Share Market Today Live Updates May 23, 2024: Oil drops for fourth straight session as hawkish US Fed stance weakens demand outlook; Brent at $81/bbl

• GLOBAL-OIL:Oil falls for fourth straight session, US demand in focus

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• Foreign investors who have been largely sellers of Indian shares for the second straight month in May, led Thursday’s rally. Market experts believe the rally could continue over the two weeks leading into the Lok Sabha election results on 4 June.

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• The Dow Jones rose 0.06%, the S&P 500 was higher 0.63%, the Nasdaq gained 1.16%

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• High fees and lack of transparency about them often hamper investments in alternative-asset strategies

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• Gold prices reverse after hitting record high, dropping to 1-week low post Fed meeting minutes. Fed’s hawkish tone boosts USD, reduces rate cut expectations, impacting gold prices. Central banks cut gold imports as prices surge, with India’s imports anticipated to fall by 20% compared to last year.

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• GSM Foils IPO will open for subscription on May 24

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• HBL Power Systems has seen a remarkable gain of 394% in the past year, with long-term investors enjoying staggering returns of 1254% in three years and 2143% in five years. The stock has surged by 5367% in a decade, consistently delivering positive annual returns.

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• Stock Market Today: Nifty IT Index rebounds 1.3% on Thursday and was among top sectoral performers. IT companies such as Coforge, Persistent, TCS, Mphasis, LTIMindtree, Infosys share prices gained up to 4% . Should you Buy, Sell or Hold the stocks?

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• The success of Paytm’s loan distribution business is crucial for offsetting losses from its payment services amid increased competition from new entrants and ongoing regulatory uncertainties

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• Market buoyancy continued as Nifty reclaimed record high, gaining over 1.5%. Positive trend expected to persist with banking index adding momentum. Focus on heavyweight stocks advised.

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• Top Gainers and Losers Today : The Sensex gained 1196.98 points, or 1.61, to settle at 74221.06, while the Nifty gained 369.85 points, or 1.64, to close at 22597.8.

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• ITC Dividend: The FMCG giant announced a final dividend for FY24 and has fixed the record date as July 4

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• IIFL Alternative Research projects Adani Enterprises’ inclusion in the Sensex, potentially leading to significant inflows. It forecasts ₹1,000 crore inflows if Adani Enterprises joins Sensex. The BSE is expected to announce its index reconfiguration tomorrow.

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• Awfis Space Solutions offers flexible workspace solutions for various businesses. Promoters Peak XV and Amit Ramani hold 41.05% equity shares. The IPO includes fresh offering of ₹128 crore and OFS of up to 12,295,699 equity shares.

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• Top 5 index heavyweights drove over 50% of Sensex’s 1,115-point surge, hitting a record high of 75,336.44. Rally fueled by strong Q4 earnings, RBI’s record dividend payout, election outcome certainty, and reduced foreign selling.

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• A quick reversal in Ramco’s fortunes appears unlikely due to the multiple company-specific overhangs amid weak prices in core markets

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• Analysing the current state of Brent oil prices, the brokerage highlighted that their recent range-bound nature, is occasionally influenced by geopolitical tensions.

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• Ventura Securities initiates coverage on Responsive Industries, citing long-term growth opportunities in vinyl tiles. Imposition of 25% import duty on Chinese products in the US creates opportunities for Indian manufacturers.

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• Stock market today: The Indian stock market, the Sensex and the Nifty 50 jumped over a per cent each in intraday trade on BSE on Thursday, May 23.

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• Jio Financial Services to seek shareholder nod for foreign investments through equity: Report

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• Lok Sabha Election 2024: Bernstein analyses four scenarios post-Lok Sabha elections. Depending on the BJP’s seat range, there may be varying market reactions. Higher seats for the BJP could lead to a market rally, while lower seats may result in heavy profit booking.

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• The brokers are told that they will have to ensure that the mobile numbers/ email ids of their employees or remisiers and authorised persons are not uploaded on behalf of their clients.

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• Persistent Systems and KPIT Technologies are top sector ideas with ‘buy’ calls and potential upsides of over 24% and 16%, respectively. Both companies have shown consistent growth amidst challenging times and have strong deal pipelines.

