Market Live: Sensex Jumps 900 Pts, Nifty Above 16,600; Infy, Titan, Hcl Shine

Sensex jumps over 915 points in early trade

Equity benchmarks extended their rally on Monday, with the Sensex jumping over 915 points in early trade, aided by heavy buying in index majors Reliance Industries and Infosys amid a firm trend in Asian equities.

The 30-share BSE Sensex rallied 915.36 points to 55,800.02 in early trade. The broader NSE Nifty jumped 262.75 points to 16,615.20.

From the Sensex pack, Infosys, Titan, HCL Technologies, Larsen & Toubro, Reliance Industries, UltraTech Cement, Wipro, TCS and HDFC were the major gainers in early trade.

In contrast, Dr Reddy’s was the only laggard from the 30-share pack.

Elsewhere in Asia, markets in Seoul, Shanghai, Tokyo and Hong Kong were trading in the green.

Ethos share listing today. Experts predict ‘tepid’ debut

Ethos IPO listing date today: Shares of Ethos Limited are going to make debut on the Dalal Street today. As per the information available on the BSE website, the equity shares of Ethos Limited shall be listed and admitted to dealings on the BSE and NSE in the list of ‘B’ group of securities on 30th May 2022. Ethos shares will be listed in a special pre-open session (SPOS) at 10:00 AM today. According to stock market experts, Ethos shares may have a tepid but positive listing and Ethos share price may open around ₹900 to ₹930 apiece on Indian bourses.

Rakesh Jhunjhunwala portfolio sees a hit of ₹540 crore in one month from these 2 stocks

Rakesh Jhunjhunwala portfolio: Following weakness in stock market, shares of Star Health and Insurance and Metro Brands have retrace4d up to 7 per cent in last one month. In last one month, Metro Brands share price has corrected from around ₹562 to ₹523, losing around 7 per cent whereas Star Health share price has retraced from around ₹700 to ₹663, logging near 5.50 per cent in this period. Due to this steep fall in these two Rakesh Jhunjhunwala stocks, Big Bull has lost near ₹540 crore in these two stocks in last one month.

Nykaa shares surge post Q4 results. What analysts say

Shares of Nykaa surged nearly 3% to ₹1,390 apiece on the BSE in Monday’s opening deals even as FSN E-Commerce, which operates under the Nykaa brand, reported a decline of about 57% in its consolidated profit to ₹7.57 crore for the fourth quarter ended March 2022, mainly account of new investments.

Gold, silver rates today in India (30 May 2022): Yellow metal rises, silver prices go up

Gold and silver prices edged higher in Indian markets today but still remained in a narrow range. On MCX, gold futures rose 0.12% to ₹50,974 per 10 gram while silver edged up 0.2% to ₹62,247 per kg. In global markets, gold rates were choppy today as a weakening US dollar supported the precious metal but gains were capped amid an improvement in global risk sentiment that buoyed equities. Spot gold was up 0.2% at $1,856 while spot silver rose 0.1% to $22.13.

Day trading guide for Monday

6 stocks to buy or sell today — 30th May

Nifty50 at open: Surges over 16,550; Infosys, Tata Motors, M&M, Grasim shine; JSW Steel cracks

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Sensex at open: Jumps over 600 points; Infosys, M&M, Wipro, HCL top performers

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Nifty50 at pre-open: Trades above 16,500; M&M, TechM, Infosys top gainers

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Sensex at pre-open: Jumps over 600 points; M&M, TechM, Infosys gain over 2%

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LIC Q4 earnings today, dividend to be key focus

State-run insurance behemoth Life Insurance Corporation of India (LIC)’s board will meet today to consider payment of dividend, if any, and approve the audited Annual Financial Results (standalone and consolidated) for the quarter/year ended on March 31, 2022.

Aether IPO: Latest GMP, how to check allotment status online

Aether Industries IPO allotment date: After closure of subscription, bidders and market observers are anxiously waiting for finalisation of share allocation of Aether Industries Limited IPO (Initial Public Offering). The tentative Aether IPO allotment date is 31st Mary 2022 and bidders are advised to check Aether Industries IPO allotment status online by logging in at BSE website or at the official registrar of the IPO — Link Intime India Private Ltd. Meanwhile, grey market is signaling change in sentiment after the relief rally on the Dalal Street last Friday. According to market observers, shares of Aether Industries Limited are available at a premium of ₹17 in grey market today.

Growth engines fired, aided by strong execution; Maintain BUY: Axis Securities on Praj Industries

Praj’s reported the highest-ever quarterly revenue of ₹829 Cr (our estimate – ₹689 Cr),up 46%YoY and 42% QoQ. It posted an EBITDA of ₹74 Cr (our estimate – Rs59 Cr), a 3% YoY and 57% QoQ. Praj reported an EBITDA margin of9% (beating our estimate – 8.6%), an88bps QoQexpansion as operational leverage kicks in and raw material prices show signs of stabilising. PAT came in at ₹58 Cr (our estimate – ₹43 Cr) as compared to ₹52 Cr in Q4FY21, a growth of 11% YoY. The orderbook execution rate remained constant at 32%. The company’s key growth levers remain robust and therefore we maintain our BUY rating on the stock with an unchanged Target Price of ₹477/share, valuing the company at 22xFY24EPS.

Views of Mitul Shah, head of research at Reliance Securities, on market

US equities extended gains and snapped the weekly losing streak. Both the S&P 500 and Dow finished with their best week since Nov’20. For the week, S&P 500 gain 6.6%, Nasdaq was up 6.8%, while the Dow Jones climbed 6.2%. The yield on the benchmark 10-year US Treasury note fell to 2.748%. US households boosted spending for a fourth straight month. Moreover, few retailers gained ~20% for the week led by strong earnings. Fears of a worst-case scenario appeared to abate this week. Stocks rose despite Fed’s latest meeting minutes, which showed a 50bps increase planned at each of the next two meetings.

Domestic equities ended mix in the week, taking positive cues from the US markets. For the week, Nifty increased by 0.5%, Nifty Mid-Cap was largely flat with a 0.1% rise and Nifty-Small Cap declined by 3.4%. Most sectoral indices ended in red for the week. Nifty Metal declined the most at 8.7%, followed by Nifty Commodities that was down 4.7%. Nifty Fin Service was the major gainer for the week and was up 4.3%, followed by Nifty PVT Bank, which was up 4%. RBI is looking at another phase of coordinated action between fiscal and monetary authorities. More rate hikes are on the way. And all eyes are on RBI and the US Fed, which are meeting in June, as the economic landscape goes through a furious churn. The Indian government has rolled out a string of measures to keep prices in control by reducing petrol and diesel prices. The borrowing plan for FY23 remains firmly on course despite an inflationary environment, reduced revenue after the fuel duty cut and a higher subsidy outgo for food and fertilizer.

The primary focus in the coming weeks will be on central banks’ policy measures to stabilize inflation. Changes in oil prices and amendments to import and export duties might play a role in assessing the market’s trajectory. The downside in Indian equities is likely to be limited as most of the macro risks are priced in, while the valuation and excess global liquidity are likely to provide support. However, the continued selling by FIIs and plunging rupee are likely to have economic implications in the near term. Globally, the Russia-Ukraine crisis and supply chain disruptions continue to impact global and Indian equities. The markets are likely to see gap up opening, SGX nifty is up 143 points compared to Friday’s spot Nifty closing. Asian Markets are trading in green, Nikkei is up 2% while Heng Seng is up 2.2%.

Oil climbs ahead of EU meeting on Russia sanctions

Oil prices rose to two-month highs on Monday as traders waited to see if the European…