Share Market Highlights: Sensex ends 848 pts higher, Nifty closes at 14,923; IndusInd Bank, SBI top gainers

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Updated: May 17, 2021 4:19:55 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity indices were in the firm grip of bulls today, ending 1.7% higher. Broader markets mirrored the up-move.

Share Market Today, Share Market LiveVolatility index fell on Monday. (Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Bulls took charge and pulled Dalal Street higher on Monday. S&P BSE Sensex jumped 848 points to close at 49,580 while the Nifty 50 index ended at 14,923. Banking stocks led the rally with IndusInd Bank zooming 7%, followed by a 6.5% in SBI. ICICI Bank, HDFC Bank, and Axis Bank followed close. Broader markets mirrored the up-move. The Bank Nifty index jumped 4% as the top sectoral index gainer on NSE. Only Nifty Media and Nifty Pharma index closed in red. 

 

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Highlights

    16:17 (IST)17 May 2021
    Dalal Street surges higher on Monday helped by bank stocks; will Nifty regain 15,000 this week?

    Dalal Street marched higher on the first trading session of the week. Bulls took control and pulled Sensex 1.7% higher to end at 49,580, while the Nifty 50 closed at 14,923. Banking stocks were among the top performers with IndusInd Bank zooming 7%, followed by a 6% jump recorded by State Bank of India. ICICI Bank, HDFC Bank, and Axis Bank followed close. Broader markets mirrored the up-move. Among NSE Sectoral gainers, only Nifty Media and Nifty Pharma closed with losses. India VIX, the volatility gauge closed in the red, falling 3.25% during the day.

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    15:40 (IST)17 May 2021
    Upcoming dividends calendar: Record dates for payments fast approaching for these firms

    Investors hunting dividend payouts might want to keep a close eye on Dalal Street this week. In the coming days, a number of firms from various sectors will approach their record dates for dividend payouts, regulatory filings show. At present, where interest rates are low and liquidity is abundant, analysts have said that the possibility of higher dividend payouts in the coming quarters by India Inc can not be ruled out. Various brokerage firms have said that improving cash flows could leave more space for dividends and buybacks by companies in the near future, as a way of rewarding shareholders. Here are the companies that are approaching their record dates this week.

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    15:34 (IST)17 May 2021
    Closing Bell

    Sensex and Nifty surged nearly 1.7% each on Monday. Sensex zoomed 848 points to end above 49,500 while the Nifty 50 inched closer to 14,950.

    15:23 (IST)17 May 2021
    Top Sensex gainers

    IndusInd Bank, SBI, ICICI Bank and HDFC Bank were among the top index gainers just ahead of the closing bell on Monday. IndusInd Bank surged 7% while SBI was up 6.5%.

    15:03 (IST)17 May 2021
    Nifty crosses 14,900

    Nifty breached 14,900 just ahead of the closing bell on Monday. The rally in the benchmark index was led by banking stocks. IndusInd bank was up 7%, followed by SBI, up 6.5%.

    14:46 (IST)17 May 2021
    Krsnaa Diagnostics files IPO papers with Sebi; firm receives heavy demand for PCR testing amid COVID-19

    Krsnaa Diagnostics filed draft papers with the market regulator Securities and Exchange Board of India (Sebi) for an initial public offering (IPO). The public issue comprises a fresh issue of equity shares worth Rs 400 crore and an offer-for-sale (OFS) of 94 lakh equity shares of a face value of Rs 5 per share by existing shareholders and promoters.

