As per provisional closing data, the barometer index, the S&P BSE Sensex, surged 1,196.98 points or 1.61% to 75,418.04. The Nifty 50 index jumped 369.85 points or 1.64% to 22,967.65.

The Sensex and Nifty clocked an all-time high of 75,499.91 and 22,993.60 in late trade.

In the broader market, The S&P BSE Mid-Cap index added 0.58% and the S&P BSE Small-Cap index rose 0.27%.

The market breadth was negative. On the BSE, 1,815 shares rose and 2,011 shares fell. A total of 119 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.40% to 21.38.

Economy:

The Reserve Bank of India (RBI) announced a transfer of Rs 2.11 lakh crore to the government for the financial year 2023-24. This represents the highest surplus transfer on record by the central bank. This surplus will be reflected in the government's accounts for the financial year 2024-25, providing a significant boost to their fiscal position.

HSBC Flash India Composite Output Index rise from a final reading of 61.5 in April to 61.7, which indicated the third-strongest rate of expansion in close to 14 years. Services firms recorded a sharp increase in business activity, the steepest in four months, while factory production rose at the slowest pace since February. Nevertheless, manufacturing continued to record a stronger rate of growth than services.

HSBC Flash India Manufacturing PMI slipped from 58.8 in April to 58.4 in May, showing the weakest improvement in the health of the sector for three months but one that remained strong by historical standards.

HSBC Flash India Services PMI Business Activity Index stood at 61.4 in May as against 60.8 in April.

Latest data highlighted further signs of strength in new export orders across both the manufacturing and service sectors.

New Listing:

Shares of Go Digit General Insurance were ended at Rs 305.50 on the BSE, representing a premium of 12.32% as compared with the issue price of Rs 272.

The scrip was listed at Rs 281.10, exhibiting a 8.68% premium to the issue price.

The stock has hit a high of 314.00 and a low of 281.10. On the BSE, over 18.42 lakh shares of the company were traded.

IPO Update:

The initial public offer (IPO) of Awfis Space Solutions received 3,42,97,692 bids for shares as against 86,29,670 shares on offer, according to stock exchange data at 15:35 IST on Thursday (23 May 2024). The issue was subscribed 3.97 times.

The issue opened for bidding on Wednesday (22 May 2024) and it will close on Monday (27 May 2024). The price band of the IPO is fixed between Rs 364 to Rs 383 per share. An investor can bid for a minimum of 39 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Auto index gained 2.25% to 23,849.25. The index shed 0.09% in past two consecutive trading sessions.

Mahindra & Mahindra (up 3.55%), Eicher Motors (up 3.36%), Maruti Suzuki India (up 3.13%), Hero MotoCorp (up 3.08%), Samvardhana Motherson International (up 2.89%), Ashok Leyland (up 1.87%), Bajaj Auto (up 1.63%), Tata Motors-DVR (up 1.6%), TVS Motor Company (up 1.58%) and Tata Motors (up 1.56%) advanced.

On the other hand, Balkrishna Industries (down 1.95%), Apollo Tyres (down 1.49%) and Exide Industries (down 0.44%) edged lower.

Stocks in Spotlight:

ITC rose 0.33%. The diversified conglomerate’s net profit declined marginally to Rs 5,020.20 crore in Q4 FY24 as against Rs 5,086.86 crore posted in Q4 FY23. Net revenue was at Rs 16,371 crore in the March quarter, up 1.4% from Rs 16,150 crore recorded in the corresponding quarter previous year.

Power Grid Corporation of India declined 2.09% after the company’s consolidated net profit declined 3.62% to Rs 4,166.33 crore on 2.5% fall in revenue from operations to Rs 11,978.11 crore in Q4 FY24 over Q4 FY23.

Grasim Industries rose 0.22%. The company’s consolidated net profit rose marginally to Rs 1,369.82 crore in Q4 FY24 from Rs 1,368.92 crore in Q4 FY23. Revenue from operations increased 12.75% year on year (YoY) to Rs 37,727.13 crore in the quarter ended 31 March 2024.

FSN E-Commerce Ventures (Nykaa) slipped 2.85%. The company reported consolidated net profit of Rs 90.71 crore in Q4 FY24, steeply higher than Rs 22.75 crore posted in Q4 FY23. Revenue from operations jumped 28% to Rs 1,667.98 crore in Q4 FY24 as compared with Rs 1,307.72 crore in Q4 FY23.

Gland Pharma jumped 4.65% after the company reported a consolidated net profit of Rs 192.42 crore in Q4 FY24, steeply higher than Rs 78.68 crore posted in Q4 FY23. Revenue from operations soared 95.85% to Rs 1,537.5 crore during the quarter as against Rs 785.01 crore recorded in Q4 FY23.

Garden Reach Shipbuilders & Engineers (GRSE) surged 18.81% after the company's net profit doubled to Rs 111.60 crore in Q4 FY24 as compared to Rs 55.30 crore in Q4 FY23. Revenue from operations jumped 68.96% year on year (YoY) to Rs 1,015.73 crore in the quarter ended 31 March 2024.

GPT Infraprojects was locked in an upper circuit of 5% after the company has been declared L1 (First Lowest) by Rail Vikas Nigam (RVNL) for an aggregate value of Rs 554.94 crore.

Sundram Fasteners slipped 2.30%. The company reported 5.44% rise in consolidated net profit to Rs 134.41 crore in Q4 FY24 from Rs 127.47 crore in Q4 FY23. Revenue from operations increased 1.28% YoY to Rs 1,466.48 crore in the fourth quarter of FY24.

HEG tumbled 15.58% after the company's consolidated net profit slipped 67% to Rs 32.91 crore on 11.34% decline in revenue from operations to Rs 546.90 crore in Q4 FY24 over Q4 FY23.

Petronet LNG shed 0.55%. The liquefied natural gas importer’s consolidated net profit jumped 24.16% to Rs 734.07 crore in Q4 FY24 as compared with Rs 591.24 crore reported in Q4 FY23. Revenue from operations declined marginally to Rs 13,793.16 crore as against Rs 13873.93 crore recorded in the same quarter previous year.

Global Markets:

European stocks advanced while Asian stocks ended mixed on Thursday despite central banks' cautious stance on easing interest rates due to persistent inflation. Investor anxiety was heightened with China conducting military drills near Taiwan. Japan's manufacturing sector showed a positive surprise, expanding to 50.5 in May.

Meanwhile, US stocks dipped after the Fed minutes revealed a gradual approach to curbing inflation, though Nvidia's upbeat revenue forecast lifted its share price.