Stock Market News: Sensex, Nifty Extend Gains Led by Metals, Auto, Oil & Gas


by Sandip Das on 15 May 2024,  3 min read


The Indian stock market extended its morning gains on May 14, 2024. At 2:20 PM, Sensex added 417 points at 73,193.34 while Nifty was up 140 points and was trading at 22,244.50.

Around 2,691 stocks advanced, and 1,046 stocks declined while 133 stocks remained unchanged.

Among the sectors, metal added over 2 percent followed by auto and oil & gas which were up over 1 percent each.

Top Nifty50 Gainers
  • Adani Enterprises: 5.17%
  • Mahindra & Mahindra: 3.95%
  • Hero MotoCorp: 2.81%
  • JSW Steel: 2.54%
  • Larsen & Toubro: 2.29%
Top Nifty50 Losers
  • Cipla: -3.08%
  • Nestle India: -1.1%
  • Axis Bank: -0.7%
  • ICICI Bank: -0.64%
  • Tata Consultancy Services: -0.61%
European Markets

European shares were subdued on Tuesday as investors braced for a key US inflation data and Federal Reserve Chair Jerome Powell’s remarks due later in the day, while Delivery Hero jumped on the sale of its Taiwan foodpanda business to Uber. The pan-European STOXX 600 was flat, as of 0808 GMT, but hovered near its all-time high hit on Friday, according to a Reuters report.

Stocks in Action

Zomato’s shares continued to decline on May 14, dropping by as much as 6 percent in morning trading sessions due to anticipated increases in the company’s expenses associated with its employee stock ownership plan (ESOP).

During post-earnings call on Monday, Zomato management noted that costs related to ESOPs, which are non-cash expenditures, are expected to climb in the current fiscal year. This is primarily attributed to the allocation of ESOPs to Blinkit’s leadership team and senior staff.

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Ethos witnessed a substantial increase in its share price, rising by more than 6 percent after the announcement of a robust performance during the January-March quarter (Q4FY24). During this period, Ethos recorded a significant uptick in consolidated revenue from operations, marking a 21.7 percent year-on-year (YoY) increase to Rs 252 crore. Additionally, the profit-after-tax (PAT) showed a remarkable surge, escalating by 58 percent YoY to Rs 21 crore.

Conversely, Ethos experienced a notable growth in earnings before interest, tax, depreciation, and amortization (EBITDA), which soared by 45.1 percent YoY to Rs 44 crore in Q4FY24. Furthermore, the EBITDA margins demonstrated improvement, climbing by 260 basis points (bps) YoY to reach 17 percent.

Ethos unveiled 10 new boutiques across 9 cities, including expansion in 4 new cities. Looking ahead, Pranav Saboo, Founder and Managing Director of Ethos, said that the company would continue expanding its physical as well as digital presence. “With strategic plans in motion, we’re confident in achieving sustained growth and delivering value to all stakeholders,” Saboo said in a regulatory exchange filing.

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Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment.

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