Share Market HIGHLIGHTS: Sensex gains 354 pts to reclaim 75k mark, Nifty50 crosses 22,750 led by IT, FMCG, energy shares
Share Market HIGHLIGHTS: Domestic equity benchmarks Sensex and Nifty50 registered mild gains on Wednesday led by FMCG, IT and energy stocks. Catch all the highlights of the April 10 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 Sensex and Nifty50 registered mild gains on Wednesday, April 10, led by buying in FMCG, IT and energy stocks, as Dalal Street headed into a mid-week holiday.
Catch all the highlights of the April 10 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 354 pts higher at 75,038, Nifty50 settles at 22,754
Coal India, BPCL, ITC rise most among 32 Nifty gainers; HDFC Life, Cipla, Maruti Suzuki top losers
Top Nifty50 gainers
Stock Apr 10 close Change (%) COALINDIA 455.5 3.56 BPCL 606 3.46 ITC 436 2.26 KOTAKBANK 1,820.90 2.26 HINDALCO 601.9 2.26 BHARTIARTL 1,229.30 2.06 SBIN 777.4 1.73 ADANIENT 3,245.00 1.46 ASIANPAINT 2,895.45 1.34 ONGC 272.1 1.17 Top Nifty50 losers
Stock Apr 10 close Change (%) HDFCLIFE 621 -2.04 CIPLA 1,426.00 -1.68 MARUTI 12,675.00 -1.65 DIVISLAB 3,745.00 -1.58 SHRIRAMFIN 2,519.50 -1.21 SBILIFE 1,494.80 -1.04 HDFCBANK 1,534.95 -0.88 LT 3,758.80 -0.7 M&M 2,077.00 -0.66 HEROMOTOCO 4,495.10 -0.59 AMFI data: Equity inflows drop nearly 16% sequentially to Rs 22,633 crore in March, off nearly two-year high
Inflows into equity mutual fund schemes saw a decline of 15.8 per cent on a month-on-month basis to Rs 22,633.2 crore in March, data from industry body Association of Mutual Funds in India (AMFI) showed on Wednesday. That marked a significant fall in the inflows from a nearly two-month high in February.
Equity-oriented MF schemes mobilised funds of Rs 52,721.4 crore in March, down 10.5 per cent sequentially, according to AMFI.
Gold futures rise Rs 245 to Rs 71,585 per 10 gm
Gold prices on Wednesday rose Rs 245 to Rs 71,585 per 10 grams in futures trade as speculators created fresh positions on a firm spot demand. On the Multi Commodity Exchange, gold contracts for June delivery traded higher Rs 245 or 0.34 per cent at Rs 71,585 per 10 grams in a business turnover of 23,529 lots.
Fresh positions built up by participants led to a rise in gold prices, analysts said.
Share Market Today LIVE | TCS Q4 preview: IT major expected to lead growth amid ramp up of deals and reversal in furloughs
At a time when the IT services industry as a whole is widely expected to bottom out given the global headwinds and Accenture lately lowered its growth guidance for FY24, TCS is slated to report its Q4 earnings on Friday (April 12, 2024).
While all eyes are set on the IT bellwether's Q4 show, there is widely a view that TCS shall lead the Tier-I IT companies on the back of substantial deal wins in Europe.
Share Market Today LIVE | Silver futures rise on spot demand, jump to Rs 82,812 per kg
Silver prices on Wednesday jumped Rs 362 to Rs 82,812 per kilogram in futures trade as participants widened their bets on a firm spot demand. On the Multi Commodity Exchange, silver contracts for May delivery increased Rs 362 or 0.44 per cent to Rs 82,812 per kg in 28,786 lots.
Analysts said the rise in silver prices was mainly due to fresh positions built up by participants on a positive domestic trend.
Share Market Today LIVE | 300% rise in market cap to Rs 400 lakh crore in last 10 years driven by strong economic fundamentals
The strength of the Indian economy, which has emerged as the fastest growing in the world, is being amply reflected in the stock markets with the BSE clocking a 300 per cent growth in market cap to a phenomenal Rs 400 lakh crore and the Sensex soaring from 25,000 points to 75,000 points in the last 10 years of the Narendra Modi government.
According to SEBI chairperson Madhabi Puri Buch, the record valuation of Indian stocks is "an emphatic vote of confidence by foreign portfolio investors (FPI) in India's growth prospects." She pointed out that this was the reason for them continuing to invest in Indian stocks even though the price-to-earnings multiple is higher compared with various other nations.
Brent crude subdued; gold near record high, copper at 2-month peak
Oil prices were little changed on Wednesday after two straight days of losses.
Deadlock in Gaza ceasefire talks renewed uncertainty about security of supplies from the Middle East.
This multibagger Tata Group stock hits all time high today
Shares of Tata Power in Wednesday's trade (April 10) logged their all-time high of Rs 439.4 per share on the NSE. Shares of the company over the last one year have clocked a return of 123 per cent.
The gains in the stock are spurred amid strong demand for power going ahead.
