Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed the trading session on a flat note on May 27. The BSE Sensex fell 20 points or 0.03% to finish the day’s trading at 75,390.50, while the NSE Nifty 50 closed 25 points or 0.11% lower at 22,932.45. Bank Nifty closed up 310.15 points or 0.63% at 49,281.80. Nifty Midcap 100 closed in the green up 337.30 points or 0.64% at 52,761.75.
The NSE Nifty 50 closed 0.11% lower at 22,932.55, while the BSE Sensex closed 0.06% lower at 75,364.60.
Divi’s Lab, IndusInd Bank, Adani Ports and SEZ, LTIMindtree, and Axis Bank were the top gainers in the Nifty 50. While Adani Enterprises, Wipro, Grasim Industries, ONGC, and SBI Life Insurance were the key laggards in the Nifty 50 on May 27.
“Moves in the commodity markets are expected to remain sideways for the day in the absence of major participants, as U.S. and U.K. markets are closed today. However, going ahead volatility is expected to remain high with some cautious trading ahead of the inflation numbers due to Germany, Euro zone, and U.S., later in the week. Technically, Gold is still in the bullish zone till above key supports at 71200/ 70800, upside prices may again move higher towards target at 72850-73600, but we advise to maintain strict stop below 70800 (below which more correction is expected),” said Pranav Mer, Vice President of EBG – Commodity & Currency Research at JM Financial Services.
Courtesy: NSE
Torrent Pharmaceuticals witnessed a notable surge of approximately 9% in its shares during Monday’s trading session, reaching new 52-week highs of Rs 2,795. This upward movement followed the company’s impressive performance in the quarter ended March 2024. Despite this, brokerage firms largely maintained a neutral stance on the stock, as the reported numbers aligned closely with expectations.
Commenting on the derivative market outlook Anand James, Chief Market Strategist,Geojit Financial Services said that Nifty weekly contract has highest open interest at 24000 for Calls and 23000 for Puts while monthly contracts have highest open interest at 24000 for Calls and 23000 for Puts. Highest new OI addition was seen at 24000 for Calls and 23000 for Puts in weekly and at 24000 for Calls and 23000 for Puts in monthly contracts.
James also added that, FIIs increased their future index long position holdings by 18.21%, decreased future index shorts by 9.62% and in index options by 40.54% increase in Call longs, 24.53% increase in Call short, 53.51% increase in Put longs and 39.04% increase in Put shorts.
Prabhudas Lilladhar anticipates a 26% EBITDA CAGR and 27% PAT CAGR over FY24-26E. Currently, the stock is trading at 43x FY26E EPS. Consequently, Prabhudas Lilladhar has upgraded the stock’s rating from ‘Reduce’ to ‘Accumulate’, with a revised target price of Rs4,350/share, valuing it at 45x FY26E EPS, compared to the previous 35x.
According to a report by Prabhudas Lilladhar on Divi’s Laboratories, their FY25E/FY26E EPS estimates have been increased by approximately 10%. This adjustment comes after Divi’s Laboratories (DIVI) reported Q4FY24 EBITDA, which was 18% higher than their estimate, driven by increased custom synthesis (CS) revenues, up 47% YoY, and improved operating leverage.
The report notes that gross margins (GMs) have largely stabilized over the last few quarters and are expected to improve further due to a better product mix and stable raw material prices.
Management has indicated that a moderation in raw material prices, along with an increase in request for proposal (RFP) and the commencement of certain contracts for Contract Development and Manufacturing Organization (CDMO) and contrast media, will continue to support revenues and margins.
Courtesy: NSE
Courtesy: BSE
Courtesy: NSE
Divi’s Lab, IndusInd Bank, TCS, Adani Ports and SEZ, and HDFC Bank are the top gainers on NSE Nifty 50 index whereas top laggards include ONGC, Wipro, Adani Enterprises, Eicher Motors, and NTPC.
The NSE Nifty 50 was up 108.3 points or 0.47% at 23,065.40, while the BSE Sensex was up 437.90 points or 0.58% at 75,848.29.
“The Bank Nifty remained strong throughout the day, bolstered by strength in HDFC Bank. Going forward, sentiment is likely to remain positive as long as the index stays above 48,500. Any dips towards 48,500 might attract buying interest. On the higher end, immediate resistance is placed at 49,000, above which the index might move towards 49,500. On the lower end, immediate support lies at 48,800,” said Rupak De, Senior Technical Analyst, LKP Securities.
Cochin Shipyard, a leading shipbuilding and repair yard in India, saw its shares extend their upward trend for the third consecutive trading session on Monday, climbing another 10% to reach a new all-time high of Rs 2100 per share. This surge follows the company’s strong performance in both Q4 and for the full fiscal year (FY24).
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The Nifty remained sideways during the day after crossing above 23,000. Sentiment might remain subdued in the next few days, with the index ranging between 22,950 and 23,050. Heavy call and put writing activity at 23,000 suggests a possible range-bound trade in the near term. Only a decisive fall below 22,950 might take the index towards 22,800. On the other hand, a sustained movement above 23,050 might lead to a meaningful rally.
Divi’s Laboratories’ share price surged over 5% in the early trading session on Monday, as the company reported a 67% jump in net profit, reaching Rs 538 crore in the Q4 results year-on-year. The shares soared as much as 5.42%, reaching an intraday high of Rs 4,359 per share on the NSE.
Divi’s Lab, Adani Ports and SEZ, Hindalco Industries, Tata Steel, and NTPC are the top gainers on NSE Nifty 50 index whereas the top laggards include Adani Enterprises, Wipro, ONGC, Eicher Motors, and Coal India.
The NSE Nifty 50 opens up by 0.36% at 23,038.95, while the BSE Sensex gains 0.32% to 75,655.32 in the opening trade.
Foreign institutional investors (FII) sold shares worth Rs 944.83 crore, while domestic institutional investors (DII) bought shares worth Rs 2,320.32 crore on May 24, 2024, according to the provisional data available on the NSE.
WTI crude prices are trading at $77.88 up by 0.10%, while Brent crude prices are trading at $82.25 up by 0.11%, on Monday morning
The US Dollar Index (DXY), gauging the dollar’s value against a basket of six foreign currencies, experienced a slight decline of 0.03%, trading at 104.72.
According to Bloomberg, US stocks experienced a rise following data indicating that American consumers have moderated their inflation expectations. This development has boosted sentiment regarding the possibility of Federal Reserve rate cuts later this year. The tech-heavy Nasdaq Composite closed up by just 184.76 points, or 1.10%, reaching 16,920.79. The S&P 500 also ended higher, gaining 36.88 points or 0.70% to settle at 5,304.72, while the Dow Jones Industrial Average saw a marginal increase of just 4.33 points or 0.01%, closing at 39,069.59.