Stock Market Highlights: Markets end lower! Nifty below 22,900, Sensex falls 260 points;

Divi’s Lab, SBI Life, HDFC Life, Grasim Industries, and Hero MotoCorp were the top gainers in the Nifty 50. While Adani Ports, Power Grid Corp, Coal India, BPCL, and ONGC were the major losers in the Nifty 50 on May 28.

Stocks To Watch: LIC, Concord Biotech, NALCO, Adani Energy Solutions, NMDC

Nalco jumps over 5% as net profit doubles; Find out what brokerages have to say

Stocks To Watch: Adani Ports, Cochin Shipyard, Divi’s Lab, NTPC, Aurobindo Pharma, Manappuram Finance, Hindustan Copper

Will Nifty hold 23,000 mark or consolidate ahead? See GIFT Nifty, FII data, F&O ban, crude, more before market opens

“We analyzed past trends in copra prices and their impact on gross margins, product prices, and growth for Marico over FY15-24. Typically, copra prices negatively correlate with gross margins with a lag of 2-3 quarters; however, the variation in copra prices (peak to trough) has narrowed from 120-130% up to 2018 to 40-50% now. The company has been able to sustain gross margin in FY24, even as copra prices increased 20% due to efficient copra/coconut oil buying and primary destocking for Parachute in GT. The recent move to increase Parachute prices by 6% is unlikely to backfire as Marico usually gains from unorganized players during rising copra prices and a delayed increase helped improve its market share to 63%,” said Prabhudas Lilladher on Marico.

“Gold prices inched higher, recouping some of last week’s losses as traders remained cautious towards metal markets ahead of a key U.S. inflation reading this week. Meanwhile, Silver was up by more than 4% in the yesterday’s session amidst updates from China regarding further support to property sector, surge in industrial metals and rise in geo-political tensions. Shanghai has announced property sector support measures like, they have cut, down-payment requirement, lowered minimum mortgage rates and few other factors. There were also updates regarding exchange of fire between Israel and Egypt, sources also suggest that North Korea fired missiles at Japan, also China’s training exercises near Taiwan’s border have increased. These updates regarding geo-political tensions is boosting the safe haven appeal for both Gold and silver,” said Navneet Damani, Senior Vice President of Commodity Research at Motilal Oswal Financial Services.

“NMDC is successful in receiving faster EC clearances post-government formation, we may see higher volume estimates for 2H of FY25. The domestic iron ore supply situation is expected to remain tight with a sharp increase in steel capacity over the next few years and NMDC is well placed to cater to the demand,” said Prabhudas Lilladher on NMDC post Q4 results. The brokerage house maintained an “Accumulate” rating on the stock with a target price of Rs 253.

Goodyear India fell 6% to an intraday low of Rs 1,140 after reporting its Q4 result of FY24. The company reported a net loss of Rs 4.2 crore in Q4 FY24 compared to a net profit of Rs 33.6 crore posted in the same quarter of the last year.

The stock of Divi’s Laboratories rose 3.1% to a fresh 52-week high of Rs 4,386.50. The stock leads the Nifty 50 for the second straight day. The rally in the stock came after the company’s net profit in Q4 grew by 67% on year in Q4 of FY24 to Rs 538 crore. Also, the company declared a dividend of Rs 30 per equity share.

Courtesy: NSE

National Aluminium Company (NALCO) share price surged over 5% in the early trading session on Tuesday, as the company reported 102% jump in net profit, reaching Rs 996.7 crore in the Q4 results year-on-year. The shares soared as much as 5.79%, reaching an intraday high of Rs 206.30 per share on the NSE.

Courtesy: NSE

Aurobindo Pharma share price surged over 2% in the early trading session on Tuesday, as the company reported a 80% jump in net profit, reaching Rs 909 crore in the Q4 results year-on-year. The shares soared as much as 2.42%, reaching an intraday high of Rs 1226.10 per share on the NSE.

Divi’s Lab, Hindalco, HDFC Life Insurance, Dr, Reddy, and UltraTech Cements were the top gainers in the Nifty 50. While Adani Ports, Tech Mahindra, Coal India, Power Grid Corporation of India, and Sun Pharma were the key laggards in the Nifty 50 on May 28.

Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said Nifty remained mostly volatile during the day as India awaits the final phase of the general election. The near-term outlook remains positive, with the index staying above the crucial moving averages. Support lies at 22,900, below which the index might slip towards 22,800. On the higher end, bears are active around 23,000-23,050. A decisive move above 23,050 might trigger a stronger rally towards higher levels.

Hindalco Industries, Shriram Finance, Wipro, Adani Enterprises, and NTPC are the top gainers on NSE Nifty 50 index whereas the top laggards include Maruti Suzuki India, Bajaj Auto, BPCL, Britannia Industries, and Bharti Airtel.

Courtesy: BSE

The NSE has added  Biocon, GNFC, Hindustan Copper, Vodafone Idea, and Piramal Enterprises in F&O on May 28, 2024.

“Sensex reached a historic 76,000 milestone, while GIFT Nifty is at 23,022, down 10 points. Nifty is expected to continue its upward trend, though key events like the exit poll results, GDP data, and May F&O expiry could influence the market. Positive monsoon forecasts are likely to support agricultural output and economic growth. For trading, buy Nifty on dips between 22,800-22,850 with targets at 23,100/23,351 and Bank Nifty at CMP with targets at 49,600/50,000,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.

Foreign institutional investors (FII) sold shares worth Rs 541.22 crore, while domestic institutional investors (DII) bought shares worth Rs 922.60 crore on May 27, 2024, according to the provisional data available on the NSE.

WTI crude prices are trading at $78.69, up by 0.13%, while Brent crude prices are at $82.04, up by 0.23%, on Tuesday morning.

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, fell by 0.20 to 104.54.

US markets were closed on Monday, May 27, in observance of Memorial Day. On Friday, Nasdaq Composite reached record highs. The tech-heavy Nasdaq Composite rose by 184.76 points, or 1.10%, to close at 16,920.79. The S&P 500 increased by 36.88 points, or 0.70%, finishing at 5,304.72, while the Dow Jones Industrial Average edged up slightly by 4.33 points, or 0.01%, to end at 39,069.59.