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    14:20 (IST)17 May 2021
    Gold prices continue to trade higher, hover near to 3-month highs

    Gold prices continue to trade higher hovering near to around three-month highs, as a weaker dollar and a dip in U.S. yields on the back of weak U.S. economic data reported last week boosted metal's appeal. Dollar index fell to almost one week low: whereas U.S. 10-year Treasury yields retreated further from a more than one-month high hit last week.  Weak data from the U.S. gave further support to the metal prices, as retail sales and industrial production numbers missed the expectations in April. Also, fear of rising inflation are weighing on consumer sentiment, adding to concerns about how quickly the US economy will be able to recover from the pandemic, and pushing away any noise about the changes in interest rate. Economic calendar is muted for the day, although market participants will keep an eye on the FOMC minutes and preliminary Manufacturing and services PMI data expected from major economies, scheduled later in the week. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services

    14:03 (IST)17 May 2021
    WPI inflation hits double digits in April at 10.49 pc; crude prices harden

    The wholesale price-based inflation shot up to an all-time high of 10.49 per cent in April, on rising prices of crude oil and manufactured items. Also, a low base of April last year contributed to the spike in inflation in April 2021. The WPI inflation was 7.39 per cent in March 2021, and (-) 1.57 per cent in April 2020. This is the fourth straight month of uptick seen in the wholesale price index (WPI)-based inflation.

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    13:11 (IST)17 May 2021
    Julius Baer downgrades Tata Steel to ‘reduce’ despite robust results; finds risk-reward unfavourable

    Tata Steel has been among the darlings of Dalal Street investors looking to bank on the commodity upcycle so far this year. The stock has surged a massive 85% since January end, to now trade at Rs 1,124 apiece. The Tata Group firm has reported strong revenue growth to support the buying interest and steel as a commodity remains in an attractive position considering global events at this juncture. However, global brokerage and research firm Julius Baer has decided to opt-out of any further rally in the stock and downgraded the stock to reduce rating.

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    12:56 (IST)17 May 2021
    WPI inflation hits double digits in April at 10.49 pc; crude prices harden

    The wholesale price-based inflation shot up to an all-time high of 10.49 per cent in April, on rising prices of crude oil and manufactured items. Also, a low base of April last year contributed to the spike in inflation in April 2021.

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    12:46 (IST)17 May 2021
    Penna Cement IPO soon, files DRHP with SEBI for Rs 1,550 crore public issue

    Cement producer Penna Cement has filed its draft red herring prospectus with the Securities and Exchange Board of India for an IPO worth Rs 1,550 crore. The public issue comprises a fresh issue of shares worth Rs 1,300 crore and an offer-for-sale by promoters, PR Cement Holdings Ltd of up to Rs 2,500 crore. The company has planned to utilise the net proceeds for repayment of Rs 550 crore of certain borrowings availed by the company.

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    12:02 (IST)17 May 2021
    Elon Musk’s fresh salvo at Bitcoin: ‘Not decentralised, Dogecoin is better’; sends Bitcoin tumbling 16%

    Tesla chief Elon Musk’s latest Twitter duel has revealed more on why the world’s second-richest person and a Bitcoin believer till recently has suddenly turned against it. After having stopped Tesla Car purchases using Bitcoin last week, citing environmental concerns, Elon Musk spent his weekend replying to people on Twitter who questioned his move. Along with environmental concerns, Musk has now claimed that Bitcoin is not as de-centralised as people believe it to be. On Sunday evening, the Tesla chief also seemed to agree with a tweet suggesting Tesla would sell its Bitcoin holdings this quarter but later clarified that it has not done so already.

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    11:38 (IST)17 May 2021
    Devyani International IPO: Pizza Hut, KFC, Costa Coffee operator files Rs 1,400-crore IPO papers with SEBI

    Devyani International, the largest franchisee of Pizza Hut, KFC and Costa Coffee, has filed a draft red herring prospectus (DRHP) with market regulator SEBI to launch a Rs 1,400-crore IPO. The public issue comprises a fresh issue of equity shares worth Rs 400 crore and an offer-of-sale (OFS) of up to 12.5 crore equity shares by Investor Selling Shareholder, Dunearn Investments (Mauritius) Pte. Ltd, a wholly-owned subsidiary of Temasek Holdings and Promoter Selling Shareholders, RJ Corp Ltd. This will be the third restaurant chain to come up with an IPO in recent time, following the successful listing of Burger King India and Barbeque-Nation Hospitality.

