Closing Bell: Nifty below 22,300, Sensex down 845 pts; IT, banks top drag, oil & gas gains

Indian benchmark indices ended lower for the second consecutive session on April 15 with Nifty around 22,300. At close, the Sensex was down 845.12 points or 1.14 percent at 73,399.78, and the Nifty was down 246.90 points or 1.10 percent at 22,272.50.

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 www.moneycontrol.com/markets/global-indices for all the global market action.

Sensex Today | Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

Nifty opened gap down today and drifted lower during the course of the day to close with a deep cut of ~242 points. On the daily charts we can observe that the Nifty is in the process of retracing the rise it has witnessed from 22710 – 22776. The key 50 and 61.82% Fibonacci retracement levels are placed at 22240 – 22117. The daily momentum indicator has triggered a fresh negative crossover which is a sell signal. Thus, in case of a bounce towards 22350 – 22370 it should be used as a selling opportunity. On the upside, the gap area formed today in the range 22420 – 22500 shall act as an immediate hurdle from short term perspective.

Bank Nifty also witnessed correction and closed down ~791 points. The next crucial Fibonacci support is placed at 47443 which also coincides with the 20-day moving average. Thus, 47400 – 47300 is the crucial support zone while 48250 – 48300 is the immediate hurdle zone from short term perspective. Minor degree bounce backs should be used as a selling opportunity.

Sensex Today | Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

The Bank Nifty index has continued to face strong bearish pressure, with visible selling during intraday bounces. The index is poised to test its support at 47,500, which aligns with the 20-day moving average (20DMA). Failure to hold above this level could lead to further declines. Immediate resistance is established in the 48,500 to 48,600 zone. A decisive break above this resistance is necessary to resume the upward movement towards the 50,000 mark.

Sensex Today | Prashanth Tapse, Senior VP (Research), Mehta Equities

The worsening situation in the Middle-East with conflict between Iran and Israel flaring up had engulfed Dalal Street. Investors worldwide, including in India, have turned cautious and resorted to profit-taking. If the situation turns bad, we may see extended broad-based selling in local markets. Geo political tensions and uncertainty over interest rate cut could have a bearing on the markets.

Sensex Today | Rupak De, Senior Technical Analyst, LKP Securities

The Nifty recently dipped below a crucial moving average, following a breakdown in consolidation. Additionally, the Relative Strength Index (RSI) indicates a bearish crossover. Short-term sentiment appears bearish, although a significant decline isn't anticipated at present. Instead, the index is likely to fluctuate between 22200 and 22400. Sellers are expected to persist as long as the index remains below the 22400 mark.

Sensex Today | Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

Amidst global turmoil, the Indian rupee displayed resilience, trading in a narrow range between 83.42 and 83.46, defying expectations of volatility, while the US dollar held steady near 105.70, and crude oil weakness offset gains, as market sentiment was weighed down by geopolitical tensions from the Iran-Israel conflict.

Rupee Close:

Indian rupee ended flat at 83.45 per dollar versus Friday's close of 83.43.

Market Close: Indian benchmark indices ended lower for the second consecutive session on April 15 with Nifty below 22,300.

At close, the Sensex was down 845.12 points or 1.14 percent at 73,399.78, and the Nifty was down 246.90 points or 1.10 percent at 22,272.50. About 761 shares advanced, 2636 shares declined, and 102 shares unchanged.

Biggest losers on the Nifty include Shriram Finance, Wipro, Bajaj Finance, ICICI Bank and Bajaj Finserv, while gainers were ONGC, Hindalco Industries, Maruti Suzuki, Nestle India and Bharti Airtel.

Among sectors, except oil & gas and metal, all other sectoral indices ended in the red.

BSE Midcap and Smallcap indices down 1.5 percent each.

Sensex Today | Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas

Indian Rupee weakened on a strong US Dollar and a decline in domestic markets. Global risk sentiments deteriorated on renewed geopolitical tensions between Israel and Iran over the weekend. However, sharp downside in the Rupee was contained amid upbeat domestic macroeconomic data from India and possible intervention by the central bank. India’s CPI rose 4.85% in March 2024 versus 5.09% in February 2024. Industrial production increased by 5.7% in February 2024 versus 3.8% in January 2024. US Dollar rose to a 5-month high as Iran fired a barrage of missiles and armed drones on Israel targets.

