Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas
The Nifty opened on a flat note and witnessed a day of consolidation. It closed in the green up ~26 points. On the daily charts, we can observe that the positive momentum from April, 24 continued today as well and the Nifty continued to trade with a positive bias. As it is approaching its previous swing high of 17,863 it is witnessing some profit booking as the speed of upmove has reduced.
As we are in the final week of the April series expiry volatility can be high for the next couple of trading sessions. So, the crucial support zone to keep a watch is 17,620 – 17,600. Until the Nifty manages to hold and trade above this zone, we can expect the upmove to continue. On the upside, the initial hurdle stands at 17,863 – 17,880. A break above that shall lead to a sharp rise towards the 18,000 psychological mark.
Overall, we shall continue to maintain our positive stance from a short-term perspective for the target of 18,100.
Ajit Mishra, VP - Technical Research, Religare Broking
Markets consolidated in a narrow range and ended almost unchanged amid mixed cues. After the flat start, Nifty tried to inch higher however profit taking around the 17,800 zone capped the upside. Most sectors traded in sync and ended flat but continued buying in PSU banking combined with a recovery in select energy, metal and realty counters kept the traders busy. Meanwhile, the broader indices also traded mixed, however buoyancy in smallcap space helped market breadth to stay on the advancing side.
We reiterate our positive view on Nifty and suggest continuing with “buy on dips” till 17,500 is intact. However, participants shouldn’t go overboard and maintain their focus on sector/stock selection citing restricted participation so far.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Cautious optimism prevailed as sluggish to negative global markets' sentiment prompted traders to take selective bets in metals, oil & gas, and financial stocks.
The bigger concern is that the rate hike cycle in the US and European nations is likely to continue, which may further push key economies into a slowdown phase and hurt growth.
On daily charts, the Nifty has formed a small Doji candlestick formation which indicates indecisiveness between the bulls and bears. A minor intraday correction is possible, if the index slips below 17,720 and retests the level of 17,670-17,625.
On the flip side, a fresh uptrend wave is possible only after the dismissal of 17,820. Post breakout the chances of the index hitting 17,900-17,925 would turn bright.
Vinod Nair, Head of Research at Geojit Financial Services
The domestic market succeeded in holding the gains, though multiple attempts were made by bears to reverse the trend considering the weak global market.
Investors are highly nervous as they await the release of US GDP and PCE inflation data, which will guide the upcoming Fed action. The Fed is expected to raise its rates by another 25 basis points in its announcement on 3rd May.
Rupee Close:
Indian rupee closed flat at 81.91 per dollar against previous close of 81.91.
Market Close
: Benchmark indices ended on a positive note in a volatile session on April 25.
Bajaj Finance, Adani Enterprises, Britannia Industries, Bajaj Finserv and IndusInd Bank were among the major gainers on the Nifty, while losers included HDFC Life, UPL, HDFC Bank, HDFC and Tech Mahindra.
Among sectors, power and PSU Bank indices were up 1 percent each, while metal, infra, oil & gas and realty gained0.5percenteach.
The BSE midcap and smallcap indices ended on a flat note.
Mankind Pharma IPO subscribed 6% on first day of bidding
The initial public offering of Mankind Pharma has garnered bids for 0.17 crore equity shares against an IPO size of 2.8 crore shares, subscribing 6 percent on April 25, the first day of bidding.
The offer size has been reduced to 2.8 crore equity shares, from over 4 crore shares after the company mobilised Rs 1,298 crore via anchor book, the part of qualified institutional buyers (QIBs), on April 24.
Retail investors with over 35 percent reservation in the IPO bid for 7 percent shares of the allotted quota.
High net-worth individuals (HNIs) have bought 8.08 lakh shares against the reservation of 60 lakh shares, while QIBs bid for 1,560 shares so far.
Morgan Stanley View On IndusInd Bank
The research house has kept an overweight rating on the stock with a target price of Rs 1,525 per share. The bank's core pre-provision operating profit (PPoP) rose 20 percentyear-over-year, helped by a stable margin despite higher rates.
Credit costs moderated quarter-over-quarter to 146 basis points. However, elevated gross slippages were slightly negative.
The retail deposits per liquidity coverage ratio (LCR) rose 4percentquarter-over-quarter and 19percentyear-over-year. However, negatives were further moderation in the savings account (SA) ratio.
