Indian equity benchmarks Sensex and Nifty 50 continued their ascent for the third consecutive session Today, 14th May, rising 0.45% and 0.51%, respectively. The Sensex gained 328 points to close at 73,104, while the Nifty advanced 114 points to end above the 22,200 mark at 22,217.
The indices gained above key technical support levels, with both the Nifty 50 and Sensex gaining after completing and tapping the “double top neckline,” signaling a potential shift in momentum from last week’s market slump.
However, despite today’s overall positive readings, top stocks showcased mixed performance alongside the best-performing stocks of May 14, which has aided in today’s price surge.
Tata Consultancy Services (TCS)
Shares of IT firm TCS came under selling pressure, declining 1.16% to Rs 3,902 amid an intraday range of Rs 3,892 to Rs 3,945. The company had reported a 3.51% year-on-year rise in revenue to Rs 612.37 Billion for the March 2024 quarter. Despite the subdued performance, TCS maintained its position as the most valued Indian company with a market capitalization of over Rs 14 trillion. The stock trades at a price-to-earnings multiple of 31 and offers a dividend yield of 1.41%.
Infosys
Shares of Infosys gained 0.14% to settle at Rs 1,425.45, fluctuating between Rs 1,418 and Rs 1,433 during the session. The IT major’s stock has a market cap of Rs 5.9 trillion and trades at a relatively attractive P/E ratio of 22.52. Infosys offers a dividend yield of 2.67%, making it an attractive option for income investors.
Hindustan Unilever (HUL)
FMCG giant HUL witnessed a slight decline of 0.41%, closing at Rs 2,351 after trading in a range of Rs 2,346 to Rs 2,372. The company, with a market capitalization of Rs 5.52 trillion, continues to be a defensive bet for investors seeking stability and consistent returns.
Reliance Industries (RIL)
RIL emerged as a top gainer among the Sensex constituents, gaining 1.2% to Rs 2,839. The stock touched an intraday high of Rs 2,854 and a low of Rs 2,800. RIL reported an 11.08% year-on-year increase in revenue to Rs 2.37 trillion for the March 2024 quarter. The company’s market cap stands at Rs 19.21 trillion, while its P/E ratio is 27.59.
HDFC Bank
HDFC Bank’s stock price increased 0.44% to Rs 1,461.60, trading between Rs 1,450 and Rs 1,465 during the trading session. The bank’s market cap exceeded Rs 11 trillion, and the stock trades at a P/E multiple of 16.24, offering a dividend yield of 1.33%. The bank reported a significant 113.2% year-on-year rise in revenue to Rs 668.89 billion for the March 2024 quarter.
REC Limited
Shares of REC Limited, a state-owned non-banking finance company, gained 0.57% to close at Rs 521.10. The stock moved within a range of Rs 513 to Rs 527 during the day. REC has a market cap of Rs 1.37 trillion and trades at a P/E ratio of 9.72, making it an attractive valuation play. The company’s consistent performance and strong financials have made it a favored pick among investors.