We expect Rupee to trade with a slight negative bias on heightened global tensions in the Middle East which could impact global equities and strengthen the Dollar further. Any further escalation of tensions may trigger fresh upside in crude oil prices which could further pressurise the Rupee. However, if the situation remains contained, we could see some recovery in the Rupee. Traders will take cues from India’s trade deficit and US retail sales data. USDINR spot price is expected to trade in a range of Rs 83.20 to Rs 83.80.

Sensex Today | BSE Information Technology index shed 1.7 percent dragged by Sasken Technologies, Tanla Platforms, Datamatics Global Services

Sensex Today | CONCOR Business Update

Q4 total volumes up 11.24% at 12.44 lakh TEUs versus 11.19 lakh TEUs, YoY

Q4 domestics volumes up 16.05% at 3.10 lakh TEUs versus 2.67 lakh TEUs, YoY

Trade Deficit Data:

March exports at USD 41.68 billion versus USD 41.40 billion, MoM

March imports at USD 57.28 billion versus USD 60.11 billion, MoM

March trade deficit at USD 15.60 billion versus USD 18.70 billion, MoM

Met Department Says | Monsoon rainfall seen above normal in 2024 and seen at 106% of long-term average.

Sensex Today | 2.2 million shares of Marksans Pharma traded in a bunch: Bloomberg

Sensex Today | BSE Telecom index shed 0.5 percent dragged by Avantel, HFCL, OnMobile Global

Stock Market LIVE Updates | HSBC View On Dixon Technologies

-Buy call, target raised to Rs 8,400 per share
-Company to acquire a majority stake in transsion holdings’ India Mobile Assembly unit
-Expect company to more than double its revenue over the next two years
-Profit growth to be higher than revenue growth

Stock Market LIVE Updates | National Bank of Kuwait expands partnership with Intellect Global Transaction Banking

Stock Market LIVE Updates | Kotak's warning: cement stocks overvalued, need realistic assessment

In FY2024, despite significant earnings downgrades ranging from +4% to -68%, the market clung to hopes of soaring profitability in the cement sector. Kotak Institutional Equities said it remained perplexed by this ongoing optimism and the Street's insistence on using inflated valuation multiples. As FY2025 began with renewed expectations, Kotak urged for a more realistic assessment of the sector, highlighting the inherent challenges of the capex-intensive, commodity nature of the business. Despite the Street's fixation on earnings growth, Kotak emphasized the need to consider lower free cash flow relative to profits due to the constant need for additional capital investment in the sector. They argued that cement stocks should be valued at half of their current multiples based on fundamental principles, given their low asset turnover ratio and modest returns on equity.

Stock Market LIVE Updates | CONCOR Q4 Business Update: Q4 total volumes up 11.24% at 12.44 lakh TEUs vs 11.19 lakh TEUs (YoY); misses FY24 volume guidance for both EXIM & domestic volumes

Stock Market LIVE Updates | National Bank of Kuwait (NBK) expands partnership with Intellect Global Transaction Banking (iGTB) for a comprehensive eMACH.ai digital transformation

Stock Market LIVE Updates | Morgan Stanley View On TCS

-Overweight call, target Rs 4,350 per share
-Find Q4 results & management commentary mixed
-Margin surprise lifts our EPS estimates 2 percent
-Commentary on limited visibility into near-term revenue growth trends could be a multiple drag
-International revenue growth in Q4 was subdued, but Indian business helped overall growth
-Management expects revenue growth in FY25 to be better than in FY24
-Discretionary spending climate still remains volatile, so predictability is lacking
-Strong exit margin supports a better outlook for FY25

Sensex Today | BSE Realty index fell 0.55 percent dragged by Mahindra Lifespace Developers, Swan Energy, Sobha

Stock Market LIVE Updates | Brigade Group to invest Rs 400 crore to develop office space in Chennai

Brigade Enterprises has entered into a Joint Development Agreement (JDA) with Agni Estates & Foundations Pvt Ltd to develop Brigade Tech Boulevard, a ‘Grade A’ office space on Pallavaram-Thoraipakkam Radial Road, in Chennai. With an investment of around ₹400 crores, the project will have a leasable area of 8.36 lakh sft. spread across two towers.

