Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices ended Wednesday’s session broadly in green despite unfavourable global cues. The NSE Nifty 50 rose 44.35 points or 0.25% to 17,813.60 and BSE Sensex climbed 169.87 points or 0.28% to 60,300.58. In sectoral indices, Bank Nifty surged 151.40 points or 0.35% to 42,829.90 and Nifty Realty rose 5.85% to 1.36% to 435.95. The top gainers on Nifty 50 were Power Grid, Tata Consumer, Nestle India, IndusInd Bank and SBI Life while the top losers were Hindalco, Adani Ports, Bajaj Auto, Bajaj Finserv and NTPC.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
Benchmark indices NSE Nifty and BSE Sensex ended Wednesday’s session broadly in green despite unfavourable global cues. “The domestic bourses mirrored the mood on Wall Street as soft economic data and underwhelming earnings dragged US equities to a weak close yesterday. However, the market gradually recovered after an uptick in US futures, with the earnings of tech companies providing support. Adding to investors’ concerns about a possible recession, the US consumer confidence data for April hit a nine-month low ahead of the upcoming Fed policy meeting,” said Vinod Nair, Head of Research at Geojit Financial Services.
The top gainers on Nifty 50 were Power Grid, Tata Consumer, Nestle India, IndusInd Bank and SBI Life while the top losers were Hindalco, Adani Ports, Bajaj Auto, Bajaj Finserv and NTPC.
In sectoral indices, Bank Nifty surged 151.40 points or 0.35% to 42,829.90 and Nifty Realty rose 5.85% to 1.36% to 435.95.
The NSE Nifty 50 rose 44.35 points or 0.25% to 17,813.60 and BSE Sensex climbed 169.87 points or 0.28% to 60,300.58.
Nomura Holdings Inc.’s profit fell as fixed income trading revenues were hit by a spike in volatility in March and deal-making slumped on muted client activity. Net income slid 76% from a year earlier in the three months ended March 31 to 7.4 billion yen ($55 million), Japan’s largest brokerage said in a statement Wednesday. The figure missed an average estimate of 38.5 billion yen by four analysts polled by Bloomberg.
“We see digital transformation as a multi-year growth driver for the industry. Considering the healthy pipeline booking of the Persistent Systems aided by operating leverage, we have modified our estimates and arrived at a DCF-based TP of Rs 5,109 (which is 27.5x Sept24E EPS). On account of a recent run-up in the stock price, we downgrade our rating to ADD.” – Choice Equity Broking.
The Nifty Metal index sank 0.6% intraday, dragged by constituents, APL Apollo Tubes, Hindustan Zinc, Hindalco Industries, Jindal Steel & Power, down around 1.41%.
“Our REDUCE rating on Nykaa stands with a DCF-based TP of INR110/sh (implying 157x FY25 P/E). Our three-point thesis was (1) TAM seemed oversold (2) ad revenue will be closely contended for and (3) Nykaa seems more like an efficient pipe business than a platform,” said HDFC Securities.
“In the overseas market, silver prices gained more than 25 percent in the last one-month period while the domestic futures prices rallied more than 20 percent in the same period. At the same time, as silver prices are usually extremely volatile in nature, fresh investment in the commodity can be considered only in further corrections. Taking big bets on long positions at these levels seems risky.”
– Hareesh V, Head of Commodities, Geojit Financial Services.
“Within the paint space, Berger Paints has been among the top-performing names since 2003, maintaining a steady uptrend on long term charts. It has been trading with a corrective bias for nearly two years, after making a new record high at 872.95 in July 2021 and retested the monthly support zone of 540 levels,” said Religare Broking, issuing a 'Buy' call on Berger Paints with a TP of Rs 675 per share.