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    11:37 (IST)17 May 2021
    Volatility eases further

    India VIX, the volatility index, opened in the red on Monday morning. As the day progressed the volatility index slipped 4% as benchmark indices surged.

    10:46 (IST)17 May 2021
    Nifty needs to breach 14,850 on closing

    "The markets have once again respected the 14,700 support. We are trading above it and if we continue doing so, the current trend shall remain bullish. Should we get past 14,850 on a closing basis, the trend will become stronger. On the flip side, if we break 14,700 on a closing basis, the trend turns sideways to negative and the Nifty can drop further to levels closer to 14,400," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

    10:39 (IST)17 May 2021
    IPOs worth Rs 5000 crore could attract FII while persisting covid cases impacting economic growth

    Globally, the dollar index remain consolidated near 90.42 levels after disappointing US retail sales data erased previous gains from a rising US inflation figure. That apart, dovish remarks from several Fed officials showing commitment to support economy has soothed concerns about rising inflation and tightening of policy sooner pushing away the demand for dollar. Domestically, in past session rupee traded on a stable to stronger note due to broad dollar weakness and inflows on account of IPO and corporate QIP’s. In coming weeks, we shall expect rupee to remain in range bound as flows on account of IPO’s of Rs 5000 crores could attract FII on one side while persisting covid cases impacting economic growth could hamper the sentiment on other side. Investors shall key an eye on Wholesale Price Index-based inflation data to be announced today for further directional cues. Overall with global sentiments remaining on cautious mode, the near-term support for the pair remains at 73.20 levels and 73.80 remains a strong resistance, keeping the pair consolidated between 73.20-74.50 levels for the coming days. Amit Pabarai, managing director, CR Forex Advisors

    10:19 (IST)17 May 2021
    CarTrade Tech files IPO papers with SEBI, issue entirely an OFS; key things to know about public issue

    CarTrade Tech has filed a draft red herring prospectus with capital markets regulator SEBI, to launch an initial public offering (IPO). The issue will be entirely an offer-for-sale (OFS) comprising 1.23 crore equity shares. Investors participating in the offer for sale include CMDB II (16.07 lakh equity shares), Highdell Investment (53.79 lakh shares), Macritchie Investments (35.68 lakh shares), Springfield Venture International (11.24 lakh shares) and Bina Vinod Sanghi (1.83 lakh shares). The book-running managers include Axis Capital, Citigroup Global Markets India Private Ltd, Kotak Mahindra Capital Company and Nomura Financial Advisory and Securities (India) Private Ltd. 

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    10:15 (IST)17 May 2021
    Nifty tops 14,800

    Nifty continues to surge higher to now cross 14,800 mark. Sensex was above 49,100.

    09:49 (IST)17 May 2021
    Eyes on Covid data and US inflation

    "There are two macro numbers that will exert a big influence on the markets. Externally US inflation numbers and internally India's Covid data. The jury is still out on US inflation with Fed claiming that the spike in inflation in April is transitory and many economists & market experts believing that inflation will continue to rise to force the Fed to taper earlier than expected. We will have to wait to see how the inflation scenario play out. The other number, India's Covid data, indicates steady improvement with fresh cases steadily declining and the latest number at 2.81lakhs is indeed very positive. And, the recovery numbers at 3.78 lakhs indicate a steady decline in total caseload. This means the present increasing lockdowns will be a temporary phase that is likely to be ignored by the market. The market is likely to ignore the worse-than-expected Q1 FY22 GDP and earning numbers since a turnaround looks imminent in the subsequent quarters," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

    09:18 (IST)17 May 2021
    OPENING BELL

    Sensex was hovering around 49,000 on Monday's opening bell while the Nifty 50 index was comfortable above 14,700 mark. India VIX, the volatility index, tanked 6% on opening. 

    09:09 (IST)17 May 2021
    Nifty at 14,756

    Nifty is set to open at 14,756 on Monday morning. Sensex, on the other hand, was just shy of 49,000 mark. 

