an entity that is neither a promoter nor a public shareholder, owns the remaining 2.31%.

The company intends to use the offering’s net proceeds to finance the following objectives: expanding the network of buyers and suppliers; increasing the platform’s value by adding new business categories; utilizing acquired data to offer our suppliers and buyers customized travel solutions; and pursuing inorganic development through wise acquisitions and the creation of synergies with our current platform.

Axis Capital Limited, Jefferies India Private Limited, Goldman Sachs (India) Securities Private Limited, and Jm Financial Limited are the book running lead managers of the TBO Tek IPO. Kfin Technologies Limited is the issue registrar.

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TBO Tek IPO GMP today

TBO Tek IPO grey market premium is +350. This indicates TBO Tek share price were trading at a premium of ₹350 in the grey market, according to investorgain.com.

The expected listing price for the TBO Tek IPO is ₹1,270 per share, which is 38.04% greater than the IPO price of ₹920, given the upper end of the IPO price band and the existing premium on the grey market.

Based on the last 16 sessions of grey market activity, the IPO GMP for today indicates an increasing trajectory and a strong listing. The experts at investorgain.com state that the GMP ranges from ₹0 to ₹540.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Canara Bank Share Price Today Live Updates: Canara Bank Jumps 5% Post Stock Split; up 8% in Last Three Sessions.

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Canara Bank Live Share Price: A total of 7,39,996 retail investors owned 6 per cent stake in the bank while 337 HNIs including Rekha Rakesh Jhunjhuwala (1.45 per cent stake) owned a combined 4.65 per cent stake in the PSU lender.

119.50 INR+6.20 (5.47%)today

Open116.25
High119.55
Low116.00
Mkt cap21.70KCr
P/E ratio1.42
Div yield13.47%
52-wk high126.58
52-wk low58.27

Canara Bank Share Price Today Live Updates: Canara Bank’s stock opened at ₹557.4 and closed at ₹549.15 on the last trading day. The high for the day was ₹568.95, and the low was ₹554. The market capitalization stood at ₹102,725.13 crore. The 52-week high and low were ₹632.65 and ₹291.3, respectively. The BSE volume for the day was 487,986 shares traded.

Canara Bank Share Price Live Updates: Consensus analysts rating is Buy

Canara Bank Share Price Live Updates: The analyst recommendation trend is shown below with the current rating as Buy.

  • The median price target is ₹506.0, 325.93% higher than current market price.
  • The lowest target price among analyst estimates is ₹360.0
  • The highest target price among analyst estimates is ₹670.0
RatingsCurrent1 Week Ago1 Month Ago3 Months Ago
Strong Buy6665
Buy3445
Hold1222
Sell2221
Strong Sell2000

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Canara Bank Share Price Today Live: Hourly Price Movement Update

Canara Bank Share Price Today Live: Canara Bank’s stock price reached a peak of 118.85 and a low of 118.15 in the previous trading hour. During that time, the stock price surpassed the hourly resistance of 118.58 (Resistance level 1), suggesting a positive upward trend.
The hourly support and resistance levels to watch out in the next hour are mentioned below.

Resistance LevelsPriceSupport LevelsPrice
Resistance 1119.02Support 1118.32
Resistance 2119.28Support 2117.88
Resistance 3119.72Support 3117.62

Canara Bank Share Price Live Updates: Simple Moving Average

DaysSimple Moving Average
5 Days111.11
10 Days117.33
20 Days118.44
50 Days116.90
100 Days107.50
300 Days90.39

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Canara Bank Share Price Live Updates: Canara Bank trading at ₹118.65, up 4.77% from yesterday’s ₹113.25

Canara Bank Share Price Live Updates: Canara Bank share price is at ₹118.65 and has crossed the key daily support price level of ₹543.87. This indicates that stock is experiencing significant selling pressure and the price can decline further.

