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    Stock Market Highlights: Sensex, Nifty50 clock biggest single-day gains in 3 months after LIC debut

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    Stock Market Highlights: Sensex, Nifty50 clock biggest single-day gains in 3 months after LIC debut

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    Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 clocked strong gains on Tuesday amid across-the-board buying. Financial, oil & gas, IT and metal shares were the biggest contributors to the gains in both headline indices. Broader markets mirrored the surge in main indices, with the Nifty Midcap 100 and Nifty Smallcap 100 gauges rising around three percent each. State-run LIC's shares debuted on stock exchanges BSE and NSE at a discount of around eight percent to the issue price. Investors awaited financial results of Bharti Airtel and Indian Oil due later in the day for cues.

    Stock Market Highlights: Sensex, Nifty50 clock biggest single-day gains in 3 months after LIC debut
    • Thank you, readers! That's all from CNBCTV18.com's live market coverage on May 17, 2022. Stay tuned for other updates on our website: CNBCTV18.com.

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    • How Macquarie arrived at target price of Rs 1,000 for LIC 

      Suresh Ganapathy of Macquarie Capital Securities tells CNBC-TV18 that one has to look at the fact that the embedded value obviously is the biggest component or valuation for LIC, whereas its new business value accretion to the overall value is pretty low. "When you give a multiple on this new business, it moves the valuation for the private sector players, but doesn't do it for LIC. Largely, what happens is that whatever the embedded value forecasts are become a true measure of value and on that you can at least give one time price to EV and that is how we are looking at it," he explains. 

    • IT may lead downside in market should Nifty fall to 14,000-15,000 levels: Mehraboon J Irani 

      Market expert Mehraboon J Irani is of the view that IT pack will lead the drop in the market should the Nifty50 fall to 14,000-14,500-15,000-odd levels. IT companies take at least three years to improve their margins by 0.5 percent and travel as well as attrition costs have come down for most of them coming from the COVID-19 scenario, he says. "As attrition is happening again, the cost is going up, staff cost going up and travel expenses going up. So margins are not going to improve," he says.

      He believes the Indian IT story looks good. But he's in no hurry to recommend IT from investing or trading angles. "Traders can do what they want, if they feel that they can sell at higher levels, they can buy right now, they are great names to buy into. But from a longer-term investment angle, despite good stories behind them, good growth ahead of them, at the present valuations I am still possibly not in a hurry to recommend them," he adds. 

    • Best day for Sensex, Nifty50 in 3 months

      Here are some highlights: 

      --All-round gains help Nifty reclaim 16,250

      --Reliance Industries, ICICI Bank, Infosys, ITC top index movers

      --Investors make Rs 12 lakh crore as the market cap of BSE-listed cos increases to Rs 255.7 lakh crore 

      --All sectoral indices close higher

      --Volatility index falls seven percent

      --Except Tata Consumer, all Nifty stocks in the green

      --Metal stocks gain the most on China’s reopening plans, Nifty Metal rises six percent

      --Auto stocks extend gains; Tata motors, Maruti top gainers

      --Refining cos gain on rising GRM

      --LIC makes a muted start on exchanges, closes at Rs 874 vs issue price of Rs 949

      --Diagnostic stocks slip on rising competition; Dr Lal, Metropolis down four percent in two sessions

      --ONGC among top Nifty gainers as crude oil prices rise 

      --Vedanta, Intellect, Hindustan Copper, L&T Tech, Nalco, Rain Industries top midcap gainers

      --Market breadth firmly in favour of bulls, advance-decline ratio at 7:1

      Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

      Stock Market Highlights: Sensex, Nifty50 clock biggest single-day gains in 3 months after LIC debut
    • Rupee hits record closing low of 77.57 vs US dollar

      On Monday, the rupee had closed at 77.45 against the greenback. 

    • Closing Bell | Sensex up 1,345 pts, Nifty50 reclaims 16,250
       
      Both headline indices finish the day around 2.5 percent higher. The Sensex gains 1,344.6 points to end at 54,318.5 and the Nifty50 settles at 16,259.3, up 417 points from its previous close. 
       
