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

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

Summary

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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May 17, 2022 5:56 PM

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. 

May 17, 2022 5:19 PM

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. 

May 17, 2022 4:51 PM

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.

May 17, 2022 4:06 PM

Rupee hits record closing low of 77.57 vs US dollar

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

May 17, 2022 3:51 PM
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. 
May 17, 2022 3:41 PM

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. 

May 17, 2022 3:39 PM

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

May 17, 2022 3:29 PM

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)

May 17, 2022 3:20 PM

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. 

May 17, 2022 3:16 PM

GSTN reports technical glitches in filings of GSTR-3B and GSTR-2B

May 17, 2022 3:11 PM

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.

May 17, 2022 3:11 PM

Abbott Q4 earnings

May 17, 2022 2:57 PM

Kajaria Ceramics reports Q4 earnings

May 17, 2022 2:42 PM

No fertiliser shortage in the country: Fertilizer Minister Mansukh Mandaviya 

May 17, 2022 2:36 PM