166% rally from issue price; check why Motilal Oswal has retained 'buy' on this stock that debuted in July 2023
Cyient DLM, where DLM stands for design-led manufacturing, is the unit of IT firm Cyient that made its debut on the bourses in July 2023. Since listing (taking into account the closing price), the stock has jumped around 68 per cent until Wednesday, April 10 (Rs 705.55 on the BSE). Cyient DLM shares were listed on the bourses in July 2023. The issue price of the offer was Rs 265.
Analysts at Motilal Oswal Financial Services, in their report issued on April 9, noted that Cyient DLM, an integrated EMS and solutions provider with a strong presence in high-margin and rapidly growing critical end-user industries, is likely to capture its share of the pie, on the back of its strong core competencies and high technical capabilities.
Shivalik Rasayan shares skyrocket 10% despite 7 observations from US FDA
Shivalik Rasayan shares skyrocketed on Wednesday, April 10 despite the United States Food and Drug Administration (US FDA) issuing seven observations for its API facility in Bharuch, Gujarat.
Shivalik Rasayan shares skyrocketed as much as 9.76 per cent to the day's high of Rs 618.4 on NSE in morning deals, reversing the four-day downward trend.
Lupin gets nod to launch Doxycycline capsules from USFDA; stock rises
Lupin shares gained over 2 per cent in Wednesday's (April 10) trade on BSE, a day after it announced the launch of the first generic version of Oracea, Doxycycline capsules.
At around 10:01 a.m., shares of Lupin traded 1.11 per cent, or Rs 17.75, higher on the BSE at Rs 1,622.8 apiece. The market capitalisation of the company stood at Rs 73,912.97 crore at around the same time.
Paytm shares drop 4% after PPBL's MD, CEO Surinder Chawla resigns
Shares of One97 Communications, the parent company of fintech firm Paytm dropped on Wednesday, April 10, a day after Surinder Chawla, CEO and MD of Paytm Payments Bank stepped down from his position. The One97 Communications stock slipped as much as over five per cent to the day's low of Rs 388 on NSE, extending the fall for the third session.
Share Market Today LIVE | Invesco raises valuation for IPO-bound Swiggy ahead of its public issue
Invesco has increased the valuation of IPO-bound Swiggy for the third straight time from $12.7 billion to $8.5 billion. Since October 2023, the company's valuations have been raised 49 per cent to $12.7 billion, while from January 2022, the increase in valuation is to the tune of 19 per cent as per the research desk. Invesco holds a nearly 2 per cent stake in the food delivery services firm.
Earlier in March, Baron Capital also decreased the valuation for the company by 42 per cent to $12.1 billion. The company held 7 per cent stake in Swiggy which also has its Quick Commerce business Swiggy Instamart.
Share Market Today LIVE | Vedanta jumps 5% after brokerage upgrade; CLSA sees over 15% upside
Shares of diversified metals in Wednesday's trade (April 10. 2024) marked a new 52-week high as the Hong-Kong based brokerage CLSA turned bullish on the counter and upgraded the stock to 'buy' from the previous 'underperform' call with the target raised to Rs 390 from the previous specified target of Rs 260. The fresh target price probable gains of 15 per cent in the stock.
Share Market Today LIVE | OMCs gain sharply by up to 5%; CLSA says rising crude is negative trigger
Global brokerage CLSA on the oil marketing companies (OMCs) said that rising crude and falling margins going ahead will be detrimental for OMCs ahead of the election. It stated that the move will be a negative trigger for all of the OMCs such as Indian Oil Corporation, HPCL, and BPCL.
Crude prices have gained substantially of late and are trading above the US$88 per barrel price level. In trade today, oil prices held steady as worries pertaining to tighter supply due to uncertainty over Gaza ceasefire talks were offset by a bigger-than-expected build in US crude inventories. Brent crude futures were flat at $89.42 per barrel at 0010 GMT, while US West Texas Intermediate (WTI) crude futures rose 2 cents to $85.25. Read moreTraders' Diary: Buy, sell or hold strategy on NMDC, Tata Steel, JSPL, Infosys, Zomato, over a dozen other stocks today
In this edition of Traders' Diary, the Zee Business research team shares exclusive research on 20 stocks that investors and traders can track on Wednesday April 10, 2024. Check out the complete list of stocks on analysts Kushal Gupta and Ashish Chaturvedi's radar.
Here's the complete list of investment and trading ideas for the day:
Kushal Gupta
Buy Sundram Fasteners shares in the cash segment for a target price of Rs 1,170 with a stop loss at Rs 1,130
Buy JSPL futures for a target of Rs 931 with a stop loss at Rs 897
Buy the Rs 166 call option of Tata Steel at Rs 4.7 for a target of Rs 8 with a stop loss at Rs 3
Technical pick: Buy MCX futures for a target price of Rs 3,834 with a stop loss at Rs 3,700
Fundamental pick: Buy Infosys shares for a one-year target of Rs 1,800.
