Home » Market Spotlight » What happened in the Indian stock market today (16th May 2024)?

What happened in the Indian stock market today (16th May 2024)?

Sensex closed up 677 points, or 0.93%, at 73,663.72, Nifty 50 ended 203 points higher, or 0.92%, at 22,403.85.

Sensex closed up 677 points, or 0.93%, at 73,663.72, while the Nifty 50 ended 203 points higher, or 0.92%, at 22,403.85. Both benchmarks surged nearly 1%.

The Indian stock market followed the positive momentum of its Asian peers, hoping that the Federal Reserve might start a rate-cutting cycle in response to softer April inflation data in the US.

Impact on the stock market

IT & BPM sector+1.66%
Healthcare sector+0.90%
Oil & Gas sector+0.22%
Real estate sector+0.22%
PSU Bank in India-0.88%

Top gainers today

CompanyPriceChange (%)
M&M share price2,382.00+3.46
TATA Cons. Prod share price1,100.75+2.98
Bharti Airtel share price1,347.55+2.87
Tech Mahindra share price1,308.25+2.65
LTIMindtree share price4,761.95+2.42

Top losers today

CompanyPriceChange (%)
Maruti Suzuki share price12,497.65-2.11
Tata Motors share price936.40-1.15
SBI share price811.95-1.02
BPCL share price618.75-1.01
Power Grid Corp share price312.50-0.75

Market aftermath: Impact on stocks

The Veritas Advertising IPO share allotment is finalised

Veritas is a fully integrated advertising dynamo, delivering 360-degree services across multiple platforms. They own advertising spaces in West Bengal, Guwahati, and Shillong, with operations extending to Pune, Mumbai, and Delhi. Their in-house outdoor hoardings and police booths cut out the middlemen, enabling seamless service delivery.

The Veritas Advertising IPO, valued at ₹8.48 crore, is rolling out 744,000 fresh equity shares. The funds raised will fuel capital expenses and general corporate needs. Today’s grey market premium (GMP) is buzzing at +100, with an expected listing price of ₹214 per share. Market Makers grab up to 37,200 shares, Non-Institutional Investors (NIIs) get 1,06,800 shares, Retail Investors (RIIs) bag 2,48,400 shares, and the QIB Anchor Portion locks in 1,74,000 shares.

FY23 saw Veritas raking in ₹786.75 lakhs in sales, ₹104.96 lakhs in EBITDA, and ₹43.89 lakhs in PAT. Up to February 10th, 2024, they’ve already hit ₹903.97 lakhs in sales, ₹258.68 lakhs in EBITDA, and ₹156.79 lakhs in PAT. Head over to the Mas Services Limited portal with a staggering 621.62 times subscription rate.For those who didn’t score shares, don’t worry—refunds are on their way. They’ll be credited to your demat account. Veritaas Advertising is set to list on the NSE SME on May 21. Keep an eye on the Mas Services Limited portal to check your allotment status.

Zydus Wellness Q4 Results, profit rise by 3.42% YOY

Zydus Wellness unveiled their Q4 results revenue soared by 9.76% year-on-year, while profit nudged up by 3.42% YoY. Compared to the previous quarter, revenue surged by a staggering 94.1%, and profit raised by an astonishing 50000%.Selling, general, and administrative expenses also saw a significant rise, increasing by 58.01% quarter-on-quarter and 34.28% year-on-year. Operating income shot up by an incredible 2200% quarter-on-quarter and grew by 19.6% year-on-year. The earnings per share (EPS) for Q4 is ₹23.62, marking a slight increase of 0.26% YoY. Investors have enjoyed a 4.19% return in the past week, a 13.46% return over the last six months, and a 2.86% year-to-date return. Zydus Wellness currently boasts a market cap of ₹11003.27 crore, with a 52-week high of ₹1750 and a low of ₹1425.05.

PVR Inox Q4 Results Live : loss falls by 61.15% YOY

PVR Inox rolled out their Q4 results showcasing a revenue climbed by 10.03% year-on-year, while losses shrank by an impressive 61.15% YoY. However, compared to the previous quarter, revenue dipped by 18.73% and losses by a whopping 1111.72%. Selling, general, and administrative expenses edged up by 4.73% quarter-on-quarter and jumped by 16.91% year-on-year. Operating income took a hit, dropping by 115.71% quarter-on-quarter but saw a 43.65% year-on-year increase. The earnings per share (EPS) for Q4 stands at ₹-13.21, an improvement of 68.56% YoY. In terms of returns, PVR Inox has had a rough patch with a -0.74% return over the past week, a -20.78% return in the last six months, and a -21.8% year-to-date return. PVR Inox has a market cap of ₹12732.45 crore, with a 52-week high of ₹1875.45 and a low of ₹1247.9.

Oil prices fluctuate amid mixed market responses

India has reduced the windfall tax on petroleum crude from ₹8,400 to ₹5,700 per metric ton, effective from today. According to a government notification issued on May 15, the windfall tax on diesel and aviation turbine fuel (ATF) remains unchanged. This tax adjustment, which is reviewed every two weeks, follows a similar reduction on May 1, when the tax on petroleum crude was cut from ₹9,600 to ₹8,400 per metric ton.In April 2024, the windfall tax saw a couple of hikes, starting from ₹4,900 to ₹6,800 per metric ton on April 4, and then from ₹6,800 to ₹9,600 per metric ton on April 16. In March 2024, the tax began at ₹4,600 per metric ton in the first week and was raised to ₹4,900 per metric ton mid-month.These adjustments are implemented through the Special Additional Excise Duty (SAED) imposed on domestic crude oil producers.


Sensex surged 677 points (0.93%) to close at 73,663.72, and the Nifty 50 climbed 203 points (0.92%) to 22,403.85, driven by late-session buying and optimism over potential Federal Reserve rate cuts following softer US inflation data. The IT & BPM sector led gains (+1.66%), while PSU Banks lagged (-0.88%). Top gainers included M&M (+3.46%) and TATA Cons. Prod (+2.98%), while Maruti Suzuki (-2.11%) and Tata Motors (-1.15%) were among the top losers. Veritaas Advertising finalized its IPO allotment, raising ₹8.48 crore, with shares set to list on May 21. Zydus Wellness reported a 9.76% YoY revenue increase and a 3.42% profit rise, while PVR Inox’s revenue grew 10.03% YoY, and losses decreased by 61.15%. India reduced the windfall tax on petroleum crude to ₹5,700 per metric ton, maintaining the tax on diesel and ATF.

Stay tuned on StockGro for more updates on market trends.

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StockGro Team

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