Monday turned out to be a wonderful trading session for
the Dalal Street, with both Sensex and Nifty ending around 2% higher. After a
strong start, markets maintained their gaining rally till the end of the
trading session, as RBI data showed that India’s forex reserves increased by
$4.23 billion to $597.509 billion for the week ended May 20 on the back of a
high accretion of core currency assets.
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The Nifty50 has formed a long bull candle on the daily
chart with a gap-up opening, suggesting an upside breakout of its consolidation
pattern at 16,400, according to Nagaraj Shetti, Technical Research Analyst at
HDFC Securities.
“This is a positive indication and signals more
upside in the short term,” he said.
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Sensex rallied 1041.08 points or 1.90% to 55,925.74 and
Nifty was up by 308.95 points or 1.89% to 16,661.40 in the previous session. Sensex
touched a high and low of 56,082.65 and 54,466.30, respectively. There were 26
stocks advancing against 4 stocks declining on the index. Nifty traded in a
range of 16,695.50 and 16,506.15. There were 45 stocks advancing against 5
stocks declining on the index.
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Broader
Indices
The broader indices ended in green with the BSE Midcap
index surging 2.28%, while the Small cap index was up by 2.23%. On the sectoral
front, Consumer Durables was up by 4.41%, Realty up by 3.96%, IT up by 3.75%,
TECK up by 3.53% and Capital Goods up by 2.92%, while there were no losing
sectoral indices on the BSE.
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India
VIX Index
Nifty or India VIX, a gauge of the market’s expectation
of volatility over the near term, fell 6.98% to 19.98 on Monday.
SGX Nifty
The trends on SGX Nifty indicate a negative opening for the index in India with a 47-points loss. The Nifty futures were trading at 16,595.20 on the Singaporean Exchange around 06:40 hours IST.
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Support
and Resistance levels
The key support level for the Nifty is placed at 16,547,
followed by 16,432. If the index moves up, the key resistance levels to watch
out for are 16,736 and 16,810, according to pivot charts.
The stock market in the U.S. remained closed on Monday on account of Memorial Day.
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Asian
Markets
Asian markets finished mostly higher on Monday. The
Nikkei 225 rose 2.19% and the Hang Seng rose 2.06%. The Shanghai Composite rose
0.60%.
European
Markets
European markets were higher on Monday, Germany’s DAX was
up by 0.79% while France’s CAC 40 was up by 0.72% and London’s FTSE 100 was up
by 0.19%.
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Major
News Headlines
LIC
Q4 Results: Net profit declines 18%, firm declares dividend of Rs 1.5
Insurance giant Life Insurance Corporation of India (LIC)
reported an 18% decline in standalone net profit at Rs 2,372 crore for the
January-March quarter of fiscal 2022. The company had reported a net profit of
Rs 2,898.43 crore in the year-ago period. LIC’s net premium income increased
17.88% to Rs 1.44 lakh crore in the March quarter from Rs 1.22 lakh crore in
the same quarter of the previous financial year. The company board has also
recommended a dividend of Rs 1.50 per equity share with a face value of Rs 10
each for the year ended March 31, 2022, subject to the approval of the
shareholders in the annual general meeting.
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Sun
Pharma Q4 Results: Firm posts net loss of Rs 2,277.2 crore
India’s largest drugmaker reported a loss of Rs 2,277.2
crore for the January-March quarter of fiscal 2022, dented by exceptional loss,
against a profit of Rs 894.1 crore in the same period of the previous financial year.
EBITDA increased by 14.6% year on year to Rs 2,279.7 crore in the March quarter.
Revenue grew by 11% YoY to Rs 9,446.8 crore in the March quarter with India
formulation sales rising 18%, US formulation growth of 5%, emerging markets
formulation sales increasing 7% and Rest of the World formulation sales rising 7%
YoY.
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IRCTC
Q4 Results: Net profit jumps 106%, firm declares Rs 1.5 dividend
Indian Railway Catering and
Tourism Corporation Ltd reported a 106% jump in Rs 214 crore for
the quarter ending March 31, 2022, driven by strong topline and
operating performance. It reported a net profit of Rs 104 crore in the year-ago period. Revenue from
operations surged 103% to Rs 691 crore in the March quarter as against Rs 339
crore in the same quarter of the previous financial year. The company’s board of
directors recommended a final dividend of Rs 1.5 per share for the financial year
2021-22.
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DGCA
slaps Rs 10 lakh fine on SpiceJet for training pilots on faulty simulator
The Directorate General of Civil Aviation (DCGA) on May
30, imposed a fine of Rs 10 lakh fine on SpiceJet for training 737 Max aircraft
pilots on a faulty simulator. Earlier, the DGCA had barred 90 SpiceJet Pilots
from flying B737 Max aircraft. The pilot will have to be retrained, the
regulator had ordered. “Training being imparted by SpiceJet could
have adversely affected flight safety and was nullified,” the regulator said.
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INDUSIND BANK LTD CLIENT A/C sold 18,75,000 shares in Birla
Tyres Limited at Rs 7.05 per share on the NSE.
MUNDRA PRAHALAD KUMAR bought 24,00,000 shares in Integra
Essentia Limited at Rs 0.11 per share on the NSE.
VISHESH GUPTA sold 79,66,706 shares in Integra Essentia
Limited at Rs 0.11 per share on the NSE.
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MANGLAM FINANCIAL SERVICES sold 2,10,439 shares in Prime
Securities Limited at Rs 100.24 per share as per NSE.
JAYA JALAN bought 1,02,652 shares in Kshitij Polyline
Limited at Rs 27.84 per share as per NSE.
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Foreign institutional investors (FIIs) bought shares
worth a net Rs 502.08 crore, while domestic institutional investors (DIIs) bought
shares worth a net Rs 1,524.49 crore in the Indian equity market on May 30, as
per provisional data available on the NSE.
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The National Stock Exchange has not put any stock under
the F&O ban for May 31. Securities in the ban period under the F&O
segment include companies in which the security has crossed 95% of the
market-wide position limit.
