Share Market HIGHLIGHTS: Sensex ends 351 pts higher, Nifty climbs to 22,515 led by financial, IT stocks
Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty 50 and Sensex rose on Thursday amid buying interest in financial, IT and auto stocks though selling pressure in energy counters limited the upside. Both gauges registered fresh all-time highs during the session. Catch all the highlights of the April 4 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.coms blog.
Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty 50 and Sensex rose on Thursday amid mixed signals from global markets. While buying interest in IT, financial and auto stocks pushed the headline indices higher, selling pressure in energy scrips limited the upside. Analysts awaited the outcome of the RBI Governor-led Monetary Policy Committee's first bi-monthly review of the financial year due on Friday for domestic cues.
Catch all the highlights of the April 4 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: Sensex ends 351 pts higher, Nifty at 22,515 led by financial, IT stocks
Vedanta's aluminium output increases 4% to 5,98,000 tonnes in Q4FY24
On Thursday, April 4, Vedanta Ltd said its total aluminum production rose per cent to 5,98,000 tonnes in the fourth quarter of financial year 2024 as compared with last year's 5,74,000 tonnes during the same quarter, according to a stock market disclosure.
Vedanta's alumina production at its Lanjigarh refinery facility in Odisha jumped 18 per cent to 4,48,000 tonnes due to improved operational efficiency, the company informed in a BSE filing.
Tata Steel, Vedanta, JSW Steel, Hindustan Zinc: How metal stocks are faring after US metal index rises
Metals stocks such as Tata Steel, JSW Steel, Hindalco, Vedanta Ltd, and Hindustan Zinc gained while SAIL fared poorly on BSE on Thursday (April 4, 2024) a day after the US metal index jumped by 1.60 per cent.
The US index has been performing well for around a week as it has soared by six per cent in the last five days.
Suryoday Small Finance Bank reports healthy growth in Q4 update; stock zooms over 13%
Shares of Suryoday Small Finance Bank surged over 13 per cent in the morning deals on Thursday (April 4), rallying for the fourth consecutive session. The stock drew buying interest a day after the company released its Q4 business update.
As of 11:01 a.m., shares of Suryoday Small Finance Bank traded 10.52 per cent or Rs 17.65 higher, at Rs 185.4 apiece on the BSE. The market capitalisation of the company at around the same time stood at Rs 1,961.39 crore.
Bharti Hexacom IPO subscribed 44% so far on Day 2; check out the price band, lot size
Bharti Airtel subsidiary Bharti Hexacom's initial public offering (IPO) opened for subscription on Wednesday, April 3, making it the first public offer of the new financial year. Bharti Hexacom IPO will be available for subscription for three trading days, till April 5.
The initial share sale, worth an estimated Rs 4,275 crore, comprises an offer for sale (OFS) of 7.5 crore equity shares, representing a 15 per cent stake owned by Telecommunications Consultants India.
Strong fundamentals, attractive valuation, rural focus: Analysts remain upbeat about this midcap FMCG stock
The stock of Mumbai-headquartered Jyothy Labs, which manufactures a string of products related to areas such as fabric care, dishwashing and personal care, has more than doubled investors’ money in a year in a stunning outperformance to the Nifty50 and Nifty FMCG indices, rising from Rs 191-odd levels all the way to Rs 448 as of April 2, 2024. That’s a return of 134.6 per cent, or 2.3 times. Yet, many analysts remain positive on the stock from a long-term perspective, citing the company’s growth potential owing to its recent initiatives and attractive valuations relative to its peers.
RBI MPC Meeting | RBI likely keep repo rate unchanged, says Shraddha Umarji
Ahead of the outcome of the Reserve Bank of India’s bi-monthly monetary policy committee (MPC) meeting for the new FY25 which started on April 3, Shraddha Umarji, Economist Institutional Research at Prabhudas Lilladher says," “Reserve Bank of India will likely keep the repo rate unchanged at 6.5 per cent. Stance will also be unchanged for better transmission of the delivered rate hikes (of 250 bps so far)."
"Right now, food inflation is high so the biggest risk going ahead is monsoon. IMD has forecast a normal monsoon for the year, so timely kharif sowing can bring down food inflation. Till then, RBI is unlikely to cut interest rates." he adds.
"The central bank will also take cues from what Fed and ECB are doing regarding rates. So it is unlikely that rate cuts will happen before October. However, RBI could change its stance to 'neutral' in June or August. Meanwhile, GDP growth for FY25 might be revised upwards to 7.3-7.4% from 7% earlier as all macroeconomic data has been robust,” he further says.
Stock Market Today LIVE | Dividend, stock split, bonus stocks news: Varun Beverages, Sundaram-Clayton, Cupid Ltd. shares trade ex-date today
A few companies—Varun Beverages, Sundaram-Clayton, and Cupid Ltd.— turned ex-date today, April 4.
