Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: BSE Sensex and Nifty 50 ended over 1 per cent higher on Thursday, a day of weekly and monthly F&O expiry of April contracts. BSE Sensex surged 701 points or 1.23 per cent to end at 57,521, while NSE Nifty 50 index settled at 17,245. Stocks of index heavyweights such as Hindustan Unilever, Asian Paints, NTPC, Power Grid Corporation of India, L&T, State Bank of India, ITC, Reliance Industries were among top index gainers. On the flip side, Bharti Airtel, M&M, HCL Tech, HDFC Bank finished trade in the red. Bank Nifty settled over 1 per cent up at 36,444.
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BSE Sensex surged 701 points or 1.23 per cent to end at 57,521, while NSE Nifty 50 index settled at 17,245
Motilal Oswal Financial Services on Thursday reported highest ever operating PAT of Rs 905 crore, 69% on-year growth in FY22. In Q4FY22, consolidated revenues grew by 21% YoY at Rs 1,100 crore, Consolidated PAT stood at Rs 300 crore including gains on investments. In FY22, Consolidated revenues grew by 33% YoY at Rs 4,051 crore, consolidated PAT stood at Rs 1,310 crore.
“Indian equity markets surging today on the day of April month F&O expiry. First, long exposure in index future had dipped to 33% and PCR was also in oversold territory, therefore, we are seeing a short-covering rally thanks to a surge in US futures. Technically, the Nifty is trying to form a base in the 17000-16800 zone which is a 50% retracement area of the previous rally however 17400 is a critical resistance; above this, we can expect a decent rally therefore traders should remain bullish with a stop loss of 16800 where stock and sector-specific approach will be continued.”
~Santosh Meena, Head of Research, Swastika Investmart
Global asset manager Brookfield-owned Sagen has made its foray into the Indian mortgage market and took nearly one-third stake in India Mortgage Guarantee Corporation (IMGC), the company announced Thursday. Sagen, which is the largest private-sector residential mortgage insurer in Canada, has taken about 31 per cent stake in IMGC in a primary funding round. The investment makes the Canadian firm IMGC’s second largest stakeholder. The company did not disclose the acquisition price. Read full story
BSE Sensex and Nifty 50 were trading over 1 per cent higher on Thursday, a day of monthly F&O expiry, as bulls made a comeback. So far in the day BSE Sensex rose to a day’s high of 57,573.07, while NSE Nifty 50 hit 17,252.65 as day’s high. Stocks of index heavyweight Reliance Industries, yet again, hit another all-time high of Rs 2,838 apiece, crossing its previous high of Rs 2,827.10 apiece. While no stock hit a fresh 52-week low on S&P BSE Sensex.
LIC's embedded value, which is a measure of the consolidated shareholder's value in an insurance company, is around Rs 5.4 lakh crores as of September 30, 2021. So, at a valuation of Rs. 6 lakh crores, the issue is priced at a Price to Embedded Value of 1.1, which is a discount compared to its listed Indian as well as global peers. LIC is synonymous with insurance in India and enjoys a huge competitive advantage in terms of brand value and a huge network of agents. However, there are concerns with the company like losing market share to private players, lower profitability & revenue growth compared to private players, lower VNB margins, and short-term persistency ratios, but the valuation at Price to Embedded Value of 1.1 discounts the above concerns. Nevertheless, investors must be aware that the business of insurance is long-term in nature; therefore we recommend this issue for the long term only. Parth Nyati, Founder, Tradingo
Given the sheer scale of its operations and consistent performance, the issue is quite attractively priced at 1.1x Embedded Value as compared to much smaller listed players that trade at valuations between 2.5-4.1x. the valuation discount is high even after considering LIC’s lower margins and savings heavy but sticky business. Investment in LIC can be seen as entering a combination of powerful and profitable investable business with a long term growth opportunity. Manish Jeloka, Co-head Products & Solutions, Sanctum Wealth
LIC is the country's largest life insurer with a size that is 8x of its next competitor having a 61.6% market share in terms of premiums (or GWP), a 61.4% market share in terms of New Business Premium (or NBP), a 71.8% market share in terms of the number of individual policies issued, an 88.8% market share in terms of the number of group policies issued for Fiscal 2021. It's also the fifth largest life insurer in the world in terms of the total premium collected. With a balance sheet size of ~Rs. 41 lac crore, LIC is the largest asset manager in the country accounting for 30% of DII equity AUM and 19% of outstanding government bonds (centre+state). The behemoth has delivered the best in the industry ROE of >80% last year highest amongst its Indian peers. Manish Jeloka, Co-head Products & Solutions, Sanctum Wealth
