| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 82,500.82 | 328.72 | +0.40% |
| Nifty 50 | 25,285.35 | 0.00 | +0.00% |
| Nifty Bank | 56,609.75 | 0.00 | +0.00% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Cipla | 1,561.80 | 48.70 | +3.22% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Tata Steel | 173.86 | -2.56 | -1.45% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty PSU Bank | 7695.80 | 126.50 | +1.67% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Metal | 10261.55 | -94.65 | -0.91% |
The Bank Nifty bears took over control and the index fell by more than 2 percentbreaking the support of the 43,000-42,800 zone. The index if sustained below 43000 will witness further correction towards the 42,500-42,300 zone where the next demand area is visible. The upside resistance of 43,000 if taken out decisively will lead to further short covering toward 43,300 levels.
Nifty Index gained marginally 0.46 percent, while Sensex gained 0.39percentin the past week. BSE Midcap and BSE SmallCap outperformed with gains of around 1.71percentand 1.52 percent. Indian equity markets remained concerned about growth prospects, even as inflation continued its downward trajectory both globally and domestically. Global equity markets remained volatile as market participants continued to seek clarity on the evolving growth-inflation balance. Indian equity markets continued their recent strong outperformance on better growth outlook on a relative basis, while the Q4FY23 earnings prints reported until now were ahead of muted expectations. Meanwhile, concerns about weak global growth resulted in crude prices declining to US$72.6/bbl from US$81.3/bbl last week.
Going forward, D-street will focus on the macro trends. Markets going ahead may be dominated by global news flows and steps taken by different governments to tackle their economy. On the economy front, the US Fed raised its interest rates by 25 bps, but suggested that the rate hike cycle may be paused, if data remains supportive. Both DIIs and FIIs were net buyers during the week.
Indian equity markets ended lower tracking weak global cues. Nifty was down 1 percent. Broader markets also ended in the red as Nifty Mid Cap and Nifty Small Cap were down by 0.7percentand 0.8percent,respectively. The majority of sectoral indices ended in red. Nifty Pvt Bank (-2.8 percent) was the major laggard followed by Nifty Fin Service (-2.4 percent) and Nifty Bank (-2.3 percent). Nifty Consumer Durable (+1 percent) was the primary gainer followed by Nifty Auto (+0.4 percent).
The markets will keep one eye on the quarterly results & the management commentary while also focusing on the US regional banking crisis, US government debt concerns, unemployment data and crude oil prices. Meanwhile, as expected the FED increased interest rates by 25 bps. Indian bond yields have corrected by ~50bps from their peak to 7.02percentlowering the borrowing cost for government and corporates. A steep correction in Brent crude prices is an additional tailwind for the Indian economy.
In lieu of a steep fall in the US markets, domestic investors resorted to profit-taking in banking & financials, metals and IT stocks that saw the Sensex almost slip below the 61,000 mark. Indian markets have been on a roll in recent weeks and have been shrugging off global challenges for a while, and hence today's profit-taking did not come in as a major surprise. Although the domestic undertone remains bullish, markets may still remain choppy and move in tandem with the global mood.
Technically, on daily and weekly charts the Nifty held the higher bottom formation but on weekly charts, it has formed a Hammer candlestick pattern which is broadly negative. For traders, 18,200 would be the key resistance zone, below the same the market could retest the level of 17,900. On further correction, the index could slip till 17,800. On the flip side, a fresh uptrend rally is possible only after the dismissal of 18,200. Above the same, the market could move up till 18,300-18,350. Meanwhile, after a strong uptrend rally, last Friday the Bank Nifty formed a reversal formation. In the near future, as long as it is trading below 43,400 the correction wave is likely to continue and could slip to 42,300-42,000 levels. On the other side, above 43,400 it could move up to 43,700-43,900.
Nifty opened lower and saw some profit booking amid volatility. The index closed with a loss of 188 points at 18,068 levels. HDFC twins were major losers today, dragging benchmark and Banking indices down. The majority of the sectors ended in red. Despite weak global markets, Indian equities remained resilient on the back of positive economic data, Healthy Q4FY23 results, and FIIs turning net buyers. FIIs bought more than Rs10k in the last six trading sessions. After the sharp rise in the last few days, Nifty is now consolidating around 18,000-18,200 zones. While the overall market structure remains positive, expect Nifty to consolidate in the near term on the back of subdued global cues and profit booking in index heavyweights. Next week market would also take cues from inflation, state election outcome and ongoing earning season.
