Closing Bell: Nifty above 22,450, Sensex gains 400 pts; except auto, all sectors in the green

Market ended higher for the third consecutive session on April 1 with Nifty around 22,450. At close, the Sensex was up 363.20 points or 0.49 percent at 74,014.55, and the Nifty was up 135.10 points or 0.61 percent at 22,462.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Prashanth Tapse, Senior VP (Research), Mehta Equities

Markets were in an upbeat mood after a prolonged holiday session last week as both Sensex & Nifty propelled to fresh highs on the back of bargain hunting, which shows that appetite for equity assets continue to remain strong for investors despite hiccups at regular intervals. Although there are challenges related to delayed rate cuts and uncertainty surrounding geo-political tensions, India's strong reform path and expectations that the ruling party could come back to power in the upcoming general elections has been prompting investors to take bullish bets. Following today's record high levels, Nifty faces resistance between 22601-22750 zone while the index has support at 22201-22000 levels.

Shrey Jain, Founder and CEO SAS Online

The onset of the new financial year saw a robust start in the markets, with the Sensex surging and closing 363 points higher at 74,014.55, while the Nifty climbed above 22,462. This positive trajectory was fueled by strong global market performance. All sectoral indices saw gains, especially in the metals sector. Additionally, the BSE midcap index witnessed a rise of 1.6%, and the smallcap index boasted an impressive gain of nearly 3%.

The prevailing sentiment in the market remains bullish, with evident momentum aiming for the Nifty to reach 22,700. In light of this optimistic outlook, market participants are advised to maintain a strategy of "buy on dips".

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

The Nifty opened at gap up and traded with a narrow range thereafter. It registered a new all-time high of 22529.95. The Nifty has been witnessing a sharp upmove since past couple of trading sessions and we expect the momentum to continue. The hourly momentum indicator has triggered a negative crossover which can lead to a consolidation and a dip towards 22400 – 22350 is possible, however it should be used as a buying opportunity as the overall trend appears positive. If Nifty manages to sustain above 22500 then there shall be a further upside till 22670 – 22740.

Bank Nifty has broken out of the sideways consolidation on the way up and is witnessing follow through buying interest. It is likely to continue the momentum towards 47850 – 48000 from a short-term perspective. So the minor degree pullbacks should be used as a buying opportunity.

Vinod Nair, Head of Research, Geojit Financial Services

The Indian market boarded on a strong trajectory at the onset of the new financial year, with indications pointing towards a continuation of this favourable momentum, in the near term. This confidence is supported by a global rally in expectation of a Fed rate cut in June and a healthy domestic earnings growth forecast in Q4FY24. Notably, metal stocks excelled today, owing to the swift pace of Chinese PMI data, indicating traction in the economic recovery. Going ahead, RBI monetary policy, India PMI data, and US non-farm payroll data will set the direction of the market.

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

The Nifty index encountered a sideways trading session following a robust start, encountering resistance at 22500, coinciding with the highest open interest on the call side. To maintain the upward momentum, the index must decisively breach the 22500 mark, paving the way for further gains towards 22700/22800 levels. On the downside, support is situated at 22350, and as long as the index holds above this level, the overall outlook remains optimistic.

The Bank Nifty index displayed upward movement leading up to the crucial RBI policy session this week, surpassing the immediate hurdle at 47500. With lower-end support around the 47000-46800 zone, any retracement towards this level presents a favorable opportunity for long positions. The next obstacle for the BankNifty is at 48000. Post the RBI policy announcement, market direction and sentiment are expected to become clearer.

Ajit Mishra, SVP - Technical Research, Religare Broking

Market started the week with modest gains and hit new life highs, gaining over half a percent. After the gap-up opening, Nifty traded lackluster in the narrow range and finally closed around the opening range at 22462 levels. On the sectoral front, realty and metal performed well while FMCG and Auto traded subdued. The broader indices outperformed the benchmark, wherein smallcap gained over three percent while midcap closed higher by one and a half percent.

We are now eyeing 22,700 in Nifty thus participants should maintain a “buy on dips” approach. We feel the participation of the banking pack would continue to play a critical role in maintaining the prevailing momentum, while others may play a supportive role on a rotational basis. Traders should maintain a stock-specific approach and focus on the stocks which are showing higher relative strength.

