Stock Market Highlights: Markets end higher! Nifty closes above 22,200, Sensex around

Adani Enterprises, M&M, Hero MotoCorp, L&T, and JSW Steel were the top gainers in the Nifty 50. While Cipla, TCS, Nestle India, Tata Consumer Products, and Axis Bank were the key laggards in the Nifty 50 on May 14.

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Will Nifty scale above the 22,200 mark, or consolidate ahead? See GIFT Nifty, FII data, F&O ban, crude, more before market opens

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SAIL, Vodafone Idea, ACC, NMDC, and Suzlon Energy were the top midcap gainers in the nifty Midcap 50. While UPL, Tube Investment of India, Lupin, Dixobn Technologies, and Plycab India were the key laggards in the Nifty Midcap 50 on May 14.

Courtesy: NSE

Courtesy: BSE

Courtesy: NSE

The shares of agricultural solutions and services giant UPL plunged over 6% after the company reported 95% drop in net profit year-on-year in Q4FY24. The share price of UPL slipped 6.07% to intra-day low of Rs 501.65 on NSE.

Cochin Shipyard advanced 9.6% to an intraday high of Rs 1,310 after it won a large deal of Rs 500- 1,000 crore. The company secured an order from a European client for hybrid service operation vessels. “We would like to inform that CSL has bagged a Large order from a European Client, for the design and construction of a Hybrid Service Operation Vessel (Hybrid SOV) with an option for two more such vessels,” said the company in an exchange filing.

“The Bank Nifty index saw a strong recovery from lower levels and managed to hold onto its support at the 100-day exponential moving average (EMA). There’s a potential for a pullback towards its 20-day moving average (DMA), positioned at 48,200. As long as the index maintains the support level of 47,200 on the downside, where bullish activity is evident, the index remains in a buy mode,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

Hero MotoCorp, Shriram Finance, Hindalco, JSW Steel, and M&M were the major gainers in the Nifty 50. While Cipla, Nestle India, Tata Consumer Products, Adani Ports & SEZ, and TCS were the key laggards in the Nifty 50 on May 14.

Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The Nifty has formed a hammer pattern on the daily chart, indicating a potential bullish reversal following a correction. Additionally, the stock has found support around the previous swing low on the daily timeframe. However, the index’s recovery may encounter resistance in the 22150-22200 zone, and only a decisive move above 22200 could trigger a stronger rally in the market. On the lower end, support is situated at 21950.

Bharti Airtel, Siemens, Shree Cement, Colgate Palmolive (India), Oberoi Realty, AIA Engineering, Apollo Tyres, Apar Industries, Radico Khaitan, Devyani International, Shyam Metalics and Energy, PVR Inox, Bajaj Electricals, Zydus Wellness, Safari Industries India, Archean Chemical Industries, Jubilant Ingrevia, VMART Retail, Thyrocare Technologies, Sagar Cements, Repco Home Finance, Patanjali Foods BASF India, BLS International, Kirloskar Brothers.

The NSE has added Balrampur Chini Mills, Canara Bank, GMR Infra, Hindustan Copper, Vodafone Idea, Piramal Enterprises, PNB, Sail, and Zee Entertainment Enterprise in F&O on May 14, 2024.

Foreign institutional investors (FII) offloaded shares worth net Rs 4,498.92 crore, while domestic institutional investors (DII) mopped shares worth net Rs 3562.75 crore on May 13, 2024, according to the provisional data available on the NSE.

WTI crude prices are currently trading at $79.29, marking a 0.21% increase, while Brent crude prices stand at $83.55, showing a 0.23% uptick, as of Tuesday morning.

The US Dollar Index (DXY), which gauges the dollar’s value against a basket of six foreign currencies, saw a 0.04% decline, trading at 105.22.

According to Reuters, global stock indexes saw little change on Monday, while the U.S. dollar index experienced a slight decline as investors awaited this week’s U.S. inflation data, which is anticipated to be crucial for the outlook on U.S. interest rates. The tech-focused Nasdaq Composite rose by 47.37 points or 0.29% to 16,388.24. Conversely, the S&P 500 concluded with a marginal decrease of just 1.26 points or 0.02% at 5,221.42, whereas the Dow Jones Industrial Average closed lower by 81.33 points or 0.21% at 39,431.51.