Share Market Highlights: Nifty50, Sensex rise for 4th session in row; Nestle India, Tata Consumer top blue-chip gainers

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Heatmap: Top Gainers and Losers

Market at close: Sensex, Nifty rise for 4th session in a row

MCX shares tumble nearly 8% after CTO resigns

Shares of Multi Commodity Exchange of India (MCX) tumbled nearly 8 per cent in the mid-session trade on Wednesday after its Chief Technology Officer Shashank Sathe resigned from the company.

The firm's scrip tanked 7.77 per cent to Rs 1,372.10 per share on the NSE.

In a regulatory filing on Tuesday, MCX said that Shashank Sathe has tendered his resignation from the post of Chief Technology Officer (CTO) of the company on account of personal reasons and for better prospects.

In the interim, Dr N Rajendran, Chief Digital Officer of the company has been advised to look after the portfolio of the CTO, the commodity exchange added.

Mankind Pharma IPO subscribed almost 50%

The initial public offer of Mankind Pharma — India's fourth-largest pharma company by domestic sales — has been subscribed 49 per cent so far on the second day of the offer at around 02:40 PM.

The initial share sale opened for subscription on Tuesday, April 25 and it will close on April 27, 2023.

The Mankind Pharma IPO received bids for 1.37 crore equity shares as against the 2.8 crore shares on offer, according to data available on the stock exchange BSE.

The issue saw a subscription of 14 per cent on the first day of the offer.

AU SFB Q4 numbers failed to cheer Street

Shares of AU Small Finance Bank declined as much as 4 per cent during Wednesday’s trade after the company's March quarter results failed to cheer investors.

The stock declined 4.04 per cent to Rs 633.50 per piece on the NSE. On the BSE, it plunged 4 per cent to Rs 633.60 apiece.

On Tuesday, AU Small Finance Bank reported its highest ever quarterly profit of Rs 425 crore in the March quarter, up 23 per cent year-on-year.

KPIT Tech shares zoom after Q4 earnings

KPIT Technologies’ shares zoomed as much as 7 per cent to touch the day’s high of Rs 910.00 per share after the mid-cap IT services company reported around 11 per cent year-on-year rise in profit and revenue each for the March quarter earnings.

The net profit of KPIT Tech stood at Rs 111.6 crore in the fourth quarter of the financial year 2022-23 as compared to Rs 100.4 crore in the previous quarter of the same fiscal. While the company’s revenue was at Rs 1,020 crore in the March quarter as against Rs 919 crore in the December quarter of FY23.

Nifty Auto among top NSE sectoral indices ahead of Maruti Q4 results

Stocks such as Samvardhan Motherson, Eicher Motors, TVS Motor and Tata Motors are up around 1-2 per cent in the basket. Maruti Suzuki, which is expected to report stellar growth, is tepid ahead of its March quarter earnings later today.

IPCA Labs hit 3-year low

IPCA Laboratories’ share price touched hit a three-year low at Rs 687 per share, as it extended decline on the second straight session on Wednesday after the company announced an acquisition of 33.38 per cent stake in Unichem Laboratories for Rs 1,034 crore.

The stock slumped around 16 per cent in the last two trading sessions as the Street seemed unhappy with the stake buy announcement in Unichem Labs. The stock has been trading at its lowest level since April 2020.

Nestle India shares gain

Nestle India's share price jumped more than a per cent to Rs 20,880 per share on the BSE during Wednesday’s session after most of the brokerages raised the target price on stock amid better-than-estimated March quarter earnings.

FMCG major on Tuesday reported an increase of 24.69 per cent in its net profit at Rs 736.64 crore for the first quarter, helped by robust volume growth and pricing.

The company, which follows the January-December financial year, had posted a net profit of Rs 590.77 crore in the same period a year ago, Nestle India said in a regulatory filing.

Mankind Pharma IPO – Should you subscribe?

In his recommendation, Zee Business Managing Editor Anil Singhvi suggests investors to look at buying Mankind Pharma shares from a long-term perspective as he finds the valuation demanded by the drugmaker for its initial share sale is a bit expensive.

Mankind Pharma IPO has been subscribed by 21 per cent so far on the second day of the offer at around 12:20 PM. It received bids for 60.1 lakh equity shares as against the 2.8 crore shares on offer, according to data available on the stock exchange.

Check key triggers

#IPOAlert : Mankind Pharma का IPO - पहले दिन 15% भरा, कल बंद होगा

- प्राइस बैंड : ₹1026-1080/शेयर

- लॉट साइज: 13 शेयर

- न्यूनतम निवेश: ₹14040#MankindPharmaIPO #MankindPharma #IPO pic.twitter.com/GrI86dbqNg

— Zee Business (@ZeeBusiness) April 26, 2023

Gold Rate Today | Yellow metal futures hover in Rs 60,100-60,200/10 grams zone

MCX gold futures are down by Rs 67 or 0.1 per cent at Rs 60,194 per 10 grams, having dropped by as much as Rs 159 or 0.3 per cent to Rs 60,102 per 10 grams earlier in the day. 

Image: MCX

Share Market Tips LIVE | Buy Nifty 17,800, Nifty Bank 42,700 call options (May 4), says Tina Gadodia 

Tina Gadodia of Quantsapp Advisory shares two index derivative recommendations: 

Buy the 17,800 Nifty 50 call option at Rs 105 for a target of Rs 160 with a stop loss at Rs 75 

Buy the 42,700 Nifty Bank call option at Rs 350 for a target of Rs 600 with a stop loss at Rs 250

Both the calls are for the May 4 expiry. 

Share Market Tips LIVE | Time to sell Coal India futures, says Sumeet Bagadia   

In conversation with Zee Business Managing Editor Anil Singhvi, Sumeet Bagadia of Choice Broking suggests selling Coal India (COALINDIA) shares for targets of Rs 225 and then Rs 221 over with a perspective of 2-3 days with a stop loss at Rs 233. 

He believes selling pressure in the CIL stock at higher levels can be used to go short for a downside of Rs 5-8. 

Share Market Tips LIVE | Avinash Gorakssakar shares Anant Raj, Dhampur Bio as short-term midcap picks  

Avinash Gorakssakar of Profitmart Securities has two recommendations:

• Buy Anant Raj shares for targets of Rs 175 and Rs 180 with a perspective of 3-6 months 
• Buy Dhampur Bio Organics shares for a 1-3-month target of Rs 190-195