Auto parts maker Sundaram-Clayton has announced an interim dividend of Rs 5.15 per equity share. Sundaram-Clayton's board approved the payout of 2,02,32,104 equity shares with a face value of Rs 5 each, amounting to Rs 10.4 crore.
Share Market Today LIVE | Record run continues; yellow metal April futures breach Rs 70,000 mark
Gold futures extended their rally on April 4, Thursday, after recording a new high in the previous session. Silver futures, too, recorded a new high on the MCX. This surge can be attributed to a combination of factors, including escalating tensions in the Middle East, anticipation of interest rate cuts in the US, and persistent inflation, all of which have heightened the appeal of gold.
Last seen, MCX gold futures (Jun 5) traded Rs 221, or 0.32 per cent, higher at Rs 69,999 per 10 gram at the last count. Meanwhile, MCX gold futures (April 5), which expire tomorrow, surpassed the Rs 70,000 level for the first time. Additionally, MCX Silver futures (May 3) were up Rs 186, or 0.24 per cent, at Rs 79,197 per kg.
IT stocks to Buy | JPMorgan upgrades LTIMindtree, Persistent Systems, KPIT Tech; initiates coverage on Coforge
JP Morgan, in its latest report on the IT sector, notes that the demand environment has moved sideways since reaching a bottom in 2HCY23, with no perceptible improvement seen not only in 4Q but also into 1QFY25. According to the global brokerage, the sector is likely to witness poor 4Q exit rates, and the companies will deflate FY25 guidance.
The analysts at the brokerage expect mid-cap stocks to outperform big IT firms and ERDs (engineering R&Ds) to outperform IT firms. As per the brokerage, FY25 revenue guidance of 2-4 per cent at Infosys and 4-6 per cent at HCL Tech could surprise investors.
The brokerage is overweight on Infosys, Persistent Systems, and L&T Technology Services Limited (LTTS).
Tactically, non-discretionary heavy portfolios (neutral-rated TCS, Mphasis) could outperform discretionary (overweight-rated Infosys and neutral-rated LTIMindtree, Wipro) until recovery picks up in 2HCY24, the brokerage further said.
LTIMindtree share price target
The brokerage has upgraded the global technology consulting and digital solutions company to a "neutral" rating from an "underweight" call earlier; however, it has reduced the target price to Rs 5,200 from Rs 5,400.
Persistent Systems share price target
JP Morgan has upgraded the mid-cap IT firm to an "overweight" call from a "neutral" rating with a raised target of Rs 4,400 from Rs 3,600. Read more
Share Market Today LIVE | DMart operator shares scale new 52-week high after Q4 business update; what should investors do with Avenue Supermarts shares?
Shares of Avenue Supermarts on Thursday, April 4, scale a new 52-week high of Rs 4,710.15 on the BSE, gaining nearly 5.61 per cent, surpassing the previous peak of Rs 4,590 touched on April 1, 2024. The stock's gains came after Avenue Supermarts Ltd, which owns and operates the retail chain DMart, released its Q4 business update after market hours on Wednesday.
DMart Q4 business update
In its Q4 business update, Avenue Supermarts posted a rise in standalone revenue of 20 per cent to Rs 12,393.46 crore (YOY). As of March 31, the total number of stores stood at 365. Read more
Share Market Today LIVE | Sensex 800 pts off day's high, Nifty slides below 22,400
Share Market Today LIVE | Should you buy Titan, TCS, HUL, DMart, Federal Bank stocks today? Here is what brokerages recommend
Here's what Macquarie, JPMorgan, Citi, Morgan Stanley, CLSA, HSBC and Nomura make of stocks such as Titan, Tata Consultancy Services (TCS), Hindustan Unilever Ltd (HUL), Avenue Supermarts (DMart) and Federal Bank:
DMart Stock
Macquarie has maintained an 'outperform' rating on the Avenue Supermarts stock with a target of Rs 4,500.
Brokerages on Finance Stocks: Federal Bank, RBL Bank, L&T Finance
Federal Bank stock
Nomura has maintained a 'buy' call on the Federal Bank stock with a target of Rs 190, Citi, on the other hand, has maintained a 'sell' call the stock with a target of Rs 135.
Morgan Stanley has maintained an 'equal-weight' rating on Federal Bank with a target of Rs 165.
RBL Bank stock
Citi has maintained a 'sell' call on the RBL Bank stock with a target of Rs 257.
Morgan Stanley has maintained an 'underweight' rating on RBL Bank with a target of Rs 250. Read more
Share Market Today LIVE | KEC International, GE Power India hit 52-week highs after winning orders worth hundreds of crores
KEC International and GE Power hit their respective 52-week highs of Rs 838.25 and Rs 371 respectively on BSE after both companies won large orders. While KEC International has won an order worth Rs 816 crore of civil, cable and T&D business, GE Power got two orders worth Rs 775 crore from Jaiprakash Power Ventures.
Here are more details about their orders:
What is KEC Interanational's order?
