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Closing Bell: Nifty at 22,150, Sensex up 600 points; bank, metals shine
Indian equity market snapped 4-day losing streak and ended higher with Nifty around 22,150. At close, the Sensex was up 599.34 points or 0.83 percent at 73,088.33, and the Nifty was up 151.20 points or 0.69 percent at 22,147.
We wrap up today's edition of the Moneycontrol live market blog and will be back Monday morning with all the latest updates and alerts. Please visit www.moneycontrol.com/markets/global-indices for all the global market action.
Stock Market LIVE Updates | HDFC AMC Q4 profit up 43.8% YoY
Net profit up 43.8% at Rs 541 crore versus Rs 376.2 crore and revenue up 28.5% at Rs 695.4 crore versus Rs 541 crore, YoY.
Close above 22,300 in Nifty, pave the way for further recovery, says Ajit Mishra – SVP, Research, Religare Broking
Markets remained choppy for yet another day but managed to gain over half a percent. Weak global cues triggered a gap-down start, followed by a muted move in the first half. However, gradual recovery in the heavyweights across sectors pared all the losses and also pushed the index in the green. Meanwhile, a mixed trend continued on the sectoral front wherein financials, metal and banking performed well while realty and pharma closed lower. The broader indices also traded mixed wherein midcap lost nearly half a percent.
The rebound has eased some pressure, after four successive days of decline but it is too early to assume that we are out of the woods. A decisive close above 22,300 in Nifty would pave the way for further recovery else profit taking may resume. Traders should maintain hedged positions citing the prevailing swings and wait for clarity.
Sensex Today | Markets bounce back sharply on buying in frontline banking stocks, says Prashanth Tapse, Senior VP (Research), Mehta Equities
Short covering came into play after a 4-day losing streak as markets bounced back sharply on late buying in frontline banking stocks which helped Sensex close above the crucial 73k mark. In fact, Indian equities outperformed global markets which plunged further due to escalating tensions in West Asia and uptick in dollar against major currencies. There is a lot of money waiting on the sidelines to enter the domestic market, as India's long-term growth story provides an opportunity for investors to deploy funds after a healthy correction.
Sensex Today | Despite global weakness, markets recover smartly, says Vinod Nair, Head of Research, Geojit Financial Services
Despite global weakness, Indian markets staged a strong recovery driven by large-cap stocks, buoyed by the expectation of limited prospects of escalation following Israel's actions against Iran. However, fragility persists with elevated oil prices, posing inflation risks. Gold prices were rising on account of safe heaven demand. FIIs continued to remain risk-averse, a trend seen since last week.
Global sentiment remains subdued due to a robust US economy and persistent inflation, dampening hopes of a near-term Fed rate cut. Mid & small caps saw weakness as Q4 earnings expectations remained muted.
Sensex Today | Nifty has support at 22,000, says Rupak De, Senior Technical Analyst, LKP Securities
On the daily chart, a piercing line pattern has formed, often indicating a bullish reversal following a correction. Additionally, the indicator has surpassed the 55EMA, a short-term moving average.
A close above this moving average signifies a positive short-term trend. Looking ahead, bulls may drive the Nifty's recovery towards 22,300.
Furthermore, a decisive breakthrough above 22,300 could trigger a sustained rally towards 22,600. On the downside, support on a closing basis is situated at 22,000.
Sensex Today | Wipro Q4 net profit falls 8% to Rs 2,835 crore
Wipro reported net profit of Rs 2,835 crore for the fiscal fourth quarter. It reported net profit of Rs 3,074.5 crore in the year-ago period.
The software services company reported revenue of Rs 22,208.3 crore in the three months ended March 31, according to an exchange filing on April 19. It reported consolidated revenue of Rs 23,190.30 crore in the year-ago period.
Analysts projected a profit of Rs 2,748 crore on revenue of Rs 22,117 crore, based on an average of 13 brokerage estimates.
Rupee Close:
Indian rupee ended 7 paise higher at 83.47 per dollar on Friday versus Thursday's close of 83.54.
Market Close: Indian equity market snapped 4-day losing streak and ended higher with Nifty around 22,150.
At close, the Sensex was up 599.34 points or 0.83 percent at 73,088.33, and the Nifty was up 151.20 points or 0.69 percent at 22,147. About 1576 shares advanced, 1770 shares declined, and 95 shares unchanged.
