Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended in the negative territory for the second straight session on Monday, amid downbeat global sentiment. BSE Sensex crashed 617 points or 1.08 per cent to end at 56,580, while NSE Nifty 50 was down 218 points or 1.27 per cent to settle at 16,953. Stocks of HDFC Bank, ICICI Bank, Housing Development Finance Corporation (HDFC), Axis Bank, Bharti Airtel, Nestle India, Maruti Suzuki, and Kotak Mahindra Bank were top BSE Sensex gainers. On the flip side, Tata Steel, NTPC, Tech Mahindra, Reliance Industries Ltd, ITC, L&T, Titan Company, Wipro were among top drags. Barring Nifty Bank, all the Nifty sectoral indices ended in the red, led by losses in Nifty Realty and Nifty Metal.
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BSE Sensex crashed 617 points or 1.08 per cent to end at 56,580, while NSE Nifty 50 was down 218 points or 1.27 per cent to settle at 16953
Hindustan Zinc share price plunged 6 per cent to Rs 321.85 on the NSE in Monday’s intra-day trade, after the company reported an 18 per cent on-year rise in consolidated net profit to Rs 2,928 crore for the quarter ended March 2022. The Vedanta group company’s EBITDA margin expanded 100 basis points (bps) to 55.5 per cent from 53.5 per cent in Q4FY21. Brokerages remained bullish on the stock despite the steep correction intraday. “We remain positive on Hindustan Zinc given its presence in the lower end of the global cost curve facilitated by high grade captive mines sufficient to meet requirements for decades, 100% captive power plants, sizeable scale, diversified revenue stream with increasing contribution from silver sales and strong balance sheet / high dividend pay-out,” said JM Financial Services in its report.
State governments in India such as Madhya Pradesh, Rajasthan and Himachal Pradesh, are expected to record higher than budgeted debt in FY 2023 due to higher capital expenditure than budgeted, India Ratings said in a report. Higher debt would lead to record high borrowings by the state governments this year to the tunes of Rs 5.72 lakh crore, the report added. Read full story
All the Nifty sectoral indices were trading lower, with Nifty Metal and Nifty Realty leading the losses
ICICI Bank, HDFC Bank, Maruti Suzuki, Bharti Airtel, and Housing Development Finance Corporation (HDFC), were the only S&P BSE Sensex gainers ahead of closing.
On FY22 annualized financials, the Campus Activewear IPO is valued at 42x EV/EBITDA, 8x EV/sales and 79x P/E, which is largely compared with the recently-listed Metro Brands. With its focus on design and product innovation, robust omni-channel network and PAN India presence, integrated manufacturing capabilities supported by robust supply chain and access to the latest global trends and styles, the company looks to further expand into the under-penetrated Indian market. The Indian footwear retail market is expected to record a CAGR of 21% over FY21-FY25, and this will provide opportunities for the company to multiply its reach. The Company is the largest and fastest-growing player in a rapidly growing S&A footwear brand in India with continued focus on channel expansion, rising contribution from premium category, but the IPO is aggressively priced and hardly leaves anything meaningful on the table for investors in the medium term perspective. Arafat Saiyed, Research Analyst, Reliance Securities
ARK Invest, the investment management company run by Cathie Wood, sold a large quantity of Tesla stocks owned by various ETFs that it runs last week. According to the ARK Trading desk -- an update of the firm’s daily trades -- ARK Invest sold shares of Tesla worth close to $162 million. The selling activity comes a week after ARK published a research note where the company predicted that Tesla’s share price could rally to touch $4,600 per share by 2026. Tesla shares are down 16% so far this year, now trading at $1,005 per share.
Indian equity benchmarks opened in red following weak trade in Asian market peers as global sell-off triggered by aggressive US Fed tightening and China covid fears. During the afternoon session markets failed to erase losses and traded at days low as sentiments were fragile as India's crude oil import bill nearly doubled to $119 billion in the fiscal year that ended on March 31, as energy prices soared globally following the return of demand and war in Ukraine. Additional pressure came in as private report cut India's 2022-23 economic growth forecast by 70 basis points to 7 percent, citing slowing global growth due to high commodity prices, and weak local demand because of energy price hikes, inflationary pressures and a struggling labour market. Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers
Management said Q1 FY23 would be soft and margin pressure would continue due to RM non-availability and rising input costs. It targets maintaining absolute EBITDA rather than percent. We cut our FY23e/ FY24e considering the steep rise in RM prices, expected to be higher in coming months. We maintain our Buy rating, with a TP of Rs 320, valuing the stock at 24x FY24e earnings. Anand Rathi Share and Stock Broker
BSE Sensex and Nifty 50 were trading over 1 per cent down on Monday, on the back of weak global cues. BSE Sensex hit a day’s low of 56,412.14, while Nifty 50 index touched 16,904.85, so far in the day. Amid weak market sentiment, no stock on S&P BSE Sensex touched a fresh 52-week high or 52-week low on Monday. Index heavyweights such as Reliance Industries Ltd (RIL), Infosys, ITC, Tata Consultancy Services (TCS), were among top index draggers. Read full story
CANF has witnessed a strong pick-up in disbursements (+123% YoY in Q3FY22) which has translated into strong AUM growth of ~19.5% YoY in Q3FY22. We expect the growth momentum to continue as CANF exits FY22. Demand is adequately supported by revival in confidence in the self-employed segment while the demand amongst the salaried segment remains healthy. The management has guided for 18-20% disbursement growth in FY23 which is encouraging. We expect the book to grow at ~20% CAGR over FY22-24E and believe CANF could be a beneficiary of the increasing demand in the affordable housing segment. Axis Securities
Nifty next support seen at 16800, while resistance is placed at 17200 Rajesh Palviya, Axis Securities
Future Retail, Future Enterprises, Future Supply Chain Solutions, and other Future group stocks crashed up to 20 per cent on Monday after Future Retail and Reliance Industries subsidiary Reliance Retail Ventures deal called off, with the majority of lenders voting against the takeover by the latter. RIL on Saturday said its Rs 24,713-crore deal to acquire Future Group’s assets cannot be implemented after secured creditors of the Kishore Biyani-led companies voted against the proposal. Read full story