KEC International, a global infrastructure EPC major and an RPG Group company, said on Wednesday that it has secured new orders of Rs. 816 crores across its various businesses. Read more
Stocks to buy: NTPC, Tata Motors, PNB, Hindustan Zinc, Vodafone Idea, among analysts' top picks
In conversation with Zee Business Managing Editor Anil Singhvi, market experts Rakesh Bansal, Kunal Saraogi, Vikas Sethi, Sumeet Bagadia and Vikash Sethi share their top stock recommendations in this special segment, Pick of the Day.
On the top analysts' 'buy' list are stocks such as NTPC, Tata Motors, Punjab National Bank (PNB), Hindustan Zinc, Hindustan Copper and Indian Renewable Energy Development Agency (IREDA), Glenmark Pharmaceuticals, Vodafone Idea (VI), Can Fin Homes. Read more
Share Market Today LIVE | Tata Motors, TCS and other Tata Group stocks in focus as NSE to launch Nifty Tata Group 25% Cap Index
Tata Group stocks such as Tata Motors, TCS, and others are in the spotlight on April 4, Thursday, as the National Stock Exchange (NSE) on Wednesday announced the launch of four new indices, including the Nifty Tata Group 25% Cap, along with three new indices in cash and futures and options segments from April 8. The other three new indices announced are Nifty500 Multicap India Manufacturing 50:30:20, Nifty500 Multicap Infrastructure 50:30:20, and Nifty MidSmall Healthcare.
Further, the Nifty Tata Group 25% Cap index consists of 10 companies and is based on the free float market capitalisation method, the bourse said. Read more
Share Market Today LIVE | ONGC, Oil India, MRPL and Chennai Petro slip as government increases windfall tax on domestically produced crude
Oil stocks such as ONGC, RIL, Oil India, MRPL and Chennai Petro are trading in red a day after the petroleum ministry raised windfall tax on domestically produced crude to Rs 6,800 per tonne from Rs 4,900 per tonne. Read more
MARKET AT ALL-TIME HIGH | Nifty scales fresh peak of 22,619; Sensex at record 74,501.73 in opening deals
Market Outlook | Domestic market could open mildly higher, says Deepak Jasani
"Indian markets could open mildly higher, in line with mixed Asian markets today and positive US markets on April 3," Deepak Jasani, Head of Retail Research, HDFC Securities says.
"The Nifty closes over the last three days are in a small band of 22435-22462 despite intra-day volatility, suggesting a tug of war between bulls and bears. Nifty will have to break the 22204-22529 band for further cues on the direction," he adds.
Stocks to Watch | ONGC, Oil India, Avenue Supermarts, Axis Bank, Maruti Suzuki
Here are some stocks that will be in focus on Thursday, April 4:
ONGC/RIL/Oil India/MRPL/Chennai Petro: The oil upstream companies will hog the limelight today as the government has increased the windfall tax on domestic crude oil. The windfall tax has been increased from Rs 4,900 per tonne to Rs 6,800 per tonne.
Avenue Supermarts: In its Q4 business update, the standalone income increased 20 per cent to Rs 12,393.46 crore. As of March 31, the total number of stores stands at 365.
Vodafone Idea: The company will hold a board meeting on April 6 to discuss the issuance of equity on a preferential basis or convertible securities. The board will deliberate on the issuance of Rs 2,075 crore worth of preference shares to more than one promoter group.
KEC International: The company has received an order worth Rs 816 crore.
GE Power: The company has received two orders from Jaiprakash Power Ventures worth Rs 775 crore.
RBL Bank: The bank's total deposits increased by 22 per cent to Rs 1.03 lakh crore. Gross advances rose 19 per cent to Rs 85,640 crore, and retail advances surged by 29 per cent. Read more
Anil Singhvi Market Strategy | Important levels to track in Nifty50, Nifty Bank today
Zee Business Managing Editor Anil Singhvi sees support emerging at 22,325-22,375 levels and a strong buy zone at 22,175-22,250 levels for the headline Nifty50 index on Thursday, April 4. For the Nifty Bank, he expects support to come in at 47,275-47,425 levels and a strong buy zone at 47,025-47,175 levels.
Read more on how Anil Singhvi views the Indian share market today and what he recommends
Anil Singhvi Market Strategy | Important levels to track in Nifty50, Nifty Bank today
Zee Business Managing Editor Anil Singhvi sees support emerging at 22,325-22,375 levels and a strong buy zone at 22,175-22,250 levels for the headline Nifty50 index on Thursday, April 4. For the Nifty Bank, he expects support to come in at 47,275-47,425 levels and a strong buy zone at 47,025-47,175 levels.
Read more on how Anil Singhvi views the Indian share market today and what he recommends
Share Market Today LIVE | GIFT Nifty futures indicate a positive start ahead on Dalal Street
GIFT Nifty futures — an early indicator of the Nifty 50 index — are up 55.9 points or 0.25 per cent at 22,598.5 ahead of the opening bell on Dalal Street.
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