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India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
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- Todays Market
- Indian Stock Market News May 18, 2023
Sensex Today Ends 129 Points Lower, Nifty Below 18,150 | Realty Stocks Drag | SBI & ITC Dip 2% Thu, 18 May Closing
After opening the day higher, Indian share markets reversed gains in the second half as session progressed and ended lower.
Benchmark indices fell for the third straight day partly weighed down by profit-taking and weekly Nifty expiry. The selling intensified in late deals, after index heavyweights SBI and ITC announced Q4 results.
At the closing bell, the BSE Sensex stood lower by 129 points (down 0.2%).
Meanwhile, the NSE Nifty closed down by 52 points (down 0.3%).
Bharti Airtel, ICICI Bank and Asian Paints were among the top gainers today.
SBI, ITC and Titan on the other hand, were among the top losers today.
Check out the NSE Nifty heatmap to get the complete list of gainers and losers.
The SGX Nifty was trading at 18,184, down by 48 points, at the time of writing.
Broader markets ended on a mixed note. The BSE Midcap index ended 0.7% lower while the BSE SmallCap fell 0.3%.
Sectoral indices ended on a mixed note with stocks in the realty sector, energy sector and FMCG sector witnessing most of the buying.
On the other hand, stocks from the banking sector and financial sector witnessed selling pressure.
Shares of Chalet Hotels, Jindal Saw and KPIT Technologies hit their 52-week highs 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...
Asian stock markets ended on a positive note. The Nikkei ended higher by 1.6%, while the Hang Seng was down 0.9%. The Shanghai Composite ended 0.4% lower.
The rupee is trading at 82.58 against the US$.
Gold prices for the latest contract on MCX are trading flat at Rs 60,090 per 10 grams.
Meanwhile, silver prices for the latest contract on MCX are trading lower by 0.6% at Rs 72,223 per kg.
Speaking of stock markets, has the market overreacted in punishing the stock of Crompton Greaves Consumer Electrical?
Find out why research analyst, Aditya Vora, believes buying stocks based on only valuations is not a smart thing to do.
SBI Q4 results
In news from the PSU bank sector, State Bank of India (SBI) today reported a standalone profit of Rs 166.9 billion (bn) for the March 2023 quarter, up 83.1% YoY from Rs 91.1 bn in the same quarter of the previous.
India's largest lender's net interest income came in at Rs 403.9 bn, rising 29.5% YoY from Rs 311.9 bn in the corresponding quarter of the previous year.
The board of the bank recommended a dividend of Rs 11.3 per equity share for the financial year 2023.
The lender bank's return on assets (ROA) and return on equity (ROE) for the financial year 2023 stood at 0.96% and 19.43%, respectively. ROA at 1.23% for the quarter improved by 0.5% YoY.
Domestic net interest margin (NIM) for March 2023 quarter increased by 0.4% YoY to 3.8%.
Its gross non-performing asset ratio came in at 2.8%, down by 1.2%. Net non-performing asset ratio stood at 0.7%, down 0.3% YoY.
Provision coverage Ratio (PCR) came in at 76.4% , improving by 1.4 YoY.
State Bank of India is an Indian multinational public sector banking and financial services institution. It provides a wide range of products and services to individuals commercial enterprises large corporate public bodies and institutional customers.
Over a year, shares of SBI have gained over 25%.
After a decade of underperformance, the share price of SBI has woken up. It is experiencing a similar breakout like ITC, Coal India, among other stocks.
Why Jindal Stainless share price is rising
Moving on to news from the steel sector, shares of stainless-steel maker Jindal Stainless rose over 8% despite the firm posting a 20% YoY fall in net profit to Rs 7.2 bn in the March 2023 quarter.
The stock gained momentum after company's board on Wednesday approved a proposal to raise up to Rs 50 bn through multiple financial instruments.
The company looks to raise the amount by issue of debt securities, including secured or unsecured non-convertible redeemable debentures or notes or any combination thereof, through private placement or otherwise.
The board has authorized its sub-committee to determine and finalize the form, denomination, manner, terms and conditions of raising the aforesaid funds.
The funds generated will be used to refinance, redeem, repay existing financing arrangements, finance capital expenditure or for general corporate purposes.
Part of Jindal Group, Jindal Stainless is a leading stainless-steel maker with an annual melting capacity of around 2.9 million tonnes.
For a fundamental analysis of Jindal Stainless, check out Equitymaster's Indian stock screener, which has a separate screen for top steel companies in India.
Zydus Lifescience Q4 profit falls 25%
Moving on to news from the pharma sector, Zydus Lifesciences today reported a 32% YoY rise in revenue at Rs 50.1 bn from Rs 38.1 bn in the year-ago period.
Net profit for the quarter came in at Rs 2.9 bn, down 25% YoY from Rs 3.9 bn in the corresponding quarter.
The company's board recommended a final dividend of Rs 6 (600%) per equity share of Rs 1 each.
The record date has been fixed as Friday, 28 July 2023.
EBITDA for the quarter came in at Rs 12.6 bn, up 75% YoY, while margin for the quarter was at 25% against 18.6% in the year-ago quarter.
The fourth quarter sales in US came in at US$ 275 million (m) supported by sales of Revlimidgeneric (cancer drug) + launch of Trokendigeneric.
Check out Equitymaster's stock screener for screening India's top pharma stocks.
And 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!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
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