Bajaj Finance, M&M, HDFC Bank, Maruti Suzuki and JSW Steel were among the top gainers on the Nifty, while losers were Bajaj Auto, HCL Technologies, Divis Labs, TCS and Nestle India.
On the sectoral front, Bank and Metal indices were up 1 percent each, and FMCG index up 0.5 percent, while healthcare, IT, power and realty down 0.3-0.6 percent.
The BSE midcap index was down 0.4 percent, while the smallcap index ended flat.
Sensex Today | Global equities see 2nd week of outflows as Iran-Israel tensions escalate, say analysts at Elara Securities
- Escalation in Iran- Israel war situation has resulted in 2nd week of outflows from Global equities
- EM flows were impacted more with 6-month large outflow of USD 2.1 billion versus USD 1.8 billion outflows in the previous week
- Among country flows- China, Korea & Brazil saw biggest outflows
- India dedicated funds saw inflows of USD 450 million this week and is averaging around USD 550 million since past 4-months
Sensex Today | HCC rights issue oversubscribed 2.5x
Hindustan Construction Company Limited's (HCC's) rights issue has been oversubscribed by 250%, with the company receiving applications worth Rs 877 crore pursuant to its rights issue as against an issue size of Rs 350 crore
Stock Market LIVE Updates | Jefferies keeps buy on HDFC Life, target cut to Rs 750 from Rs 800
-VNB of Rs 1,200 crore, down 18 percent YoY, missed estimates due to lower margin despite APE fall of 8 percent trending as expected
-Rise in share of Ulips and some impact from lower-scale dragged margins
-While trim VNB estimates by 4-5 percent, see growth trends improving from FY25
-See growth trends improving from FY25 as base normalises, and uptick in agency & newer-markets pan out
-Clarity on surrender charges is a positive
Sensex Today | 3.89 million shares of Suzlon Energy traded in different bunch: Bloomberg
Sensex Today | Nomura maintains buy on HDFC Life, target cut to Rs 680 from Rs 740
-Q4 saw in-line growth, margin a tad weak
-Growth versus margin trade off intensifies
-For FY25, management guided for APE growth to come at least in line with private peers’ at 12-15 percent
Sensex Today | Wipro shares gain ahead of Q2 results
Sensex Today | Citi maintains sell on Bajaj Auto, target raised to Rs 6,500
-Q4 ahead of estimates, driven by better-than-expected realisations
-Management commentary was positive on domestic 2Ws demand
-Exports recovery is likely to be more gradual
-Management also noted that there could be some disruption in E2W demand on reduction in subsidy
-3W demand growth in FY25 should moderate versus FY24 levels
-Focus is on gaining market share in 125cc+ bikes, aided by new model launches
Sensex Today | Oil steadies after surge following reported Israeli attack on Iran
Oil steadied on Friday after prices spiked earlier on reports that Israel had attacked Iran, as market fears of a major escalation to hostilities in the Mideast appeared to ease and a build-up of global oil stocks weighed.
The benchmark contracts surged more than $3 before dipping back down. Brent futures were up 14 cents, or 0.2%, at $87.25 a barrel. The most active U.S. West Texas Intermediate contract climbed 23 cents, or 0.3%, to $82.96 per barrel.
Sensex Today | Market at 3 PM
The Sensex was up 534.79 points or 0.74 percent at 73,023.78, and the Nifty was up 135.40 points or 0.62 percent at 22,131.20. About 1478 shares advanced, 1774 shares declined, and 77 shares unchanged.
Sensex Today | Davangere Sugar Company approves stock split
The board of directors of Davangere Sugar Company at their board meeting accorded approval to sub-divide/split the equity shares of the company such that 1 equity share having nominal/face value of Rs 10 each be sub-divided into 10 equity shares having nominal/face value of Re1 each subject to approval of the shareholders of the company or any other regulatory authority, if any.