      A rally across sectors powers the strong session on Dalal Street, with financial, IT, oil & gas and metal shares being the biggest boosts for both main indices. 
    • IT may lead downside in market if Nifty falls to 14,000-15,000 levels: Mehraboon J Irani 

      Market expert Mehraboon J Irani is of the view that if the market will fall to 14,000-14,500-15,000-odd levels on the Nifty50, IT pack will lead that drop. 

    • Sun Pharma Advanced's quarterly net loss increases 33.5% to Rs 71 crore

    • LIC follows other large IPOs with weak listing but fares better than Paytm, SBI Card

      As largely expected, Life Insurance Corporation (LIC) of India shares made a tepid debut on Dalal Street on Tuesday. On BSE, the stock listed at Rs 867.2 apiece, a discount of Rs 81.8 or 8.6 percent. On NSE, it debuted at Rs 872 apiece, a discount of Rs 77 or 8.1 percent.

      LIC's weak listing comes after India's biggest initial public offering (IPO) saw a subscription of almost three times with the policyholders bidding for six times the shares reserved for them. (Read more on LIC listing)

    • Jaguar Land Rover could report negative EBIT this quarter in worst case: Tata Motors Group CFO 

      PB Balaji, Group CFO at Tata Motors, says it is possible that JLR could report a negative EBIT this quarter in the worst case scenario. "We want to avoid it but the situation is so fluid that it is not something that we will be able to predict at this point... However, we should not forget that first quarter is always a seasonally weak one coming off a strong fourth quarter. That is why the first quarter is something that we should probably look at,” he says. 

      The company is dealing with an overall semiconductor situation in multiple ways, he says. "We are ensuring that transparency and visibility are provided to vendors. Secondly, wherever possible, long-term contracts are also being struck so that we are ensuring supply security. Thirdly, we are working on redesigning the entire semiconductor supply chain including the ECUs that we have so that we are able to reduce the chip intensity on those ECUs," he says. 

      He also says the company should see a sequential improvement from the second half of the year but "the slope or the curve could be steeper than what we would like”, he adds. 

      Stock Market Highlights: Sensex, Nifty50 clock biggest single-day gains in 3 months after LIC debut
    • GSTN reports technical glitches in filings of GSTR-3B and GSTR-2B

    • Here's how LIC fares among peers in terms of value of new business margin

      VNB margin is a key measure of profitability for insurers.

      Stock Market Highlights: Sensex, Nifty50 clock biggest single-day gains in 3 months after LIC debut
    • Abbott Q4 earnings

    • Kajaria Ceramics reports Q4 earnings

    • No fertiliser shortage in the country: Fertilizer Minister Mansukh Mandaviya 

    • Dollar strength, rising oil prices pushed rupee to record low: Motilal Oswal Financial Services' Gaurang Somaiya

      Gaurang Somaiya, Forex and Bullion Analyst at Motilal Oswal Financial Services, says higher inflation readings from India and the US have disturbed the overall market sentiment. 

      "We expect momentum for the USD-INR pair to remain positive and quote in the range of 77.40-78.20.”

      Stock Market Highlights: Sensex, Nifty50 clock biggest single-day gains in 3 months after LIC debut
    • Demand for JLR products strong, orders for Range Rover Sport and Defender picking up: P Balaji

    • We intend to double our liquor business in the coming year: Tarun Sawhney of Triveni Engineering

    • India relaxes wheat export ban amid international supply shortage

    • BSE appoints SS Mundra as Chairman

      Stock Market Highlights: Sensex, Nifty50 clock biggest single-day gains in 3 months after LIC debut
    • LIC didn't hit the ground running but there is great value in stock: Experts

      Market expert Prakash Diwan told CNBC-TV18 that retail investors would love to have LIC shares in their portfolio from a longer-term perspective, even at the issue price.