Stock Market LIVE Updates | Kotak Institutional Equities View On Cyient DLM

-Initiate sell, target Rs 570 per share
-Company offers electronics manufacturing services for mission-critical applications
-Company offers EMS in industries such as aerospace, defense, medical tech & industrials
-Expect company to see strong revenue growth over FY23-26
-Strong revenue growth driven by a robust order book
-Weakening margin profile, deteriorating working capital cycle keep us cautious

Sensex Today | Nifty Healthcare index shed 1.4 percent dragged by Laurus Lab, Dr Lal PathLab, Biocon

Sensex Today | Gold firms as Middle East conflict buoys safe-haven appeal

Gold prices firmed on Monday, hovering near record-high levels hit in the previous session, as traders kept a close eye on developments surrounding the Middle East conflict, prompting safe-haven buying of assets such as bullion.

Spot gold was up 0.5% at $2,353.64 per ounce, after hitting an all-time high of $2,431.29 on Friday. U.S. gold futures was steady at $2,370.

Sensex Today | BSE Auto index slipped 0.7 percent dragged by Ashok Leyland, Tube Investments, Tata Motors

Stock Market LIVE Updates | HSBC View On TCS

-Buy call, target Rs 4,540 per share
-Profit beat for Q4FY24, led by strong margin expansion
-Revenue was a tad lower than expected
-Deal wins strong with BBR At 1.8x
-However, management remained non-committal on recovery pace for H1FY25
-Company continues to offer sector-leading earnings resilience & remains preferred stock

Stock Market LIVE Updates | Mahindra and Mahindra (M&M) approved acquisition of 26% stake in one or more tranches in the paid-up equity share capital of Gelos Solren Private Limited (‘Gelos’), a wholly owned subsidiary of Mahindra Susten Private Limited, which is a subsidiary of Mahindra Holdings Limited, which in turn is a wholly owned subsidiary of the M&M.

Stock Market LIVE Updates | Reliance Infrastructure has informed that the Section 7 petitions of SBI and IDBI Bank are disposed-off by NCLT Mumbai in view of OTS issued by all lenders, against Mumbai Metro One Private Limited (MMOPL), a joint venture of the company with Mumbai Metropolitan Regional Development Authority (MMRDA) (where the company holds 74% and MMRDA holds 26%).

Stock Market LIVE Updates | UBS View On TCS

-Buy call, target Rs 4,700 per share
-Ends FY24 on a good note with remarkable deal wins
-Positive margin is a surprise in Q4
-Despite all positive, management appeared to be holding back on calling out growth revival
-Believe it is being cautious of potential risk of deal deferments, slippages etc
-Nonetheless, conversion of large deal wins into revenue is a matter of time
-Should lead its peers in revenue growth along with improvement in margin in FY25

Stock Market LIVE Updates | Reliance Power concludes transfer of its 45 MW wind power project to JSW Renewable Energy

As per the Business Transfer Agreement, Reliance Power has concluded the transfer of its 45 MW wind power project at Vashpet, Maharashtra to JSW Renewable Energy (Coated), for Rs 132.39 crore.

Sensex Today | BSE Midcap index fell 1 percent dragged by Castrol India, SJVN, Indian Renewable Energy Development Agency

Sensex Today | 1.78 million shares of Crompton Greaves Consumer Electrical traded in another bunch: Blomberg

Stock Market LIVE Updates | Indian Overseas Bank has increased overnight to two-year MCLR (marginal cost of fund based lending rate) by 5 bps and three-year MCLR by 10 bps, with effect from April 15.

Sensex Today | Nifty FMCG index shed 1 percent dragged by United Spirits, Tata Consumer, HUL

Stock Market LIVE Updates | Sterlite Technologies has raised Rs 1,000 crore via qualified institution placement (QIP) issue as it has allotted 8,84,56,435 equity shares to eligible qualified institutional buyers at an issue price of Rs 113.05 per share.

Stock Market LIVE Updates | Nomura View On TCS

-Reduce call, target Rs 3,250 per share
-Q4 a mixed bag; deal wins robust
-Modest miss in growth, strong beat in margins
-Order booking was robust; near-term growth visibility remains low
-Weak headcount addition persists, as attrition continues to moderate

Stock Market LIVE Updates | Jefferies View On TCS

-Hold call, target Rs 4,030 per share
-Q4 beat estimates, but demand pressures persist
-Despite strong deal bookings, management commentary was cautious
-Continued headcount decline & sharp reduction in subcontractors do not offer comfort
-Margin have limited scope to expand further
-Expect TCS to deliver 6.6 percent CAGR in CC revenues & 9 percent EPS CAGR over FY24-26
-Premium valuation limits upside