DAILY MARKET UPDATE – (23/05/2024)

Indian Stock Market Outlook for May 23

➢ Indian stock market: The domestic equity market is
INDICES CLOSE CHANGE %

expected to open flat to positive. SENSEX 74,221.06 + 0.36%

➢ The Gift Nifty today morning is trading lower by NIFTY 50 22,597.80 +0.31%

more than 10 points from Wednesday close. BANKNIFTY 47,781.95 -0.55%

S&P 500 5,307.01 -0.27%

➢ The Sensex gained 267.75 points, or 0.36%, to close
NASDAQ 16,801.54 -0.18%
at 74,221.06, while the Nifty 50 ended 68.75 points,
NIKKEI 225 38,913.48 +0.77%
or 0.31%, higher at 22,597.80.
HANG SENG 18,942.74 -1.32%

Key Market Developments Overnight

➢ US Stock Market: The US stock market did not take the hawkish comments from April 30-May 1 US

Fed meeting minutes. The benchmark indices closed marginally in the red with S&P 500 down 0.27%

at 5,307, while Nasdaq ended 0.18% lower at 16,801.

➢ Asian Markets: The Asian markets also fell in trade on May 23 after US Fed minutes showed patient

approach to monetary easing amid sticky inflation.MSCI's broadest index of Asia-Pacific shares outside

Japan lost 0.57%.

➢ Indian Stock: On Wednesday, the Indian stock market indices ended higher led by gains in

heavyweights.

➢ Gift Nifty: The 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.

➢ US Fed meeting minutes: The minutes of the last meeting released by the US Fed showed that some

of the officials are willing to raise interest rates. This hawkish stance did not go well with the markets.
Stocks to Watch: May 23

➢ Sun Pharmaceutical Industries: The company reported a Q4 consolidated net profit of ₹2,655 crore

($318.9 million), surpassing estimates, driven by strong performance in the U.S. and domestic markets.

This represents a significant increase from the previous year’s profit of ₹1,984 crore. Total revenue

rose 9.6% to ₹11,983 crore. The board proposed a dividend of ₹5 per share for fiscal year 2024.

➢ Petronet LNG: The company reported a slight 0.58% YoY decrease in net sales for March 2024, down

to ₹13,793.16 crore from Rs. 13,873.93 crore in March 2023. However, the quarterly net profit rose by

23.53% to Rs. 764.43 crore, and EBITDA increased by 17.07% to Rs. 1,257.20 crore.

➢ Muthoot Fincorp: Muthoot Fincorp, the flagship company of the Muthoot Pappachan Group, is

planning to cut down its gold loan book by 30-40 percent in 3-4 years, says chief executive officer

(CEO) Shaji Varghese.

➢ Grasim Industries: The company reported a 15.5% YoY rise in its Q4FY24 consolidated net profit

at ₹2,721.81 crore, up from ₹2,355.67 crore in Q4FY23.

➢ Block Deals:

Apollo Tyres: White Iris Investment sold 2.24 crore shares (3.46%), while ICICI Prudential Mutual

Fund bought 41.89 lakh shares (0.65%), Morgan Stanley Asia Singapore PTE bought 40.14 lakh shares

(0.63%), Mirae Asset Mutual Fund bought 31.42 lakh shares (0.49%) and among others at Rs 477

apiece.

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