Add your promotional text...
Market Highlights: Gift Nifty, Vilas Transcore IPO, and Rising Hindustan Zinc Shares
Indian share markets witnessed mixed performance, with the Sensex closing slightly lower while Nifty edged up. As the market navigates sectoral shifts and global cues, key stocks like Delhivery, RVNL, and Hindustan Zinc are making headlines. Meanwhile, the SME IPO of Vilas Transcore is set to open for subscription soon.
MARKETSINDIA
By Vikash Malhotra
5/22/20242 min read
The Indian equity market experienced a flat session on Tuesday. The BSE Sensex closed down by 53 points (0.1%), while the NSE Nifty ended 27 points higher (0.1%). Prominent gainers included Tata Steel, Coal India, and Hindalco, whereas TCS, Nestle, and ICICI Bank were among the top losers.
MidCap and SmallCap Indices: The BSE MidCap index rose by 0.3%, whereas the BSE SmallCap index decreased by 0.2%.
Sectoral Performance: Metals, energy, and power sectors saw significant buying interest. Conversely, banking and auto sectors faced selling pressure.
Gold Prices:
Gold prices on the MCX traded 0.7% lower, settling at Rs 73,874 per 10 grams.
Gift Nifty:
As of 8:15 AM today, the Gift Nifty was trading up by 19 points at 22,637 levels, suggesting a muted start for the Indian markets.
Top Buzzing Stocks Today
Delhivery: The share price of Delhivery fell by 12% to Rs 383 on 21 May, following a 15% decline over the last two sessions. The stock has reverted to its January-end levels, erasing gains made post-Q3 results.
RVNL: Shares of Rail Vikas Nigam Ltd surged 15% after securing a Rs 1.5 billion order from South Eastern Railway for upgrading the electric traction system in Kharagpur.
Why Hindustan Zinc Share Price is Rising
Hindustan Zinc shares soared by over 14% on 21 May, marking five consecutive sessions of gains. The surge in Indian metal stocks is attributed to rising metal prices, stable production costs, and heightened selling prices, which collectively boost company margins.
Industrial Metal Prices: Increased prices of copper, aluminium, zinc, and lead have spurred speculative buying.
Global Cues: Chinese measures to support the property sector and potential US Federal Reserve rate cuts by September have further fueled the rally.
Company Performance: Higher zinc and silver volumes, along with favorable exchange rates, have offset lower zinc and lead prices.
Why Oil Prices are Falling
Oil prices dropped by over US$ 1 on Tuesday due to expectations of prolonged US inflation keeping interest rates higher, thereby dampening demand. Brent crude fell to US$ 82.63 per barrel, and US WTI crude slipped to US$ 78.7 per barrel.
Market Impact: Despite political uncertainty in major oil-producing countries, the market remained largely unaffected.
Vilas Transcore SME IPO
The Vilas Transcore IPO, opening on 27 May, aims to raise Rs 952.6 million through a fresh issue of 6.5 million equity shares, priced between Rs 139-147 per share. The IPO targets retail investors with bids ranging from a minimum to a maximum of 1,000 equity shares.
Use of Funds: The proceeds will fund strategic investments, factory construction, plant and machinery acquisition, and general corporate purposes.
Company Overview:
Founded in 2006, Vilas Transcore specializes in manufacturing electrical lamination products for transformers and various electrical applications.