Closing Bell | Sensex, Nifty ends flat; Tata Motors, PowerGrid, NTPC, L&T top gainers

Market volatility persisted, ultimately resulting in marginal changes as they paused following a recent decline. During this time, traders were engaged in navigating a mixed landscape across various sectors, with autos, energy, and metals showing moderate gains. The broader indices also experienced relief, each edging up by over half a percent.

With support hovering around the 22,150 mark in the Nifty and global markets maintaining stability, there's a possibility of some consolidation. Nonetheless, the prevailing sentiment is likely to remain pessimistic until the Nifty convincingly surpasses the 22,500 threshold. Traders are advised to exercise caution and maintain hedged positions.

#1 Net profit at Rs137.1 cr vs loss of Rs195.9 cr (YoY)

#2 Revenue up 16% at Rs2,473.3 cr vs Rs2,131.7 cr (YoY)

#3 Board recommends final dividend of Rs10/share

The Indian market echoed subdued investor sentiments akin to those of its Asian peers, and on worries about declining voter turnout. Despite domestic Q4 earnings largely meeting estimates, the earnings landscape appears to be moderating. A sector-specific action was visible in FMCG and auto stocks, aided by an expectation of a revival in rural demand in H1FY25.

Today, the benchmark indices witnessed a volatile trading session. After a roller coaster activity the Nifty ended at 22302 while the Sensex closed at 73466. Among Sectors, buying were seen in Energy, Auto and Metal stocks, whereas profit booking continued in Financial and Private Banks stocks. Technically, from the lower levels market showed intraday recovery. From the day lowest level nifty/ Sensex rallied over 180 /600 points. However, the short-term texture of the market is still in to the weak side.

For the day traders now, 50 day SMA (Simple Moving Average) or 22350/73550 would act as a key level to watch out. Above the same, the pullback formation is likely to continue till 22400-22425/73700-73800. On the flip sid below 22240/73300 the selling pressure is likely to accelerate. Below which the market could slip till 22150-22100/73000-72800.

The BankNifty index encountered a volatile trading session during the expiry day, highlighting the ongoing struggle between bulls and bears. The next significant support level for the index is positioned at 47770, coinciding with the 50EMA. On the upside, immediate resistance lies at 48250. A decisive breach above this level could propel the index towards 48400-48500, where call writing activity is evident.

The Nifty exhibited a neutral performance with high volatility throughout the day after a gap down opening. Bank nifty also encountered volatility but closed negative for the day on its weekly expiry but managed to close above the strong support of 47900 levels at 48021.10.

The market has traded flat with the Sensex losing 0.06 percent and closed at 73466.39 and Nifty was flat by 0.00 percent intraday and closed at 22302.50 levels whereas Bank Nifty closed Negative, down by 0.55 percent and settled at 48021.10.

Among sectors Nifty AUTO, Nifty PSU BANK and Nifty METAL ended in green while Nifty IT, Nifty FIN SERVISES and Nifty PVT BANK ended on the lower side. In Nifty stocks, HEROMOTOCORP, BPCL and TATA MOTORS were the top gainers while ASIAN PAINTS, GRASIM and DRREDDYS were the prime laggards. INDIA VIX was Positive by 0.43 percent intraday and settled at 17.0800.

Index has a support around 22225-22175 zone. Coming to the OI Data, on the call side, the highest OI observed at 22500 followed by 22700 strike prices while on the put side, the highest OI is at 22000 strike price. On the other hand, Bank nifty has support at 47700-47500 while resistance is placed at 48300 and 48500 levels.

Investors traded with caution due to lack of fresh positive triggers and ended on a flat note with a slightly negative bias amid selective profit taking in banking and IT stocks. Firm European market cues also failed to fuel optimism, as no stoppage in foreign fund outflows and no major surprises in the ongoing earnings season prompted investors to stay guarded. Also, with election season on, no one wants to place longish bets.

Following a morning dip, Indian markets saw a modest recovery, with the Sensex slipping 0.06% (45 points) to close at 73,466.39 points, while the Nifty remained unchanged at 22,302.50 points. On BSE, 2133 stocks advanced, 1661 declined, and 132 remained unchanged. Nifty Oil & Gas led gainers with a 1.7% rise, followed by Nifty Metal and Auto, each up by 1.48%. However, Nifty Private Bank witnessed the steepest decline, down by 0.8%.

#1 Net Profit Down 96.5% At Rs0.7 Cr Vs Rs20 Cr (YoY)

#2 Revenue Up 1.1% At Rs562.3 Cr Vs Rs556.4 Cr (YoY)

#3 EBITDA Down 15.4% At Rs75 Cr Vs Rs88.7 Cr (YoY)

#4 Margin At 13.3% Vs 15.9% (YoY)

#5 Appoints Hrushit Shah as CFO of the company May 9, 2024

After a morning dip, Indian markets showed a modest recovery with the Sensex slipping 0.07% (53 points) to 73,457 points and the Nifty down 0.04% (9 points) to 22,294 points. On BSE, 2069 stocks advanced, 1689 declined, and 133 remained unchanged. Nifty Oil & Gas led gainers with a 1.5% rise, followed by Nifty Metal and Auto up by 1.3% and 1% respectively. However, Nifty Private Bank saw the steepest decline, down by 0.8%.