Share price of Rakesh Jhunjhunwala portfolio stock Indian Hotels Company (IHCL) soared 5% to a high of Rs 249.60 on Thursday, a day after the Tata group hospitality firm reported a consolidated net profit of Rs 71.57 crore in the fourth quarter ended March 31, 2022. The company had posted a consolidated net loss of Rs 97.72 crore in the same period previous fiscal. The hotel chain reported revenue from operations of Rs 872 crore in Q4FY22 compared with Rs 615 crore in the corresponding period of the previous fiscal. Rakesh Jhunjhunwala held 1.57 crore shares (1.11% stake), while his wife Rekha held 1.42 crore shares (1.01%) stake till quarter ended March 31, 2022. Read full story
List of Bank Holidays For May 2022: Banks in India are likely to be shut for up to 11 days in May 2022, including second and fourth Saturdays, and Sundays. According to the list released by Reserve Bank of India (RBI), banks will be closed for a total of four days, apart from weekends in May this year. Banks will remain shut in different states or cities on account of different holidays. It may be noted that the banks remain open on the first and third Saturdays every month. Read full story
Domestic markets have been dancing between gains and losses for the last couple of sessions. So far this week, S&P BSE Sensex is down 0.3% now trading around 57,200 points while the NSE Nifty 50 index is down 0.4%, hovering at 17,100. Meanwhile, India VIX, the volatility gauge has shot up 9.3%, breaching the 20 levels. Analysts have been suggesting stock-specific action while volatility remains high. Amid this, analysts at ICICI Direct have picked two stocks as their gladiator picks, predicting as much as a 16% upside within a three-month time frame. These two stocks are Jamna Auto and Bandhan Bank.
LIC (Life Insurance Corporation of India) IPO is set to open next week after months if not years of waiting for the same. The issue is going to be the largest ever to hit Dalal Street with the government looking to raise Rs 21,000 crore, however, LIC may not gain entry to the much tracked MSCI, FTSE, Sensex, or the Nifty 50 index anytime soon. Analysts at Edelweiss Alternative & Quantitative Research said that the free-float market capitalisation of LIC would be the key dampener for early inclusion in MSCI Standard Index. LIC IPO will see a 3.5% stake dilution by the government of India.
Hindustan Unilever (HUL) share price rose 4% in early trade to hit an intraday high of Rs 2,230 apiece on Thursday, a day after the company announced its March quarter earnings. The FMCG major reported a 5.34% increase in its consolidated net profit to Rs 2,307 crore for the fourth quarter. Moreover, HUL has now become a Rs 50,000 crore turnover company and also the first pure FMCG firm to achieve this milestone. HUL now has 16 brands with a turnover of Rs 1,000 crore each. Read full story
After finalising a deal to buy Twitter this week, the world’s richest person Elon Musk is supposedly onto newer adventures. In his usual candour, Elon Musk has been posting memes and tweets hinting how his next projects could be fixing other big conglomerates like McDonalds and Coca Cola. It is of course a joke, but didn’t many of his older adventures start as a joke? Read full story
Key point to highlight is that, past seven sessions roller coaster move has been taking shape of a contracting triangle pattern while discounting Q4FY22 earnings and volatile global cues. Thus, we believe a decisive close on the either side of the range ( 16980-17012) would dictate the further course of action in coming sessions.
~ ICICI Direct
India VIX, the volatility gauge, was down with losses but still above 20 levels. The index shot up 7% on Wednesday.
A clear trend in markets now, in developed markets as well as in India, is the preference for value stocks over high-priced growth stocks. This is partly a reflection of risk aversion among investors in the present context of mounting challenges posed by the expected aggressive tightening by the Fed and the uncertainties arising from the Ukraine war that is getting prolonged. Dollar index at 103 indicates flight to safety and this implies that FPIs will continue to sell in this market. Sell on rallies is likely to be the texture of this market in the near term. Long-term investors who can ignore short-term gyrations in the market can buy high quality stocks in banking and IT which are depressed due to FPI selling. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
HCL Tech, Bharti Airtel, HDFC Bank, TCS, Titan Company were among Sensex laggards.
Hindustan Unilever, Sun Pharma, Infosys, Asian Paints, Dr Reddy's, Reliance Industries were among top BSE Sensex gainers.