Aditya Gaggar Director of Progressive Shares

The markets started the new financial year on a robust note and were seen compounding their gains before selected heavyweights dragged the Index marginally lower to settle the session at 22,462 with gains of 135.10 points.

Media and Realty were the top performers sector-wise followed by Metal while Auto and FMCG ended the day with minuscule losses. The interest of market participants was more towards the Broader markets as Mid and Smallcaps gained by 1.74% & 3.26% and outshined the Nifty50.

On the daily chart, the Index has made a DOJI candlestick pattern at record levels indicating indecisiveness between the bulls and bears. To extend the underlying bull run, the Index must breach the stiff hurdle of 22,500 while the downside is guarded at 22,270.

Sensex Today | VST Tillers Tractors total March 2024 sales at 4,823 units versus 6,468 units, YoY.

Market Close: Market ended higher for the third consecutive session on April 1 with Nifty around 22,450.

At close, the Sensex was up 363.20 points or 0.49 percent at 74,014.55, and the Nifty was up 135.10 points or 0.61 percent at 22,462.00. About 3015 shares advanced, 572 shares declined, and 112 shares unchanged.

Tata Steel, JSW Steel, Adani Ports, Shriram Finance and Divis Labs are among the top gainers on the Nifty, while losers are Eicher Motors, Titan Company, Bajaj Auto, LTIMindtree and Nestle.

Except Auto, all other sectoral indices ended in the green with metal, power, capital goods, healthcare, realty up 1-4 percent, while oil & gas, Information Technology, bank up 0.5 percent each.

The BSE midcap index rose 1.6 percent and the smallcap index gained nearly 3 percent.

Sensex Today | SML Isuzu total sales down 14 percent for the month of March 2024 at 1868 units versus 2169 units.

Stock Market LIVE Updates | Jefferies View On GAIL India

-Underperform call, target Rs 150 per share
-PNGRB notified unified tariffs effective April & May where it left tariffs unchanged
-New tariff will be notified effective June that includes newly commissioned pipelines
-The PNGRB order makes no reference to higher gas cost of GAIL
-Risk reward is unfavorable with stock trading above +1 SD over LT average

Stock Market LIVE Updates | Bharat Electronics achieves record turnover of Rs 19,700 crore

Bharat Electronics has achieved a turnover of around Rs 19,700 crore (Provisional & Unaudited), during the Financial Year 2023-24, against the previous year’s turnover of Rs 17,333 crore registering a growth of 13.65%.

Sensex Today | Mohammed Imran – Research Analyst, Sharekhan by BNP Paribas:

We expect crude oil to continue its upward momentum in Q2-CY24 as well following 16% gains in Q1CY24, amid the supply constraints arising due to geo-political concerns, OPEC+ planned output cuts and improving outlook from Asian nations. The factory activities in China showed expansion at private and government levels with official purchasing managers' index (PMI) rose to 50.8 in March from 49.1 in February and the Caixin/S&P Global manufacturing PMI rose to 51.1 in March from 50.9 the previous month.

OPEC+ in its upcoming meeting on April-3 is unlikely to make any oil output policy changes until a full ministerial gathering in June. Earlier in Feb OPEC+ members agreed to extend their output cuts of about 2.2 million barrels per day to the end of June. Since than oil market has been witnessing deficit of around 0.5-07 mbpd.

We remain bullish on crude oil in short to medium term with WTI prices expected to trade in the range of $85-$87/b. The short term could test the resistance of $85 and support remain around $80, as most of the market remain closed on Easter holiday, expect volumes to remain thin.

Sensex Today | Nifty Auto index down 0.3 percent dragged by Sona BLW, Eicher Motors, Bajaj Auto

Stock Market LIVE Updates | Coal India's production grows 10% to 773.6 MTs in FY 2024

Coal India Limited (CIL) produced 773.6 million tonnes (MTs) of coal in FY 2024 registering 10% growth over a high base of 703.2 MTs of FY 2023.

Sensex Today | 4.54 million shares of JSW Infrastructure traded in a bunch: Bloomberg

Eicher Motors March Auto Sales | Total VECV sales down 5.6% at 11,242 units versus 11,906 units, YoY.

Stock Market LIVE Updates | Muthoot Microfin raises $75 million via external commercial borrowings

Muthoot Microfin has raised $75 million through external commercial borrowings. Participants of the deal included Standard Chartered Bank, Doha Bank, RakBank (National Bank of Ras Al Khaimah), Union Bank of India (UK)., and Canara Bank, GIFT City.

