| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 84,391.27 | -275.01 | -0.32% |
| Nifty 50 | 25,758.00 | -81.65 | -0.32% |
| Nifty Bank | 58,960.40 | -261.95 | -0.44% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Eicher Motors | 7,228.50 | 105.50 | +1.48% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Interglobe Avi | 4,805.50 | -162.00 | -3.26% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Metal | 10159.00 | 46.35 | +0.46% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Midcap 100 | 59007.80 | -668.40 | -1.12% |
The benchmark Nifty has moved deeper into the gains as the bulls took the index above 18000, following a "Head and Shoulder" pattern on the daily timeframe.
The current rally was well predicted by the writers, as they had a decent short PE position at the 17800 strike price. On the higher end, less significant short CE built up at the higher strike prices was visible.
On the higher end, Nifty might continue its upward journey till it holds above 18,000 on a closing basis. Resistance on the higher end is placed at 18,200, above which a further rally might come.
Despite concerns about potentially weaker US GDP numbers and high inflation, the stronger-than-expected earnings reported by Meta propelled IT stocks to the forefront of the Wall Street rally. The trend was reflected in the domestic market, as beaten-down IT stocks helped to lift broader market sentiment. However, with US inflation remaining high, the prospect of another rate hike by the Fed is looming, keeping global markets volatile in the coming days.
Markets ended the week on a strong note and gained nearly a percent. After the muted start, buying in select index majors aided gradual recovery however the actual momentum came in the final hour, which pushed the Nifty closer to the 18,100 mark.
All sectors contributed to the move wherein energy, IT and auto were among the top performers. The market breadth was also inclined strongly towards the advancing side, reflecting noticeable interest in midcap and smallcap space.
The recent rebound in the US markets has fueled this surge while indications are mixed from the earnings so far. We feel the continued recovery in other key sectors like energy and IT pack would be critical to maintain the momentum. Meanwhile, we suggest continuing with a bullish view and focusing on accumulating quality stocks on dips.
Indian rupee closed flat at 81.83 per dollar against previous close of 81.84.
Benchmark indices ended higher on April 28 with Nifty above 18,000.
At close, the Sensex was up 463.06 points or 0.76% at 61,112.44, and the Nifty was up 150.00 points or 0.84% at 18,065. About 2167 shares advanced, 1238 shares declined, and 128 shares unchanged.
Adani Enterprises, Adani Ports, Britannia Industries, Wipro and Nestle India were among the top gainers on the Nifty, while losers were Axis Bank, ONGC, HCL Technologies, JSW Steel and Titan Company.
All the sectoral indices ended in the green with capital goods, infra, power, PSU Bank and Information Technology up 1 percnet each.
BSE Midcap and smallcap indices up 1 percent each.
The company's net profit was up 10.9% at Rs 359.4 crore versus Rs 324 crore and revenue was up 1.6% at Rs 2,598.3 crore versus Rs 2,557 crore, YoY.
HFCL along with its material subsidiary HTL has received the purchase orders of Rs 65.72 crore from Reliance Retail for supply of optical fiber cables to one of the leading private telecom operators of the country.
Thermax Limited has secured an order of Rs 271.50 crore from India’s biggest oil refinery in the private sector for a mechanical balance of plant (MBoP) works for the captive power plant (CPP) at their new oil-to-chemical (O2C) facility inwestern India. The proposed CPP is expected to meet the incremental power demand of upcoming projects at the customer’s premise as part of O2C expansion and the establishment of a mega factory.
CSB Bank recorded a net profitof Rs 156.3 crore in the fourth quarter, reflecting 19.6 percent on-year growth. Net interest income also rose 14.8 percent year-on-year to Rs348.5 crore in the March quarter from rs 304 crore in the year-ago period.
Gross non-performing assets(NPAs) were down to 1.26 percent from 1.45 percent in the previous quarter. Net NPAs also witnessed a sequential decline to 0.35 percent in Q4 from 0.42 percent in Q3.
Tata Metaliks posted a net profitof Rs 55.6 crore during the January-March period, up 5.9 percent from Rs 52.5 crore in the year-ago period. Revenue also jumped 14.6 percent on year to Rs 926 crore as against Rs 808 crore in the same quarter last year. EBITDAmargin also expanded to 10.1 percent in Q4 from 7.2 percentlast year.
Tata Group's Trent has recorded stellar growth in topline and bottom line for the March 2023 quarter. Its net profit came in at Rs 54.2 crore against Rs 20.87 crore in the year-ago period.
Revenue from operations grew 64 percent YoY to Rs 2,182.8 crore from Rs 1,328.9 crore in Q4 FY22. While EBITDA (earnings before interest, taxes, depreciation and amortization) jumped 50.8 percent to Rs 203 crore, margins declined to 9.3 percent from 10.1 percent.
But, analysts are not too worried. According to ICICI Securities, the decline in margins can be attributed to the increased revenue share from Zudio, which accounts for approximately 35 percent of revenue based on their estimates.
Benchmark indices were trading at day's high, with the Nifty above 17,950.
The Sensex was up 164.19 points or 0.27 percentat 60,813.57, and the Nifty was up 56.80 points or 0.32percentat 17,971.80. About 1,995 shares advanced, 1,167 declined, and 109 were unchanged.