IndusInd Bank was quoting at Rs 1,122.00, up Rs 19.95, or 1.81 percent on the BSE.
Zydus Lifesciences gets final USFDA nod for Metronidazole Topical Cream
Zydus Lifesciences has received final approval from the United States Food and Drug Administration (USFDA) to manufacture and market Metronidazole Topical Cream, 0.75 percent.
Vivek Rathi, Director Research, Knight Frank India on Stamp Duty Reduction in Maharashtra
While any form of fiscal or tax incentive for homebuying is a welcome move, particularly the stamp duty incentive in large markets like Mumbai and Pune had served as a crucial catalyst even during the peak pandemic period of 2020 and 2021. The market not just recovered from the ebbs of the pandemic, but also charted a long-term growth path afterwards ensuring that the state exchequer emerged as the biggest beneficiary with increased revenue collections.
A strong market typically does not need an incentive for this order and housing markets like Mumbai have demonstrated strong sales volume in the last two years. However, the headwinds in the form of a significant 200 – 250 basis point increase in home loan interest rate over the last year have shrunk the house purchase affordability of a typical homebuyer by close to 15 percent.
For instance, compared to the ability to purchase a Rs 1 crore home a year ago, the increase in mortgage rate has shrunk it to around Rs 85 lakh thereby serving a considerable headwind alongside the double whammy of increased construction and living cost. Hence, even though the homebuyer sentiment remains intact her ability to purchase that dream home has taken a hit.
A helping hand from the state government in the form of a limited-period stamp duty cut will not just temporarily improve this ability but also boost consumer sentiment and reinvigorate the housing market.
Morgan Stanley View On Macrotech Developers
-Equal-weight rating, target at Rs 1,145 per share
-Pre-sales momentum, new project acquisition & deleveraging remain key objectives
-Demand outlook for residential in Mumbai remains healthy
-Demand outlook drives strong FY24 guidance for pre-sales & new project acquisition
Morgan Stanley view on Sun Pharmaceutical Industries
-Overweight rating, target at Rs 1,170 per share
-Near-term headwinds are getting worse
-Mohali supplies are now temporarily halted
-Recently, business has been affected by Halol import alert, IT issues & concert cash burn
-Beyond near-term challenges, comapny has a good pipeline of launches
Sun Pharmaceutical Industries was quoting at Rs 972.15, down Rs 7.10, or 0.73 percent on the BSE.
Nomura On Maruti Suzuki:
-Neutral rating, target at Rs 9,928 per share
-Announces prices for its first coupe crossover, Fronx SUV
-Fronx priced at a premium to Baleno
-Recent dealer surveys suggest a 2.5-3 months waiting period for the model
Currently factor in 8,000 units/month for Fronx in FY24, which could have some risk
Maruti Suzuki India was quoting at Rs 8,488.20, up Rs 25.10, or 0.30 percent.
Palka Arora Chopra, Senior Vice President at mastertrust
Mankind Pharma is India’s fourth-largest pharmaceutical company in domestic Sales and third-largest in sales volume in December 2022. Domestic Sales comprise 97.60percentof total revenue for the Financial Year 2022, growing at 1.3 times the growth rate of the IPM between the Financial Year 2020 and December 2022.
The company has a substantial share of Domestic Sales in Class II-IV cities and rural markets.
The company aims to explore the potential to further grow its presence in metro and Class I cities.
After the recent year’s financial performance, there is a good runway for growth. Investors can consider investing in this IPO from a long-term perspective.
Elecon Engineering Company Q4 Earnings:
Elecon Engineering Company has reported 47 percentjump in its Q4 net profit at Rs 68 crore versus Rs 46.3 crore and revenue was up 28.1percentat Rs 424.5 crore versus Rs 331.5 crore, YoY.
Lloyds Metals Q4 Results
The company has posted net profit at Rs 269 crore in the quarter ended March 2023 versus Rs 123.4 crore in the same quarter last fiscal.Revenue of the company was up at Rs 876.2 crore versus Rs 333.2 crore, YoY.
Market at 3 PM
The Sensex was up 127.89 points or 0.21percentat 60,183.99, and the Nifty was up 38.90 points or 0.22percentat 17,782.30. About 1,760 shares advanced, 1,495 declined, and 94 were unchanged.
