IT stocks spark 234-pt rally in Sensex; Nifty tops 18,300; Adani Ent up 20%

CLOSING BELL: Among sectors, the Nifty Metal climbed over 3 per cent, followed by the Nifty IT index (up 2.5 per cent)

Stock brokers (Photo credit: Kamlesh Pednekar)

Stock market highlights:The equity markets edged higher for a second straight day on Monday as investors rotated funds to IT and metal stocks. The benchmark S&P BSE Sensex closed 234 points higher at 61,964 level, lifted by Tech M (up 3 per cent), Wipro, TCS, HCL Tech, and Infosys. L&T, ITC, Titan, Ultratech Cement, and Maruti Suzuki India, meanwhile, were other top gainers.

The broader Nifty50, too, eked out gains of 111 points to end at 18,314 supported by Adani Enterprises (up 19.5 per cent), Adani Ports, Divi's Labs, and JSW Steel.

In the broader markets, the BSE MidCap and SmallCap indices advanced up to 0.7 per cent as against 0.3-0.6 per cent rise in the frontline indices.

Among sectors, the Nifty Metal climbed over 3 per cent, followed by the Nifty IT index (up 2.5 per cent). On the downside, the Nifty Bank index slipped 0.2 per cent.

4:20 PM

COMMENT:: IT stocks rallied on bargain opportunities, pent-up demand

"The domestic market inched higher in anticipation of possible progress in US debt ceiling negotiations. Despite a weak fourth-quarter performance, IT stocks rebounded on account of bargain opportunities and pent-up demand. Investors remain watchful ahead of the release of US FOMC minutes on Wednesday, as the minutes may give some indication of a pause on rate hikes."

- Vinod Nair, Head of Research at Geojit Financial Services

4:19 PM

Nifty 50 could move towards the 18,500 resistance level, if it sustains above 18,300

"The Nifty experienced an upward movement after forming a hammer like pattern on the previous Friday. It found support at the 21-day Exponential Moving Average (EMA), which halted its decline. However, the Relative Strength Index (RSI) is in a bearish crossover, indicating weak momentum. The immediate support level for the Nifty is at 18,200. If it manages to sustain its position above 18,300, there is a possibility of moving towards the resistance level at 18,500."

- Rupak De, Senior Technical Analyst at LKP Securities

4:17 PM

Bank Nifty likely to consolidate in the 43,500 - 44,000 range

"The Bank Nifty, has been consolidating near its all-time high. It has managed to sustain its position above important moving averages, indicating strength in the trend. Despite this, the Relative Strength Index (RSI) is currently displaying a bearish crossover, suggesting weak momentum. In the short term, the Bank Nifty may continue to consolidate in a narrow range of 43,500-44,000. The support levels to watch are at 43,700 and 43,500, while the resistance level stands at 44,000-44200."

- Kunal Shah, Senior Technical Analyst at LKP Securities

4:12 PM

Shares of Adani Group log smart gains; Adani Enterprises zooms 19%

Shares of Adani Group companies were in demand for the second straight trading day after the SC-appointed panel said that it not possible to conclude that there was a regulatory failure at this stage. READ MORE

4:10 PM

Gland Pharma slumps 17%; stock down 80% from its record high

The stock has plunged 80 per cent from its all-time high level of Rs 4,350, which it had touched on August 12, 2021. Currently, the stock quotes 42 per cent lower against its issue price of Rs 1,500 per share in November 2020. READ MORE

4:08 PM

TCS gains over 2% as consortium bags Rs 15,000-cr order from BSNL for 4G deployment

Tejas Networks Ltd, too, is a part of the TCS-led consortium which has bagged APO for 4G deployment. Shares of Tejas were up a per cent. READ MORE

4:06 PM

Siemens tumbles over 8% after board okays sale of low voltage-geared motors biz

In a step to address the fast-growing demand for electric vehicle (EV) charging infrastructure in India, the company signed an agreement to acquire the EV division of Mumbai-based Mass-Tech Controls. READ MORE

4:04 PM

Jet Airways, SpiceJet hit 52-week lows; slip up to 10%

Shares of Jet Airways declined 5 per cent as uncertainty continued over the revival of the grounded air line company. READ MORE

4:02 PM

Shreyas Shipping hits 20% upper limit; board to mull share delisting on May 24

The company said delisting proposal will provide the public shareholders an opportunity to realise immediate and certain value for their equity shares. READ MORE

4:00 PM

Narayana Hrudayalaya rallies 11% to hit a record high on strong Q4 results

The company reported the highest-ever revenue and profitability in Q4FY23, as well as for FY23, which is attributed to increased patient footfalls along with improvements in speciality and payor mix. READ MORE

3:58 PM

Balaji Amines tanks 19%, hits 52-week low on weak Q4 results; recoups losses at close

Hemanth Reddy Gaddam has also resigned as whole-time director & CFO of the company with effect from closing hours on May 2023 to focus on its subsidiary Balaji Speciality Chemicals. READ MORE