Stock Market Today: Sensex, Nifty Snap Three-Day Losing Streak; Adani Group Stocks Gain
Live updates on India's equity markets on May 19.
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Indian benchmarks snapped their three-day losing streak aided by gains in technology and IT stocks, while advances in Adani group stocks also aided.
S&P BSE Sensex gained 0.48% to close at 61,729.68, while Nifty 50 rose 0.41% to end the day at 18,203.40.
Adani Enterprises, Adani Ports & SEZ, Tata Motors, Tech Mahindra and Infosys were the top Nifty 50 gainers in percentage terms, while Divi's Laboratories, Britannia Industries, NTPC, ONGC and Hero MotoCorp were the top laggards of the index.
Infosys, Tata Motors, Adani Enterprises, Adani Ports & SEZ, Tech Mahindra contributed the most to Nifty 50 in point contribution.
This week, Nifty 50 fell 0.61%, while Sensex declined 0.48%. Sector-wise, Nifty Pharma index declined the most this week, followed by Nifty Media and Nifty Metal.
Meanwhile Nifty Realty led the pack with most gains this week followed by Nifty IT index.
Eleven of the 19 sectoral indices compiled by BSE Ltd. gained with BSE IT and Teck gaining the most, over 1%.
Broader indices underperformed the Indian benchmarks. BSE MidCap closed flat, while BSE SmallCap declined 0.16%
The market breadth was in favour of the bears. About 1,808 stocks declined, 1,641 stocks advanced while 146 remained unchanged.
Nifty Bank Trading Over 400 Points From Day's Low
NSE Nifty Bank index was trading up over 400 points from day's low. The index was up 0.45% at 43,947.35.
Alkem Labs Shares Decline After Q4 Results
Alkem Laboratories - Q4 FY2023-consol figures (YoY)
Revenue up 17% at Rs 2,903 crore Vs Rs 2,484 crore (BBG estimate : Rs 2,793 crore)
Net profit down 34% to Rs 71 crore Vs Rs 108 crore (BBG estimate : Rs 340 crore Profit)
EBITDA up 5% to Rs 353 crore from Rs 337 crore (BBG estimate : Rs 459 crore Profit)
Margins at 12.2% Vs 13.6% (BBG estimate : 16.4%)
Board recommended a dividend of Rs 10 per share.
Source: Bloomberg, Exchange filing