Share Market HIGHLIGHTS: Sensex ends 363 pts higher to reclaim 74,000; Nifty tops 22,450 led by financial, metal stocks
Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty 50 and Sensex started the new financial year on a positive note on Monday, April 1, amid buying interest in financial, metal and IT stocks. Both headline gauges finished higher for the third session in a row, after touching their respective all-time highs in intraday trade on the back of positive signals from global markets and strong institutional flows.
Catch all the highlights of the April 1 session on Dalal Street, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stock recommendations, and much more only on Zeebiz.com's blog:
Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty 50 and Sensex started the new financial year on a positive note on Monday, April 1, amid buying interest in financial, metal and IT stocks. Both headline gauges finished higher for the third session in a row, after touching their respective all-time highs in intraday trade on the back of positive signals from global markets and strong institutional flows.
Catch all the highlights of the April 1 session on Dalal Street, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stock recommendations, and much more only on Zeebiz.com's blog:
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Share Market Today: JSW Steel, Tata Steel, Divi's, Shriram Finance rise most among 31 Nifty50 gainers; Eicher Motors, Titan, Nestle India, LTIM top losers
Top Nifty gainers
| Stock | April 1 close | Change (%) |
| JSWSTEEL | 870.55 | 4.86 |
| TATASTEEL | 162.8 | 4.46 |
| DIVISLAB | 3,588.05 | 4.14 |
| SHRIRAMFIN | 2,437.00 | 3.27 |
| ADANIPORTS | 1,378.00 | 2.69 |
| ULTRACEMCO | 9,956.05 | 2.12 |
| LT | 3,840.20 | 2.03 |
| NTPC | 342.6 | 2.03 |
| APOLLOHOSP | 6,480.00 | 1.94 |
| COALINDIA | 442 | 1.82 |
Top Nifty losers
| Stock | April 1 close | Change (%) |
| EICHERMOT | 3,952.40 | -1.66 |
| TITAN | 3,745.95 | -1.47 |
| NESTLEIND | 2,589.45 | -1.25 |
| LTIM | 4,889.80 | -0.98 |
| TATACONSUM | 1,087.70 | -0.78 |
| BAJAJ-AUTO | 9,082.00 | -0.72 |
| BHARTIARTL | 1,220.00 | -0.7 |
| HEROMOTOCO | 4,690.00 | -0.68 |
| INDUSINDBK | 1,542.95 | -0.65 |
| SBILIFE | 1,491.50 | -0.58 |
Currency Market Update: Rupee ends flat at 83.40 vs dollar
The rupee ends at 83.40 against the US currency, unchanged from its previous close.
Share Market Today: Sensex rises 363 pts to reclaim 74,000 mark; Nifty tops 22,450 led by financial, metal shares
Share Market Today LIVE: Buy Nifty 22,400 call option at Rs 156, says Jay A Thakkar
Jay A Thakkar of ICICI Securities suggests buying the 22,400 call option of Nifty50 (April 4) at Rs 156 or targets of Rs 208 and Rs 228 with a stop loss at Rs 113.
Share Market Today LIVE: Buy Welspun Corp shares, says Siddharth Sedani
Siddharth Sedani of Anand Rathi Securities suggests buying Welspun Corp shares for targets of Rs 575 and Rs 740, indicating an upside of 11-43 per cent.
Share Market Today LIVE | HDFC Bank, L&T, Tata Steel among top blue-chip gainers in Nifty50 basket
Source: NSE
Share Market Today LIVE | HDFC Bank shares gain on proposal to divest entire stake in HDFC Education and Development Services
Shares of the country’s leading private sector lender HDFC Bank trade over one per cent higher at Rs 1,464.65 on NSE. The gains in the stock are spurred after the bank informed about the execution of a binding term sheet for the sale of 100 per cent equity held by the lender in HDFC Education and Development Services Private Limited.
Last year, the banking regulator RBI allowed HDFC Bank to continue to hold the stake of erstwhile HDFC in HDFC Education and Development Services for a period of two years from the date of merger of HDFC’s wholly owned subsidiaries with itself and HDFC Bank’s merger with HDFC. Read more
Share Market Today LIVE | Jefferies retains 'underperform' on GAIL, target implies 17% downside; should investors worry?
GAIL shares continue to enjoy mild gains on Monday even as foreign brokerage Jefferies retained an 'underperform' rating on the state-run natural gas giant while maintaining its target price for the stock at Rs 150 per share. The PSU stock, already up more than 10 per cent so far in 2024, gains nearly two per cent to Rs 184.5 apiece on NSE.
The target of Rs 150 by Jefferies implies a downside of more than 17 per cent in the stock from its current levels.