      Ajay Srivastava, CEO of Dimensions Corporate Finance Services, said he is not very optimistic about PSU stocks and doesn't believe that they can survive in a competitive market. (Click here to know what other experts said)

    • Street rewards Bharti Airtel stock as investors hope every customer spent 10% more on average

      Bharti Airtel shares were trading in the green territory on Tuesday as investors remain optimistic about the telco’s earnings for the January to March quarter, due to be announced later in the day.

      The Street expects the tariff hike in November 2021 to lead to a strong top-line performance while profits are predicted to more than double.

      Bharti Airtel stock gained 1.7 percent in early deals after losing in the past three days. (Read more here)

    • India April wholesale inflation at 15.08% surges to record high on price rise across all items

      India's wholesale inflation — measured via the Wholesale Price Index (WPI) - climbed to a record high of 15.08 percent in April on surging prices across segments from food to commodities. The WPI-based inflation was 14.55 percent in March this year and 10.74 percent in April last year. (Read more)

    • A bear market is only the end of the world for many stocks: Shankar Sharma

    • Metal, oil & gas, IT indices top gainers

      Stock Market Highlights: Sensex, Nifty50 clock biggest single-day gains in 3 months after LIC debut
    • LIC embedded value growth at 5-7% to be very good: Consulting Actuary's Sanjeev Pujari

      Sanjeev Pujari of Consulting Actuary tells CNBC-TV18 that in his view, 5-7 percent growth in the embedded value will be a very good achievement for LIC. He believes the new business mix and volatility will impact the company's embedded value. 

      The state-run insurance company's value of new business (VNB) margin is at 12.3 percent, which is not far from that of private insurers at the time of listing of their shares, he says. 

      He believes LIC needs to diversify its non-par business mix. 

    • LIC listing at discount along expected lines given the market decline: Axis Securities' Naveen Kulkarni

      Naveen Kulkarni of Axis Securities tells CNBC-TV18 that shareholders in his view should hold on to LIC shares at current levels. There has to be shareholder value creation for the government to divest more stake, he says. 

    • Retail investors would love to have LIC in portfolio for longer term even at issue price: Prakash Diwan 

      Market expert Prakash Diwan tells CNBC-TV18 that retail investors would love to have LIC shares in their portfolio from a longer-term perspective even at the issue price.

      "One is you are participating in an industry, and the stock represents the participation of a wholehearted way, which definitely has a secular growth uptrend. There is no doubt that it will grow, though the growth rate might vary quarter-on-quarter and year-on-year. Secondly, the LIC share weightage itself will probably start to see its way come into a lot of indices and once that happens, you will see the demand which is far more than what we have seen in the IPO," says Diwan, who is confident of LIC garnering secondary demand once the price stabilises.

      "Thirdly, remember that today the market is in a mood that is not as buoyant as at the time of some of the other IPOs. There was too much of exuberance, the pricing was a bit steep, and hence the disappointment. With LIC that's probably not happening. I would believe retail investor for sure will be better off and institutional investors have their own dynamics to adjust," he adds.

    • LIC IPO Listing | Insurance giant's shares debut at Rs 872 and policyholders lose Rs 1,155 on each lot

      Life Insurance Corporation (LIC) made a lukewarm debut on stock exchanges on Tuesday, a week after India's biggest ever initial public offer (IPO) sailed through with a subscription of almost three times.

      On BSE, LIC shares listed at Rs 867.2 apiece, a discount of Rs 81.8 or 8.6 percent to the upper end of its issue price range of Rs 902-949 apiece.

      The LIC stock began its journey on NSE at Rs 872 apiece, a discount of Rs 77 or 8.1 percent. (Read more on the mega LIC listing)

    Stock Market Highlights
    : Indian equity benchmarks BSE Sensex and NSE Nifty50 clocked strong gains on Tuesday amid across-the-board buying. Financial, oil & gas, IT and metal shares were the biggest contributors to the gains in both headline indices. Broader markets mirrored the surge in main indices, with the Nifty Midcap 100 and Nifty Smallcap 100 gauges rising around three percent each. State-run LIC's shares debuted on stock exchanges BSE and NSE at a discount of around eight percent to the issue price. Investors awaited financial results of Bharti Airtel and Indian Oil due later in the day for cues.

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