KEY HIGHLIGHTS
Rupee Strengthens Against U.S. Dollar
-The local currency strengthened by 13 paise to close at 83.19 against the U.S dollar.
-It closed at 83.32 on Monday.
Source: Bloomberg
Nifty, Sensex End At New Record Close As RIL, ITC Lead Rally: Closing Bell
Benchmark equity indices marked their highest closing today as they extended gains in the last hour of trade. Market participants now await U.S. CPI data and Fed minutes for further direction.
The Nifty also hit an intraday high of 22,775.70 points and the Sensex claimed the psychologically crucial 75,000 mark.
The Nifty closed at 22,753.80 points, 111.05 points or 0.49% higher and the Sensex closed at 75,038.15 points, up 354.45 points or 0.47%.
"The Nifty mostly remained sideways today as investors preferred to wait ahead of the US CPI inflation data, which could potentially impact rate cuts by the Fed. The resistance zone is placed at 22,700-22,750, while support is at 22,600," Rupak De, Senior Technical Analyst at LKP Securities.
"A decisive move above 22,750 might induce a rally towards 23,000 in the short term. Since the market appears to be range-bound, buying on dips and selling on rallies might prove to be a good strategy with proper stop-loss measures."
Shares of Reliance Industries Ltd., ITC Ltd., Bharti Airtel Ltd., Kotak Mahindra Bank Ltd., and State Bank Of India contributed the most to the gains.
Meanwhile, those of Mahindra & Mahindra Ltd., HDFC Life Insurance Co. Ltd., Maruti Suzuki Ltd., Larsen & Toubro Ltd., and HDFC Bank Ltd. capped the upside.
Sectoral indices were mostly higher at close except Nifty Pharma and Nifty Auto which ended lower. Nifty Media ended nearly 2% higher.
Broader markets ended higher in line with benchmark indices. The S&P BSE Midcap settled 0.89% higher, and the S&P BSE Smallcap index ended 0.46% up.
On BSE, all 18 sectors advanced, and two declined out of 20. The S&P BSE Oil & Gas sector rose the most among sectoral indices, and the S&P BSE Utilities declined the most.
Market breadth was evenly split between buyers and sellers. Around 1,960 stocks rose, 1,868 stocks declined, and 105 remained unchanged on BSE.
Nifty Hits Lifetime High
Reliance Infrastructure On Supreme Court Order
Supreme Court order in favour of Delhi Metro does not impose any liability on the company
Company has not received any money from DMRC or DAMEPL under the arbitral award
Source: Exchange Filing
LTIMindtree Introduces Composable Storefront Solution
The new solution is built on Salesforce Commerce Cloud to quick-launch digital commerce experiences
Source: Exchange Filing
Maruti Suzuki To Increase Prices Of Swift, Grand Vitara
To increase prices of Swift and selected variants of Grand Vitara from today
Prices of Swift have been raised by up to Rs 25,000
Prices of Grand Vitara Sigma variant have been increased by Rs 19,000
Source: Exchange filing
Tata Motors Quarterly Business Update
Group global wholesales at 3.77 lakh units, up 8% YoY
Global wholesales of CVs and Daewoo range at 1.11 lakh units, down 6% YoY
Global wholesales of PVs, including electric vehicles, at 1.55 lakh units, up 15% YoY
Global wholesales for JLR were 1.10 lakh units, up 16% YoY
Source: Exchange filing
Ramco Systems Locked In Upper Circuit On Multi-Million Dollar Deal With Korean Air
Shares of Ramco Systems were locked in their upper circuit limit after Korean Air signed a multi-million dollar deal with the company to technologically transform its new engine maintenance complex.
Nifty, Sensex Hold On To Gains Ahead Of US CPI, Fed Minutes: Midday Market Update
India's benchmark stock indices were trading marginally higher through midday on Wednesday due to a lack of direction ahead of the crucial US CPI data and Fed minutes that would dictate direction for the market.
Indices were supported by gains in Reliance Industries Ltd., Kotak Mahindra Bank Ltd., and Bharti Airtel Ltd.
As of 12:08 p.m., the NSE Nifty 50 was trading 58.00 points, or 0.26%, higher at 22,700.75, and the S&P BSE Sensex gained 219.95 points, or 0.29%, to trade at 74,903.65.
The Nifty scaled an intraday high of 22,727, and the Sensex touched a high of 74,983 so far on Wednesday.
