Stock market news: For the second straight trading session, domestic benchmark equity indices rose on Monday as market witnessed buying in index heavyweight Reliance Industries, information technology (IT) and metal counters, and Adani stocks. The US debt limit talks, which stalled last week, were still in the focus of market participants.
The 30-share BSE Sensex rose 234 points, or 0.38%, to end the day at 61,963.68. At 18,314.40, the NSE Nifty advanced 111 points, or 0.61%.
The metal index climbed by 3.19%, with Adani Enterprises Ltd's over 19% gain acting as the primary driver of the rise. The flagship business of the Adani group of companies is given a proportion of more than 17% in the index. The highly weighted IT index recorded advances in all 10 of its components, ranking it among the top gainers among sectors.
Vedanta: The company has announced its first interim dividend of ₹18.50 for financial year 2023-24. The dividend will be 1850% on the face value of ₹1 per share and amounts to a total of ₹6,877 crore.
Bharat Petroleum Corporation Ltd (BPCL): The Government-backed oil marketing company surpassed the street's expectations in March 2023 quarterly earnings. The company posted a whopping 158.99% or 2.58 folds jump in standalone PAT to ₹6,477.74 crore in Q4FY23 as against ₹2,501.08 crore in Q4 of the previous fiscal.
Shree Cements: The company announced its Q4FY23 results on May 22, reporting a net profit of ₹546.21 crore, registering a decline of 15.3%, compared to ₹645.21 crore in the corresponding period last year.
Dhanlaxmi Bank: The lender posted a net profit of ₹38.2 crore in Q4FY23, rising by 63.3% as against a net profit of ₹23 crore in the same quarter a year ago.
Q4FY23 earnings to lookout for: The list of some of the prominent companies who will release their Q4 results are as follows - Ashok Leyland Ltd, Dixon Technologies (India) Ltd, JSW Energy Ltd, NMDC Ltd, Sequent Scientific Ltd, Somany Ceramics Ltd, Thyrocare Technologies Ltd, TTK Healthcare Ltd, TVS Srichakra Ltd, Unichem Laboratories Ltd, GE T&D India Ltd, Galaxy Surfactants Ltd, DCM Financial Services Ltd, Biocon Ltd, Bajaj Electrical Ltd
According to Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities, if Monday’s strong session is any indication, then it appears that the benchmarks at Dalal Street are in for aiming further upside.
"The next hurdle to watch out for is at the 18,473 mark. All eyes will be on the Fed meeting minutes to trickle in on Wednesday, May 24. Also, amidst F&O expiry week, volatility is likely to be the hallmark. Staying nimble on long positions is the preferred strategy," added Tapse.
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