“Nestle’s 1QCY23 earnings surprised positively, led by strong revenue performance. However, the margin saw a marginal miss. Domestic revenue grew 21% YoY while exports grew by 25%. The growth was led by a healthy balance of pricing, volume and mix (around mid-single-digit volume growth). We value Nestle at 52x P/E on Mar-25E EPS to derive a TP of INR 18,500. With a rich valuation, the absolute upside is limited in the medium term. Maintain REDUCE,” said HDFC Securities.
Stock pickers in some of Asia’s key markets are being battered by a series of extreme weather events from heat waves to flooding, signaling the difficulties ahead as El Nino-related risks rise and climate change accelerates. In resource-rich Australia, Newcrest Mining Ltd.’s Telfer gold mine was closed earlier this month and the company’s shares fell from more than a two-year high after the biggest cyclone to hit the Western Australian coast in almost a decade made landfall. That followed heavy rain and flooding that hampered coal production for miners such as Whitehaven Ltd. and BHP Group late last year.
Tata Starbucks recorded a revenue of Rs 1087 crore in the financial year 2023, up 71 per cent from Rs 635.7 crore the previous financial year. The growth was recorded on the back of growth in the number of retail outlets during the fiscal year. Further, Starbucks’ revenue for the quarter grew 48 per cent on-year.
Cyber Media (India), Gujarat Industries Power Company, Investment Trust Of India, Madhav Marbles and Granites, Gujarat Alkalies and Chemicals, Gujarat State Petronet, and Gujarat State Fertilizers & Chemicals are among the volume gainers on the NSE index.
Alternatively, 18 stocks including Aavas Financiers, PVR, Punjab Chemicals & Crop Protection, IPCA Laboratories, Kirloskar Pneumatic Company, Max Financial Services, Avalon Technologies, Indoco Remedies, Genesys International Corporation, Crompton Greaves Consumer Electricals, BEML Land Assets, and FSN E-Commerce Ventures at 52 week lows.
On the NSE Nifty, 44 stocks hit their 52-week highs including Safari Industries (India), KEI Industries, Jash Engineering, Surya Roshni, Kirloskar Pneumatic Company, Mrs Bectors Food Specialities, Eimco Elecon (India), Glenmark Pharmaceuticals, Action Construction Equipment, ShreeOswal Seeds And Chemicals, Sanghvi Movers, Hardwyn India, Refex Industries, Saksoft, Huhtamaki India, Pricol, Lambodhara Textiles, Tembo Global Industries, Banswara Syntex, GE T&D India, Hilton Metal Forging, Anant Raj Limited, and Lorenzini Apparels Limited are among others.
On the NSE Nifty, 37 stocks hit their upper price band. Kamat Hotels (I), GRM Overseas, Cyber Media (India), Goyal Aluminums were among the scrips. 31 stocks hit their lower price band including Brightcom Group, BEML Land Assets, JIFT Infralogistics, and Vardhaman Polytex.13 scrips hit both bands.
On the NSE Nifty index, the top winners are Apollo Hospitals, Eicher Motors, L&T, Power Grid and Adani Enterprises, with Apollo Hospitals up 1.6%. The biggest laggards are Hindalco, Kotak Mahindra Bank, JSW Steel, Bajaj Finserv, Bajaj Finance, with Hindalco down 1.2%.
ICICI Bank, HDFC Bank, Axis Bank, SBI, and Bajaj Finance are the most active Nifty 50 stocks intraday.
The sectoral indices traded higher as well, although Nifty Metal fell 0.4%. However, Nifty PSU Bank, Nifty Auto and Nifty IT gained up to 0.49%.
The broader markets traded largely in the flat to positive territory, with Nifty Smallcap 50 higher by 0.43% and Nifty Midcap 50 higher by 0.07%.
Bank Nifty surpassed the 42700 mark, rising 40 points. The top gainers on Bank Nifty were IndusInd Bank, Federal Bank, Axis Bank and State Bank of India while the top losers were AU Bank, Kotak Bank, Bank of Baroda and ICICI Bank.