Sensex Today | Motilal Oswal, Just Dial, KSB Pumps among BSE 500 stocks that touched 52-week high
| Company | 52-Week High | Day’s High | CMP |
|---|---|---|---|
| Motilal Oswal | 2270.80 | 2270.80 | 2,230.05 |
| Just Dial | 1078.75 | 1078.75 | 1,057.00 |
| KSB Pumps | 4699.50 | 4699.50 | 4,634.10 |
| INDUS TOWERS | 359.60 | 359.60 | 352.00 |
| Linde India | 7451.50 | 7451.50 | 7,381.10 |
| Bharti Airtel | 1296.45 | 1296.45 | 1,288.40 |
| Nippon | 568.30 | 568.30 | 562.25 |
| Avenue Supermar | 4834.40 | 4834.40 | 4,675.80 |
| JSW Energy | 638.30 | 638.30 | 627.75 |
| Quess Corp | 638.30 | 638.30 | 628.10 |
Stock Market LIVE Updates | CLSA keeps sell rating on Bajaj Auto, target raised to Rs 6,889
-Q4 revenue was above estimate, led by higher realisations driven by a rich product mix
-Expect company to gain market share in the domestic motorcycle segment in FY25 and in the domestic motorcycle aided by new launches
-Additionally, expect export volumes to increase at a mid-single-digit rate
-Believe stock is overvalued following recent rally
Sensex Today | USDINR spot to trade in 83.30-83.80 range, says Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas
Indian Rupee touched fresh record lows in early trade on risk aversion in global markets amid reports of strikes by Israel on Iranian soil. However, Rupee recovered on reports of RBI intervention to defend a sharp fall in the Rupee. Reports that Iran said that there was no direct attack and the explosion was due to activity of Iranian air defence system, which also aided the recovery in the Rupee as well as domestic equities. US Dollar rose on hawkish comments from Fed officials and safe haven demand. Fed’s John Williams hinted at rate hike by the Fed if needed.
We expect Rupee to remain slightly weak on geopolitical uncertainty in the Middle East which may keep the risk-off sentiments intact. Safe haven demand for US Dollar and surge in global crude oil prices may also pressurise the Rupee. However, any intervention by RBI to defend the domestic currency may support the Rupee at lower levels. USDINR spot price is expected to trade in a range of Rs 83.30 to Rs 83.80.
Stock Market LIVE Updates | Premier Explosives board approves stock split
The board of directors of Premier Explosives at their meeting held on April 19, 2024, approved/recommended the sub-division / split of existing 1 equity share of face value of Rs10 each, fully paid up into 5 equity shares of face value of Rs 2 each.
Sensex Today | Dynamic Services bags order
Dynamic Services & Security has received contract worth Rs 725 crore from NACOF OORJA Pvt Ltd.
Sensex Today | BSE Bank index rose nearly 1 percent; HDFC Bank, ICI Ci Bank, IndusInd Bank top gainers
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| HDFC Bank | 1,523.65 | 1.94 | 337.43k |
| ICICI Bank | 1,066.40 | 1.04 | 512.52k |
| IndusInd Bank | 1,487.85 | 0.94 | 54.34k |
| Kotak Mahindra | 1,797.15 | 0.6 | 69.02k |
| Federal Bank | 152.95 | 0.53 | 585.29k |
| Axis Bank | 1,028.40 | 0.41 | 404.75k |
| SBI | 747.75 | 0.4 | 613.09k |
Stock Market LIVE Updates | Nomura keeps neutral rating on Infosys, target Rs 1,400
-Weaker-than-expected guidance for FY25
-No signs of discretionary demand revival
-Revenue miss in Q4FY24 notwithstanding one-off of a contract restructuring
-1HFY25 needs to be strong for company, as usual seasonality to play out in FY25 also
-Project maximus’ impact on margin to play out in the medium term
-Lower our FY25-26 EPS by 2-3 percent
Stock Market LIVE Updates | Hindustan Zinc Q4 net profit down 21% YoY
Net profit down 21.3% at Rs 2,038 crore against Rs 2,589 crore and revenue down 11.3% at Rs 7,549 crore versus Rs 8,509 crore, YoY.
Stock Market LIVE Updates | RVNL declared lowest bidder for a project worth Rs440 cr from South Central Railway
Sensex Today | Market Update
The Sensex was up 485.21 points or 0.67 percent at 72,974.20, and the Nifty was up 141.80 points or 0.64 percent at 22,137.60. About 1532 shares advanced, 1681 shares declined, and 97 shares unchanged.
Stock Market LIVE Updates | Elecon Engineering Q4 earnings
--Net Profit up 52.6% at Rs103.6 cr Vs Rs67.9 cr (YoY)
--Revenue up 33% at Rs564.6 cr Vs Rs424.5 cr (YoY)
--EBITDA up 46% at Rs135.2 cr Vs Rs92.7 cr (YoY)
--Margin at 24% Vs 22% (YoY)
Stock Market LIVE Updates | Vesuvius India soars on new flux plant unveiling and doubled capex to Rs1000 crore
Stock Market LIVE Updates | Nifty 50 heavyweight HDFC Bank is scheduled to release its quarterly earnings on April 20. Expectations are that the earnings will match the strong operational update for the March quarter
Sensex Today | Landmark Cars Q4 revenue rises 8.2% to Rs 1,311 crore
Landmark Cars has recorded revenue from operations (on proforma basis) at Rs 1,311 crore for quarter ended March FY24, growing 8.2% over a year-ago period. Vehicle sales stood at Rs 1,049 crore for the quarter, up 3.55% YoY.