Stock Market LIVE Updates | Suzlon Energy receives penalty order of Rs 260.35 crore from Income Tax Department

The National Faceless Assessment Centre, Income Tax Department, has issued orders for FY16 and FY17 levying penalty on Suzlon Energy in respect of disallowance of claim of depreciation on goodwill, disallowance.

There will be impact of Rs 260.35 crore on financial, operation or other activities of the company.

Stock Market LIVE Updates | Maruti Suzuki March auto sales up 10% at 1.87 lakh units versus 1.70 lakh units, YoY.

Stock Market LIVE Updates | Tata Motors Mar local sales 90822, up 1.6% YoY

Tata Motors reported commercial vehicle sales of 42,262 units and passenger vehicle sales of 50,297 units for March. Total sales reached 2.66 lakh units, up from 2.52 lakh units last year.

Stock Market LIVE Updates | Bosch gets tax refund of Rs116.38 crore for AY2013-14

Sensex Today | Gold hits record high as US inflation data cements June rate cut bets

Gold prices rose to a record high on Monday, as a softer U.S. inflation reading cemented bets that the Federal Reserve would deliver its first interest rate cut of the year in June.

Spot gold was up 1.2% at $2,258.53 per ounce, as of 0815 GMT, after hitting an all-time high of $2,262.19 earlier in the session. U.S. gold futures gained 1.8% to $2,279.50.

Stock Market LIVE Updates | Eicher Motors March Auto Sales | Total RE sales up 5% at 75,551 units against 72,235 units, YoY.

Stock Market LIVE Updates | Genesys International secures order worth Rs 35 crores to adopt digital twin in Pune City.

Stock Market LIVE Updates | Alembic Pharma gets tentative USFDA nod for breast cancer drug

Alembic Pharmaceuticals Ltd on Monday said it received tentative approval for generic Ribociclib tablets used in the treatment of breast cancer in the March quarter.

The tentative approval by the US Food & Drug Administration (USFDA) was for Ribociclib tablets of strength 200 mg, Alembic Pharmaceuticals said in a regulatory filing.

The medicine is indicated for the treatment of adult patients with a certain type of advanced or metastatic breast cancer in a combination of drug therapy.

It is the generic equivalent of Novartis' Kisqali tablets, the filing added.

Stock Market LIVE Updates | Yes Bank receives tax demand order of Rs 113 crore from Income Tax Department

Yes Bank has received Rs 366 crore from a single trust in the Security Receipts Portfolio, pertaining to sale of NPA portfolio to J C Flower Asset Reconstruction on December 17, 2022. Meanwhile, the bank has received a reassessment order from the National Faceless Assessment Unit, Income-tax department, raising additional demand for tax liability (including interest) on various income-tax disallowances, amounting to Rs 112.81 crore.

Sensex Today | Market at 2 PM

The Sensex was up 364.12 points or 0.49 percent at 74,015.47, and the Nifty was up 134.90 points or 0.60 percent at 22,461.80. About 2949 shares advanced, 528 shares declined, and 93 shares unchanged.

Sensex Today | Jindal Steel clarifies on news article

Jindal Steel has informed that the company is not engaged in any discussions/ on ground actions regarding the news article “Jindal Steel & Power takes on ops at Venezuela’s largest iron-ore mill.”

The contents in the referenced article are factually incorrect and are denied by the company.

Stock Market LIVE Updates | APL Apollo Tubes registered a sales volume of 6,78,556 Ton in Q4FY24 which is the highest quarterly sales volume reported by the company.

Stock Market LIVE Updates | Karnataka Bank signs agreement with ICICI Lombard to distribute general insurance products

Karnataka Bank has signed agreement with ICICI Lombard General Insurance Company to distribute their general insurance products to the customers of the bank.

Meanwhile, the bank has approved allotment of Rs 600 crore worth equity shares under qualified institutional placement (QIP), at a price of Rs 227 per share, to domestic and foreign institutional investors including Morgan Stanley, HSBC Mutual Fund, SBI Life Insurance Company, Franklin India, and Max Life Insurance Company.

