Opening Bell:
Gift Nifty is up by 113.5 points in the early morning trade, indicating a positive opening for Indian stock market
Asian markets showed positive momentum on Thursday, buoyed by Wall Street’s record-breaking performance and investor scrutiny of Japan’s GDP data. Japan’s Nikkei 225 surged by 0.9%, accompanied by a 0.54% rise in the Topix index. South Korea’s Kospi surged by 1.49%, while the Kosdaq climbed by 1.3%. Meanwhile, Hong Kong’s Hang Seng index futures suggested a subdued opening.
On Wednesday, the US stock market concluded with all three major indexes achieving record highs, propelled by a deceleration in inflation growth. The Dow Jones Industrial Average surged 349.89 points, or 0.88%, to reach 39,908.00, while the S&P 500 soared 61.47 points, or 1.17%, closing at 5,308.15. Additionally, the Nasdaq Composite rose by 231.21 points, or 1.40%, settling at 16,742.39, marking its second consecutive record close.
Stocks News:
👉 In its consolidated financial performance year-over-year, LIC Housing Finance demonstrated mixed results. The company experienced a notable increase in Net Interest Income (NII), which grew by 12.4% to Rs 2,237.6 crore. However, the net profit declined by 7.6% to Rs 1,090.8 crore, indicating some challenges in profitability. Moreover, there was a significant rise in tax costs, soaring by 46% to Rs 385.4 crore, adding further pressure on the bottom line. Despite these challenges, the Board recommended a dividend of Rs 9 per share, suggesting confidence in the company’s long-term prospects and commitment to shareholders.
👉 In its consolidated year-over-year financial performance, Indian Energy Exchange displayed impressive growth across key metrics. The company witnessed a significant 19% rise in revenue, reaching Rs 2,441 crore. Moreover, net profit experienced a remarkable surge of 62%, amounting to Rs 477 crore. These positive financial indicators reflect the company’s effective operational strategies and its ability to capitalize on opportunities within the energy sector. Additionally, the Board’s approval of a final dividend of Rs 1.50 per share underscores management’s confidence in the company’s performance and its commitment to delivering value to shareholders.
👉 In its consolidated year-over-year financial performance, CMS Info Systems demonstrated robust growth across key indicators. The company reported a notable 25% increase in revenue, reaching Rs 627 crore, indicating strong top-line expansion. Additionally, net profit showed healthy growth, rising by 14.4% to Rs 91.4 crore, reflecting improved profitability and operational efficiency. The Board’s recommendation of a final dividend of Rs 3.25 per share underscores the company’s commitment to delivering value to its shareholders and highlights confidence in its financial strength and future prospects.
👉 In its consolidated year-over-year financial performance, NLC India exhibited a mixed outcome across key metrics. The company recorded a significant 31% increase in revenue, reaching Rs 3,540.6 crore, indicating strong top-line growth. However, net profit experienced a notable decline of 86.2%, falling to Rs 114.2 crore, which suggests challenges in maintaining profitability. Despite this, the Board recommended a final dividend of Rs 1.5 per share, underscoring its commitment to shareholder returns and confidence in the company’s long-term prospects.
👉 FIIs sold shares worth Rs 2,832.83 crore. DIIs pumped in Rs 3,788.38 crore worth of stocks on May 15
Domestic and International Events
- India saw its merchandise trade deficit expand to a four-month high in April, reaching $19.1 billion, up from $14.44 billion in April 2023, with the goods trade deficit standing at $15.6 billion in March 2024.
- In the US, consumer prices rose less than anticipated in April, indicating a resumption of the downward trend in inflation. The consumer price index (CPI) increased by 0.3% last month, following gains of 0.4% in both March and February. Over the 12 months through April, the CPI rose by 3.4%, slightly down from the 3.5% increase recorded in March. Economists surveyed by Reuters had expected the CPI to rise by 0.4% month-on-month and by 3.4% year-on-year.
- Gold continued its upward trend for the third consecutive day, with the US inflation slowdown suggesting a potential rate cut in September. Trading near four-week highs, bullion rose by 0.3% to $2,393.91 an ounce in Singapore, reaching $2,394.25, the highest level since April 19. Silver, platinum, and palladium also experienced gains.
- Crude oil prices extended their gains, buoyed by signs of stronger demand in the US following the release of slower inflation data. Brent futures increased by 0.52% to $83.18 a barrel, while US West Texas Intermediate crude (WTI) rose by 0.58% to $79.09.
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,074 | (0.2) % |
| Shanghai Composite | 3,120 | (0.8) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 39,908 | 0.9 % |
| DAX | 18,869 | 0.8 % |
| FTSE 100 | 8,446 | 0.2 % |
| Nikkei | 38,386 | 0.1 % |
| Straits Times | 3,289 | (0.7) % |