The Indian market was dragged down by heavy selling in HDFC twins on fears of post-merger fund outflow. In addition, the cues from global peers were lacklustre as the ECB raised rates by 25bps and signalled the need for further rate hikes. Wall Street has witnessed prolonged selling pressure due to apprehensions in the banking sector about the strength of regional banks.
Market records biggest single-day fall in two months dragged by sell-off inHDFC twins.
The Sensex was down 694.96 points or 1.13 percent at 61,054.29, and the Nifty was down 186.80 points or 1.02 percent at 18,069 points. About 1,499 shares advanced, 2,015 declined, and 127 were unchanged.
| Index | CMP Chg(%) | YTD(%) 1 Week(%) | 1 Month(%) 1 Year(%) |
|---|---|---|---|
| NIFTY AUTO | 13345.80 0.4 | 5.82 1.19 | 8.00 24.66 |
| NIFTY IT | 27719.95 -0.59 | -3.15 0.04 | -4.34 -11.81 |
| NIFTY PHARMA | 12608.35 -0.37 | 0.09 -0.04 | 3.50 -3.08 |
| NIFTY FMCG | 48186.15 0.27 | 9.09 0.78 | 3.94 28.81 |
| NIFTY PSU BANK | 4153.60 -0.97 | -3.82 -0.34 | 11.49 56.75 |
| NIFTY METAL | 5807.05 -1.49 | -13.63 0.13 | 5.65 -6.29 |
| NIFTY REALTY | 445.05 -0.3 | 3.07 -0.01 | 13.29 5.16 |
| NIFTY ENERGY | 23946.75 -0.4 | -7.43 0.89 | 5.46 -15.34 |
| NIFTY INFRA | 5405.90 0.18 | 2.93 0.93 | 5.13 8.53 |
| NIFTY MEDIA | 1707.65 -1.74 | -14.28 -0.42 | -0.90 -17.13 |
| Company | CMP | High Low | Fall from Day's High |
|---|---|---|---|
| Power Grid Corp | 241.30 | 241.45 238.20 | -0.06% |
| Nestle | 22,057.25 | 22,078.70 21,749.90 | -0.1% |
| Coal India | 237.50 | 238.00 236.00 | -0.21% |
| Britannia | 4,624.55 | 4,636.95 4,584.40 | -0.27% |
| Asian Paints | 3,015.45 | 3,025.00 2,951.05 | -0.32% |
| TCS | 3,232.55 | 3,244.00 3,210.05 | -0.35% |
| Bharti Airtel | 787.15 | 790.95 780.25 | -0.48% |
| UltraTechCement | 7,631.35 | 7,668.90 7,505.50 | -0.49% |
| ITC | 429.05 | 431.90 424.35 | -0.66% |
| Maruti Suzuki | 8,926.20 | 8,988.00 8,790.00 | -0.69% |
Manappuram Finance has clarified to the exchange that its promoter VP Nandakumar's personal assets, including 19,29,01,996 equity shares in the company held by him, have been frozen on May 4, 2023, under section 17(1-A) of the Prevention of Money Laundering Act, 2002.
Benchmark indices remained weak, with the Nifty trading around 18,500 points.
The Sensex was down 700 points or 1.13 percent at 61,051.18, and the Nifty was down 191.30 points or 1.05 percent at 18,064.50. About 1,462 shares advanced, 1,999 declined, and 150 were unchanged.
Revenue grew by 10 percentYoY, in line with our expectation, aided by strong growth in switch gears & Lloyd.
Due to higher costs, EBITDA margins fell by 80 bps YoY to 10.9 percent. But, on a sequential basis, margins improved by 70 bps, indicating gradual improvement.
Weak consumer sentiments and volatility in commodity prices are near-term headwinds.
However, real estate and construction demand remains steady, which is expected to drive consumer spending going ahead.
We expect a strong earnings recovery in FY24 as RM prices normalise and revenue growth momentum picks up led by volumes.
Given the strong earnings outlook, we value HAVL at a P/E of 48x on FY25E and maintain a BUY rating with a target price of Rs.1,462.
