The NSE Nifty 50 closed 0.44% higher at 22,054.60, while the BSE Sensex closed 0.34% higher at 72,652.62.

BPCL, NTPC, Power Grid Corporation, Hero MotoCorp, and JSW Steel were the top gainers in the Nifty 50. While TCS, Cipla, LTIMindtree, Infosys, and Wipro were the major laggards in the Nifty 50 on May 10.

Abbott India touched an intraday high of Rs 26,800 after rising 4.84% on the back of strong Q4 results.

Courtesy: NSE

Dr Lal Pathlabs rose 6.3% to an intraday high of Rs 2,369.60 after the company reported its Q4 results. The company’s net profit for the period in FY24 came in at Rs 85.8 crore against Rs 56.9 crore it posted in the same period a year ago.

Courtesy: NSE

Manappuram Finance was up 4% from its previous close and touched an intraday high of Rs 172.65 on the day of Akshaya Tritiya. It is believed that buying gold is auspicious on Akshaya Tritiya. Titan Company’s shares were trading at an intraday high of Rs 3,299 per piece. However, Senco Gold declined 1.2% to an intraday low of Rs 869.70 on the day Akshaya Tritiya. Whereas, Kalyan Jewellers was trading at an intraday low of Rs 388.65, a decline of 2.1% from its previous close of 397.15.

“Gold prices have witnessed sharp rally in the month of March 2024 with prices hitting all-time highs in domestic and international markets. Gold prices in India have crossed Rs. 73000 per 10 gram while at COMEX prices have crossed $2400 per ounce mark. We have seen investors cashing out their investment in gold with redemption in instruments like SGB and gold ETFs. However, gold prices may continue to get support from global macro headwinds, central bank buying and geopolitical factors. The US Fed pivot of interest rate cycle may provide sudden boost to the prices where market is still bracing for ‘higher for longer’ rate scenario,” said Tapan Patel, Fund Manager of commodities at Tata Asset Management.

The NSE Nifty 50 was up 85 points or 0.39% at 22,042.25 points, while the BSE Sensex was up 188 points or 0.26% at 72,592.

Shares of BPCL rose 5% to an intraday high of Rs 621.95 after the company reported its Q4 earnings for FY24. The company’s net profit in Q4 slipped to Rs 4,224 crore from Rs 6,478 crore it posted in the same period a year ago. However, the company’s net profit for the whole year rose to Rs 26,673.50 crore, an increase of 14.2 times on year in comparison to Rs 1,870.10 crore reported in FY23.

Hero MotoCorp, BPCL, NTPC, HDFC Life Insurance, and Asian Paints were the top gainers in the Nifty 50. While Infosys, LTIMindtree, TCS, Britannia, and Kotak Mahindra bank were the key losers in the Nifty 50 on May 10.

Courtesy: NSE

The NSE Nifty 50 was up 34 points or 0.15% at 21,991.35, while the BSE Sensex was up 90.11 points or 0.12% at 72,494.28.

“The trend looks extremely weak with a possibility of a further fall in the near term. On the higher end, immediate resistance is visible at 22200; the market might remain to sell on the rise until it stays below 22200,” said Rupak De, Senior Technical Analyst at LKP Securities. 

Foreign institutional investors (FII) sold shares net worth Rs 6,994.86 crore. However, domestic institutional investors (DII) bought shares net worth Rs 5,642.53 crore on May 09, 2024, according to the provisional data available on the NSE.

WTI crude prices were trading at $79.71 up by 0.63%, while Brent crude prices were trading at $84.35 up by 0.56%, on Friday morning.