    09:04 (IST)17 May 2021
    Nifty may hit 15,400 in medium term; BFSI, infra sectors, HDFC, RIL, Titan stocks look strong on charts

    The weekly price action formed a bear candle carrying higher high-low, indicating breather after the past two weeks’ rally. In the process, stock specific action prevailed as the broader market relatively outperformed.

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    09:03 (IST)17 May 2021
    Sensex, Nifty zoom in pre-open

    Sensex and Nifty gained during the pre-open session on Monday morning. Sensex was nearing in on 49,000 while the Nifty 50 moved above 14,700. 

    08:43 (IST)17 May 2021
    Gold, silver rates surge for second week straight; expect bullion prices to continue rallying

    Commodity prices traded mixed during the week passed by with Bullion prices witnessing buying in last trading sessions. Base metals complex traded weak after China hinted to curb rising inflation. Crude oil prices extended weekly gains on a strong demand outlook and higher product demand after pipeline shutdown.

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    08:38 (IST)17 May 2021
    If Nifty holds above 14,900, it may touch 15,200, Bank Nifty to remain in positive range; TCS, Airtel in focus

    On the weekly chart Nifty has formed a bearish candle forming higher High-Low formation indicating positive bias. Since the past 8-9 weeks, the index has been consolidating within a broad range of 15000-14200 levels representing short term sideways trend.

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    08:32 (IST)17 May 2021
    Bharti Airtel, Cipla, SBI, Gland Pharma, Tata Motors, L&T, Jindal Stainless stocks in focus

    BSE Sensex snapped a two-day losing streak on Friday as the benchmark index gained marginally, while Nifty ended with flat to negative bias. Monday could start on a positive note for domestic indices with the SGX Nifty gaining 58 points or 0.39 per cent on Singaporean Exchange during the early hours of trade. According to analysts the short term trend of Nifty is choppy with weak bias. “The present market action signal chances of an upside bounce in the coming sessions. The confirmation of higher bottom at 14591 (Friday’s Low) is expected to pull the market on upside. The next upper levels to be watched around 14900-15000 in the next one week. Immediate support is placed at 14590,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

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    08:30 (IST)17 May 2021
    Petrol and diesel price today 17 May 2021: Rates remain unchanged; check prices in Mumbai, Delhi here

    Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were unchanged today after having increased nine times so far this month. Petrol in Delhi today costs Rs 92.58 per litre, while diesel in the capital city costs Rs 83.22 litre today. Petrol price in Delhi has increased by Rs 2.18 so far in May, while diesel price has surged Rs 2.49 per lire. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.

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    08:04 (IST)17 May 2021
    SGX Nifty up 50 points

    SGX Nifty was trading 50 points higher on Monday morning. Nifty futures on Singapore Exchange were hinting at a positive start for domestic markets.

    08:03 (IST)17 May 2021
    ‘Dogefather’ Elon Musk tells when he would create his own cryptocurrency

    Tesla’s Elon Musk had earlier this week decried the “insane” amount of energy required for producing Bitcoin following his decision to suspend the use of Bitcoin to sell his electric cars. He had also reiterated his call for a “Carbon tax” (a fee imposed on the burning of coal, gas, and other carbon-based fuels) amid concerns around “rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” as per a statement tweeted by Musk on Thursday. While he might not use Bitcoin for transactions unless its mining moves to more sustainable energy, it is the Dogecoin that is increasingly being backed by Musk.

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    08:02 (IST)17 May 2021
    Q4 Earnings: Top-line growth, cost cut drive earnings; metals pack, IT firms turn in stellar numbers

    Thanks to strong top-line growth and hefty cost-cutting, India Inc’s profits have surged in the three months to March. The huge boost to the bottom line has come from better performances by the metals pack with Tata Steel, and Vedanta which gained from both better volumes and rising prices; net sales at Tata Steel jumped 39% year-on-year nudging Rs 50,000 crore.

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