Indiamart Intermesh to consider bonus issue on April 28
The Board of Directors of Indiamart Intermesh will consider the proposal for issue of bonus shares, subject to the approval of shareholders of the company, in the board meeting scheduled to be held on April 28, 2023.
HDFC Asset Management Company Q4 Earnings:
The company recorded 1.9 percent jump in its Q4FY23 net profit at Rs 376.2 crore versus Rs 369.1 crore, while revenue was down 3.3 percentat Rs 541 crore versus Rs 559.6 crore, QoQ.
Mahindra Holidays Q4 Results
The company reported a net profit of Rs 56.4 crore in the quarter that ended March 2023 versus Rs 16.2 crore, YoY and revenue was up 31.1percentat Rs 711.6 crore versus Rs 542.6 crore, YoY.
| Index | CMP Chg(%) | YTD(%) 1 Week(%) | 1 Month(%) 1 Year(%) |
|---|---|---|---|
| NIFTY 50 | 17797.85 0.31 | 2.56 0.78 | 5.03 4.98 |
| NIFTY BANK | 42822.75 0.44 | 20.69 1.32 | 8.70 18.68 |
| NIFTY Midcap 100 | 31232.00 0.07 | 2.59 -0.03 | 5.64 5.04 |
| NIFTY Smallcap 100 | 9490.90 0.7 | -15.93 1.01 | 6.35 -7.70 |
| NIFTY NEXT 50 | 38764.80 0.5 | -8.18 -0.11 | 3.29 -7.89 |
IIFL Securities Q4 profit rises 9.4% to Rs 86.3 crore
IIFL Securities has recorded 9.4percentyear-on-year growth in consolidated profit at Rs 86.3 crore for the quarter ended March FY23.
Revenue from operations for the quarter at Rs 402 crore grew by 15.9 percent over a year-ago period.
The board has announced an interim dividend of Rs 3 per share for FY23 and approved issuances of NCDs worth Rs 500 crore in one or more tranches through private placement.
HDFC AMC March quarter net profit beat estimates
HDFC AMC reported net income of Rs 376 crore in the March quarter, up 9.3 percent year on year and Bloomberg estimates of Rs 367 crore. Revenue rose 5 percent year on year to Rs 541 crore from Rs 592 crore Bloomberg estimates. Total cost rose 6 percent to Rs 146 crore. The firm announced dividend of Rs 48 a share.
| Company | CMP | High Low | Gain from Day's Low |
|---|---|---|---|
| DB Realty | 87.85 | 88.27 77.16 | 13.85% |
| Rail Vikas | 99.38 | 99.42 88.50 | 12.29% |
| Lloyds Steels | 21.22 | 21.27 19.01 | 11.63% |
| Patel Eng | 20.22 | 20.35 18.21 | 11.04% |
| JSW Holdings | 4,502.10 | 4,740.00 4,065.05 | 10.75% |
| Mangalam Organ | 447.00 | 447.00 404.55 | 10.49% |
| Tanfac Ind | 1,616.25 | 1,616.25 1,472.60 | 9.75% |
| Religare Enterp | 160.50 | 160.50 148.00 | 8.45% |
| GE T&D India | 143.10 | 147.15 132.05 | 8.37% |
| Mahindra Holida | 314.70 | 318.00 291.00 | 8.14% |
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Rail Vikas | 97.40 | 11 | 190.54m |
| RITES | 374.55 | 7.11 | 3.34m |
| Welspun India | 85.65 | 3.19 | 3.33m |
| PNB Housing Fin | 440.15 | 2.63 | 752.56k |
| JK Lakshmi Cem | 789.00 | 2.55 | 118.86k |
| IRB Infra | 26.75 | 2.49 | 3.96m |
| Sonata | 831.70 | 2.34 | 282.56k |
| Godfrey Phillip | 1,731.95 | 1.97 | 50.51k |
| Delta Corp | 200.30 | 1.73 | 2.82m |
| Just Dial | 675.20 | 1.63 | 145.80k |
PNB Housing Finance gains for sixth session
Shares of PNB Housing Finance gained for sixth straight sessions and rose over 7 percent in this period. The board of PNB Housing Finance has approved a rights issue of around 9.06 crore shares at a price of Rs 275 per share to raise up to Rs 2,500 crore. The board approved the right entitlement ratio of 29:54 under which 29 equity shares will be offered for every 54 units held by an eligible equity shareholder on the record date. The issue opened on April 13 and will close on April 27.
