The Indian stock market continues its upward movement amid higher buying. The BSE Sensex on May 15 opened over 100 points down at Rs 73,210, while the NSE Nifty started the day above 22,250. The upward movement in the early trade was supported by gains in drugmaker Cipla following the promoter group’s stake sale plan, while lender Canara Bank jumped on its inclusion into a key MSCI index
Among the Sensex constituents, 21 out of 31 shares were trading in green. Among the top gainers were NTPC, Tata Steel, Bharti Airtel, SBI and Power Grid. However, the top laggards were HDFC Bank, JSW Steel, Sun Pharma, Hindustan Lever and UltraTech Cement.
Cipla jumped about 5 per cent at the open after CNBC-TV18 reported on Tuesday that the promoter group of India’s third-largest drugmaker is looking to sell a stake worth $316 million via a block deal.
This lifted Nifty Pharma stocks up by 0.9 per cent, with Cipla set to be the top percentage gainer on the benchmark.
Meanwhile, telecom operator and Nifty constituent Bharti Airtel rose 1.5% after its results and was among top early gainers on the benchmark.
Canara Bank gained 3 per cent in early trade, after the lender was added to index operator MSCI’s Emerging Market index among twelve others, post its quarterly rejig.
Prashanth Tapse, senior VP (research), Mehta Equities, said, “In yesterday’s trading session, Nifty continued its upward trend for the third consecutive day, with a notable advance-decline ratio favouring bulls. Despite Chairman Powell’s remarks offering little new insight, optimism prevailed as major Wall Street indices approached record highs. However, looming uncertainty surrounds a potential September US rate cut, contingent upon inflation data due for release soon.”
Amid this backdrop, the NSE Nifty’s options data hints at a trading range of 22000-23000, with strategic support and resistance levels identified. Notably, FIIs sold shares worth Rs 4,066 crore, while Corporate India awaited Q4 results from prominent names.
Stocks To Watch Today
Recommendeded trades include buying Nifty and Bank Nifty at current market prices, with AUROBINDO PHARMA singled out as a stock to watch, anticipating any corrective declines with bullish sentiment, Tapse said.
Apart from these, investors should keep a watch on May 15, 2024, Bharti Airtel, Infosys, Tata Motors, Colgate-Palmolive, Mahindra and Mahindra, Bharti Hexa, Siemens, and Cipla, among others
Q4 Earnings Today: Dixon, JSL, Jyothy Lab, Mankind, MOIL, NLC India, PFC, TCI, Thomas Cook and Tijaria, among others, will announce their Q4 results on Wednesday.
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