Closing Bell: Nifty around 22,600, Sensex up 268 pts; IT, FMCG, realty shine

Indian market ended on positive note amid volatility on May 22 with Nifty around 22,600. The Sensex was up 267.75 points or 0.36 percent at 74,221.06, and the Nifty was up 68.80 points or 0.31 percent at 22,597.80.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Nifty continues to trend bullishly, finding support at 22500. The index has been moving higher within a rising channel. The trend is likely to remain strong as long as it stays above 22500. On the higher end, the index might move towards 22800 in the short term, with immediate support at 22600. A dip below 22600 might briefly take the index towards 22500.

Markets remained volatile for another session but ended with modest gains. After a flat start, Nifty fluctuated within a narrow range for most of the session, closing at 22,586. Sector trends were mixed, with FMCG and realty showing decent gains, while metal and banking lagged. The broader indices mirrored the same pattern, resulting in flat market breadth.

All key sectors are contributing to the index's recovery, but the banking sector's underperformance is limiting momentum. Amid the market's choppiness, we anticipate the Nifty index will retest its record high soon. We continue to recommend a stock-specific approach, using dips or periods of consolidation to accumulate quality stocks.

A late surge in heavyweight counters pushed the Index higher to settle the session at 22,597.80 with gains of 68.75 points. Among the sectors, FMCG was the top performer of the day followed by Realty and Energy. On the flip side, Metal sector witnessed a round of profit booking after a spectacular rally in the previous session.

Midcap segment underperformed the benchmark index but ended in green; while on the other hand, Smallcaps ended in the red.

Back-to-back green candles on the daily chart indicate a strong bullish momentum and now the immediate hurdle for the Index stands at its previous high i.e. 22,780 while the support level shifted higher at 22,470.

Indian rupee ended marginally higher at 83.28 per dollar on Wednesday against Tuesday's close of 83.31.

Indian rupee ended marginally higher at 83.28 per dollar on Wednesday against Tuesday's close of 83.31.

Indian market ended on positive note amid volatility on May 22 with Nifty around 22,600.

The Sensex was up 267.75 points or 0.36 percent at 74,221.06, and the Nifty was up 68.80 points or 0.31 percent at 22,597.80. About 1612 shares advanced, 1734 shares declined, and 103 shares unchanged.

Cipla, HUL, Tata Consumer Products, HUL, Coal India and Britannia Industries are among major gainers on the Nifty, while losers are SBI, Hindalco Industries, Shriram Finance, Hero MotoCorp and Apollo Hospitals.

On the sectoral front, realty and FMCG gained 1 percent each, and capital goods, IT and Media up 0.5 percent each. On the other hand, bank index was down 0.5 percent and meal index shed 0.4 percent each.

The BSE midcap index ended on a flat note and smallcap index was up 0.2 percent.

#1 Target Rs 750
#2 Company’s April spending market share rose nearly 50 bps MoM to 15.7 percent
#3 Spending growth YoY was slower at 1 percent Vs 18 percent YoY for industry in April
#4 Slower spending growth reflects impact of RBI's recent notification on corporate card spending

#1 Q4 reported EBITDA grew 15 percent, in-line with estimates
#2 Q4 core revenues were up 15 percent YoY, led by 7.3 percent core patient volumes growth
#3 Contribution was stable QoQ at 15 percent of total revenues

#1 Net profit up 0.2% at Rs 251.5 crore Vs Rs 250.9 crore, YoY
#2 Revenue up 17.2% at Rs 1,422.9 crore Vs Rs 1,214.5 crore, YoY

Gold prices cooled near a record peak hit in the previous session as the dollar held ground, but stayed afloat at the $2,400 level on support from safe-haven interest and prospects of U.S. interest rates easing this year. Safe haven demand for Gold and Silver increased as traders feared some geopolitical instability in the Middle East after Iran’s President was killed in a helicopter crash however, the immediate impact of his death remained unclear. The lack of any major instability in the Middle East sapped safe haven demand for gold, leaving it more vulnerable to concerns over U.S. interest rates.