Stock Market LIVE Updates | Syngene International receives tax demand order from Income Tax Department

Syngene International has received an order for tax demand of Rs 16 crore from the Income Tax Department for the Assessment Year 2022-23. The company is in the process of analysing the order and will take the next course of action.

Sensex Today | SAIL achieves highest ever annual production & sales in FY24

Sensex Today | BSE Bank index up 0.6 percent supported by AU Small Finance Bank, IDFC First Bank, HDFC Bank

Stock Market LIVE Updates | Macrotech Developers acquires 50% equity capital of Siddhivinayak Realties

Macrotech Developers has acquired 50% of the paid-up equity capital of Siddhivinayak Realties under a share purchase agreement, for Rs 250.72 crore.

Stock Market LIVE Updates | Morgan Stanley View On PNB Housing

-Overweight call, target Rs 970 per share
-CARE and ICRA upgrade long-term rating to AA+
-Rationales are based on company’s NBHF's improved asset quality
-Upgrade on strengthened capital position & diversified resource profile
-Q4 is seasonally a strong quarter for HFCs on loan growth & asset quality stand point
-Valuation is attractive at 1x FY25 P/B & 9x P/E

Stock Market LIVE Updates | Crocs India and Metro Brands extend partnership for continued growth in India

Metro Brands has extended its partnership with Crocs India. The partnership has granted Metro Brands exclusive rights to operate and own Crocs full price stores across the western and southern states in India. Further, Metro Brands will have rights to continue, renew & operate all existing stores that are currently operational in Northern & Eastern states of India.

Stock Market LIVE Updates | JSW Steel subsidiary commissions its hot strip mill at steel plant in Vijayanagar

JSW Vijayanagar Metallics, a wholly-owned subsidiary of JSW Steel, has commissioned its hot strip mill (HSM) at steel plant in Vijayanagar with a capacity of 5MTPA and has made its first dispatch.

Stock Market LIVE Updates | Vidyuth Venkatesh Rajagopal to steps down at Joint MD of Indian Terrain Fashions

Vidyuth Venkatesh Rajagopal has expressed his intention to step down from the position of Joint Managing Director of Indian Terrain Fashions with effect from March 31.

Sensex Today | Nifty PSU Bank index added 1 percent supported by IOB, Punjab & Sind Bank, UCO Bank

Stock Market LIVE Updates | The first block of India Pesticides' wholly owned subsidiary, Shalvis Specialities at Hamirpur, Uttar Pradesh has commenced its commercial production.

Stock Market LIVE Updates | Astra Microwave Products bags orders worth Rs 56 crore

Astra Microwave Products has bagged orders worth Rs 56 crores (inclusive of taxes and duties) for supply, installation, testing and commissioning of Precision Approach Radar (PAR) system from Hindustan Aeronautics Limited, Bangalore.

Stock Market LIVE Updates | Great Eastern Shipping contracted to buy a medium range product tanker

Great Eastern Shipping has contracted to buy a medium range product tanker of about 51,486 dwt. The 2013 built vessel is expected to join the company’s fleet by Q1 FY25.

Sensex Today | Nifty Bank index gained 0.7 percent led by Bandhan Bank, AU Small Finance Bank, IDFC First Bank

Sensex Today | Morgan Stanley View On Multi Commodity Exchange of India

-Underweight call, target Rs 2,085 per share
-Average daily traded value is a key driver of MCX'S profits & share price
-In March 2024, ADTV futures rose 10% MoM to Rs 64,100 crore
-MCX stock price fell MoM (down -11% vs 2% rise for Sensex)
-Valuations remain stretched despite underperformance at 46x FY25 EPS

Stock Market LIVE Updates | Hindustan Aeronautics registers double digit growth with record revenues for FY2023-24

Hindustan Aeronautics recorded the highest ever revenue from operations of over Rs 29,810 crores (provisional and unaudited) for the financial year ended on March 31, 2024 registering a double digit growth of around 11% as against 9% in the previous financial year. The corresponding figure for the previous year was at Rs 26,928 crores.

Stock Market LIVE Updates | Century Enka commissions SSP & polyester spinning capacity to be used in polyester tyre cord fabric

Century Enka has commissioned the SSP and polyester spinning capacity to be used in polyester tyre cord fabric (PTCF). The company will now start the process of approval of PTCF with tyre companies.