Investment idea: Buy Sona BLW Precision Forgings shares for a one-year target of Rs 770. Read more
Tata Steel, Coal India, Hindalco, Godrej Properties | What does Jefferies say about metal stocks?
Amid a recent spike in metal prices, global brokerage Jefferies, in its latest report, noted that a recent recovery in global purchasing managers index (PMIs) including China, is driving optimism in the metal space. "Signs of Rising Tide," said Jefferies in its report. China's manufacturing activity expanded for the first time in six months in March.
The metals and mining team remains constructive on the sector with a preference for copper and aluminum, according to the brokerage.
Jefferies has raised the target prices on Tata Steel, Hindalco, and Godrej Properties, here are the latest targets:
Tata Steel share price target
Jefferies has maintained a buy on Tata group steelmaker Tata Steel, the world's tenth-largest steel producer. The brokerage has raised the target to Rs 200 from Rs 165 on the stock.
Hindalco Industries share price target
The brokerage has maintained a buy on Aditya Birla Group firm Hindalco Industries with a raised target of Rs 700 from Rs 610.
JSW Steel share price target
The brokerage has retained a hold rating on JSW Steel, however, it has raised the target to Rs 900 from Rs 800. Read more
Banking Q4 Results Preview | NIM compression likely as earnings momentum decelerates; here is what to expect
Banking Q4 Results Preview: As investors await the onset of a new earnings season for India Inc, all eyes will be on HDFC Bank as the country's largest lender by market value reports its financial results for the fourth and final quarter of the financial year 2023-24 on April 20. Analysts expect the banking sector to witness mid-single-digit percentage growth in net interest income (NII) and margin compression owing to the elevated cost of funds, though they expect some improvement on the asset quality front.
Here's what you can expect from the banking sector in the March quarter (Q4 FY24):
Net interest income (NII)
According to Axis Securities, commercial banks are likely to register an average 6.0 per cent increase in net interest income (NII), or the difference between interest earned and interest paid, in the fiscal fourth quarter. The brokerage has 14 banks in its coverage universe, including SBI, Bank of Baroda, HDFC Bank, ICICI Bank, Federal Bank, and Bandhan Bank. Read more
Share Market Today LIVE | Antique Broking initiates coverage Bharti Airtel, sees 25% upside; here is why
Telecom major Bharti Airtel is set to ride its best financial performance phase in over a decade, given multiple favourable factors such as tariff hikes, 2G upgrades, strong growth in enterprise and FTTH (Fibre to the Home), and a fall in capex post the 5G rollout over the next three years, note analysts at Antique Stock Broking as they initiate coverage on the telecom major. Read more
Share Market Today LIVE | Interglobe Aviation shares hit new high on hike in airfares; stock jumps over 93% in one year
Shares of Interglobe Aviation, the operator of IndiGo Airlines, hit an all-time high of Rs 3,755.50 apiece, up 3.4 per cent on the BSE on Wednesday, April 10, as the company has hiked the airfare by 20–25 per cent. The airline company has increased the fares on prominent routes by up to 25 per cent. The steep fare hike is due to the cancellation of Vistara flights, which has added to heavy demand. Read more
Stocks to Buy | NMDC, Vedanta, Petronet LNG analysts' top picks
In conversation with Zee Business Managing Editor Anil Singhvi, market experts Kunal Saraogi, Ambareesh Baliga and Vishvesh Chauhan share their top stock recommendations in this special segment, Pick of the Day.
On the top analysts' 'buy' list are stocks such as NMDC, Vedanta and Petronet LNG. Read more
Currency Update | Rupee rises 11 paise to 83.20 against US dollar in early trade
Stocks to Watch | Paytm, Lupin, Aegis Logistics, other stocks
Here are some stocks that will be in focus on Wednesday, April 10:
Paytm: As per the regulatory filing, Surinder Chawla, MD & CEO of Paytm Payments Bank resigned from his position with effect from June 26.
Lupin: The company will launch its first generic version of Oracea (Doxycycline Capsules, 40 mg), in the United States, after having received approval from the United States Food and Drug Administration (U.S. FDA).
Krystal Integrated Services: The company will announce its Q4FY24 results on Wednesday.
Aegis Logistics: The company's board will discuss dividend in a meeting on April 10.
Interglobe Aviation: The company's shares will be in focus as airfares have seen a sharp increase of 20-25 per cent. The hike has come in the wake of cancellation of Vistara flights as well as robust demand for air travel. 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 22,550-22,625 levels and a strong buy zone at 22,425-22,525 levels for the headline Nifty50 index on Wednesday, April 10, ahead of the Id-Ul-Fitr (Ramzan Id) market holiday the next day.
Read more on how Anil Singhvi views the Indian share market today and what he recommends
Share Market Today LIVE | Nifty above 22,700, Sensex gains nearly 200 pts in opening deals
Nifty 50
Source: NSESensex
Source: BSE
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 83.655 points or 0.37 per cent at 22,819 ahead of the opening bell on Dalal Street.
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