Indices at previous closing
Nifty50: 16,259 ▲ 417 (+2.6%)
Sensex: 54,318 ▲ 1,344 (+2.5%)
Nifty Bank: 34,301 ▲ 704 (+2.1%)
For more updates on F&O, click here.
Good morning, people!
LIC disappointed us all, but markets didn’t. Bulls looked very confident yesterday as they catapulted benchmark indices higher. Could this be a good sign?
⭐Ethos IPO opens today! ⌚
The IPO of luxury and premium watch retailer Ethos opens for subscription today. The price band for the IPO is ₹836-878 per share. The company has 50 physical stores across 17 cities in India and retails various prominent brands including Omega, Jaeger LeCoultre, and Rado. Click here to apply for this IPO on Upstox.
⭐ IOC’s profit plummets 🛢
India's largest oil company Indian Oil Corporation (IOC) reported a 31.4% year-on-year fall in its Q4 net profits to ₹6,021 crore. Despite the record oil refining margins, the profit dropped due to the decline in petrochemical margins, and losses in auto fuel sales. However, the company reported the highest-ever annual revenue by an Indian corporate at ₹7.28 lakh crore.
⭐ ICRA expects robust Q1 GDP growth 👍
The rating agency ICRA estimated that the Indian economy could grow 12-13% in the first quarter of the current fiscal year. Experts said that business activity in April was 16% higher than a year ago and pre-pandemic levels. However, ICRA has maintained its annual GDP projection at 7.2% for FY23, citing rising inflation concerns.
Sectoral indices (May 18)
| Top gainers | Top losers |
| Metal ▲6.8% | NA
|
| Oil & Gas ▲3.6% | NA
|
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▼ 0.2% |
| Nikkei 225 (Japan) | ▲ 0.5% |
| Hang Seng (Hong Kong) | ▼ 0.7% |
| SSE Composite (China) | ▼ 0.2% |
| Dow Jones (US) (May 17) | ▲ 1.3% |
| NYSE (US) (May 17) | ▲ 1.4% |
| Nasdaq (US) (May 17) | ▲ 2.7% |
| S&P 500 (US) (May 17) | ▲ 2.0% |
Fact of the day
Amid stringent pandemic-led lockdowns, not a single car was sold in Shanghai in April.
Source: ET
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Investment in securities markets is subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.