As the Reserve Bank of India treads on the path of balancing growth with high inflation, former RBI governor Raghuram Rajan said the central bank will have to raise interest rates at some time, just like its global counterparts. “It is important to remember that the war against inflation is never over. Inflation is up in India. At some point, the RBI will have to raise rates, like the rest of the world is doing,” Rajan said Monday. The central bank has not raised interest rates for the last three years, even before the pandemic started. Read full story
Campus Activewear IPO (Initial Public Offering) will open for subscription tomorrow (26 April 2022). The public issue will remain open for bidding till 28 April. The price band for the IPO has been fixed at Rs 278 to Rs 292 per equity share. The company aims to raise Rs 1,400.14 crore from this public issue through issuance of 4.79 crore equity shares. The likely date for share allotment for this IPO is 4 May, and the shares will be listed on both National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Read full story
We remain positive on Hindustan Zinc given its presence in the lower end of the global cost curve facilitated by high grade captive mines sufficient to meet requirements for decades, 100% captive power plants, sizeable scale, diversified revenue stream with increasing contribution from silver sales and strong balance sheet / high dividend pay-out. We revise FY23/24 earnings / fair value upwards as we factor in higher LME assumption (refer exhi.3&4). Maintain BUY. JM Financial Services
India cannot be immune to a probable global market correction. But India is relatively resilient. Monetary tightening in India would be mild compared to that of the US. There are indications of good recovery in the economy. ICICI Bank's excellent results also reflect the improving asset quality and growing credit demand in the banking sector. Top quality banking stocks are at buyable valuations. Sharp market corrections caused by global factors can be used to buy quality names in a calibrated manner. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Cyient said Monday it plans to acquire Finland-based plant and product engineering services firm Citec for 94 million euros, nearly Rs 776 crore, in an all-cash deal. This will be the largest outbound acquisition by an Indian engineering services company and Cyient’s largest acquisition to date, according to a company filing to the stock exchanges. Shares of Cyient fell nearly 3 per cent to Rs 891 a piece in intraday trading. Brokerages are bullish on the Cyient stock so far and see an upside of up to 34 per cent going forward. Read full story
NSE Nifty 50 has been on a wild journey so far this year rising from lows and then falling sharply again week in and week out. But there could be more pain ahead, according to global brokerage and research firm UBS AG. Analysts at UBS have reiterated their year-end target of 16,000 for the 50-stock index, predicting a nearly 7% downside from Friday’s closing levels. In a recent report, UBS said that they are cautious amid stretched valuations and upside inflation risk. Inflation has shot up sharply in recent months and is well above RBI’s tolerance band while the Nifty continues to trade at a PE ratio of 23X.
Bank Nifty was sitting with gains while headline indices were down in the red. Bank Nifty was above 36,100, rising 0.3%.
"The 17180-290 band kept a stranglehold on the bounce back attempts on Friday, and the distribution thereof played out in line with the rejection theme that has been on ever since turning lower from the 18000 vicinity. The approach to the 17000-16800 region may see a slowdown in bearish momentum today, but may not interest bargain hunters as much as it did on its visit last week. Alternatively, a pull back above 17030-80 after initial dip, could delay the downside prospects, but may not prevent a slippage to 16470-300 in the next few days or 15800 later," said Anand James - Chief Market Strategist at Geojit Financial Services.
Coming to the investment strategy, investors should have a balance in their portfolio with investments in cyclical and non-cyclical stocks. In terms of deployment, investors should not hurry and invest all at one go and instead should approach in a scattered manner either on a time basis or on some event timeline basis like some part to deploy only after first US Fed rate hike and another after second rate hike etc. to balance risks. Read full story
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India fell on Tuesday, as global rates hovered near a 2-week low. MCX gold was down by Rs 197 points or 0.4 per cent to Rs 52,064 per 10 grams. Silver June futures were ruling at Rs 65,717 per kg, down Rs 829 or 1.25 per cent. Globally, yellow metal prices edged lower near their lowest level in two weeks touched in the previous session as an elevated U.S. dollar continued to pressure demand for greenback-priced bullion. Read full story
Bank Nifty falls nearly half a per cent or 140.45 points to trade below 36000 levels
Hindustan Unilever (HUL), Tata Steel, Wipro top BSE Sensex draggers in morning deals.
ICICI Bank, Maruti Suzuki were the only two S&P BSE Sensex stocks trading in green despite weak market sentiment.
Cyient today announced that it has signed definitive agreements to acquire Citec, an international Plant and Product engineering services company serving customers across the energy, process, oil and gas, and manufacturing industries. This will be the largest outbound acquisition by an Indian engineering services company and Cyient’s largest acquisition to date. The acquisition transactions will be completed during the quarter. BSE filing
BSE Sensex tanked over 750 points to trade below 57000, while NSE Nifty 50 gave up the crucial 17000 levels, in line with SGX Nifty trends, amid weak global cues
BSE Sensex gave up 57000 levels, falling over 400 points, while NSE Nifty 50 was down 162 points in the pre-opening session
Petrol prices have been left unchanged for the 19th day running by oil marketing companies (OMC) on April 25. Prices have been steady for nearly three weeks now after OMCs hiked prices by Rs 10 per litre 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. Diesel in the city is priced at Rs 96.67. 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.