Sensex bounces back up 677 pts, Nifty near 22,400

Ira Singh
Khabar Khabaron Ki,16 May’24

The domestic equity market indices ended on a positive note after yet another volatile session on Thursday,following a surge in global stocks due to lower-than- anticipated U.S. consumer inflation figures, which led to speculation of at least two interest rate reductions in 2024.At close the Sensex was up 676.69 points or 0.93 percent at 73,663.72, and the Nifty was up 203.30 points or 0.92 percent at 22,403.85. About 1,703 shares advanced, 1,672 shares declined, and 89 shares remained unchanged

Highlights of trade:
●U.S. data on Wednesday showed CPI rose by 0.3% in April,
●Jefferies maintains a buy rating on Adani Ports,
●HSBC downgrades Colgate-Palmolive India to hold,
●Energy Mission debuts at 165% premium on NSE SME platform,
●Awfis Space Solutions sets price band at Rs 300-315 for IPO.

On the sectoral front, top gainers in the Nifty include Consumer Durables, up 1.7%, followed by Nifty IT and Nifty Realty, both up 1.7% too. Nifty FMCG rose 0.8%, while Nifty Bank and Auto each climbed 0.6%. While losers included, Nifty PSU Bank index dropped 0.88%.

IT, banking and financial services stocks drove the gains in Nifty on May 16, while Automobile and energy stocks were the major laggards in volatile trading session.The broader market also gained with BSE Midcap and BSE Smallcap rising 0.5 percent.

Rupee Close:
On 16 May’24,the Indian rupee Rupee appreciated 2 paise to 83.44 against US dollar in early trade on Thursday, after the American currency retreated from its elevated level.

Trading Guide:
Market experts have recommended these eight buy or sell stocks for today-V Guard, Vesuvius India, IOC, NTPC, Persistent System, Praj Industries, Amara Raja Energy, and Olectra Green.