M&M, JSW Steel, Ultratech Cement, Grasim Industries, and BPCL were the top gainers in the Nifty 50. While Cipla, TCS, Britannia, Hero MotoCorp, and Nestle India were the key laggards in the Nifty 50 on May 17.

According to a Nomura report on Info Edge India, the firm maintains its buy rating on the stock and has increased the target price to Rs 6,750 from Rs 6,210. 

The report underscores robust billing growth across all segments, with IT billing showing the first signs of a turnaround. The real estate sector is experiencing a strong recovery, bolstered by positive industry tailwinds. 

Furthermore, the company’s other verticals, including matrimony and education, continue to demonstrate consistent growth, contributing to the overall positive outlook for Info Edge India. 

Naukri.com’s shares rallied over 7% after the company reported an 18% jump in PAT to Rs 211 crore. Naukri shares jumped as much as 7.43%, reaching an intra-day high of Rs 6,338.10 per share on the NSE.

Naukri.com operator Info Edge reported an 18% year-on-year (YoY) increase in its standalone profit for the March quarter, reaching Rs 211 crore, while its revenue grew by 7.9% to Rs 608.3 crore.

M&M‘s share price surged over 7% in early trading on Friday, following analysts’ bullish outlook and raised target prices after the company’s strong Q4 results. The shares soared as much as 7.66%, reaching a record high of Rs 2,554.75 per share on the BSE. 

“WTI Crude oil futures extended gains on Thursday and closed above $79/bbl, as a soft US inflation print for April and moderation in hiring coupled with the decline in US crude stocks continued to support prices despite a cut in IEA demand growth forecast. Geo-political tensions remain high as fierce fighting continues around the southern city of Rafah and intense battles between Israeli forces and Palestinian groups in the northern Gazan town of Jabalia. Oil prices may waver on May 17 as mixed economic data from China hinted towards a lopsided recovery in the world’s top consumer,” said Kaynat Chainwala, Senior Manager of Commodities Research at Kotak Securities.

Naukri share price rallied over 7% in early trade on Friday after the company reported an 18% jump in PAT to Rs 211 crore. Naukri shares jumped as much as 7.43%, reaching an intra-day high of Rs 6,338.10 per share on the NSE.

The NSE Nifty 50 was up 78 points or 0.35% at 22,481.65, while the BSE Sensex was up 307.51 points or 0.42% at 73,971.23.

Courtesy: BSE

Courtesy: NSE

“The Bank Nifty witnessed a robust comeback by the bulls, overpowering the bears and orchestrating an intraday surge of 1000 points. The next immediate hurdle for the index stands at 48200, aligned with the 20-day moving average (20DMA), breaching which could trigger additional short covering towards the 49000 mark. On the downside, support is established at the 47600-47500 zone. As long as this support level remains unbreeched, the bullish sentiment prevails.,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

M&M’s share price surged over 7% in early trading on Friday, following analysts’ bullish outlook and raised target prices after the company’s strong Q4 results. The shares soared as much as 7.66%, reaching a record high of Rs 2,554.75 per share on the BSE.

Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said Finally, the index has moved back up into the rising channel after a few days of failed attempts. Over the next few days, the bulls might have the upper hand in the market as the index moved above the critical moving average after several days. On the higher side, the Nifty might move towards 22,600 in the short term. Support on the lower end remains at 22,250; the sentiment is expected to remain strong as long as it holds above this level.

Mahindra and Mahindra, Tata Motors, Grasim, Tata Steel, and Coal India are the early gainers on NSE Nifty 50 and whereas laggards include Axis Bank, Adani Ports and SEZ, SBI Life Insurance, Asian Paints, HDFC Life Insurance.

The NSE Nifty 50 opens up by just 0.05% at 22,415.25, while the BSE Sensex gains 0.06% to 73,711.31 in the opening trade.

JSW Steel, Zydus Lifesciences, NHPC, Astral, Rail Vikas Nigam, Phoenix Mills, Balkrishna Industries, Global Health, Glaxosmithline Pharmaceutic, Delhivery, Bandhan Bank, Pfizer, Vinati Organics, Poly Medicure, Sobha, Zee Entertainment enterprises, Amber Enterprises, Varroc Engineering, Kirloskar Ferrous Industries, Balrampur Chini Mills, Dhanuka Agritec, Sudarshan Chemical, Godrej Industries, and Shipping Corp of India.

The NSE has added Balrampur Chini Mills, Bandhan Bank, Biocon, Birlasoft, Granules, GMR Infra, Granules, Hindustan Copper, Vodafone Idea, Piramal Enterprises, Sail, India Cement, and Zee Entertainment Enterprise in F&O on May 17, 2024.

Foreign institutional investors (FII) offloaded shares worth net Rs 776.49 crore, while domestic institutional investors (DII) mopped shares worth net Rs 2,127.81 crore on May 16, 2024, according to the provisional data available on the NSE.

On Friday morning, WTI crude prices are trading at $79.25, up by 0.03%, while Brent crude prices are at $83.35, up by 0.10%.

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, rose by 0.04% to 104.53.

U.S. stocks closed lower on Thursday after the Dow Jones Industrial Average (.DJI) reached an intra-day high of 40,000 for the first time. Investors continued to recalibrate their rate-cut expectations following data showing a slowdown in inflation and strong corporate earnings results, Reuters reported. The tech-heavy Nasdaq Composite fell by 44.07 points, or 0.26%, to close at 16,698.32. The S&P 500 declined by 11.05 points, or 0.21%, to 5,297.10, while the Dow ended the day down 38.62 points, or 0.10%, at 39,869.38.