Earlier this year on April 19, 2024 the public sector lender had set Wednesday, 15th May 2024 as the record date for determining entitlement of equity shareholders for the purpose of split of existing equity shares of the bank. The stock split arrangement was such that 1 equity share having face value of Rs. 10 each, will be subdivided into 5 equity shares having face value of Rs. 2 each.

A stock split makes the shares more affordable for retail investors, and the move is likely to increase trading activity on the counter. This could be particularly beneficial for smaller investors who may have been previously deterred by the higher share price.

Moreover, the stock split has the potential to broaden the bank’s retail investor base. Prior to the split, a significant portion of the bank’s ownership was held by a relatively small number of High Net Worth Individuals (HNIs), including notable investors like Rekha Rakesh Jhunjhunwala. 

It’s important to note that a stock split differs from a bonus share issue. In a stock split, existing shares are divided into multiple shares with smaller face values, while in a bonus share issue, additional shares are distributed to existing shareholders based on their current holdings. Therefore, while a stock split increases the number of shares outstanding, it does not directly impact the share capital of the company.

Canara Bank recorded a 18.33 per cent year-on-year growth to Rs 3,757 crore in January-March quarter of fiscal year 2023-24 (Q4FY24). The bank’s net interest income (NII), increased by 11.18 per cent to Rs 9,580 crore during the fourth quarter of FY24. The bank registered NII of Rs 8,617 crore in the same period of the previous year.
At 11:17 AM; the stock of the company was trading 4.55 per cent higher at Rs 118.40 per share. By comparison the S&P BSE Sensex was down mariginally by 0.04 per cent.

Also Read cannes-2024-live-updates

Nikhil Kamath, Bombay is Known for its Popular People: “What Bengaluru has is.”

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Nikhil Kamath of Zerodha claims that while Bengaluru has attractive individuals, Bombay is known for having…

Nikhil Kamath, a co-founder of Zerodha, stated that despite certain difficulties, Bengaluru remains his favourite city. Bengaluru is home to several startups. He heaped praise on the citizens of Bengaluru. “The big, big differentiator at the end of the day– scr** all the roads, the traffic… those things don’t matter — the people of Bengaluru are second to none (because of) the love they have for the city, how nice they are as people.”

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He added that Hyderabad is famous for its Biryani, Mumbai for its “good-looking people”, Delhi for “people who have a lot of money and they know it”, and “Bengaluru is famous for nice people”.

Nikhil Kamath also said in the podcast that he finds the people in Bengaluru to be welcoming, “normal”, understated and subtle. For startups, he said, the city offers immense talent.

“If you have to build something, if you have to start a company, the access to talent at the cost you get in Bengaluru, I don’t think you get that anywhere in the world,” he said.

He also said that he meets several business leaders in Bengaluru including Biocon executive chairperson Kiran Mazumdar-Shaw.

“We are constantly working on projects to… how do we make Bangalore cooler in actual and from a narrative standpoint,” he said.

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Stock Market LIVE: Mid, SmallCap indices gain 1%; Cipla rallies 4%, Siemens 8%

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Stock Market LIVE updates on Wednesday, May 15, 2024: Sectorally, the Nifty PSU Bank index rose over 1 per cent, followed by the Nifty Media, and Metal indices (up 0.6 per cent each)

Opening Bell on May 15, 2024: Indian equities clocked decent gains in early deals on Wednesday, lifted by firm global mood, and bargain buying back home. The S&P BSE Sensex quoted at 73,171, up 66 points or 0.09 per cent. 

The NSE Nifty50, meanwhile, gained 37 points, or 0.17 per cent, to trade at 22,255. The benchmarks were supported by gains in Cipla, Bharti Airtel, Hindalco, BPCL, Coal India, Tata Steel, ONGC, NTPC, and SBI.

In the broader markets, the BSE MidCap, and SmallCap indices added nearly 1 per cent each.

Sectorally, the Nifty PSU Bank index rose over 1 per cent, followed by the Nifty Media, and Metal indices (up 0.6 per cent each). 

