Latest Stock Market News

Indiabulls Housing Finance Company and Delta Corp have been placed under a trade ban on 25 May due to the open interest on their stocks exceeding 95% of market-wide position limits (MWPL) for Future & Options contracts. The ban will only be lifted when the open interest falls below 80%. Traders in indices will not be affected. The MWPL for Indiabulls Housing stood at 81.1% on Wednesday while Delta’s MWPL stood at 92.8%. The broader Nifty50 index settled at 18,285.40, lower by 62.60 points or 0.34%.

The Indian market may stabilize on Thursday owing to mixed global cues. The Sensex index dropped more than 200 points and Nifty50 dropped below 18,300 on Wednesday due to rising volatility. The immediate trading range could be between zones of 18,150 to 18,400. A higher upper shadow with a long pin bar formation was observed, indicating pressure in higher zones. Engineers India, NBCC and KPIT Technologies are a few stocks that can be bought for short-term trading.

We have invested significantly in cutting-edge technologies such as AI, ML, and automation, enabling us to improve our service offerings and provide better value to our clients.

Jayesh Bhanushali of IIFL has buy call on KPIT Technologies with a target price of Rs 1030.The current market price of KPIT Technologies is Rs 979.05. Jayesh Bhanushali recommended to keep stop loss at Rs 940.

​NBCC (India), incorporated in the year 1960, is a Mid Cap company (having a market cap of Rs 7794.00 Crore) operating in Construction sector.

Nvidia Corp has forecast its Q2 revenue to be more than 50% above expectations, crediting strong demand for its AI chips, which are used to power chatbots, among other services. The announcement sent shares in the listed semiconductor company, which is worth over $950bn, soaring 28%. The new popularity of AI platforms led CEO Jensen Huang to disclose that Nvidia began full production of its latest AI chips in last August, enabling it to partially avoid chip shortages for apps like chatbots; full production supplies absorbed the steep new demand seen in January.

Equity markets ended lower on Wednesday, led by selling in metal and financial stocks. Analysts said that without clear cues from global markets, participants are hesitant to make big moves. However, several individual stocks outperformed, including Mahindra CIE Automotive, Dixon, and Elgi. Technical analyst Rohan Shah recommends buying all three stocks. Elgi is expected to continue upward momentum towards 625 levels in the short term and possibly hit 700 levels in the medium term. For Mahindra CIE Automotive, the support comes near 435 while the level of 540 is anticipated to act as resistance on the higher side. Dixon has broken out of the symmetrical triangle pattern with high volumes and is expected to do well going forward.

Promoters held 75.0 per cent stake in the company as of 31-Mar-2023, while FIIs owned 2.4 per cent, DIIs 5.49 per cent.

Hindalco Industries posted a 48% fall in its standalone net profit at Rs 832 crore for the quarter ended March. Revenue from operations during the quarter increased 5% to Rs 19,995 crore.

Oil prices rose as U.S. oil and fuel inventories reduced causing speculation over further OPEC+ output cuts. Industry data revealed a decline of 6.8 million barrels in crude inventories in the week to May 19 along with 6.4 million drop in gasoline inventories. Distillate inventories were down 1.8 million. Confirmation of these figures in data from the Energy Information Administration would mean a third straight weekly decline in U.S. gasoline inventories to the lowest levels since 2014 pre-Memorial Day. OPEC+ production cuts are set to take effect this month. However, some investors remain cautious about US debt ceiling discussions.