Stock Market LIVE Updates | Vimta Labs gets board approval for merger of subsidiary Emtac Laboratories with itself

Vimta Labs has received approval from the board of directors for the merger of subsidiary Emtac Laboratories with itself. The scheme of amalgamation is subject to approval of the National Company Law Tribunal.

Stock Market LIVE Updates | Triveni Turbine appoints SN Prasad as Chief Executive Officer, and Sachin Parab as Chief Operating Officer

Triveni Turbine has received approval from the board members for re-appointment of Dhruv M Sawhney as Managing Director for five years with effect from May 10. Dhruv is designated as Chairman and Managing Director of the company.

Further, the board has appointed SN Prasad as Chief Executive Officer, and Sachin Parab as Chief Operating Officer of the company with effect from April 1.

Sensex Today | BSE Capital Goods Index rose 1.6 percent led by Schaeffler India, SKF India, Rail Vikas Nigam

Sensex Today | JSW-MG Motor India JV to apply for new EV manufacturing policy and could consider importing high-end premium electric cars. Also, evaluating ways bring Cyberster to India, expect launch in early 2025, quoting Sources, reported CNBC-TV18.

Stock Market LIVE Updates | Man Industries appoints Sanjay Kumar Agrawal as Chief Financial Officer

Ashok Gupta, the Chief Financial Officer of the company has superannuated on March 31 after a long career stint with MAN Group. Sanjay Kumar Agrawal has been appointed as the Chief Financial Officer of the company with effect from April 1.

Stock Market LIVE Updates | NTPC discontinues operations of NTPC Baraurni thermal power station

NTPC has discontinued operation of NTPC Barauni thermal power station Stage-I (2x110 MW), with effect from March 31. The said thermal power station comprised of two units (Unit 6 & 7) of 110 MW each.

Sensex Today | Nifty Media index up 2 percent supported by Dish TV, Zee Entertainment Enterprises, Network 18 Media & Investments

Stock Market LIVE Updates | Globus Spirits rallies 12% after additional capacities at 2 units go on stream

Shares of Globus Spirits jumped around 12 percent on April 1 after the company informed that it has commenced commercial production of additional capacity at two of its existing units at Singhbhum in Jharkhand, and at Burdwan in West Bengal.

With this expansion, the capacity of the units increased from 140KLPD (kilo litres per day) to 200KLPD at Jharkhand and from 240KLPD to 300KLPD at West Bengal. The additional capacity will be used for various products, including ENA and ethanol.

The expansion has been completed with a total investment of Rs 142 crore, the company informed. Read More

Stock Market LIVE Updates | Thangamayil Jewellery receives tax demand order from Income Tax Department

Thangamayil Jewellery has received a notice of tax demand of Rs 70.18 crore including interest, from the Income Tax Department. The said order is appealable before Appellate Authorities.

The company will file its appeal within the specified period. The company as per law to make upto 20% of demanded amount, amounting to Rs 14.04 crore, which has no material impact on the financials as well as on operations or other activities of the company.

Stock Market LIVE Updates | Indian Hume Pipe receives tax demand order from Income Tax Department

Indian Hume Pipe Company has received a tax demand order of Rs 93.44 crore for the Assessment Year 2022-2023, from the Income Tax Department.

Stock Market LIVE Updates | IFB Industries board appoints Soumitra Goswami as interim CFO

IFB Industries' board has appointed Soumitra Goswami as the interim CFO and key managerial personnel of the company, with effect from April 1, 2024, till the time a new CFO is appointed. Prabir Chatterjee has retired as Whole-time-Director and CFO of the company with effect from March 31.

Sensex Today | BSE Telecom index gained more than 2 percent led by Sterlite Technologies, OnMobile Global, Indus Towers

Stock Market LIVE Updates | IP Rings CFO R. Venkataraman resigns

The board of directors of IP Rings at their meeting held today approved the resignation of Mr. R. Venkataraman as Chief Financial Officer of the company with effect from February 10, 2024.

Stock Market LIVE Updates | ICICI Prudential Mutual Fund picks 1.26% stake in Cartrade Tech

ICICI Prudential Mutual Fund through its ICICI Prudential India Opportunities Fund bought 5,92,805 equity shares in Cartrade Tech at an average price of Rs 640 per share, via open market transactions.

However, foreign investor Springfield Venture International sold 6,31,107 equity shares (1.34% of paid-up equity) of the company at an average price of Rs 640.04 per share.