Nifty, Sensex Closed Higher for Third Consecutive Day

Indian equity indices continued to gain on third consecutive session. Nifty opened at 22112.90, a gap up of 8.85 points from Monday’s close and made an intraday high of 22270.05 and closed at 22217.85 up 113.80 points or 0.51%. The gains were majorly due to increase in heavy-weight stocks like Reliance Industries, Mahindra & Mahindra, HDFC Bank, L&T and Adani Enterprise. While ICICI Bank, TCS, Axis Bank, Cipla and ITC weighed on the index.

The broader market outperformed the benchmark index; The S&P BSE Mid-Cap index rose 1.14% and the S&P BSE Small-Cap index rose by 1.79%. On BSE, 2,698 stocks advanced, 1,114 stocks declined and 111 remained unchanged.

Among the sectoral indices, the Nifty Metal index (up 2.77%), the Nifty Auto index (up 1.83%) and the Nifty Oil & Gas index (up 1.56%) outperformed the Nifty 50 index. Meanwhile, the Nifty FMCG index (down 0.52%), the Nifty Pharma index (down 0.41%) and the Nifty Healthcare index (down 0.28%) underperformed the Nifty 50 index. The index on the daily time frame reversed to create a bullish candlestick pattern after successfully holding its 21,830 support level. It appears that the short-term bottom has been reached based on the pattern. A trend reversal might be taken into consideration after the index moves decisively above the immediate hurdle of 22,250.

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• India’s Sensex and Nifty surged for the third consecutive session, with Sensex up over 300 points and Nifty maintaining above the 22200 level. Broader markets BSE MidCap and SmallCap too showed strength, gaining over one percent after recent correction. At closing, Sensex ended above the 73000-mark, up 0.45 percent or 328 points while Nifty closed at 22218, up 0.51% or 114 points. Among sectoral indices, Nifty Metal was the top gainer, up 2.77%, followed by Nifty auto and oil & gas, which rose 1.8% each. Nifty PSU Bank, Consumer durables, and realty were up 1 percent each. Among losers, Nifty FMCG and Pharma were down 0.5% each.

• India’s top multiplex chain PVR Inox said on May 14 that its net loss narrowed to Rs 130 crore for the March quarter from a loss of Rs 333 crore in the year-ago period. However, the company is back in red after two quarters due to failure of big budget Bollywood films at the box office.

• Bharti Hexacom reported a net profit of Rs 223 crore for the March quarter, up 10.2 percent from the year-ago period, led by strong customer additions and ARPU increase. Revenue for the fourth quarter was at Rs 1,868 crore, up 7.8 percent, while EBITDA was at Rs 914 crore, up 14.6 percent YoY, the company said on May 14 in its first earnings announcement after the company listed on bourses.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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