The US stock market experienced a surge on Monday, driven by strong gains in technology companies, pushing the S&P 500 and Nasdaq Composite to record highs. Key tech players like Autodesk, Broadcom, Micron Technology, Apple, and Microsoft contributed to the rally, while GameStop shares saw a significant decline. The bond market also witnessed an increase in yields, reflecting expectations of higher interest rates.
Results for: Stock Market
A mix of political appointments, a tragic train accident, and economic trends dominate today’s news. The BJP strengthens its campaign for upcoming state elections, while a collision in Darjeeling claims lives. Meanwhile, the stock market sees movement influenced by potential GST changes.
Nvidia, the leading artificial intelligence chipmaker, has achieved a remarkable milestone by becoming the second most valuable company globally, surpassing Apple. With a valuation exceeding $3 trillion, Nvidia’s market capitalization has climbed higher than Apple’s $3.003 trillion. The company is also preparing to split its stock ten-for-one on June 7, a move designed to enhance its appeal to individual investors.
Renowned investor and Chairman of Motilal Oswal Group, Raamdeo Agrawal, predicts significant growth for the Nifty 50 and Sensex indices over the next 15-17 years. Agrawal anticipates that the Nifty 50 could reach 150,000 within 15-17 years, while the Sensex may hit the same level within 5-6 years, despite potential corrections along the way. Emphasizing the importance of patience in investing, Agrawal stresses the ability to stay invested during times of market volatility.
Shares of Rail Vikas Nigam Limited (RVNL) witnessed a significant surge of 15% on May 21st, 2024, driven by a major contract win worth ₹148 crore from South Eastern Railway. The company’s shares hit a new all-time high of ₹345.90 on the National Stock Exchange (NSE), marking a remarkable ascent of nearly 200% over the past year. This surge reflects RVNL’s strong financial performance and the positive outlook for its infrastructure development projects.
Patel Engineering’s strong financial performance in the fourth quarter has led to a significant 12% increase in its stock price today. The company’s profit soared by 83%, driven by a rise in revenue and higher margins. Patel Engineering’s long-term growth potential is further highlighted by its impressive track record of gains over the past three years.
Shares of Bharat Electronics Ltd (BEL) surged over 9% on May 21, 2023, after the company reported better-than-expected Q4 earnings. The company’s gross profit margin has remained strong over the past three quarters, averaging 48.5%. This, coupled with a 225% year-over-year increase in other income, led to a 17% to 21% beat on PAT (profit after tax) estimates.
Prime Minister Narendra Modi has expressed confidence in the continued growth of the Indian stock market, stating that it will reach new heights after the ongoing Lok Sabha elections conclude on June 4th. The Prime Minister highlighted the pro-entrepreneurship policies and sustained economic reforms implemented by his government over the past decade. He emphasized the increasing participation of young investors, encouraging them to embrace risk-taking as they gain experience. PM Modi cited the stellar performance of public sector undertakings (PSUs), such as Hindustan Aeronautics Ltd (HAL), as evidence of the positive impact of these policies. He dismissed opposition attempts to instill fear among workers, pointing to HAL’s impressive financial results as an example of the government’s commitment to supporting businesses.
Delhivery’s revenue growth and drone research plans, Congress leader Sonia Gandhi’s appeal in Raebareli, Bandhan Bank’s declining net profit, AAP’s rejection of Maliwal’s allegations against Kejriwal’s aide, and Mazagon Dock Shipbuilders’ stock rally are some of the major news stories of the day.
The National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) will hold a special live trading session on May 18, 2024, to test their readiness and resilience in case of disruptions. The session will involve an intra-day switch from the primary site to the disaster recovery site across equity and equity derivative segments.
The purpose of this session is to assess the participants’ preparedness to handle significant disruptions or failures at the primary site. During the session, all securities, including those with derivative products, will have a maximum price band of 5%. The price band applicable at the primary site at the start of the day will also apply at the disaster recovery site.
The special live trading session will take place in two parts: from 9:15 AM to 10:00 AM and from 11:30 AM to 12:30 PM. The BSE has requested trading members to note this schedule and be prepared for the session.