Share Market HIGHLIGHTS: Nifty, Sensex end with minor cuts as L&T, RIL, ITC drag indices; HUL, Asian Paints, ICICI fight for bulls

That's all from our coverage of the stock markets today. Stay tuned on ZeeBiz.com for more stories.

Closing Bell: Nifty, Sensex end with minor cuts as L&T, RIL, ITC drag indices; HUL, Asian Paints, ICICI fight for bulls

Indian shares ended Thursday's trade with minor gains with the benchmark 30-share BSE Sensex settling 35 points lower at 61,904. The broader 50-share NSE Nifty50 also ended the trade with just 8.5 points gain at 18,306. Among stocks, Asian Paints, HUL, NTPC were top gainers on Sensex, while L&T, ITC, Bharti Airtel were top laggards. Larsen and Toubro shares ended more than 5 per cent lower, while Asian Paints jumped more than 3 per cent on stellar March quarter results.

Relaxo Footwears registers a 9.6% growth in revenue; shares rise over 3% 

Relaxo Footwears share price: Shares of Relaxo Footwears jumped over 3 per cent on NSE on May 10 after the company reported a 9.6 per cent rise in revenue from operations to Rs 765 crore for the quarter that ended March 2023. At the time of writing this report, Relaxo Footwears scrip traded over 3 per cent higher on NSE at Rs 897 apiece, and on BSE, the stock quoted at Rs 895.8 apiece.

Gujarat Gas shares up 4% post-March quarter nos; here's what analysts say 

Gujarat Gas share price: Shares of Gujarat Gas added over 4 per cent on NSE on May 11, a day after the company released its March quarter (Q4FY23) numbers. The company reported a 9 per cent quarter-on-quarter (QoQ) rise in revenue to Rs 4,074 crore for the January-March period. It reported a standalone profit of Rs 369 crore in Q4FY23 as compared to Rs 371 crore in the previous quarter but was better than the estimate of Rs 260 crore. Total expenses stood at Rs 3,628.97 crore.

Asian Paints Q4 Results: Profit grows 44% YoY to Rs 1,258 crore, beats analysts' estimates

Asian Paints on Thursday, May 11, 2023, reported stellar earnings for the January-March quarter of fiscal 2022-23 (Q4FY23) as both top and bottom lines grew in double-digit year-on-year during the quarter under review. The paint major’s net profit grew 44 per cent year-on-year to Rs 1,258.4 crore during the period as compared to Rs 874 crore registered in the same quarter a year ago, according to the regulatory filing. READ MORE

Asain Paints shares rise on better-than-estimated Q4 earnings

Asian Paints shares, which were mainly flat ahead of results, have jumped around 1.5 per cent to Rs 3086 per share on the BSE after the company announced better-than-estimated earnings for the March quarter of the previous fiscal.

Asian Paints' net profit grew 44 per cent year-on-year to Rs 1,258.4 crore in the quarter ended on March 31, 2023, as compared to Rs 874 crore in the same quarter a year ago, according to the regulatory filing. Read More

Top broader market gainers today

FMCG Gianers

• Parag Milk +5%
• ADF Foods +3.10%
• Tasty Bite +2.30%
• Godrej Cons +2%

Oil & Gas Gainers

• Gujarat Gas +5.40%
• GSPL +3.50%
• HOEC +2.40%
• MRPL +2%

Pharma Gainers

• Sanofi India +8.10%
• Novartis India +7%
• Orchid Pharma +5%
• IOL Chemical +4%

Railways Gainers

• Ircon Intl +6.40%
• RVNL +4.30%
• Texmaco Rail +2.10%
• Titagarh Wagons +2%

Telecom Gainers

• Vodafone Idea +6%
• ITI Ltd +4%
• MTNL +2.40%
• Universal Cab +1.20%

Nifty50 Technical Outlook

The Nifty50 Index has been continuing its upward momentum from April, surpassing the significant resistance level of 18200.

At the moment, the key resistance level is at 18440, which represents a 78.6% retracement of the previous decline from 18888 to 16828.

It's possible that we may see some profit taking around this level, but if the Nifty manages to break above it, there could be further gains towards the 18630-18690 range.

On the downside, the immediate support level is at the 9-day moving average (DMA) of 18200, followed by the 20-DMA at 18000, and a cluster of 100 and 200-DMA at 17800.

       - Santosh Meena, Head of Research, Swastika Investmart Ltd.

Bank, Financial, Auto shares gain

The Indian markets hours before the session end on Thursday were flat mainly dragged by pharma and healthcare stocks, led by Dr Reddy’s and other key counters.

On the contrary, the Nifty index was supported by Banking, Financial, and Auto indices which were up between 0.4-0.5 per cent on the NSE today.

Gujarat Gas shares rise

Gujarat Gas shares gained 6 per cent to Rs 492.55 on the BSE intraday during Thursday’s session a day after the company reported a smart recovery in its total gas sales volume in the March quarter.

According to the company’s regulatory filing, Gujarat Gas sold 8.86 mmscmd (million metric standard cubic meters per day) of volume as compared to 7.29 mmscmd registered in the preceding quarter, an increase of 22 per cent.

Asian Paints shares in green ahead of Q4 results

Shares of Asian Paints were in the green ahead of the company’s earnings for the March quarter of the last fiscal. The stock surged more than 0.5 per cent to Rs 3,061 per share at around 01:00 PM on the BSE intraday on Thursday.

According to Zee Business Research, the company is expected to report a 12 per cent year-on-year (YoY) rise in consolidated revenue at Rs 8,810 crore against Rs 7,893 crore registered in the year-ago period. Read More

Eicher shares flat ahead of Q4 earnings today

Shares of Eicher Motors — the parent company of Royal Enfield — were flat with a negative bias ahead of the auto company’s March quarter earnings for the previous fiscal. The stock quoted at Rs 3,400.05 per share, down Rs 15.45 or 0.45 per cent on the BSE intraday on Thursday.

According to Zee Business research, Eicher Motors is likely to report a 13.5 per cent increase in consolidated revenue to Rs 3,700 crore compared with the corresponding period a year ago. Read More

Top volume buzzers today

Stock to buy: MAS Financial

In a conversation with Zee Business Managing Editor Anil Singhvi, TradeSwift Director Sandeep Jain was upbeat on Mas Financial shares and gives a ‘buy’ rating on the stock with a target of Rs 830 per share as it being a fundamentally strong and quality company.

MAS Financial shares were up nearly 1 per cent to Rs 732.75 apiece on the BSE. The stock on Thursday hit the day’s high of Rs 749.5 per share, after opening near flatline at Rs 729 a share.

जैन सा'ब के GEMS ...

आज MAS Financial को क्यों चुना संदीप जैन ने?

संदीप जैन से जानिए कंपनी के फंडामेंटल्स, तेजी के ट्रिगर्स और टार्गेट...@SandeepKrJainTS @AnilSinghvi_ #StocksToBuy #StockMarket pic.twitter.com/xS1QJY6TBf

— Zee Business (@ZeeBusiness) May 11, 2023

Major buzzing stocks today

Stocks such as Ratnamani Metals, Sanofi India, Ircon International, Quess Corp, and Gujarat Gas among others are gaining up to 8.5 per cent in an otherwise flat market on Thursday, May 11, 2023. These counters are buzzing mainly on the back of Q4 earnings and corporate actions.