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• Metal stocks surge as industrial metal prices rise, driving investor optimism. Nifty Metal is up 24.34% in 2024. Hindustan Zinc leads gains, up 126% in CY24, followed by Vedanta, MOIL, NALCO, Jindal Steel, SAIL, Coal India, and NMDC.

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• Star Health and Allied Insurance shares have been underperforming since their December 2021 debut, trading now at ₹539.30 apiece, over 40% lower than the IPO price.

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• Awfis Space, a market leader in flexible workspace, offers significant growth potential with a dominant position in the market. Financial statements show increased revenue and reduced losses, with a positive outlook for future profitability. Investors willing to take risks can subscribe to the IPO.

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• Following shares hit their 52 week low today – United Polyfab Gujarat, Brightcom Group, GSS Infotech, MEGASTAR FOOD, Atal Realtech

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• Following shares hit their 52 week high today – Macrotech Developers, Bharat Electronics, Eicher Motors, Interglobe Aviation, Indian Railway Catering & Tourism Corporation

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• Stock market today: Go Digit General Insurance share price listed with slight 5% premium over the issue price on the NSE at ₹286 , in line with the analyst expectations and the GMP. The stock however gained almost 7% post listing Should you But, Sell or Hold the stock? Here’s what experts say-

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• Quest Laboratories listing: Shares of Quest Laboratories got listed at a premium of nearly 60 per cent at ₹155 apiece against its issue price of ₹97 on NSE.

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• Over the past four years, Sobha has reduced its net debt by 58% from a peak of ₹3,020 crore in FY20 to ₹1,260 crore by the end of FY24.

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• PG Electroplast, a leading Indian EMS provider, reported impressive financial performance for Q4 and FY24. The company’s product business sales grew by 25% in Q4FY24. PGEL projects a substantial revenue increase to ₹3,400 crores in FY2025.

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• Garden Reach Shipbuilders & Engineers stock surges over 18% to ₹1,410.15 after strong Q4FY24 results. Net profit more than doubles YoY to ₹111.60 crore. Sales jump 68.96% YoY to ₹1015.73 crore. EBITDA triples to ₹90.5 crore in the quarter.

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• Gold And Silver Prices Today:Gold And Silver Prices Today : 10 gm of 24 carat gold was at Rs.75562.0 in Delhi whereas 1 kg of silver was Rs.92980.0 in Delhi.

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• Top Stock Recommendations: Osho Krishan, Sr. Analyst, Technical & Derivatives of Angel One, recommends buying Ipca Laboratories Ltd (Ipca Lab), and NRB Bearing Ltd.

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• Go Digit share price saw lukewarm debut on bourses with share price opening at ₹286 on NSE and ₹281.10 on BSE. Subscription status on final day was 9.60 times, with QIBs at 12.56 times, non-institutional investors at 7.24 times, and RIIs at 4.27 times.

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• Jubilant FoodWorks share price surged a day after reporting Q4 results. The company’s consolidated net profit for Q4FY24 jumped over 630 per cent YoY to ₹208.25 crore, with revenue rising by 24 per cent YoY.

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• Sebi has laid out a framework for calculating an unaffected share price for transactions on the stock exchanges if there is a material price movement due to rumours, and if such rumours are confirmed by a listed company within 24 hours

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• Stocks to buy today: Experts have recommended buying these five shares — Tata Consumer Products, GMR Airports Infrastructure, Mahindra & Mahindra Financial Services, Divi’s Laboratories, and Infosys.

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• Here are a few stocks likely to be in focus on Thursday, May 23:

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• Gift Nifty was trading around 22,658 level, a premium of barely 8 points from the Nifty futures’ previous close

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• Indian stock market: Gift Nifty today morning is trading lower by more than 10 points from Wednesday close. The Indian stock market is expected to open with minor losses

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• Go Digit General Insurance IPO listing today with subdued GMP of ₹30, 11% over issue price. Strong fundamentals and technological edge may lead to respectable listing despite market volatility.

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• Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — TD Power Systems Ltd, Granules India Ltd, and Westlife Foodworld Ltd.

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