The markets are still rising! Cipla’s 5% Gain Drives Up Sensex In First Trade, Nifty Above 22,250
The Indian stock market is still rising as more people are purchasing. On May 15, the NSE Nifty began the day over 22,250, while the BSE Sensex opened more than 100 points down at Rs 73,210. Gains in the pharmaceutical company Cipla as a result of the promoter group’s share selling plan helped the early trading go higher, while lender Canara Bank pounced upon its inclusion in a significant MSCI index.
Of the 31 stocks that make up the Sensex, 21 were trading higher. NTPC, Tata Steel, Bharti Airtel, SBI, and Power Grid were some of the top gainers. But HDFC Bank, JSW Steel, Sun Pharma, Hindustan Lever, and UltraTech Cement were the biggest laggards.
Following news on Tuesday from CNBC-TV18 that the promoter group of India’s third-largest pharmaceutical is seeking to sell a share worth $316 million via a block trade, Cipla saw a roughly 5% increase at the opening.
As a result, Nifty Pharma stocks increased by 0.9%, with Cipla expected to be the benchmark’s top percentage gainer.
In the meantime, one of the biggest early gainers on the benchmark was telecom provider and Nifty participant Bharti Airtel, which gained 1.5% after its results.
Following its quarterly reorganization, Canara Bank gained 3% in early trading after being included in the Emerging Market index of index operator MSCI together with twelve other lenders.
“In yesterday’s trading session, Nifty continued its upward trend for the third consecutive day, with a notable advance-decline ratio favouring bulls,” said Prashanth Tapse, senior VP (research), Mehta Equities. Major Wall Street indexes were getting close to all-time highs, but confidence remained despite Chairman Powell’s statements providing little fresh information. But there is a cloud of uncertainty around a possible US rate drop in September, which is dependent on inflation data that is about to be released.
With crucial support and resistance levels established, the NSE Nifty’s options data suggests a trading range of 22000–23000 against this background. Notably, FIIs sold shares for a total of Rs 4,066 crore, and Corporate India was waiting for big names to release their Q4 results.
Investing Ideas for Today
Purchases of the Nifty and Bank Nifty at present market levels are advised, while Tapse singled out AUROBINDO PHARMA as a company to monitor in anticipation of any corrective drops in a positive mood.
Aside from these, investors can monitor Bharti Airtel, Siemens, Cipla, Bharti Hexa, Mahindra and Mahindra, Tata Motors, Colgate-Palmolive, and May 15, 2024, among others.
Q4 Earnings Today: On Wednesday, a number of companies, including Dixon, JSL, Jyothy Lab, Mankind, MOIL, NLC India, PFC, TCI, Thomas Cook, and Tijaria, will release their Q4 earnings.