Sensex Today | Bernstein keeps outperform rating on Bajaj Auto, target Rs 10,300 per share
-A beat on all fronts in Q4, with margin & volume strength emerging as key drivers
-Management remained bullish on outlook for domestic business & on electric vehicles
-On 3Ws, the industry growth is expected to moderate to single digits
-Management anticipates faster growth for its volumes driven by E-3Ws
-Margins remained healthy, driven by improvements in product mix
-Margin story on EVs should take some more time to evolve
Sensex Today | Nifty Realty index down 1 percent; Phoenix Mills, Godrej Properties, Sunteck Realty among major losers
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Phoenix Mills | 3,059.65 | -3.06 | 339.48k |
| Godrej Prop | 2,491.75 | -1.81 | 279.30k |
| Sunteck Realty | 431.00 | -1.79 | 144.40k |
| Hemisphere | 197.10 | -1.74 | 533.60k |
| Sobha | 1,587.25 | -1.72 | 75.99k |
| Indiabulls Real | 132.75 | -1.15 | 11.77m |
| DLF | 849.45 | -0.77 | 2.80m |
| Oberoi Realty | 1,393.70 | -0.39 | 378.61k |
| Brigade Ent | 1,029.90 | -0.04 | 249.18k |
Sensex Today | HSBC Keeps buy rating on HDFC Life Insurance, target cut to Rs 750 from Rs 800
-Q4 VNB margin was weaker than we expected
-VNB margin impacted by change in product mix & rising competitive pressure
-Management plans to focus on APE growth over margins in FY25
-Management is looking to grow VNB in the mid-teens
-Cut FY25-27 VNB margins estimate by 110/70/70 bps
Stock Market LIVE Updates | Goa Carbon temporarily shuts operations at Bilaspur unit
Goa Carbon its operations at Bilaspur unit, Chhattisgarh has been temporarily shut for maintenance work from April 18.
Stock Market LIVE Updates | Citi keeps neutral call on Infosys, target cut to Rs 1,550
-Q4 results & guidance impacted by one-time contract rescoping
-Ex of one-off, numbers would broadly have been in line
-Deal TCV was strong, correlation between TCV & growth is limited for the sector
-Lower the EPS estimate by 3 percent each for FY25E/26
-Lower the target multiple to 24x (25x) given lower growth
-All things remaining same, would buy dips, at Rs 1,350 levels
Stock Market LIVE Updates | FCS Software acquires 54.94% stake in Bloom Healthcare
FCS Software Solutions Limited has acquired 54.94% equity shares in M/s. Bloom Healthcare and Hospitality Management Private Limited pursuant to conversion of 79,66,138, 0.1% non-cumulative compulsorily convertible preference shares of Rs 10 each held by the company in Bloom into 2,23,05,186 equity shares of Rs 10 each at the premium of Rs 15 each aggregating to Rs 25 per share, by the virtue of which the aggregate shareholding of the company in Bloom has raised to 71.01%.
Sensex Today | Jefferies maintains buy rating on Axis Bank, target Rs 1,380 per share
-Company to discuss capital raise prospects on April 24, along with results
-Management had indicated no immediate plan for raise
-CET-1 CAR of 14 percent & upcoming investment in Max Life would have consumed +15 bps
-If bank raises 15 percent of net worth as capital, it would equate to Rs 20,000-25,000 crore
-CAR will rise by 160 bps, BVPS by 4-6 percent & RoE dilutes by 100 bps to 17 percent
Stock Market LIVE Updates | Deepak Fertilisers in pact with Haifa Group
Mahadhan Agritech Limited (MAL), formerly known as Smartchem Technologies Limited (STL) and a subsidiary of Deepak Fertilisers and Petrochemicals Corporation Limited (DFPCL), and Israel-based Haifa Group, a multinational corporation and leading global supplier of Specialty Plant Nutrients have entered into an understanding to promote high performing Specialty fertilizers to improve quality and productivity of crops in India and other countries.
