Sensex Today Trades Lower | Nifty Below 22,400 | Kaynes Technology Zooms 11%, M&M 7%

Fri, 17 May 10:30 am

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Stocks in Asia opened broadly lower Friday as traders reassessed the path forward for interest rates, while equities in Hong Kong braced for further gains on bullish corporate results.

Shares in Japan and Australia fell, while futures for Hong Kong pointed to early gains after the Golden Dragon index of US-listed Chinese companies rose 2.5% Thursday in New York.

The US stock market ended lower tracking a repricing of Federal Reserve rate cut expectations in the swaps market.

Here's a table showing how US stocks performed on Thursday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	175.42	1.54	0.89%	176.34	174.05	176.42	115.83
Apple	189.87	0.15	0.08%	191.1	189.66	199.62	164.08
Meta	473.15	-8.39	-1.74%	477.69	472.75	531.49	238.14
Tesla	174.87	0.88	0.51%	175.79	171.43	299.29	138.8
Netflix	610.52	-3	-0.49%	618.34	609.09	639	329.62
Amazon	183.6	-2.39	-1.29%	187.31	183.46	191.7	113.78
Microsoft	420.93	-2.15	-0.51%	425.42	420.35	430.82	309.45
Dow Jones	39869.38	-38.62	-0.10%	40051.05	39864.68	40051.05	32327.2
Nasdaq	18557.97	-38.69	-0.21%	18669.5	18553.3	18669.5	13419.35

Source: Equitymaster

At present, the BSE Sensex is trading 150 points lower and NSE Nifty is trading 40 points lower.

Tata Motors, Bajaj Auto and Tata Steel are among the top gainers today.

Axis Bank, Asian Paints and Adani Ports the other hand are among the top losers today.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets are trading on positive note. The BSE Midcap index and the BSE Smallcap index is trading 0.4% higher.

Barring banking sector all other sectoral indices are trading higher, with socks in power sector, auto sector and metal sector witnessed buying.

The rupee is trading at Rs 83.49 against the US dollar.

In commodity markets, gold prices are trading flat at Rs 72,853 per 10 grams today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Speaking of stock market, the prospects of pharma stocks globally are tied to what is called the patent lifecycle of drugs.

The last phase of this lifecycle in the US generics market is known as 'Patent Cliff'. This is when products go off-patent i.e. they lose the regulatory exclusivity on selling a particular drug.

After this phase the drugs become 'generics', a category that Indian pharma companies have developed expertise in.

Drug makers in India have been making generic versions of the off-patent drugs for decades, at a fraction of the cost.

Tanushree Banerjee, Research Analyst at Equitymaster talks about what is new upside now in her latest video.

Dixon Technologies Partners Acerpure

Dixon Technologies (India) said that it has entered into a Memorandum of Association (MoU) with Acerpure Indian CE for manufacturing a range of consumer appliance products.

Acerpure is engaged in the business of trade, import and export of consumer durables and home appliances, and associated peripherals, accessories, components and parts and provision of ancillary services connected therewith.

The company will undertake the manufacturing of Acerpure products in its facilities starting with the state-of-the-art TVs, subject to the signing of definitive agreements.

Sunil Vachani, the executive chairman of Dixon Technologies, stated that the introduction of Acerpure and the expanded collaborative efforts signify a substantial advancement in enhancing India's self-sufficiency and global competitiveness in the electronics sector. Aligned with the 'Make in India' initiative, the goal is to manufacture premium consumer products for both domestic and international markets. This endeavour aims to stimulate economic growth, foster innovation, and nurture local talent. The partnership underscores an unwavering commitment to delivering high-quality, Made in India products, marking a notable milestone in the relentless pursuit of excellence.

The company is a multinational electronics manufacturing and services company.

It offers design-focused solutions in consumer durables, home appliances, lighting, mobile phones, and security devices.

For more details, check out FIIs & DIIs are Bullish on These 5 Indian Stocks. Do You Own?

L&T Arm Opens Manufacturing Facility

Larsen & Toubro on Thursday said its wholly-owned arm L&T Valves, has set up a new manufacturing unit in Saudi Arabia. The facility is strategically located at Al Jubail, off the Dammam-Abu Hadriyah Highway.

L&T Valves is one of the largest suppliers of on-off valves to Saudi Arabia.

The new facility will significantly enhance its local production capabilities in line with the Saudi Vision 2030. It will further strengthen the collaboration between L&T and Saudi Arabia

The facility will address the growing requirements in the Middle East and Africa.

Larsen & Toubro is a US$ 27 bn Indian multinational enterprise engaged in Engineering, Procurement, and Construction (EPC) Projects, hi-tech manufacturing, and Services, operating across multiple geographies.

For more details on L&T, check out our editorial Which Companies Manufacture Spacetech Equipment in India?

HCL Infosystems Wins Arbitration

IT firm HCL Infosystems Ltd on Thursday (16 May) said it has won the arbitration case against ITI, concerning the recovery of dues related to the commissioning of telecom networks for BSNL and MTNL.

The final arbitration award, received by HCL Infosystems, brings relief in the form of a monetary award amounting to approximately Rs 1.5 bn, inclusive of interest calculated at 11% per annum until the date of the award.

The dispute between HCL Infosystems and ITI revolved around the commissioning of telecom infrastructure for Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL). HCL Infosystems filed the arbitration seeking recovery of its dues, which has now resulted in a favourable outcome for the company.

Additionally, the counterclaims worth Rs 1.1 bn filed by ITI against HCL Infosystems have been disallowed as part of the arbitration award. Both HCL Infosystems and ITI retain the right to file objections against the award, if deemed necessary, before the appropriate court of law.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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