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Bank of Baroda | 184.15 | 2.19 | 19461789 |
| UCO Bank | 28.05 | 2.19 | 28306828 |
| Central Bank | 27.55 | 1.66 | 10522379 |
| SBI | 563.8 | 1.66 | 30251369 |
| Indian Bank | 317.95 | 1.48 | 2721155 |
| Canara Bank | 307.1 | 1.37 | 7542537 |
| IOB | 24.5 | 1.24 | 13905625 |
| PNB | 49.8 | 1.12 | 25072738 |
| Union Bank | 74.35 | 1.09 | 8852165 |
| Punjab & Sind | 33.35 | 0.76 | 7271300 |
Market at 2 PM
Benchmark indices were trading flat amid volatility.
The Sensex was up 32.80 points or 0.05 percentat 60,088.90, and the Nifty was up 14.10 points or 0.08percentat 17,757.50. About 1,747 shares advanced, 1,468 declined, and 97 were unchanged.
| Company | 52-Week Low | Day’s Low | CMP |
|---|---|---|---|
| CG Consumer | 280.00 | 280.00 | 260.00 |
| Ipca Labs | 795.00 | 795.00 | 743.25 |
| Brightcom Group | 10.90 | 10.90 | 10.90 |
| FSN E-Co Nykaa | 120.00 | 120.00 | 116.55 |
| PVR | 1488.80 | 1488.80 | 1,482.35 |
Bajaj Auto shares in focus ahead of March quarter earnings
Bharat Wire Ropes Q4 Earnings:
Bharat Wire Ropes has reported a profit of Rs 15.9 crore in the quarter that ended March 2023 against Rs 7,7 crore in the same quarter last year.
The revenue of the company was up 20.7 percentat Rs 162.3 crore versus Rs 134.5 crore, YoY.
Choice International to expand operations in North India
Choice International has announced its plans to expand operations in North India by launching 10 new locations in first half of FY24.
Infosys Launches the Live operations platform in collaboration with ServiceNow
Infosys today announced its collaboration with ServiceNow to launch the Infosys Live Operations platform, aimed at enhancing customer experiences (CX) for telecom providers.
Infosys touched a 52-week low of Rs 1,215.45 and quoting at Rs 1,226.55, up Rs 0.25, or 0.02 percent on the BSE.
Sun Pharma launches CEQUA, a novel therapy for dry eye disease in India
Sun Pharmaceutical Industries today announced that one of its wholly-owned subsidiaries has launched a novel ophthalmology treatment, CEQUA, in India for patients who have Dry Eye Disease (DED) with inflammation, a commonly occurring condition.
CEQUA is the first dry eye treatment available in India that is delivered with nanomicellar (NCELL) technology.
Sun Pharmaceutical Industries was quoting at Rs 970.65, down Rs 8.60, or 0.88 percent.
Meghmani Finechem Q4 Results:
Meghmani Finechem has posted 22.6 percent fall in its Q4 net profit at Rs 76.7 crore against Rs 99.1 crore and revenue was up 12.7% at Rs 562.2 crore versus Rs 498.8 crore, YoY.
BSE Oil & Gas index added nearly 1 percent supported by Adani Total Gas, Indraprastha Gas, HPCL
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Adani Total Gas | 935.35 | 5 | 26.53k |
| IGL | 495.25 | 2.09 | 17.90k |
| HINDPETRO | 247.45 | 1.58 | 47.60k |
| Petronet LNG | 238.40 | 1.49 | 30.49k |
| IOC | 78.69 | 0.61 | 177.93k |
| GAIL | 109.60 | 0.46 | 282.60k |
| ONGC | 160.75 | 0.41 | 167.20k |
| BPCL | 347.90 | 0.22 | 21.59k |
| Reliance | 2,357.50 | 0.01 | 46.87k |
Ministry of Finance appoints Smita Srivastava as General Manager & Director of New India Assurance
The Ministry of Finance has appointed Smita Srivastava as General Manager & Director of The New India Assurance Company, with effect from April 17. Smita served as the MD & CEO of Health Insurance TPA of India.
