Sensex Today Ends 26 Points Higher | IT Stocks Shine | PNC Infratech Rallies 13%

Wed, 22 May Closing

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After opening the day flat, Indian share turned positive as the session progressed and ended the day higher.

Indian equites ended a range-bound session on a positive note.

At the closing bell, the BSE Sensex stood higher by 268 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 69 points (up 0.3%).

Cipla, Coal India and Britannia among the top gainers today.

SBI, Hindalco and Apollo Hospital on the other hand, were among the top losers today.

The GIFT Nifty was trading at 22,693, up by 75 points, at the time of writing.

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

The BSE MidCap index and BSE SmallCap index ended flat.

Sectoral indices are trading mixed with socks in realty sector, IT sector and power sector witnessing most buying. Meanwhile stocks in banking sector and metal sector witnessed selling pressure.

Shares of Linde India, TVS Holdings and Dixon Technologies hit their respective 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...

The rupee is trading at 83.28 against the US$.

Gold prices for the latest contract on MCX are trading 0.2% lower at Rs 73,900 per 10 grams.

Meanwhile, silver prices were trading 0.4% lower at Rs 94,304 per 1 kg.

Speaking of stock market, Research Analyst, Richa Agarwal, in her latest video talks about solar stocks. Tariffs on EV batteries will be raised by over 100%. Duties on semiconductors will be up 50%. On photovoltaic cells used to make solar panels, the duties will be doubled.

The public on twitter can't celebrate this move enough. Companies in the solar ecosystem are in news. Some stocks in the sector have hit upper circuits.

If you are planning to join this frenzy, keep in mind the potential second order effects of this move.

Tune in for more

ICICI Bank Approves ESOP

In news from the banking sector, shares of ICICI Bank fell over 1% to Rs 1,108 per share on 22 May after the bank allotted 6.5 lakh equity shares of the face value of Rs 2 each under the employee stock option plan (ESOP).

So far this year, the stock of this private sector lender has surged over 11%, outperforming a 3% rise in the benchmark Nifty 50 index.

Earlier, ICICI Bank had alloted 1.67 lakh equity shares under ESOP on 11 January 2024.

Apart from that, ICICI Bank also approved the appointment of Rajendra Khandelwal as the Group's Chief Internal Auditor and senior management personnel effective June 1, 2024. Khandelwal will replace Anish Madhavan whose term as GCIA is due for completion on 31 May 2024.

With 29 years of banking and finance experience, Khandelwal handled significant responsibilities in the areas of taxation, wholesale banking planning, operating expense management, and accounts.

For more, check out Best Private Bank Stock: Axis Bank vs ICICI Bank.

Welspun Enterprises Rallies 9%. Here's why

Moving on to news from the realty sector, shares of Welspun Enterprises surged over 9%, hovering close to a 52-week high, after emerging as the lowest bidder to construct an access-controlled multi-modal corridor in Navghar to Balavali, Maharashtra.

In its fiscal fourth quarter, the company reported a 45% year-on-year (YoY) decline in net profit, falling to Rs 780 m. Total consolidated revenue for the quarter decreased by 5% YoY, reaching Rs 867 crore.

Welspun Enterprises' consolidated earnings before interest, tax, depreciation, and amortisation (EBITDA) dropped 6% YoY to Rs 1.6 bn. The EBITDA margin contracted by 5 basis points (bps) YoY to 18.1%.

For the financial year ending 31 March 2024, the company experienced a 56% YoY decline in net profit, down to Rs 3.2 bn. However, total income for FY24 increased by 6% YoY to Rs 30.6 bn.

Why GSFC Share Price is Falling

Moving on to news from the chemical sector, Gujarat State Fertilizers & Chemicals shares sank almost 9% in trade on May 22, after the state-run firm posted a 91% fall in net profit for the fourth quarter.

GSFC reported a net profit of Rs 21 crore for the three months ended March, down 91.3% on-year from Rs 2.3 bn in the corresponding period last year.

The firm's total revenue fell 18.2% on-year to Rs 19.9 bn, down from Rs 24.4 bn in the March 2024 quarter in the previous year.

While raw materials prices softened YoY, it was exceeded by the decrease in subsidy rates, thus squeezing fertilizers EBIT margins from 17% to 5%.

The fertilizer segment's topline and bottom line were dampened by a steep downward revision in subsidy rates. Fertilizer sales decreased in value terms despite an increase of 6% in volume terms.

The guidance from the company's management also dampened its prospects. While India will receive above-normal rainfall, which will brighten prospects for the fertiliser industry, the Nutrient Based Subsidy (NBS) rates for Kharif crops announced in March 2024 are broadly non-remunerative for the industry.

Gujarat State Fertilizers & Chemicals, a government entity, manufactures various fertilizers and industrial products like plastics & synthetic rubbers and man-made fibres.

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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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