The Indian stock markets witnessed a strong upward momentum today, May 16th, with the benchmark indices Sensex and Nifty registering significant gains. These gains come as a recovery after last week’s Thursday rough bearish trend that saw Sensex drop Over 1,000 pts and Nifty below 22,000. Today, the BSE Sensex surged 676 points, close to 1%, to close at 73,663, while the Nifty 50 index climbed 203 points, also close to 1%, to settle at 22,403.
BSE Sensex Index: TradingView
The market’s broad-based rally was fueled by positive sentiment and buying across various sectors. The strong performance of major companies like TCS, Infosys, HUL, RIL, HDFC Bank, and REC Limited contributed greatly to the upward momentum. Let’s look at each of them.
Tata Consultancy Services Ltd
India’s largest IT services company saw its shares inch higher by 0.30% to close at Rs 3,892. The stock traded within a range of Rs 3,843.50 to Rs 3,909.50 during the day. With a market capitalization of Rs 14.11 trillion and an average volume of 1.99 million shares traded, TCS continues to be a heavyweight in the Indian market. The stock’s P/E ratio stands at 30.92, and it offers a dividend yield of 1.41%.
Infosys Ltd
Another IT guru emerged as one of the top gainers, with its shares climbing 2.18%, close at Rs 1,450. The stock traded between Rs 1,427.00 and Rs 1,455.75 during the day. Infosys has a market cap of Rs 6.01 trillion and an average trading volume of 7.56 million shares. The stock’s 52-week range between Rs 1,242.45 to Rs 1,733.00.
Hindustan Unilever Ltd
The leading consumer goods company saw its shares rise by 0.66% to close at Rs 2,338. During the day, the stock traded within a range of Rs 2,301.35 to Rs 2,348.10. HUL boasts a market cap of Rs 5.51 trillion and an average trading volume of 2.13 million shares.
Reliance Industries Ltd
India’s largest company by market cap, witnessed a 0.65% increase in its share price, closing at Rs 2,851. The stock traded between Rs 2,796.05 and Rs 2,855.00 during the day. RIL’s market cap stands at Rs 19.29 trillion, with an average trading volume of 5.06 million shares.
HDFC Bank Ltd
This is one of India’s leading private sector banks and saw its shares rise by 1.48% to close at Rs 1,459. The stock traded within a range of Rs 1,435.50 to Rs 1,462.55 during the day. HDFC Bank has a market cap of Rs 11.10 trillion and an average trading volume of 15.70 million shares.
REC Limited
REC Limited, a leading public sector undertaking in the power sector, witnessed a significant gain of 2.35%, with its shares closing at Rs 541.10. The stock traded between Rs 531.00 and Rs 543.80 during the day. REC Limited has a market capitalization of Rs 1.43 trillion and an average trading volume of 6.78 million shares. The stock’s 52-week range between Rs 127.40 to Rs 567.15.
These top stock readings, coupled with today’s top-performing stocks, have greatly impacted the overall stock market’s impressive gains.