String of Fed policy makers warned that the central bank needed much more convincing that inflation was easing before it could begin trimming interest rates, maintaining higher for longer stance.

Recent report from WGC suggest that Global gold physically-backed gold exchange-traded funds (ETFs) saw net inflows of $1 billion last week - the largest weekly inflow since October 2023. Focus today will be on UK CPI, US existing home sales and FOMC meeting minutes. Broader trend on domestic front prices could be in the range of Rs 73,500-74,500.

Market @3 | Sensex up 170 pts, Nifty above 22,550

The Sensex was up 180.21 points or 0.24 percent at 74,133.52, and the Nifty was up 51 points or 0.23 percent at 22,580. 

#1 Net profit up 14.6% at Rs 27.5 crore versus Rs 24 crore, YoY

#2 Revenue up 20% at Rs 2,432 crore versus Rs 2,027.3 crore, YoY

Bharat Electronics has received orders worth Rs 1150 crore till date during the financial year 2024-25. The major orders include AMC of Akash Missile System, Combat Management System for Ships, Missile Fire Control System for ships, Laser Range Finders, Communication Network Centre etc.

Sensex Today | Nifty Bank index down 1%; AU Small Finance, SBI, ICICI Bank down 1.5-2%

Indian Rupee gained by 0.07% today on positive domestic markets and a decline in crude oil prices. However, mixed to positive US Dollar and FII outflows capped sharp gains. US Dollar rose on somewhat hawkish Fedspeak. Most Fed officials warned of cutting interest rates too early and need more data to cut rates.

We expect Rupee to trade with a slight negative bias as the US Dollar may recover from lower levels if FOMC meeting minutes are hawkish. FII outflows may also weigh on the Rupee. However, positive tone in the domestic markets and weakness in crude oil prices may support the Rupee at lower levels.

Investors may remain cautious ahead of FOMC minutes today and PMI data from US this week. USDINR spot price is expected to trade in a range of Rs 83 to Rs 83.55.

#1 Profit jumps 29% to Rs 220 crore Vs Rs 170 crore
#2 Revenue advances 16% to Rs 1,530 crore Vs Rs 1,317 crore

#1 Profit increases 8.5% to Rs 71 crore Vs Rs 65.4 crore
#2 Revenue surges 36.8% to Rs 550.9 crore Vs Rs 402.8 crore

#1 Net loss at Rs 129.3 crore vs loss of Rs 44.3 crore, YoY

#2 Revenue up 7.4% at Rs 431.7 crore versus Rs 402 crore, YoY

Gold prices slipped on Wednesday as investors strapped in for minutes from the Federal Reserve's most recent policy meeting for further insights on the timeline for interest rate cuts.

Spot gold eased 0.3% at $2,413.99 per ounce. Prices had scaled a record high of $2,449.89 on Monday.

U.S. gold futures were down 0.4% at $2,417.50.

#1 Revenue up 16% at Rs203 cr vs Rs175 cr (YoY)

#2 EBITDA up 23.2% at Rs30.8 cr vs Rs25 cr (YoY)

#3 Margin at 15.2% vs 14.3% (YoY)

#1 Net profit up 11.5% at Rs104 cr vs Rs93.3 cr (YoY)

#2 Revenue up 17.4% at Rs1,283.5 cr vs Rs1,093 cr (YoY)

#3 EBITDA down 2.9% at Rs129.6 cr vs Rs133.5 cr (YoY)

#4 Margin at 10% vs 12.2% (YoY)

#1 Net profit up 13% at Rs18.1 cr vs Rs16 cr (YoY)

#2 Revenue up 9.6% at Rs148 cr vs Rs135 cr (YoY)

#3 EBITDA up 6.2% at Rs24.1 cr vs Rs22.7 cr (YoY)

#4 Margin at 16.3% vs 16.8% (YoY)

#1 Revenue Rs 1080 crore, up 10% YoY

#2 Total costs Rs 984 crore, up 1.2% YoY

#3 EBITDA Rs 204 crore, up 28% YoY

#4 Dividend Rs 2.5 a share

#5 FY25 outlook: continuing business revenue to grow at 12%-15% YoY

Markets@2: Nifty around 22,600, Sensex up 200 pts; Cipla, HUL top gainers

The Sensex was up 203.04 points or 0.27 percent at 74,156.35, and the Nifty was up 57.50 points or 0.26 percent at 22,586.50. About 1631 shares advanced, 1704 shares declined, and 88 shares unchanged.