India’s IT sector disappoints investors in Q4 results, risking more earnings downgrades, warns Jefferies. Analysts note weaker growth outlook for FY25 and minimal margin expansion potential. Tech stocks NSE gauge drops 4.4% since April 12, outpacing Nifty 50's 1% fall. Despite previous cuts, Jefferies sees continued earnings risks, restricting upside potential.

#1 Revenue Rs9520 crore, up 15% y/y

#2 Total costs Rs8350 crore, up 13% y/y

#3 Raw material costs Rs6100 crore, up 5.2% y/y

#4 Other income Rs180 crore, down 24% y/y

#5 Ebitda Rs1359 crore, up 25% y/y

The B K Goenka-led Welspun Corp has started seeking buyers for the land it got as part of the ABG Shipyard deal, people aware of the development told Moneycontrol. Welspun acquired the ABG Shipyard in 2022 through a liquidation process under the Insolvency and Bankruptcy Code.

The move to sell the land parcel comes after the group had previously indicated that it was exploring various new business options for the shipyard, whose assets it had acquired for a consideration of Rs 659 crore in September 2022. Read more

#1 Net Profit up 43.5% At Rs68 cr Vs Rs47.4 cr (YoY)

#2 Revenue up 12.2% At Rs413.9 cr Vs Rs471.4 cr (YoY)

#3 EBITDA up 4.7% At Rs97.4 cr Vs Rs93 cr (YoY)

#4 Margin At 23.5% Vs 19.7% (YoY)

#1 FDA conducted routine GMP inspection at Maharashtra unit

#2 Cipla says to work closely with FDA on Kurkumbh, Maharashtra plant

The initial public offering of Indegene continued to receive robust investor interest heading into the final day of bidding on May 8. The issue was subscribed 23.56 times as investors bought 68.01 crore equity shares as against the 2.88 crore shares on offer. Indegene provides digital services for the life sciences industry. They assist with drug development, clinical trials, regulatory submissions, pharmacovigilance, complaints management, and sales/marketing support. Non-institutional investors (high net worth individuals) were at the forefront, picking 32 times the reserved portion, followed by qualified institutional buyers or QIBs who bought 42 times the part set aside for them. Retail investor portion was booked 6.14 times.

The initial public offering of Aadhar Housing Finance was subscribed 0.26 times so far on day1. Investors bought 1.86 crore equity shares as against the 7 crore shares on offer. Non-institutional investors (high net worth individuals) portion subscribed 0.24 times, qualified institutional buyers or QIBs portion subscribed 0.32 times. Retail investor portion was booked 0.24 times.

TBO Tek's Rs 1,551-crore initial public offer (IPO) received healthy response on May 8, the first day of bidding, with 55 percent subscription so far the day. Investors bid for 50.91 lakh shares as against 92.86 lakh equity shares on offer, exchange data showed.

Retail portion was fully booked after investors purchased 1.7 times their allotted quota. Non-institutional investors ( high net worth individuals) also showed interest after picking up 87 percent of the portion set aside for them. QIBs or qualified institutional buyers were yet to participate in the offer.

#1 Operating profit Rs7390 crore, up 1.9% y/y

#2 Gross non-performing assets 4.23% vs. 4.39% q/q

#3 Interest income Rs28810 crore, up 20% y/y

#4 Interest expense Rs19230 crore, up 26% y/y

#1 FY24 Total income stood at Rs3662.24 crore, higher by 77% YoY

#2 FY24 EBITDA of Rs491.03 crore, up 93% YoY, EBITDA Margin Improved to 13.5% from 12.3% in FY23

#3 Delivers 156% growth to Rs 104.22 crore net profit in Q4 YoY, EPS of Rs8.27 per share for FY24

#1 Partnership for real estate development

#2 Platform to deploy Rs 765 crore in residential property

#1 Revenue Rs1140 crore, down 39% y/y

#2 Other income Rs14 crore, down 42% y/y

#3 Total costs Rs1090 crore, down 33% y/y

#4 Ebitda Rs67 crore, down 76% y/y

#5 Order book at period end Rs 10290 crore, up 4.5% q/q

#1 Net Profit up 59.3% at Rs 389.6 Cr vs Rs 244.5 Cr (YoY)

#2 Revenue up 16.6% at Rs 2,328.5 Cr vs Rs 1,997 Cr (YoY)

#3 EBITDA rises 35.1% to Rs 659 Cr vs Rs 488 Cr (YoY)

#4 Margin at 28.3% vs 24.4% (YoY)

#5 One-time Loss at Rs 13.3 Cr vs loss of Rs 41 Cr (YoY)

Market at 1 PM | Nifty recovers over 100 pts from day's low to trade marginally higher

The Sensex was up 103.04 points or 0.14 percent at 73,614.89, and the Nifty was up 40.50 points or 0.18 percent at 22,343.00. About 1,989 shares rose, 1,185 fell, and 106 were unchanged.

