Share Market Highlights: Nifty50, Sensex rise for 4th session in row; Nestle India, Tata Consumer top blue-chip gainers
Share Market HIGHLIGHTS: Indian equity benchmarks Nifty 50 and Sensex rose for the fourth straight session in a row on Wednesday aided by FMCG and auto stocks. Catch minute-by-minute updates of all the action in the Indian share market, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and trade recommendations only on Zeebiz.coms blog.
Share Market HIGHLIGHTS: Indian equity benchmarks Nifty 50 and Sensex extended gains to the fourth session in a row on Wednesday supported by FMCG and auto stocks. Globally, investors grew nervous about the ongoing corporate earnings season amid fears of more of aggressive hikes in benchmark interest rates.
Catch minute-by-minute updates of all the action in the Indian share market on April 26, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and trade recommendations only on Zeebiz.com's blog:
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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.
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.
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.
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Gold Rate LIVE | Yellow metal inches lower, hovers around Rs 60,150 per 10 grams
MCX gold futures (June 5) move in a range of Rs 60,135-60,194 per 10 grams in the first few minutes of trade. On Tuesday, the contract settled at Rs 60,261 per 10 grams.
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.
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 | 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
Q4 Results Season Gathers Steam | Tata group firm Tata Consumer Products under pressure on Dalal Street
Tata Consumer Products shares decline by as much as Rs 10.5 or 1.4 per cent to Rs 734.5 apiece on NSE, a day after the Tata group company — whose popular brands include Tata Salt, Tetley, Tata Coffee, Tata Starbucks and Tata Sampann — reported its Q4 earnings.Bajaj Auto Q4 Results | What brokerages make of Dominar maker
Brokerage Rating Target price CLSA Revised to 'outperform' from 'buy' Revised to Rs 4,659 from Rs 4,474 JP Morgan Overweight Revised to Rs 5,150 from Rs 4,400 Morgan Stanley Overweight Revised to Rs 5,063 from Rs 4,486 Citi Sell Revised to Rs 4,000 from Rs 3,500 Jefferies Buy Revised to Rs 5,100 from Rs 4,800 Goldman Sachs Neutral Revised to Rs 4,500 from Rs 4,300 Q4 Results Impact | Bajaj Auto shares fall in early deals
Bajaj Auto (BAJAJ-AUTO) shares succumb to selling pressure within the first 30 minutes of trade, falling by as much as Rs 61.6 or 1.4 per cent to Rs 4,281 apiece on NSE.
After market hours on Tuesday, Bajaj Auto — India's largest two- and three-wheeler maker by sales whose popular models include Bajaj Pulsar, Bajaj Dominar and Bajaj Discover — reported a standalone net profit of Rs 1,432.9 crore for the January-March 2023 period, down 2.5 per cent compared with the corresponding period a year ago.
Read more on Bajaj Auto Q4 results
Nifty LIVE | Eicher Motors, HDFC Life, PowerGrid rise most among 27 gainers in 50-scrip basket
Nifty 50 top gainers
Stock CMP Change (%) EICHERMOT 3,261.1 1.3 HDFCLIFE 536.0 1.2 POWERGRID 235.4 1.1 LT 2,266.9 0.8 ADANIENT 1,860.0 0.8 Nifty 50 top losers
Stock CMP Change (%) HINDALCO 422.8 -1.6 JSWSTEEL 716.9 -1.1 ADANIPORTS 665.8 -0.9 UPL 709.0 -0.8 RELIANCE 2,359.8 -0.7 Share Market Today LIVE | Nifty 50, Sensex fall in early deals
Both headline indices drop as much as 0.3 per cent within the first few minutes of trade The Nifty 50 slides to as low as 17,711.2, shedding 58.1 points from its previous close, and the Sensex gives up 175.8 points to hit 59,954.9 on the downside.
Share Market Today LIVE | Nifty 50 down two pts at 17,767 in pre-opening session, Sensex down 43 pts at 60,088
How Anil Singhvi rates Mankind Pharma IPO
The IPO enters the second day of its bidding process today. Market wizard Anil Singhvi recommends investing in Mankind Pharma for the long term though he finds its valuation expensive.
"If a listing gain occurs, well and good, else focus on investing for the long term... It is a company worth keeping in your portfolio," he says.
Rupee vs Dollar LIVE | INR opens weaker at 81.99 against USD
The rupee begins the day at 81.99 against the greenback, a low of eight paise compared with its previous close.
Share Market Tips LIVE | Buy, sell or hold? Bajaj Auto, Tata Consumer, Mahindra CIE, Mphasis, GNFC, 15 other stocks in this edition of Traders' Diary
- Kushal Gupta recommends buying Anant Raj shares in the cash segment for a target of Rs 145 with a stop loss at Rs 138
- Ashish Chaturvedi suggests buying Equitas Bank shares in the spot market for a target of Rs 71.5 with a stop loss at Rs 68.85
Share Market Tips LIVE | Bajaj Finserv, Ashok Leyland, BSE, RITES, Torrent Pharma on top analysts' buy list in Pick of the Day
- Buy Bajaj Finserv for a target of Rs 1,416 with a stop loss at Rs 1,310: Rakesh Bansal
- Buy Ashok Leyland for targets of Rs 147 and Rs 153 with a stop loss at Rs 136: Vishvesh Chauhan
- Buy BSE for targets of Rs 515 and Rs 527 with a stop loss at Rs 482: Kunal Saraogi
- Buy Torrent Pharma near Rs 1,640 for targets of Rs 1,680 and Rs 1,700 with a stop loss at Rs 1,618: Sumeet Bagadia
- Buy RITES partially now, partially on corrections for a target of Rs 448: Ambareesh Baliga
Anil Singhvi's Market Strategy | Nifty buy zone at 17,550-17,625, Nifty Bank base at 42,375-42,500
Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 17,665-17,725 levels and a strong buy zone at 17,550-17,625 levels today.
For the Nifty Bank, he sees support emerging at 42,375-42,500 levels and a strong buy zone at 42,150-42,275 levels.
How Anil Singhvi views the Indian share market and what he recommends
Maruti Suzuki Q4 results today; PAT likely to have grown 52%, margin up by 180 bps
Maruti Suzuki India – India’s largest car manufacturer – is likely to report double-digit percentage growth in both top-line and bottom-line for Q4 on easing supply chain issues and rising volumes on account of product launches.
Q4 Results Season Gathers Steam | Maruti Suzuki, Bajaj Finance, SBI Life, HDFC Life to report earnings today
A number of blue-chip companies are scheduled to report their quarterly numbers today as the earnings season gains momentum. Some two dozen corporates will release their Q4 results reports during the course of the day.
Here's a list of some of the prominent names:
- Maruti Suzuki India
- Bajaj Finance
- SBI Life
- HDFC Life
- L&T Tech
- Syngene
- Voltas
- Indus Towers
- Can Fin Homes
- OFSS
- IIFL Finance
- KPIT Tech
- Poonawalla Fincorp
- Tanla
On Tuesday, Bajaj Auto, Tata Consumer, HDFC AMC, Nestle India, Rallis, Dalmia Bharat, AU Small Finance Bank, Mahindra CIE and Nippon Life were some of the firms that released their quarterly report cards.
Share Market Today LIVE | SGX Nifty futures drop, point to a negative start ahead on Dalal Street
Singapore Exchange (SGX) Nifty futures — an early indicator of the Nifty 50 index — are down 28 points or 0.2 per cent at 17,758.5, having fallen as much as 64.5 points to 17,722 earlier in the day.Good morning! Welcome to Zeebiz.com's blog on the stock market today
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