Stock Market LIVE updates on Tuesday, May 21, 2024: In the broader market, the BSE MidCap index recouped losses to trade 0.24 per cent higher, while the BSE SmallCap remained 0.16 per cent lower
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Stock market LIVE updates on Tuesday, May 21, 2024: Equity markets recouped early losses in Tuesday’s intraday session, led by a rally in metal stocks. The S&P BSE Sensex was at 74,120 levels, up 120 points or 0.16 per cent, while the Nifty50 was at 22,557, up 74 points.
Nestle India, TCS, HCL Tech, HUL, Infosys, Ultratech Cement, IndusInd, ICICI Bank, M&M, TCS, and ITC were weighing on the benchmarks.
JSW Steel, Tata Steel, Power Grid, SBI, NTPC, and Asian Paints, on the flipside, were lending support.
In the broader market, the BSE MidCap index recouped losses to trade 0.24 per cent higher, while the BSE SmallCap remained 0.16 per cent lower.
Among sectors, the Nifty Metal index gained the most, up 3.5 per cent, followed by the Nifty PSU Bank index (1.5 per cent). The Nifty FMCG, and IT led the laggards (down 0.67 per cent, and 0.13 per cent, respectively).
2:50 PM
ALERT :: Update on Centre’s borrowing plans
2:40 PM
Shriram Properties inks JV for housing project; eyes over Rs 250 cr revenue
“The proposed project will comprise of 270 apartments with an aggregate saleable area of 3.8 lakh square feet. The project has aggregate revenue potential of over Rs 250 crore and is expected to be developed over the next 3 years,” Shriram Properties said. READ MORE
2:26 PM
India’s Q4 GDP growth projected at 6.7%, FY24 growth at 7.8%, says ICRA
ICRA Chief Economist, Head-Research & Outreach Aditi Nayar said the lower volume growth coupled with diminishing gains from commodity prices dampening the profitability of some of the industrial sectors is expected to dampen India’s GVA growth in Q4 FY2024. READ MORE
2:13 PM
March Quarter Results :: RateGain Tech posts profit of Rs 50 cr vs Rs 34 cr YoY
>> Ebitda at Rs 54.2 cr vs Rs 33.2 cr YoY
>> Ebitda margin at 21.21% vs 17.61% YoY
1:55 PM
ALERT :: Nibe freezes at 5% upper circuit on agreement with Vehicles Research & Development Establishment
>> The company has entered into a Licensing Agreement with Vehicles Research & Development Establishment (VRDE), Ahmednagar, Defence Research & Development Organisation (DRDO), Ministry of Defence, Government of India for Transfer of Technology to manufacture and sell Anti-Terrorist Vehicle (ATV) in India to Indian Armed Forces/Other Govt. Agencies (Central and State).
1:45 PM
March Quarter Results :: Aether posts Q4 loss of Rs 1.4 cr vs profit of Rs 37.6 crore YoY
>> Ebitda falls to Rs 9.4 crore vs Rs 59.6 crore YoY
>> Ebitda margin at 8.17% vs 32.45% YoY
1:30 PM
Crude oil to trade in narrow range ahead of Opec meeting; check key levels
Oil prices have been trading in a tight range of $5 in last three weeks as market is awaiting for OPEC+ scheduled meet on June 1. Although we do not see much possibilities that the cartel will suddenly decide to roll back its voluntary cuts, but friction among the intra-cartel remains high and Iraq, Kazakhstan, and Nigeria continue to breach their official quotas. READ MORE
1:15 PM
Nifty Metal index hits record high on May 21; what’s fuelling the rally?
The Nifty Metal index surged 3.45 per cent on Tuesday, to hit a record high of 9,944.65 points. By comparison, the Nifty50 index saw a modest increase of 0.16 per cent, and was trading at 22,537.85 points, at 12:35 PM.
The surge in the metal index, analysts believe, is largely credited to Vedanta’s robust Q4 performance and its first interim dividend declaration of Rs 11 for FY25, which has considerably bolstered the index on its own. Read more
1:03 PM
PE exits in India surge 355% in first quarter of 2024, hit 50 deals: report
Private equity (PE) exits in India witnessed a phenomenal surge in Q1 2024, marking a significant shift in the investment landscape. The quarter saw a staggering 354.5 per cent increase in PE exits compared to Q1 2023. This translates to a jump from just 11 exits in the previous year’s first quarter to a robust 50 exits in Q1 2024, according a report by Mazars in India, a global audit, tax, and advisory services firm. Read more
12:45 PM
This stock has zoomed 1172% against IPO price in 5 yrs; m-cap hits Rs 1 trn
Polycab India joined the elite club of companies having market capitalisation (market cap) of Rs 1 trillion, as the stock price of the wires and cables (W&C) maker hit a new high of Rs 6,843.80, rallying 5 per cent on the BSE in Tuesday’s intra-day trade. Read more
12:31 PM
Nifty Metal soars over 3%, hits record high
12:13 PM
Vedanta nears record high on improved outlook; zooms 94% from March low
Shares of Vedanta hit a fresh 14-year high of Rs 483.75, surging 5.5 per cent on the BSE in Tuesday’s intra-day trade on improved outlook. The stock is trading close to its record high of Rs 494.30 touched on April 8, 2010.
In past three trading days, it rallied 12 per cent after the company on May 16, declared first interim dividend of Rs 11 per equity share on face value of Re 1 per equity share for the financial year 2024-25. The company has fixed May 25, 2024 as the record date for the purpose of payment of dividend. Read more
11:59 AM
Asian markets update
11:45 AM
Wheels India shares zoom 19% on healthy Q4 results; up 23% in 5 sessions
Shares of Wheels India zoomed as much as 18.93 per cent to hit an intraday high of Rs 700 per share on Tuesday.
The uptick came after the company posted a strong set of Q4 numbers. Wheels India’s net profit soared 79 per cent on a year-on-year (Y-o-Y) basis to Rs 38.3 crore, as opposed to Rs 21.4 crore in the same quarter a year ago (Q4FY23). Read more
11:29 AM
Nomura upgrades Vodafone Idea to ‘Neutral’; sees 13% upside; details here
Vodafone Idea’s March quarter (Q4) results for financial year 2023-24 (FY24) have raised hopes that the telecom service provider may finally see the light at the end of the tunnel; even if the tunnel is long. READ MORE
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First Published: May 21 2024 | 7:40 AM IST
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