BSE Sensex jumped over 300 points to reclaim 57000, while NSE Nifty 50 index was nearing 17200 levels
Markets may log steady gains in early trades but volatility is likely to ride high amidst April F&O expiry. The inflation genie needs to be back into the bottle for the bulls to survive and prosper. Technically speaking, bears may turn bulls only if Nifty reclaims its 200 DMA at 17213 mark. Also, India VIX, which measures the expected volatility in the market, moved up to 20.61 levels in yesterday’s trade. The April series suggests Nifty is likely to be in a trading range of 16500-17500 zone. Maximum Call OI is at 17500 followed by 17300 strike price. So, the 17500 mark will be Nifty’s crucial resistance zone. Maximum Put open interest stands at 17000 levels followed by 16400 levels. Prashanth Tapse, Vice President (Research), Mehta Equities
The Indian rupee is likely to depreciate on Thursday amid strong dollar, elevated crude oil prices and weak global market sentiments. In the previous session rupee pared its early losses to settle almost flat against the US dollar on expectations of higher dollar inflows. However, a weak trend in domestic equities and the strength of the greenback in the overseas market weighed on the local unit. Read full story
Petrol prices have been left untouched for the 22nd day running by oil marketing companies (OMC) on April 28. Prices have been steady since April 6 after OMCs hiked prices by Rs 10 per litre through 14 price hikes across major cities. Petrol in the National Capital of Delhi currently retails at Rs 105.41 per litre, after the last hike of 80 paise three weeks ago. Diesel in the city is priced at Rs 95.87. In Mumbai, a litre of petrol and diesel cost Rs 120.51 and Rs 104.77, respectively. Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international prices and foreign exchange rates.
We expect the market volatility to continue, with the index trading in a broader range. Continuous selling by FIIs and weak results by few heavyweights has further added pressure to the market. Nifty respected its crucial support levels on the downside, indicating emergence of buying interest at lower zones even after weakness due to Global market. Nifty needs to hold above 17,000 levels for an up move towards 17,200-17,250 zones. Given the on-going result season, we are witnessing strong reaction on stocks on either side based on the result outcome. Hence we suggest investors to remain focused on selective stocks in the market which are resilient on the back of strong quarterly results. Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
Markets slid down further this week before recovering sharply from the lows. The bounce-back happened from close to the 200 day EMA. Selling pressure again seen on Wednesday ensured it was a negative and volatile week. On the Daily chart, we observe that 200 day EMA has acted as a support during the recent fall as Nifty bounced back strongly from there. But short term trend still remains down as the Nifty has failed to fill the recent gap area and cross the recent swing highs. 14-day RSI too is in decline mode, indicating more short term weakness is possible.
India’s largest insurer Life Insurance Corporation of India (LIC) will list on the exchanges on May 17 and is expected to raise Rs 20,558 crore, by diluting 3.5% stake through its maiden public offering. The issue will open for subscription on May 4 and will close on May 9. The anchor book of the issue will open on May 2, the insurer announced on Wednesday. Read full story
Maximum call OI for the expiry session is 17500 strike, followed by 17300. Put OI is the most at 17000. “For the expiry day, 17000 put option have the highest open interest outstanding indicating that option writers are not expecting expiry below this level. If the market sustains below this during the day, then there would be tug-of-war which could lead to higher intraday volatility,” said Ruchit Jain. Read full story
Hindustan Unilever (HUL): Hindustan Unilever Ltd on 27 April said it achieved a Rs 50,000 crore turnover in the last fiscal, which makes it the first pure FMCG entity to hit the milestone.
Reliance Industries: Mukesh Ambani-owned Reliance Industries (RIL) and US buyout firm Apollo Global Management are planning a joint bid for UK high street pharmacy chain Boots. Read full story
The S&P 500 ended higher on Wednesday following a steep drop the day before, with strong revenue forecasts from Microsoft and Visa helping to alleviate worries about slowing global economic growth and rising interest rates. Microsoft Corp rallied after the software heavyweight late on Tuesday gave a strong revenue forecast, while payments network Visa Inc jumped after it predicted revenue above pre-pandemic levels. Read full story
Nifty index opened negative on Wednesday and moved with weakness in the first half of the session. However, it took support at 16950 zones and recovered from intraday lows but finally closed with losses of around 160 points. It failed to hold above 17100 zones but held on and respected its crucial support levels. It formed a small-bodied Bearish candle with longer lower shadow on daily scale indicating emergence of buying interest at lower zones even after weakness due to Global market. Read full story
US equity futures and an Asian stock gauge rose Thursday amid steadier investor sentiment following a surge in Facebook parent Meta Platforms Inc. and more pledges of economic support from China. Contracts for the tech-heavy Nasdaq 100 climbed 1% and an Asia-Pacific share index posted a modest gain. Read full story
Today is the last day to subscribe to Rs 1,400-cr Campus Activewear IPO. The IPO is a complete offer for sale (OFS) of 4.79 crore shares by promoters and shareholders of the company. On the second day of the IPO bidding process, the issue was subscribed was subscribed 3.21 times.
Nifty futures were trading just 3.50 points up at 17,053 on Singaporean Exchange.