Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 erased all the opening gains and ended nearly 1 per cent down on Friday. BSE Sensex tanked 0.8 per cent or 460 points to settle at 57,060.87, while NSE Nifty 50 index lost 142 points or 0.83 per cent to finish trade at 17,102. Axis Bank was the top Sensex drag, tumbling 6.4 per cent. It was followed by Wipro, Maruti Suzuki, Power Grid Corporation of India, State Bank of India (SBI), Titan Company. On the flip side, Kotak Mahindra Bank, Sun Pharma, HDFC Bank, Tata Steel, Housing Development Finance Corporation (HDFC), HUL were top index gainers. Sectorally, Bank Nifty fell nearly 1 per cent to close at 36,088.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
BSE Sensex tanked 0.8 per cent or 460 points to settle at 57,060.87, while NSE Nifty 50 index lost 142 points or 0.83 per cent to finish trade at 17,102
-Maruti Suzuki Q4 net profit was up 57.7% at Rs 1,838.9 crore vs Rs 1,166 crore, YoY. Maruti Suzuki India was quoting at Rs 7,911.40, up Rs 23.45, or 0.30%.
-Company’s revenue was up 11.3% at Rs 26,270 crore against Rs 24,024 crore, YoY.
-Earnings before interest, tax, depreciation and amortization (EBITDA) was up 21.9% at Rs 2,427 crore versus Rs 1,991 crore and margin was at 9.1% versus 8.3%, YoY.
Benchmark indices erases all the intraday gains and were trading lower dragged by oil & gas and capital goods stocks. The Sensex was down 258.48 points or 0.45% at 57262.58, and the Nifty was down 77.90 points or 0.45% at 17167.10.
Campus Activewear IPO, which got 51.75 times subscription, is likely to finalise share allotment on 4 May, Wednesday. The sports and athleisure footwear company on listing will join other listed footwear peers such as Bata India, Relaxo Footwears, Khadim India, Liberty Shoes, Metro Brands and Mirza International. Campus Activewear IPO is likely to list on stock exchanges on 9 May 2022, according to RHP. Read full story
SBI Life Insurance share price fell nearly 4.5 per cent to Rs 1066.60 apiece in intraday trade on Friday. The insurer reported a 26 per cent jump in profit to Rs 672.15 crore in the fourth quarter of FY 2022, while the annual premium equivalent (APE) growth moderated. The life insurance company reported 4 per cent growth in APE in Q4, down from 30 per cent in the third quarter and 36 per cent in the first nine months of FY 2022. Read full story
Varun Beverages share price surged 9% to hit a new high of Rs 1,152.75 apiece on the BSE in Friday’s intra-day trade after the company board recommended bonus shares in the proportion of 1:2 i.e. 1 equity share for every 2 equity share held by the shareholders of the company as on the record date. For the January-March quarter, VBL posted robust 26.2% on-year sales growth. The company’s profit after tax (PAT) nearly doubled or advanced 98.2% on-year to Rs 271 crore from Rs 137 crore driven by improvement in margins, reduction in finance cost and higher profitability from our international operations. Read full story
The outlook is bullish for next week as India may experience a pick-up in retail demand ahead of Akshaya Tritiya. In the week gone by, gold has fallen by more than 1% hence rebound is also very much on the table. We expect MCX Gold June to rise to Rs. 52,200 per 10 gram in the week. Read full story
As of now, we expect it to happen in the northward direction where 17400 – 17450 are the levels to watch out for. The moment we surpass this, we could see a lot of individual stocks participating in the next leg of the rally. For Bank Nifty, the levels to watch out for would be 36700 – 37000 on the higher side and the sacrosanct support zone is placed at 36000 – 35500. Read full story
The much-awaited Life Insurance Corporation of India (LIC) IPO (initial public offering) is set to open next week. Even as LIC issue size is trimmed down to 3.5% of equity, from 5% planned earlier; it will still be the largest ever to hit Dalal Street. The insurance company is valued at just over Rs 6 lakh crore. Sandip Sabharwal, investment advisor, in an interview with Surbhi Jain of Financial Express Online, said that LIC IPO looks reasonably valued in the context of its size and dominance of the insurance market. Read full interview
A record number of IPOs hit the Indian stock market last year, and LIC's impressive debut is anticipated to add to the record-breaking excitement of the IPO trend in India. This initial public offering will boost not only the Indian financial industry but also the country's economic growth. The LIC has the largest market share in the insurance sector. Its IPO is expected to increase equity participation rates by creating long-term value in the equity markets, resulting in the opening of more demat accounts. Puneet Maheshwari, Director, Upstox
Shares of Varun Beverages (VBL) hit a new high of Rs 1,152.75 after they rallied 9% on the BSE in intra-day trade after the board recommended bonus shares in the proportion of 1:2 i.e. 1 equity share for every 2 equity share held by the shareholders of the company as on the record date. For January-March quarter, VBL posted robust 26.2% on-year sales growth, supported by strong 19% on-year volume growth across geographies, and 6% higher realization.