TBO Tek's Rs 1,551-crore initial public offer (IPO) received healthy response on May 8, the first day of bidding, with 30 percent subscription during initial hours. Investors bid for 28.15 lakh shares as against 92.85 lakh equity shares on offer, exchange data showed.

Retail portion was fully booked after investors purchased 1.01 times their allotted quota. Non-institutional investors ( high net worth individuals) also showed interest after picking up 48 percent of the portion set aside for them. QIBs or qualified institutional buyers were yet to participate in the offer. Read More

Stock Market LIVE Updates | Nifty Energy index surges 1.6%, top sectoral gainer

Jigar Patel of Anand Rathi Shares and Stockbrokers calls it a technical rebound. 

The sizzle in PSU banks in today's trading session comes after recent correction. In an expensive market, PSU banks valuations are still at comfortable levels, hence investors' faith is reinstated. We expect PSU banks to report Q4 results also, with SBI Q4 performance due tomorrow

India’s largest paint manufacturer, Asian Paints, will likely report muted earnings for the quarter ended March, as volumes remained subdued amid an ongoing slowdown in overall consumption.

The topline is expected to come in at Rs 9,017 crore for the quarter gone by, according to a Moneycontrol poll of seven brokerages, inching up 2.6 percent on-year from Rs 8,787 crore in the same quarter in the year-ago period.The EBITDA margin will see a marginal uptick of 10 basis points to 21.3 percent YoY, but moderate 130 basis points on a sequential basis from 22.6 percent in the quarter ended December.

Profit after tax will come in around Rs 1,313 crore for the March quarter, up 4.4 percent YoY from Rs 1,258 crore. Read More

The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of Rs 1 crore on IPO-bound Go Digit General Insurance for non-disclosure of a change in the conversion ratio of compulsorily convertible preference shares (CCPS) issued by its parent company to Fairfax-owned FAL Corporation.

The regulator has previously issued a show cause notice to the firm in the matter. About 63,00,000 CCPS were issued by Go Digit's holding or parent company—Go Digit Info Works Services (GDISPL)— to Fairfax Group-owned FAL Corporation. Read more

#1 Current shareholders not in a hurry to sell large portion of their shareholding

#2 Will be able to maintain NIM of 8% comfortably

#3 Spreads have been healthy in the range of 5-5.7%

#4 Have been able to create a very balanced funding source

#5 25% of our current borrowing comes from NHB; 18-20% comes from NCDs and balance comes from banks

#6 Have seen a decline in opex; Comfortable with 9MFY23 opex level

#7 Have seen an improvement in asset quality in 9MFY23

The initial public offering of Indegene continued to receive robust investor interest heading into the final day of bidding on May 8. The issue was subscribed 9.42 times as investors bought 27.19 crore equity shares as against the 2.88 crore shares on offer. Indegene provides digital services for the life sciences industry. They assist with drug development, clinical trials, regulatory submissions, pharmacovigilance, complaints management, and sales/marketing support. Non-institutional investors (high net worth individuals) were at the forefront, picking 25.68 times the reserved portion, followed by qualified institutional buyers or QIBs who bought 5.69 times the part set aside for them. Retail investor portion was booked 4.61 times.

Indian markets bounced back from morning lows, with the Sensex down 24 points (0.03%) at 73,490, and the Nifty up 6 points (0.03%) at 22,310. Among sectoral indices, gainers include Nifty PSU Bank Index (+1.8%) and Nifty Oil & Gas (+1.7%), while Nifty Media and Metal indices rose 1.4% each. However, Nifty Private Bank Index dipped 0.66%.

#1 One Large Deal That Was Being Pursued, Had To Start By Jan’24

#2 Softness Seen In Quant, It Was Anticipated

#3 Growth Will Bounce Back Moderately From June Quarter, Between 1-3% QoQ

#4 It Will Take 2 Quarters For Normal Growth Rate To Return Back To Company

#5 Q2 Is Wage Increase Quarter For Us

#6 Confident Of Beating Industry Benchmark Growth Of 5-6%

#7 Deals Are Taking As Long As 6 Months To 12 Months For Some To Get Closed

#8 Expect To Close 10 Large Deals In FY25

#9 Open To Doing M&A Towards The End Of The Year If We Get A Right Fit

#10 Expect H2 To Be Better Than H1 In FY25

#11 Q1 Margin Will See Some Recovery

In April, mobile payments firm Paytm’s market share in the Unified Payments Interface (UPI) ecosystem dropped to a new low of 8.4 percent. Over the last 12 months, the Noida-based firm has seen its market share drop by five percentage points. With this, now only two players have double-digit market share in UPI -- PhonePe and Google Pay.

PhonePe has seen its market share move up from around 46 percent during much of last year to around 48-49 percent since the Paytm crisis started in late January this year. PhonePe had a 49 percent market share in April. Read more