Top sectoral gainer/loser at this hour: 

Auto, bank, oil & gas down 0.5%, while IT, FMCG, Realty up 0.5-1%

Buzzing stocks this hour:

#1 Hitachi Energy falls 3% despite Q4 profit jumps 123%
#2 Morgan Stanley keeps 'equal-weight' rating on BHEL, target Rs 220; shares down 4%
#3 2.62 million shares of Gail India traded in another bunch
#4 Indian Bank board approves fundraising; stock down

#1 Profit at Rs 72.4 crore Vs loss of Rs 111 crore
#2 Revenue rises 0.8% to Rs 934.2 crore Vs Rs 926.9 crore

#1 Profit zooms 56.2% to Rs 169.3 crore Vs Rs 108.4 crore
#2 Revenue increases 1.8% to Rs 3,698.5 crore Vs Rs 3,632.5 crore

#1 Profit spikes 106.6% to Rs 98.4 crore Vs Rs 47.7 crore
#2 Revenue increases 36.2% to Rs 835.8 crore Vs Rs 613.8 crore

M&M Financial gets Certificate of Registration to act as a ‘Corporate Agent, which enable the Company to undertake supplemental business activity of soliciting and procuring insurance business in the areas of life, health and general insurance- both group and individual.

#1 Profit declines 3.8% to Rs 246.7 crore Vs Rs 256.5 crore
#2 Revenue slips 1% to Rs 3,742.7 crore Vs Rs 3,780.7 crore

The Board of Directors of the Indian Bank in its meeting held today approved Fund/Capital Raising Plan of the Bank.

(a) Raising Equity Capital of the Bank aggregating upto Rs 5000 crore (including premium) through various modes viz. QIP/ FPO/ Rights Issue or in combination thereof subject to approval of Govt. of India, Reserve Bank of India and in compliance with other statutory/regulatory provisions in this regard.

(b) Raising AT 1/ Tier-2 Capital aggregating upto Rs 2000 crore through issuance of Basel III Compliant AT 1 Perpetual Bonds / Tier 2 Bonds in one or more tranches during the current or subsequent financial years based on the requirement.

(c) Raising Long Term Infrastructure Bonds aggregating upto Rs 5000 crore in one or more tranches during the current or subsequent financial years based on the requirement, for financing/refinancing of Infrastructure and Affordable Housing in compliance with applicable RBI guidelines and other applicable laws, rules and regulations.

#1Q4 earnings missed estimates
#2 Operating cash flow was weak on higher net working capital
#3 Earnings visibility is improving with strong orders & healthy prospect pipeline
#4 Depleted vendor base & extending them attractive terms is a key risk factor

#1 Profit jumps 123.7% to Rs 113.7 crore Vs Rs 50.8 crore
#2 Revenue rises 27% to Rs 1,695.3 crore Vs Rs 1,334 crore

Gold prices inched down but hovered above the key $2,400 level on Wednesday, as investors awaited minutes from the Federal Reserve's latest policy meeting for fresh signals on the timing of U.S. interest rate cuts.

Spot gold was 0.3% lower at $2,415.33 per ounce. Bullion hit a record high of $2,449.89 on Monday.

U.S. gold futures were down 0.3% at $2,419.