On daily charts, the Nifty has formed a small Doji candlestick formation which indicates indecisiveness between the bulls and bears. We are of the view that, a minor intraday correction is possible, if the index slips below 17,720/59,950 below which, it could retest the level of 17,670-17,625/59,750-59,600. On the flip side, a fresh uptrend wave possible only after dismissal of 17,820/60,300 post breakout the chances of hitting 17,900-17,925 on Nifty, or 60,600-60,700 on Sensex would turn bright.
Being a Maharatna PSU in India is a prestigious status granted to select state-owned companies by the Indian government. To be considered a Maharatna, a PSU must meet certain criteria related to its performance, financials, and global competitiveness. This status provides these PSUs with a competitive advantage and helps them to compete effectively in the global market. Here’s a look at how and when India’s only 12 Maharatna PSUs achieved this status.
Dalmia Bharat shares fell 0.13% to Rs 1917.85 after the company reported a 121% on-year rise in net profit, clocking in at Rs 589 crore for Q4FY23 versus a net profit of Rs 266 crore in the quarter ended March 2022.
Tata Consumer Products shares fell 0.13% to Rs 733.35 after the firm said its consolidated net profit for the March quarter increased 23.5% on-year to Rs 269 crore. This was in line with Street estimates, which had pegged March quarter net profit at Rs 268 crore.
AU Small Finance Bank shares tanked 4% to Rs 633 despite the bank reporting a 23% year-on-year rise in net profit for the quarter ended March at Rs 425 crore, primarily led by a strong growth in net interest income (NII) and stable asset quality.
Cipla shares fell 0.31% to Rs 908.1 after the company said that its subsidiary Madison Pharmaceuticals will be dissolved from 28 April. Madison is a dormant entity, its dissolution will not affect the performance or revenue of the company, Cipla said.
Bajaj Auto share price tanked 1.41% to Rs 4,281 today after the company’s net profit fell 2.5% on-year to Rs 1433 crore. Analysts had predicted a much bigger fall. The company’s revenue for the January-March quarter stood at Rs 8904.7 crore, up 12% on-year, supported by the sustained momentum of the domestic business that delivered strong volume-led revenue growth. Bajaj Auto shares have risen nearly 13% in the past one month and 11% in the last one year.
Bajaj Auto share price tanked 1.41% to Rs 4,281 today after the company’s net profit fell 2.5% on-year to Rs 1433 crore.
The top gainers on Nifty 50 were Eicher Motors, TCS, Bharti Airtel, Hero Motocorp and Larsen & Toubro while the top losers were Hindalco, Bajaj Auto, Tata Consumer, Adani Ports and JSW Steel.
In sectoral indices, Bank Nifty fell 134.55 points or 0.32% to 42,543.95 and Nifty IT rose 64.65 points or 0.24% to 27,050.45.
The NSE Nifty 50 rose 2.8 points or 0.02% to 17,772.05 and BSE Sensex fell 32.83 points or 0.05% to 60,097.88.
Domestic indices ended the pre-opening session flat. The NSE Nifty 50 fell 1.95 points or 0.01% to 17,767.30 and BSE Sensex dipped 42.73 points or 0.07% to 60,087.98.
IIFL Securities Technical View: Nifty is likely to find support at around 17650, while 17900 is likely to act as resistance. Bank Nifty is likely to find support at around 42400, while 43200 is likely to act as resistance on the upside.
“Going ahead, a decisive close above 17800 would signal end of ongoing corrective phase and open further upside towards 18100 in coming weeks. Failure to sustain above 17800, would lead to prolongation of consolidation in the 17800-17500 with stock specific action amid advancement of Q4 earning season.” – ICICI Securities
Indian markets are likely to open on a negative note today on the back of negative global cues. Investors are likely to remain cautious as fears of a banking crisis rise again after weak results were reported by the bank in the US. – ICICI Securities
“In the tug-of-war between bulls and bears, the index has formed Doji candle on the daily chart at 100 DMA’s which suggests caution at current levels. Breakout sustaining above 17,865 would be keenly monitored as it would unlock fresh short-covering move which will help the index to reach the expected zone of 18,000 and 18,135 levels. On the flip side, a fresh round of selling is possible only after the dismissal of 17,600 levels,” said analysts at Yes Securities.