Shares of Chennai Petroleum Corporation Limited (CPCL) hit a 52-week high of Rs 279.55, up 10 per cent on the NSE in intra-day trade, thus surging as much as 16% in the past two trading days on strong March quarter results. On Thursday, April 28, 2022, investor Dolly Khanna bought 10 lakh equity shares representing 0.67% stake of CPCL worth of Rs 26.31 crore through open market purchase on the NSE. Dolly Khanna purchased shares at price of Rs 263.15, the bulk deal data shows. The name of the seller was not ascertained immediately.
BSE Auto index rose 0.5 per cent supported by the Escorts, M&M, Bosch
Axis Bank share price plunged around 5% on Friday to hit a low of Rs 739 on BSE. The share price decline comes a day after the lender company posted quarterly earnings. Axis Bank, one of the largest private sector lenders in India, reported a massive 54% on-year growth in standalone profit for the quarter ended March, largely driven by significant fall in provisions and improved asset quality. The bank’s Net interest income grew by 16.7% on-year to Rs 8,819 crore with credit growth of 15% and deposits growth of 19%. So far this year, Axis Bank stock has rallied over 6%, and brokerages see further upside of up to 34% going forward. Brokerage firm Goldman Sachs has maintained a buy rating on Axis Bank shares with a price target of Rs 883 apiece.
SBI Life Insurance Company share price fell over 4 per cent after company came out with Q4FY22 earnings. The company on April 28 reported a 26 per cent rise in net profit at Rs 672.15 crore for the fourth quarter ended March. The private sector insurer's profit stood at Rs 532.38 crore in the same quarter of the previous fiscal. However, total income rose marginally by 2.5 per cent to Rs 21,427.88 crore in the quarter under review from Rs 20,896.70 crore in January-March 2021 period.
Varroc Engineering share price touched a 52-week high of Rs 494.60 and locked in 20 per cent upper circuit on April 29 after the company decided to divest its four-wheeler lighting business in Americas and Europe for 600 million euros. There were pending buy orders of 325,879 shares, with no sellers available.
Banking is staging a strong rebound with good credit growth and improving asset quality. IT, particularly mid-cap IT, continues to do well even though some large IT firms are mildly disappointed. Banking stocks have not yet responded to the good results due to relentless selling by FPIs. IT after the recent correction is fairly valued. Since RIL is the leader of the current rally and Q4 results are expected to be very good, aided by the petrochem business and high refining margins, RIL can impart resilience to the market in the near term. The Fed policy outcome on May 5th will set the tone for the short-term trend of the market. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Nifty Bank gained 0.44 per cent on the back of positive market momentum
Axis Bank, Wipro, ITC, Maruti Suzuki, Tech Mahindra were among top index draggers
Tesla CEO Elon Musk has sold Tesla shares worth $4 billion, according to US Securities and Exchange filings Thursday, days after the billionaire sealed the deal with Twitter to buy the social media giant. In a tweet, Musk said “No further TSLA sales planned after today.”
Sun Pharma, Tata Steel, Dr Reddy's, IndusInd Bank, M&M, Kotak Mahindra Bank were among top BSE Sensex gainers
Tesla CEO Elon Musk sold stock worth $4 billion earlier this week, filings with the US Securities and Exchange Commission shows, according to US media. Musk, carried out the sale, through his trust on on Tuesday and Wednesday. On Twitter, he responded to a tweet on Tesla share sale saying “No further TSLA sales planned after today.”
Rainbow Children’s Medicare got 55 per cent subscription on the second day, getting bids for 1.12 crore shares against offer size of 2.05 crore shares. The issue will close today, April 29.
In overnight trade on Wall Street, the Dow Jones Industrial Average rose 1.85%, S&P 500 climbed 2.47%, and the Nasdaq gained 3.06%.
Asian stock markets were seen trading higher in early trade on Friday, following overnight gains on Wall Street. South Korea’s Kospi gained nearly 1% while the S&P/ASX 200 in Australia advanced 0.81%.
Nifty futures were trading 65 points or 0.4 per cent up at 17,308 on Singaporean Exchange, indicating that NSE Nifty 50 may also start above 17300 levels.
Reliance Industries (RIL): The Delhi High Court judge hearing half-a-dozen cases in the Amazon-Future Group dispute on Thursday asked why RIL could not be made a party to Amazon’s petition accusing Future Retail of alienating its retail assets in favour of Reliance.
Axis Bank: Axis Bank on Thursday reported a 54% on-year rise in net profit at Rs 4,118 crore compared with Rs 2,677 crore in the same quarter last year, driven by significant fall in provisions and improved asset quality performance for the quarter ended March 2022.
Vedanta: Mining major Vedanta reported consolidated net profit or the quarter ended March at Rs 5,799 crore, down 9.84% from Rs 6,432 crore in the same quarter last year.