#1 Profit plunges 96.4% to Rs 125.1 crore Vs Rs 3,481.8 crore
#2 Exceptional gain at Rs 230.3 crore Vs Rs 3,289.4 crore
#3 Revenue grows 33% to Rs 1,855.7 crore Vs Rs 1,396 crore

#1 Profit jumps 82.2% to Rs 44.3 crore Vs Rs 24.3 crore
#2 Revenue grows 8.4% to Rs 792 crore Vs Rs 730.5 crore

#1 Q4 in-line with estimates, thus, retain FY25-26 EPS
#2 Q4/FY24 pipes volume growth was healthy at +23 percent/+24 percent YoY
#3 Pipes volume growth was yet again lower than supreme at +41 percent/34 percent YoY
#4 Traction in new categories seems on-track

#1 Net profit up 1 percent at Rs 54.4 crore vs Rs 54 crore, YoY
#2 Revenue up 3.2 percent at Rs 398 crore vs Rs 385.6 crore, YoY
#3 EBITDA up 11 percent at Rs 96 crore vs Rs 86 crore, YoY
#4 Margin at 24 percent vs 22.5 percent, YoY

#1 Profit jumps 49.5% to Rs 65.2 crore Vs Rs 43.6 crore
#2 Revenue rises 16% to Rs 845.2 crore Vs Rs 729 crore

Sensex Today | BSE Auto Index down 0.3%; Cummins, TVS Motor, Hero MotoCorp down 1%  each

#1 Profit tanks 46.8% to Rs 31.5 crore Vs Rs 59.1 crore
#2 Revenue rises 0.4% to Rs 358.8 crore Vs Rs 357.4 crore

The pharma company has received final approval from the US Food and Drug Administration (US FDA) for Abbreviated New Drug Application (ANDA) for Pregabalin capsules. This approval pertains to a generic equivalent of the Reference Listed Drug, Lyrica capsules, of Upjohn US 2 LLC. Pregabalin is used for neuropathic pain associated with diabetic peripheral neuropathy and spinal cord injury, postherpetic neuralgia, and fibromyalgia.

Sensex Today | Shakti Pumps, Azad Engineering locked at 5% lower circuit

Gold prices inched down but hovered above key $2,400 level on Wednesday, while investors await minutes from the Federal Reserve's latest policy meeting for fresh signals on the timing of U.S. interest rate cuts.

Spot gold was 0.3% lower at $2,413.50 per ounce. Bullion hit a record high of $2,449.89 on Monday.

U.S. gold futures were down 0.4% at $2,416.80.

#1 Company reported a surprise 25 percent decline in its Q4 PAT
#2 Company’s backlog grew 44 percent YoY as thermal orders picked-up
#3 Operationally, another weak quarter in Q4 with flat execution
#4 PAT down 25 percent YoY driven by slow-moving orders
#5 FY24 gross margin fell 58 bps, management said should be the bottom
#6 Key bright spot was resurgence of fossil orders, given energy security
#7 Future of company’s thermal business looks bleak beyond FY30

DB Corp Q4 net profit at Rs 122.5 crore Vs Rs 41 crore, YoY

#1 Profit jumps 243.2% to Rs 28.3 crore Vs Rs 8.2 crore
#2 Revenue rises 16.3% to Rs 423.07 crore Vs Rs 363.7 crore

Britain's consumer price inflation fell by less-than-expected in April, raising fresh doubt about the Bank of England's plans to cut interest rates in the coming months which would give a boost to embattled Prime Minister Rishi Sunak.

British consumer prices rose by an annual 2.3%, down from a 3.2% increase in March and its lowest since July 2021 when it stood at 2.0%, the Office for National Statistics said.

The BoE - which has an inflation target of 2% - and economists polled by Reuters had forecast a bigger drop to 2.1%.

Sensex Today | GeeCee Ventures, Ausom Enterprise, Mangalam Drugs locked at 20% upper circuit

Welspun Enterprises has emerged as L1 bidder for the “Construction of Access Controlled Multi-Modal Corridor from Navghar to Balavali in the State of Maharashtra on EPC Mode Package MMC -11 from Kalambsure km. 88+620 to Govirle km. 96+410 in Tq. Uran & District Raigad (length – 7.79 km) of Maharashtra State Road Development Corporation Limited.