According to the brokerage, the unified natural gas tariffs notified by the Petroleum and Natural Gas Regulatory Board (PNGRB) remain unchanged, and the new tariff including the newly commissioned pipelines will be notified effective June.
The risk-reward is unfavourable for the GAIL stock, according to Jefferies. Read more on GAIL share price target
Share Market Today LIVE | Nifty Bank trades over 400 pts higher in afternoon trade
Source: NSE
Share Market Today LIVE | April Fool ya Munafa Vasool: A look at the buzzing stocks of FY24
In a fun segment on Zee Business, 'April Fool ya Munafa Vasool', the research team analysed stocks that either helped investors create wealth or made them "April Fool" in FY24. Zee Business will give out one such stock throughout the April 1 trading session.
Tata Motors
The first stock that they chose was Tata Motors, which was Munafa Vasool, or wealth creator. As per the research desk, the stock has given investors yields of around 2.5 times in FY24 on the back of strong results presented in all three quarters of FY24, and for Q4 FY24 as well, analysts peg strong results.
Further, with Jaguar Land Rover (JLR) being ready to have net cash by FY25 and two major announcements of the demerger of CV and PV businesses and the delisting of Tata Motors DVR shares, Tata Motors is on top of its game. Read more
Share Market Today LIVE | Infosys shares gain as IT firm expects to receive Rs 6,329 crore tax refund from IT department—check out target price
Shares of Infosys, the country’s second-largest IT company, are on investors' radar on Monday, April 1, after the IT firm informed the exchanges that it expects a refund of Rs 6,329 crore from the Income Tax Department.
Extending the gains for the second day, the stock trades 0.75 per cent higher at Rs 1,509.35 on the NSE.
On Saturday, the Bengaluru-headquartered IT company informed the stock exchanges about tax demand to the tune of Rs 2,763 crore, citing various assessment orders. Infosys said it has received orders from the Income Tax Department for assessment years 07-08 to 15-16, 17-18, and 18-19 during the quarter. Read more
Share Market Today LIVE | What lies ahead for IT stocks? Here's what Morgan Stanley says
Following Dublin-based multinational IT services company Accenture's results, Morgan Stanley has moderated its growth estimates for the India IT services sector and lowered its earnings per share (EPS). A better macro setup and improved commentary from hyperscalers and investor positioning keep the global brokerage firm neutral to positive on the IT space. "Rebound hopes in H2 should keep multiples afloat," Morgan Stanley said in its note.
HCL Tech share price target
The brokerage has upgraded the Noida-headquartered IT company to an overweight call from an equal-weight rating. The brokerage has cut the target on the IT major to Rs 1,730 from Rs 1,750.
TCS share price target
The brokerage has maintained an overweight rating on TCS; however, it has cut the target by Rs 250 to Rs 4,350 on the Tata Group IT major stock.
Infosys share price target
The brokerage has retained an overweight rating on Infosys, the country’s second-largest IT company. However, it has cut the target to Rs 1,750 from Rs 1,820 earlier.
According to the brokerage, Infosys' Q4 results, which are due on April 18, and FY25 revenue guidance will be a key catalyst for the stock. The analyst at the brokerage expects 3-6 per cent CC revenue growth guidance in the base case.
"Base case growth hinges on strong deal wins in FY24, with a potential bounceback in H2, implying better conversion of deal wins into revenue," the brokerage added.
Tech Mahindra share price target
Morgan Stanley has maintained an underweight call on the Mahindra Group company with a reduced target of Rs 1,190 from Rs 1,220 earlier. Read more
RBI @ 90 | Central bank has evolved with functions spanning multiple dimensions today, says Governor Shaktikanta Das
As the Reserve Bank of India (RBI) enters its 90th year of commercial operations on Monday, April 1, 2024, Governor Shaktikanta Das says the evolution of the central bank as an institution has been closely intertwined with the development of the economy.
"From being a central bank primarily concerned with the allocation of scarce resources during the planning period, the RBI has transitioned into being an enabler for the market and the economy," the RBI chief says in his keynote address at a special ceremony organised in Mumbai to commemorate 90 years of the central bank. Read more
Auto Sales March 2024 LIVE Updates | Maruti Suzuki expected to register 10.5% rise in total sales; here's what to expect from other auto makers
According to Zee Business research, Maruti Suzuki India, the country's largest carmaker, is estimated to register total sales of 1,88,000 in March 2024, which indicates a year-on-year increase of 10.5 per cent. Auto makers are slated to report their sales data for the month gone by starting from April 1, 2024. Read more on Auto Sales March 2024