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9:35 AM

BSE SmallCap Heatmap:: KDDL, ITI soar up to 10%; Chalet Hotels slips 4%

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9:33 AM

BSE MidCap Heatmap:: Linde India, Oberoi Realty zoom 7%; Aarti Inds down 1%

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9:29 AM

Sectoral Movers:: Metals, PSU Banks, Realty shine in early trade on May 15

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9:26 AM

Broader market check:: MidCap, SmallCap indices outrun Nifty; VIX up 2%

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9:23 AM

Nifty Movers & Shakers:: Cipla soars 4%; HDFC Bank, HDFC Life in red

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9:22 AM

Sensex 30 Heatmap:: Airtel, NTPC gain 1.5%; HDFC Bank slips 0.8%

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9:20 AM

Opening Bell:: NSE Nifty 50 atop 22,250, up 39 pts

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9:17 AM

Opening Bell:: Sensex opens nearly 100 pts higher at 73,194

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9:08 AM

Pre-open deals: Sensex up nearly 100 pts; Nifty atop 22,250

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Oakridge Bachupally Marks Another Year of Academic Success with Exceptional 2024 CBSE Results

9:05 AM

Currency check :: Rupee opens at 83.49/$ vs Tuesday’s close of 83.51/$

9:03 AM

ALERT :: China mulls Govt purchase of unsold homes to ease glut, reports Bloomberg

9:00 AM

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.

8:55 AM

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.

8:50 AM

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.

8:46 AM

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.

8:46 AM

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.

8:42 AM

Silver, Natural Gas: Check target price, trading strategies for May 15

On the daily chart, silver is showing a bullish trend with a pattern of higher highs and higher lows. Similarly, the Relative Strength Index (RSI) is mirroring this pattern, further indicating bullish sentiment. Key resistance levels for silver are around 85,800 and 86,200, while support levels are at approximately 84,800 and 84,370. 

8:38 AM

MOIL, TechM: Top buy & sell ideas from Vinay Rajani of HDFC Securities

Stock Market 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.

8:33 AM

Fund Flow :: DIIs buy equities worth Rs 3,527.86 crore on May 14

8:27 AM

Fund Flow :: FIIs/FPIs sell equities worth Rs 4,065.52 crore on May 14

8:22 AM

ALERT :: GIFT Nifty suggests positive start on Wednesday

>> At 8:22 AM, the index was up 58 points at 22,367 level

8:19 AM

Stock Market 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.

8:16 AM

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.

8:12 AM

ALERT :: China’s central bank leaves key policy rate unchanged

>> China’s central bank left a key policy rate unchanged when rolling over maturing medium-term lending facility (MLF) loans on Wednesday, in line with market expectations.

>> The People’s Bank of China (PBOC) said it was keeping the rate on 125 billion yuan ($17.28 billion) in one-year MLF loans to some financial institutions unchanged at 2.50% from the previous operation.

8:09 AM

Stock Market ALERT :: China’s economy reveals pockets of softness

>> As China’s economy moves into the second quarter of the year, a few indicators are pointing to sluggish growth ahead if things don’t turn around.

>> Meanwhile, the National Bureau of Statistics is due to release data on retail sales, industrial production and fixed asset investment for April on Friday.

>> The same day, China plans to issue its first ultra-long bond — 30 years in term — as Beijing kicks off a previously announced program for a total of 1 trillion yuan ($138.25 billion) in funds for major strategic projects. 

>> The central government bond program comes as the drag from real estate persists, while businesses and consumers largely remain conservative about spending.

>> The People’s Bank of China over the weekend released new loan data for April that pointed to a sharp slump in demand, with several metrics at their lowest in at least two decades.

8:06 AM

Stock Market ALERT :: Fed Chair Powell says inflation has been higher than thought

>> Fed Chair Jerome Powell reiterated Tuesday that inflation is falling more slowly than expected, likely keeping interest rates elevated for an extended period.

>> “We did not expect this to be a smooth road. But these [inflation readings] were higher than I think anybody expected,” Powell said in Amsterdam. “What that has told us is that we’ll need to be patient and let restrictive policy do its work.”