The quoted amount is Rs 1,864.71 crore and project is to be constructed within a period of 36 months from the date of Notice of Commencement.

Zydus Lifesciences has received final approval from the United States Food and Drug Administration (USFDA) to market Theophylline Extended-Release Tablets, 300 mg and 450 mg.

Sensex Today | Coal India, Tata Steel hit 52-week high

#1 Profit drops 41.4% to Rs 218.3 crore Vs Rs 372.7 crore
#2 Revenue declines 25.6% to Rs 1,214.9 crore Vs Rs 1,632.9 crore

The Sensex was up 108.77 points or 0.15 percent at 74,062.08, and the Nifty was up 22.90 points or 0.10 percent at 22,551.90. About 1,641 shares advanced, 1,617 shares declined, and 95 shares unchanged. Broader markets were mixed, with BSE Midcap down 0.1 percent and BSE Smallcap index up 0.1 percent in afternoon trade.

Top sectoral gainer at this hour: Nifty Realty, Nifty FMCG
Top sectoral loser at this hour: Bank Nifty, Nifty Metal
Buzzing stocks this hour:

#1 Suzlon shares hit 5 percent upper circuit on bagging 402 MW wind energy project order
#2 Metropolis Healthcare hit 52-week high of Rs 2,023.45 after the company reported healthy Q4 earnings
#3 ICICI Bank alloted 6.5 lakh equity shares of face value of Rs 2 each under the employee stock option plan

Brokerages maintained their bullish bets on Oil & Natural Gas Corporation (ONGC) after the state-owned oil major posted higher-than-expected net profit for the quarter ended March. ONGC reported an increase of around 78 percent in consolidated net profit at Rs 11,526.53 crore in the fourth quarter of the financial year 2023-24 as compared to Rs 6,478.23 crore in the same period last year. READ MORE

Granules founder Chigurupati sold 7.5 million shares in a block on May 22 to clear personal debt: Bloomberg

The company has emerged as the L1 bidder for two road projects worth Rs 4,346.14 crore of Maharashtra State Road Development Corporation.

Sensex Today | Major deals on the BSE

#1 Net loss narrows to Rs 23 crore Vs loss of Rs 45.4 crore
#2 Revenue grows 4% to Rs 131.2 crore Vs Rs 126.2 crore

Shares worth USD 250-270 million likely to change hands via block at Rs 530-545 per share, reported CNBC-TV18, quoting Sources.

FDI Investors APIS, Madison (MIO) & ROC Capital are likely sellers in block.

Sensex Today | BSE FMCG, Realty indices outperform

Meera Industries has secured a domestic order for Ring Twisting Machines, valued at a staggering Rs 7,47,00,000.

Company's subsidiary, Biocon Biologics, has obtained approval from the US Food and Drug Administration (US FDA) for the first-to-file application for Yesafili, an interchangeable biosimilar aflibercept.

Yesafili, a vascular endothelial growth factor (VEGF) inhibitor, is utilized in the treatment of various ophthalmology conditions.

Sensex Today | Mangalam Drugs, Fiberweb India among major volume shockers on the NSE

Sensex Today | Nifty trades flat; Nifty Bank under pressure

The company has been declared as the lowest bidder for two EPC road projects of MSRDC (Maharashtra State Road Development Corporation), with a quoted price of Rs 4,994 crore.

Motilal Oswal Securities has initiated coverage on MTAR Technologies Ltd with a buy rating and kept a target price of Rs 2,800 a share, 32.65 percent higher than the previous closing price.

MTAR Tech, a key supplier to global MNCs and government departments, has carved a niche in precision engineering. Motilal Oswal notes that as the largest supplier of fuel cell components to Bloom Energy (BE), MTAR will benefit from rising fuel cell demand. The company is expanding its product range with BE, aiming for complete fuel cell integration.