New India Assurance Company was quoting at Rs 103.00, up Rs 0.36, or 0.35 percent on the BSE.
Nifty Metal index up 1 percent led by Adani Enterprises, JSW Steel, Vedanta
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Adani Enterpris | 1,865.00 | 3.5 | 4.12m |
| JSW Steel | 728.00 | 1.06 | 783.19k |
| Vedanta | 277.85 | 0.94 | 2.73m |
| Tata Steel | 107.50 | 0.94 | 14.40m |
| Ratnamani Metal | 2,170.10 | 0.7 | 9.09k |
| SAIL | 82.45 | 0.55 | 4.54m |
| Jindal Steel | 579.40 | 0.49 | 535.81k |
| Hindalco | 428.90 | 0.26 | 1.79m |
| NALCO | 82.65 | 0.12 | 1.82m |
Jubilant Ingrevia issues commercial papers worth Rs 50 crore
Jubilant Ingrevia has issued commercial papers of Rs 50 crore. The tenure of commercial papers is 66 days with maturity on June 29, 2023.
Jubilant Ingrevia was quoting at Rs 400.05, down Rs 3.60, or 0.89 percent.
Market at 1 PM
Benchmark indices were trading marginally higher amid volatility.
The Sensex was up 78.84 points or 0.13 percentat 60,134.94, and the Nifty was up 28.10 points or 0.16percentat 17,771.50. About 1,815 shares advanced, 1,362 declined, and 102 were unchanged.
Birlasoft enters into settlement & mutual release agreement with Invacare Corp
Birlasoft Solutions Inc., a wholly-owned subsidiary of Birlasoft, has entered into a Settlement and Mutual Release Agreement with its customer, Invacare Corp.
Birlasoft was quoting at Rs 267.55, up Rs 2.40, or 0.91 percent on the BSE.
Jefferies View on IndusInd Bank
The broking house kept a Buy rating with a target price of Rs 1,550 per share. The Q4 profit was a tad ahead of estimates, with a 20 percentrise in operating profit and a 30 percentfall in credit costs.
Jefferies sees scope for healthy growth in net interest income (NII) due to an increase in loans and the potential for wider net interest margins (NIMs).
Additionally, Jefferies believes that the bank's slippages will taper off as stressed loans are well-provided for and see a 21 percentcompounded annual growth rate (CAGR) in profit over FY23-26, a return on equity (RoE) of 16percentin FY25, and an improved funding mix.
| Company | 52-Week High | Day’s High | CMP |
|---|---|---|---|
| Rail Vikas | 96.73 | 96.73 | 94.80 |
| Anupam Rasayan | 1131.00 | 1131.00 | 1,122.40 |
| NCC | 118.15 | 118.15 | 117.80 |
| ITC | 413.45 | 413.45 | 412.35 |
| Glenmark | 519.80 | 519.80 | 518.00 |
| Bajaj Auto | 4375.00 | 4375.00 | 4,342.45 |
| Ircon Internati | 70.40 | 70.40 | 67.47 |
| Aegis Logistics | 410.20 | 410.20 | 397.65 |
LIC raises shareholding in L&T Technology to over 5%
Life Insurance Corporation of India has acquired additional 21,367 equity shares or 0.02percentstake in L&T Technology Services via open market transactions. With this, LIC's shareholding in L&T Technology increased to 5.008 percent, from 4.988percentearlier.
L&T Technology Services was quoting at Rs 3,402.70, down Rs 30.90, or 0.90 percent on the BSE.
Results on April 25:
Bajaj Auto, HDFC Asset Management Company, Nestle India, Tata Consumer Products, Anant Raj, AU Small Finance Bank, Dalmia Bharat, Elecon Engineering, Lloyds Metals and Energy, Mahindra CIE Automotive, Mahindra Lifespace Developers, Meghmani Finechem, Mahindra Holidays & Resorts India, Nippon Life India Asset Management, Rallis India, Tata Steel Long Products, and VST Industries will announce its quarterly earnings on April 25.
Crompton Greaves Consumer Electrical Large Trade | 84 lakh shares (1.33% equity) worth Rs 218.8 crore change hands at an average of Rs 260 per share, reported CNBC-TV18.
