Sensex Today Trades Higher, Nifty Above 18,200 | Jindal Saw Rallies 7% | ITC & Axis Bank Top Gainers

Thu, 18 May 10:30 am

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Asian shares markets are trading higher today helped by a cheap yen and rallies on Wall Street driven by hopes for an agreement to avert a US debt default.

The Nikkei is trading higher by 1.5% and the Hang Seng index is trading 1.1% higher. The Shanghai Composite is up 0.8%.

US stocks rose sharply on Wednesday, fueled by optimism over a potential deal on the US $ 31.4 trillion (tn) (about Rs 2,587.4 tn) federal debt ceiling and as a rebound in regional bank shares eased concerns about an escalation in the sector's troubles.

Both the Dow Jones Industrial Average and the tech heavy Nasdaq Composite ended 1.2% higher.

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

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	121.48	1.39	1.16%	122.28	119.46	123.26	83.45
Apple	172.69	0.62	0.36%	172.93	170.42	176.15	124.17
Meta	242.49	3.66	1.53%	243.84	238.14	244.92	88.09
Tesla	173.86	7.34	4.41%	174.5	167.19	314.67	101.81
Netflix	339.96	6.21	1.86%	341.38	329.62	379.43	164.28
Amazon	115.50	2.10	1.85%	115.83	114.22	146.57	81.43
Microsoft	314.00	2.94	0.95%	314.43	310.74	314.43	213.43
Dow Jones	33,420.77	408.63	1.24%	33,472.38	33,050.41	34,712.28	28,660.94
Nasdaq	13,589.26	163.25	1.22%	13,608.33	13,419.35	13,720.91	10,440.64

Source: Equitymaster

Back home, Indian share markets are trading on a positive note following the trend on SGX Nifty.

At present, the BSE Sensex is trading 187 points higher. Meanwhile, the NSE Nifty is trading up by 43 points.

Axis Bank and Bajaj Twins are among the top gainers today.

Tata Motors and M&M on the other hand are among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

Broader markets are trading on a positive note. The BSE Mid Cap index is trading 0.4% higher and the BSE Small Cap index is trading 0.6% higher.

Sectoral indices are trading on a mixed note. Stocks in the metal goods sector, and banking sector witness buying.

On the other hand, stocks in the realty sector and power sector witness selling.

Shares of Cera Sanitary and Interglobe Aviations (Indigo) hit their 52-week high today.

The rupee is trading at Rs 82.41 against the US dollar.

In commodity markets, gold prices are trading lower by 24 to Rs 60,125 per 10 grams today.

Meanwhile, silver prices are trading higher by 0.2% at Rs 72,508 per 1 kg.

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 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.

Amber Enterprises Q4 results

Amber Enterprises shares surged over 12% yesterday after the contract manufacturer of air conditioners recorded an 82% year-on-year (YoY) growth in consolidated profit at Rs 1,040 m for the March 2023 quarter.

Revenue from operations for the quarter grew by 55% to Rs 30,026 m compared to the same period last year.

The company's return on capital employed (ROCE) improved from 11% in financial 2022 to 15% in financial year 2023. The management further expects ROCE to improve in the range of 19% to 21% in the next 2-3 years.

On the operating front, earnings before interest tax depreciation and amortisation (EBITDA) jumped 62% to Rs 2,040 m in Q4 of the financial year 2023 as against Rs 1,250 m in corresponding quarter of the last financial year.

In financial year 2023, the company's capex stood at Rs 6,980 m.

Back in March 2023 we wrote to you: this summer season, don't buy power stocks. Instead look at these 5 companies. Amber Enterprises was one of the them.

This is how Amber Enterprises performed till March 2023.

JSW Steel wins Maharashtra bid

JSW Steel on Wednesday announced that it was declared as the preferred bidder for an unexplored iron ore mine in Maharashtra.

The company will take all requisite steps as per the tender document to obtain letter of intent, all statutory clearances to execute the lease deed with mine development and production agreement (MDPA) and start the mining operations.

The steel company was declared as a preferred bidder vide communication dated 15 May 2023, received from the Directorate of Geology and Mining, Maharashtra in the auction held by the state government on 12 May 2023.

On 16 May 2023 it received composite licence of an unexplored iron ore mine (Surjagad 4 iron ore block in Gadchiroli district) in Maharashtra in another auction held by the state government on 12 May 2023.

The highest final offer price by the company to become a preferred bidder is 131.1 of average monthly prices of iron ore of different grades and quality published by Indian Bureau of Mines in the State of Maharashtra from time to time.

Vedant Fashions' promoter to sell stake

Kolkata-based ethnic wear major Vedant Fashions on Wednesday said one of its promoters, Ravi Modi Family Trust, plans to sell up to 7% stake in the company through an offer for sale (OFS).

The floor price for the offer is Rs 1,161 per equity share and 10% of the offered shares shall be reserved for retail investors.

Under the green-shoe option, Ravi Modi Family Trust intends to sell an additional 2.9% stake in VFL.

The offer for sale will be executed on 18 May for non-retail investors and on 19 May for retail investors.

Listed companies are required to have at least 25% public shareholding. Currently, the promoters' holding in the company is 84.9%. Axis Capital will be acting as the settlement broker for the deal.

Vedant Fashions is a pan-India player with a retail presence in over 200 cities and three countries - the UAE, Canada, and the United States. Vedant Fashions' flagship brand 'Manyavar' accounts for about 80% of its revenue. No wonder, Vedant Fashion is one of the top stocks to watch out in Wedding season.

To know what's moving the Indian stock markets, 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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Indian Share Market Update: Top Gainers and Losers