Additionally, MTAR's nuclear, space, and defense segments offer significant growth potential. With strong manufacturing and customer relations, MTAR is expected to achieve a 39 percent CAGR in the order book and 38 percent in revenue from FY24-26, the Motilal report said. Read More

Shares of United Spirits Limited fell almost a percent lower at Rs 1,163 apiece in early trade on May 22, a day after the company received a notice to pay water charge arrears of Rs 345.45 crore from the Water Resources Department, Maharashtra.

The Water Resources Department (Jalsampada Vibhag), Irrigation Division – Nanded (North), Maharashtra, has issued a notice requiring the company to settle its overdue water charges within seven days of receiving the notice. This notice relates to the potential suspension of water supply under Section 49(J) of the Maharashtra Irrigation Act, 1976. Read More

Sensex Today | BSE Bank index down 0.5%; SBI, Federal Bank among major losers

Cipla USA Inc., wholly owned subsidiary of the Cipla in USA has received the final approval for its Abbreviated New Drug Application (ANDA) for Lanreotide Injection 120 mg/0.5 mL, 90 mg/0.3 mL, 60 mg/0.2 mL from USFDA.

Cipla’s Lanreotide Injection is AP-rated therapeutic equivalent generic version of Somatuline Depot (lanreotide) Injection and is indicated for the treatment of patients with Acromegaly and Gastroenteropancreatic Neuroendocrine Tumors (GEPNETs).

Suzlon Group announced new order wins for the development of 402 MW wind energy projects for Juniper Green Energy.

Suzlon will install a total of 134 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW for both projects at the Suzlon proposed site at Fatehgarh in Rajasthan.

3.39 million shares of Suzlon Energy trade in a bunch: Bloomberg

ONGC has guided for 6 percent production volume CAGR over the next three years, driven by rising production from KG 98/2 asset, Daman upside development, and monetization of stranded gas reserves.

While volume guidance is upbeat, execution is vital, and should ONGC achieve guided volumes, see upside risk to earnings estimates.

ONGC is trading at 2.8x FY26E EV/EBITDA (SA) and 7.1x FY26E P/E (SA).

Value the company at 7x FY26E adjusted EPS of Rs 34 and add the value of investments to arrive at our Target Price of Rs 340.

SpiceJet will seek a refund of Rs 450 crore out of the Rs 730 crore it has previously paid to former promoter Kalanithi Maran and his firm, KAL Airways, following the Delhi High Court’s order on May 17.

The Division Bench of the Delhi High Court ruled on May 17 in favour of SpiceJet and its promoter, Ajay Singh, in the long-standing share transfer case against former promoter Kalanithi Maran and his firm, KAL Airways. This ruling overturns a previous decision by a single-judge bench, positioning SpiceJet to claim a substantial refund based on legal advice.

#1 Q4 revenue missed estimate by 6 percent with both agrochemical & pharma weaker
#2 EBITDA, came in-line on strong gross margin despite drag from pharma
#3 PAT at Rs 370 crore, up 32 percent YoY & down 18 percent QoQ, was 6 percent ahead on lower tax rate
#4 Key focus areas are growth & margin In CSM & domestic business
#5 Key focus area is ramp up of pharma over FY25

Market at 10 AM | Sensex, Nifty trade higher amid volatility

The Sensex was up 117.86 points or 0.16 percent at 74,071.17, and the Nifty was up 25.00 points or 0.11 percent at 22,554.00.

BSE Midcap and Smallcap indices trade flat.

Among sectors, FMCG, realty up 1% each, while bank, capital goods, metal and oil & gas down 0.2-0.5%.

#1 Profit spikes 38.7% to Rs 86.2 crore Vs Rs 62.2 crore
#2 Revenue rises 9.8% to Rs 869.6 crore Vs Rs 792 crore

Sensex Today | Nifty FMCG index up 1%; Marico, HUL, Dabur India gain 1-2%

Strides Pharma Science announced that its stepdown wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for the generic version of Sucralfate Oral Suspension, 1gm/10 mL, from the United States Food & Drug Administration (USFDA).