MARKET LIVE: Sensex up 100 pts, Nifty tests 18,200; SBI slips post Q4 nos

Stock Market Live on May 18, 2023: Stock of Restaurant Brands Asia surged 11 per cent amid reports Everstone is looking to sell its entire stake in the company

STOCK MARKET LIVE:

Equity benchmark indices were seen holding gains in Thursday's trade tracking strength in global equities which were positive on hopes that a deal to lift US debt ceiling will soon be reached. 

The BSE Sensex rallied to a high of 61,955, and thereafter pared gains and was up 100-odd points at 61,680. The NSE Nifty 50 was seen testing the 18,200 level ahead of the weekly F&O expiry.

The broader markets were also higher in line with benchmarks. The BSE MidCap and SmallCap indices rose up to 0.5 per cent.

Among stocks, Restaurant Brands Asia surged 11 per cent amid reports Everstone is looking to sell its entire stake in the company. Jubilant Foods and a PE consortium of Advent and General Atlantic are among the contendors to buy the said stake. 

Sector-wise, Nifty Financials and Metal indices led wins, rising around 1 per cent each. Realty, Pharma and Oil & Gas pockets were the top underperformers. 

4:08 PM

Broader market :: MidCaps underperform peers, index down 0.67%

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4:07 PM

Comment :: 'Prudent to stay light and accumulate quality stocks'

Markets traded volatile on the weekly expiry day and ended marginally lower. Firm global cues triggered a gap up start however profit taking in the select index majors trimmed the gains as the day progressed. Consequently, the Nifty index settled at 18129.95 levels; down by 0.28%. Mostly sectoral indices ended lower wherein realty, pharma and FMCG were among the top losers however some resilience in banking and financials capped the damage. The broader indices too witnessed profit taking and shed nearly half a percent each.

 

It is healthy consolidation so far however volatility across sectors is keeping traders on their toes. We feel it’s prudent to stay light and utilize this phase to gradually accumulate quality stocks from top performing sectors viz. banking, financials, FMCG and auto. 

Views by:  Ajit Mishra, VP - Technical Research, Religare Broking

4:05 PM

Currency check :: Rupee ends near 6-week lows of 82.60/$

2:27 PM

Gold ornaments raise retail inflation in personal care segment to 9% in Apr

A 22-month high retail price inflation in gold ornaments pushed the rate of price rise in the personal care segment to nine per cent in April, from 8.25 per cent in March even as overall inflation eased to a 18-month low of 4.70 per cent in the first month of 2023-24.

Gold

2:24 PM

'It's difficult not to be positive on Indian equities'

With Nifty50 almost consolidating at around 18,000 levels, valuations have become reasonable and offer a good entry point for investors, says Madangopal Ramu, head of equity and fund manager at Sundaram Alternate Assets. 

Finance

2:11 PM

Tech job losses on course to exceed 2022 number, already at 57% of last yr

Some 8,134 employees have reportedly lost their jobs in the country as of May 2023 according to data from tech sector job cuts tracker Layoffs.fyi (chart 1). The database collates figures which appear in various media reports. This is not an exhaustive list, but can be considered broadly indicative of the trend in technology companies, amid an adverse funding environment and the global economic slowdown.

Some 8,134 employees have reportedly lost their jobs in the country as of May 2023 according to data from tech sector job cuts tracker Layoffs.fyi (chart 1). The database collates figures which appear in various media reports. This is not an exhaustive list, but can be considered broadly indicative of the trend in technology companies, amid an adverse funding environment and the global economic slowdown.