Stock Market Today: Sensex Jumps, Nifty Ends Above 22,400; IT, Realty Gain

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by Sandip Das on 16 May 2024,  3 min read

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The Indian stock market witnessed some robust buying on May 16, 2024. At close, Sensex jumped 676 points at 73,663.72 while Nifty gained 203 points and ended the session at 22,403.

Around 2,125 stocks advanced and 1,706 stocks declined while 121 stocks remained unchanged.

Top gainers included Nifty Consumer Durables up 1.7 percent, followed by Nifty IT and Nifty Realty, both up 1.7 percent each. Nifty FMCG rose 0.8 percent, while Nifty Bank and Auto each added 0.6 percent. Among the losers, Nifty PSU Bank shed 0.88 percent.

Top Nifty50 Gainers
  • Mahindra & Mahindra: 3.98%
  • Tata Consumer: 2.76%
  • Bharti Airtel: 2.6%
  • LTI Mindtree: 2.74%
  • Tech Mahindra: 2.31%
Top Nifty50 Losers
  • Maruti Suzuki: -2.15%
  • State Bank of India: -0.98%
  • Tata Motors: -0.86%
  • Power Grid: -0.81%
  • Bharat Petroleum Corporation: -0.81%
Asian Markets

Asia-Pacific markets rose Thursday after Wall Street benchmarks closed at record highs overnight on soft inflation data, while investors assessed Japan GDP data. Japan’s Nikkei 225 gained 1.39 percent to end at 38,920.26, while the broader Topix closed 0.24 percent higher at 2,737.54. Hong Kong’s Hang Seng index reopened after a holiday, rising 1.43 percent. Mainland China’s CSI 300 index gained 0.39 percent to end at 3,640.35. The Taiwan Weighted Index hit a fresh record closing high, up 0.74 percent at 21,304.26, according to a CNBC.com report.

European Markets

European shares edged lower on Thursday, weighed down by German engineering group Siemens after a second-quarter industrial profit miss, while automobile and energy stocks were also dragged by multiple industry heavyweights trading ex-dividend. The pan-European STOXX 600 was down 0.1 percent after hitting a fresh record high on Wednesday, as a lower-than-expected rise in US consumer prices in April boosted bets for a September rate cut by the Federal Reserve in a boost to global sentiment, according to a Reuters report.

Stocks in News
Mahindra & Mahindra

Mahindra & Mahindra Ltd (M&M), one of the major automobile manufacturers, announced on May 16 that its standalone net profit surged by 32 percent in the March quarter to reach Rs 2,038 crore. This increase was attributed to the strong performance of the automotive segment, a favorable product mix, and benefits from operating leverage. In comparison, the company reported a standalone net profit of Rs 1,549 crore in the same period last year. The standalone revenue from operations for the homegrown automaker increased by 11 percent to Rs 25,109 crore in Q4FY24, up from Rs 22,571 crore a year ago.

Hindustan Aeronautics

On May 16, Hindustan Aeronautics Ltd (HAL), a leading defense public sector utility, announced a 52 percent increase in net profit to Rs 4,308 crore for the quarter ending March 31, 2024, compared to the same period last year. The company’s revenue from operations also surged by 18 percent year-on-year to Rs 14,768.70 crore in Q4, up from Rs 12,494 crore in the corresponding period last year. Sequentially, profit more than doubled from Rs 1,261 crore reported in the preceding December quarter, while revenue skyrocketed by 140 percent. It’s worth noting that Q3 historically represents a weaker period for HAL.

Source: NSE, BSE, moneycontrol

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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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