Markets Continue Upward Trend! Sensex Up 100 Points In Opening Trade, Nifty Above 22,250
The Indian stock market continues its upward movement amid higher buying. The BSE Sensex on May 15 opened over 100 points down at Rs 73,210, while the NSE Nifty started the day above 22,250.
Among the Sensex constituents, 21 out of 31 shares were trading in green. Among the top gainers were NTPC, Tata Steel, Bharti Airtel, SBI and Power Grid. However, the top laggards were HDFC Bank, JSW Steel, Sun Pharma, Hindustan Lever and UltraTech Cement.
Prashanth Tapse, senior VP (research), Mehta Equities, said, “In yesterday’s trading session, Nifty continued its upward trend for the third consecutive day, with a notable advance-decline ratio favoring bulls. Despite Chairman Powell’s remarks offering little new insight, optimism prevailed as major Wall Street indices approached record highs. However, looming uncertainty surrounds a potential September US rate cut, contingent upon inflation data due for release soon.”
Amid this backdrop, the NSE Nifty’s options data hints at a trading range of 22000-23000, with strategic support and resistance levels identified. Notably, FIIs sold shares worth Rs 4,066 crore, while Corporate India awaited Q4 results from prominent names.
Stocks To Watch Today
Recommendeded trades include buying Nifty and Bank Nifty at current market prices, with AUROBINDO PHARMA singled out as a stock to watch, anticipating any corrective declines with bullish sentiment, Tapse said.
Apart from these, investors should keep a watch on May 15, 2024, Bharti Airtel, Infosys, Tata Motors, Colgate-Palmolive, Mahindra and Mahindra, Bharti Hexa, Siemens, and Cipla, among others
Q4 Earnings Today: Dixon, JSL, Jyothy Lab, Mankind, MOIL, NLC India, PFC, TCI, Thomas Cook and Tijaria, among others, will announce their Q4 results on Wednesday.