>> Tuesday brought a fresh round of discouraging inflation data, when the producer price index rose a higher-than-expected 0.5% in April.

8:03 AM

Stock Market Asian markets :: Nikkei, ASX gain on strong Wall St handover

>> Kospi, and Hang Seng are shut today

7:58 AM

Wall Street check :: Nasdaq ends at record close

7:53 AM

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Meet man, Mukesh Ambani’s close aide, runs Rs 200000 crore Reliance company, helps Isha Ambani in…

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Kundapur Vaman Kamath was appointed as an independent director of Reliance Industries for a period of five years in 2022 by Mukesh Ambani, the chairman and managing director of Reliance Industries.

Mukesh Ambani is the richest man in India with a net worth of more than Rs 920239 crore and he has been leading the list of richest Indians for quite a long time now. He is the chairperson of Reliance Industries which is the most valuable company in India with a market cap of Rs 1898000 crore. Mukesh Ambani is often lauded for his vision, risk-taking abilities, and business mindset. To take the company to these heights, Mukesh Ambani got support from many people, one such person is Kundapur Vaman Kamath. 

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K V Kamath is a distinguished member of Reliance’s Board. In 2022, Mukesh Ambani, the chairman and managing director of Reliance Industries, named Kundapur Vaman Kamath as an independent director of the company for a term of five years. 

In addition, he holds the positions of Non-Executive Chairman and Independent Director at Jio Financial Services, a RIL subsidiary that became independent in August 2023. Isha Ambani is a director of Jio Financial Services.

K V Kamath’s association with Reliance dates back to critical moments in the history of the business, particularly the division between Mukesh and Anil Ambani after their father Dhirubhai Ambani passed away. His appointment to the board in 2022 was a turning point in the company’s history, indicating his significant influence on Reliance’s direction.

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K V Kamath is paid according to the level of his efforts and experience as a board member. For the fiscal year 2022–2023, reports state that there will be a commission of Rs 39 lakh and a sitting fee of Rs 3 lakh. This is notably different from Mukesh Ambani’s arrangement, wherein he chooses not to accept a profit-based commission or pay.

Kamath is a mechanical engineer who completed his undergraduate studies at the National Institute of Technology Karnataka (NITK Surathkal) and his postgraduate studies in business administration at the Indian Institute of Management Ahmedabad (IIM Ahmedabad). He was awarded the Padma Bhushan, one of India’s highest civilian honours, in 2008.

Zomato Q4 Results: Blinkit Section “Turned Adjusted EBITDA Positive”; Profit at Rs 175 Crore.

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Results for Zomato Q4 Results fourth quarter (Q4 FY24): Compared to the same period last year, when revenue from operations was Rs 2,056 crore, Zomato’s online food aggregator generated Rs 3,562 crore.

Zomato Ltd., a food delivery service, announced on Monday that its combined net profit for the quarter that concluded on March 31 was Rs 175 crore. The Gurugram-based company reported a Rs 189 crore loss at the same time last year.

The online food aggregator’s operational revenue for the fourth quarter (Q4 FY24) was Rs 3,562 crore, up from Rs 2,056 crore in the same period the previous year.

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Zomato also mentioned that its Blinkit (quick commerce) business turned adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) positive in March 2024.

Zomato’s gross order value (GOV) — the total value of all orders placed in its mainstay food delivery business — grew by 28 per cent and Blinkit’s GOV soared 97 per cent during the quarter.

Zomato’s total expenses jumped nearly 50 per cent due to a surge in marketing and sales promotion costs.

Its contribution margin, a key profit metric, however, expanded to 7.5 per cent from 5.8 per cent a year ago as the company started charging a platform fee on all grocery and food orders.

Rapid store expansion underway in quick commerce business. The company is aiming for 1,000 stores by March 2025.

Shares of Zomato were last seen trading 1.46 per cent lower at Rs 198.45 during fag-end deals today.

Bourses BSE and NSE have put the securities of Zomato under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.

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