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Sensex Ends 503 Points Higher, Nifty Above 16,150; Torrent Pharma & Interglobe Aviation Surge 10%
Thu, 26 May Closing

Sensex Ends 503 Points Higher, Nifty Above 16,150; Torrent Pharma & Interglobe Aviation Surge 10%

Indian share markets staged a smart recovery in the afternoon session ending the day on a strong note.

Benchmark indices snapped a three-day fall and ended on a positive note after trading in a volatile session today.

At the closing bell, the BSE Sensex jumped 503 points or 0.9%.

Meanwhile, the NSE Nifty climbed 144 points, ending at 16,170.

Tata Steel, SBI, and HDFC Bank were among the top gainers today.

ITC, Sun Pharma, and Reliance Industries were among the top losers today.

The broader markets ended on a strong note as the BSE Mid Cap index climbed 1.4% while the BSE Small Cap index surged 0.8%.

Barring FMCG stocks, all sectoral indices ended on a positive note. Stocks in the IT sector, metal sector, power sector, and banking sector witnessed most of the buying.

The primary market is set to witness some action in the coming days with these 6 Mega IPOs around the corner.

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In this volatile market, several penny stocks are continuously hitting their 52-week highs. Several Indian stocks have delivered multibagger returns in a span of one month. But not all are worthy.

If you're new and on the lookout for fundamentally strong penny stocks, check out the list of penny stocks to buy for long term.

Outside the home ground, Asian share markets posted mixed signals as the US Fed struck a less hawkish note in the minutes from its last meeting.

At the close in Tokyo, the Nikkei 225 was down 0.3%, while the Hang Seng declined 0.4%. The Shanghai Composite added 0.5%.

The SGX Nifty was trading 1% higher at the time of writing.

The rupee is trading at 77.5 against the US$.

Gold prices are currently trading down by 0.1% at Rs 50,757 per 10 grams while silver is trading down by 0.1% at Rs 61,451 per kg.

Speaking of the current stock market scenario, amid the ongoing volatility, have a look at the two charts below, in the order they have been placed:

Near Term Volatility in Sensex Compensated by Long Term Gains

chart

The year-on-year change in the Sensex was hardly predictable but someone who stayed invested multiplied every lakh nearly 14 times.

Timing the markets could be suicidal as valuations and volatility put the markets in a see-saw mode.

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In news from the IT sector, Infosys has recommended to hike CEO Salil Parekh's salary by 88% to Rs 797.5 m.

These changes are part of the recent announcement of reappointment of Parekh as the CEO and MD of Infosys for five years.

For financial year 2022, Parekh received a total remuneration of Rs 710.2 m which includes Rs 523.3 m from restricted stock unit options.

High employee retention cost was one of the driving factors behind the recent correction in IT giants like Tech Mahindra.

Speaking of stock markets, Chartist Brijesh Bhatia discusses what the charts say about investing in auto stocks, in his latest video for Fast Profits Daily.

Is there a reversal on the cards? Are these stocks becoming good investments now? Brijesh answers all these questions in the video below.

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Moving on to corporate earnings, Torrent Pharma's consolidated loss stood at Rs 1.2 bn for March 2022 quarter on account of impairment provision of Rs 4.3 bn related to discontinuation of liquids business in the US.

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The company had reported a net profit of Rs 3.2 bn in the same quarter last year.

In its Q4 results, Torrent Pharma reported revenues of Rs 21.3 bn.

The board of the company has recommended a final dividend of Rs 23 per share which includes a special dividend of Rs 15.

Subject to shareholder approval, the final dividend amount is proposed to be paid on or around 4 August 2022.

You can check out the companies that have announced the biggest dividend payouts this year.

Torrent Pharma's board has also approved to seek shareholder approval for raising up to Rs 50 bn through various means including qualified institutional placement.

Torrent Pharma share price ended 10.2% higher on the BSE today.

Moving on to news from the power sector, the government stated that it is working on a plan for state run electricity distributors to pay dues via monthly installments across four years.

As of 18 May, discoms owed over Rs 1 tn to generating companies.

The government notification stated:

  • The move will save around Rs 198.3 bn on late payment surcharge in the next 12 to 48 months.

    Delay of payments by a discom to a generating company affects the cash flow, which is needed to make provisions for input supplies such as coal and for keeping adequate working capital for day-to-day operation of the power plant.

Post the announcement, BSE Utilities Index declined close to 3% in the morning session. However, the index closed 0.9% higher for the day.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary


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