“Traders and investors will closely monitor the critical support level of 42200, as a breach of this level could lead to further downside in Bank Nifty. On the upside, the zone of 42850-42900 will operate as a resistance, and a decisive move above this level could trigger fresh buying interest,” said Ameya Ranadive CMT CFTe., Equity Research Analyst, Choice Broking.
Bank Nifty first support at 42566 and then 42472 while resistance at 42803 and 42946, according to Rahul Sharma, JM Financial.
“The crucial support zone to keep a watch is 17620 – 17600. Until the Nifty manages to hold and trade above this zone, we can expect the up move to continue. On the upside, the initial hurdle stands at 17863 – 17880. A break above that shall lead to a sharp rise towards the 18000 psychological mark. Overall, we shall continue to maintain our positive stance from a short-term perspective for a target of 18100,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“On daily charts, the Nifty has formed a small Doji candlestick formation which indicates indecisiveness between the bulls and bears. A minor intraday correction is possible, if the index slips below 17720 and retests the level of 17670-17625. On the flip side, a fresh uptrend wave is possible only after the dismissal of 17820. Post breakout the chances of the index hitting 17900-17925 would turn bright,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
“In the near term, traders and investors will keep a close eye on the critical support level of 17650, as a breach of this level could lead to further downside. On the upside, the zone of 17850-17900 is expected to act as a resistance, and a decisive move above this level could open up further upside potential,” said Ameya Ranadive CMT CFTe., Equity Research Analyst, Choice Broking.
“Nifty continued to remain in the buy zone despite forming a Doji-like pattern on the daily chart. The index remains comfortably above the critical moving averages, suggesting a positive trend. The upside resistance is visible at 17800, where the bulls may find an immediate resistance. Above 17800 the Nifty may move higher towards 18000. On the lower end, support remains intact at 17700,” said Rupak De, Senior Technical Analyst at LKP Securities.
“Volatility and choppiness are likely to continue in Wednesday’s trading session with Nifty’s biggest support seen at the 17543 mark, while the index may gain strength only above the 17863 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Bajaj Auto Results: “Strong beat but structural concerns on domestic franchises persist,” says Emkay Research.
“Bajaj Auto (BJAUT) reported better-than-expected performance, with an improved product mix leading to a significant rise in ASPs and, consequently, healthy margins.” However, “export recovery is expected to be gradual and dependent on easing USD availability in key countries and 2) Consistent market share loss in the domestic motorcycle business,” says Emkay.
Doji structure on daily charts for Nifty after the upmove. US markets finally have a trending down day after many days of lacklustre activity. Spike in VIX too. Nifty has a bearish view if 17700 breaks or else we may remain rangebound. First support at 17700 and then 17650 while resistance at 17800 and 17863, according to Rahul Sharma, JM Financial.
The National Stock Exchange has ZEEL securities on its F&O ban list for 26 April. According to the NSE, stocks are prohibited in the F&O sector when they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.
Foreign institutional investors (FII) sold shares worth a net Rs 407.35 crore, while domestic institutional investors (DII) purchased equities worth a net Rs 563.61 crore on 25 April, according to the provisional data available on the NSE.
Oil prices rose in early Asian trade on Wednesday after a U.S. trade group reported a significant draw in crude oil stocks ahead of the government’s data release. Brent crude rose by 16 cents, or 0.2%, to $80.93 a barrel by 0006 GMT. U.S. West Texas Intermediate crude rose 25 cents, or 0.3%, to $77.32 a barrel, according to Reuters.