"The lack of direction in markets can be attributed to the crucial US CPI data and the Federal Open Market Committee's March meeting minutes due later today," said Avdhut Bagkar, technical and derivatives analyst at StoxBox.
"These data will set the tone for monetary policy going forward, with the Federal Reserve reiterating its stance that any future rate cuts will be data-dependent. Any easing in inflation is being taken positively by markets,".
"In a truncated trading week with a holiday tomorrow on account of Eid celebrations, we do not rule out another bout of profit taking at higher levels as investors prefer to stay nimble ahead of an economic data-heavy week. On the domestic front, all eyes are glued to the inflation print and the start of corporate earnings season on Friday for further direction to the market sentiment," Bagkar said.
The Nifty Bank index rose to a fresh high of 48,966.95 during the day, tracking gains in Kotak Mahindra Bank Ltd., Axis Bank Ltd.
Reliance Industries Ltd., Bharti Airtel Ltd., Kotak Mahindra Bank Ltd., Axis Bank Ltd., and Coal India Ltd. were adding to the Nifty.
HDFC Bank Ltd., Maruti Suzuki India Ltd., Larsen & Toubro Ltd., Cipla Ltd., and Sun Pharmaceutical Industries Ltd. were weighing on the index.
On NSE, 10 sectors advanced, and two declined out of 12. The NSE Nifty Oil & Gas sector rose the most, and the NSE Nifty Pharma sector declined the most.
Broader markets outperformed benchmark indices. The S&P BSE Midcap was 0.62% up, and the S&P BSE Smallcap was trading 0.19% higher.
On BSE, 17 sectors advanced, and three declined. The S&P BSE Oil & Gas sector rose the most among its peers, while the S&P BSE Telecommunication fell the most among sectoral indices.
Market breadth was skewed in favour of sellers. Around 1,921 stocks declined, 1,704 stocks rose, and 142 remained unchanged on BSE.
Midcap stocks Jump
The index outperformed the benchmarks.
Bajaj Pulsar N250 Relaunches At Rs 1.51 Lakh Ex-Showroom Price
Updated version gets USD fork, digital dash, traction control
New price is just Rs 829 more than the outgoing model
Engine still rated at 24.5 BHP of peak power, 21.5 NM of torque
Source: Company
Nifty Bank Hits Record High
ICICI Bank, Kotak Mahindra Bank, and Axis Bank contributes the most to the gains.
Gensol Engineering Order Book At FY24 Beginning
Order book at the beginning of FY25 at Rs 1,783 crore
Solar EPC segment's order book at the beginning of FY25 at Rs 1,448 crore
EV leasing segment's order book at the beginning of FY25 at Rs 335 crore
Source: Exchange Filing
Reliance Infrastructure Falls Sharply After Court Orders Company To Refund Amount Paid By DMRC
Shares of Reliance Infrastructure fell after the company led Delhi Airport Metro Express Private Ltd was instructed by the Supreme Court to refund of all sums previously paid by the Delhi Metro Rail Corp.
The scrip fell as much as 20% to Rs 227.60 apiece, the lowest level since March 15. At 11:04 a.m., it was locked in its lower circuit of 20%.
It has risen 44.47% in the last twelve months and 8.48% year to date.
Kolte Patil Hits Over Two-Month High
Motilal Oswal has initiated coverage on Kolte Patil Developers Ltd. with a 'Buy' rating as the brokerage expects the company to unlock its growth momentum in upcoming years.
Motilal Oswal has rated 'Buy' on Kolte Patil Developers Ltd. with a target price of Rs 700, which implied an upside of 35.27% compared to Tuesday's closing price.
Kotak Institutional Equities on Dixon Technologies
Retains 'sell'; Increases Fair Value by 13% to Rs 5,200; Downside 33%
Dixon’s acquisition of Ismartu to further drive market share gains
Recent tie-ups with Ismartu and Compal have potential to increase exports share over medium term
Potential tie-up with BBK Group remains the next big catalyst for Dixon's mobile segment
Raise mobile segment estimate on expanding share in mobile segment
Sector View: Cautious
Nifty Metal Hits Record
The Nifty Metal index scaled a record high of 9,054.95, led by gains in Vedanta Ltd. and Tata Steel Ltd.. The index was 144.80 points or 1.63% higher at 9,039.20 as of 09:55 a.m.
Tanla Platforms Shares Jump
Snapping five-day losing streak, the scrip rose as much as 8.75% to Rs 997.75 apiece, the highest level since Feb 29. It was trading 7.38% higher at Rs 985.20 apiece, as of 09:49 a.m. This compares to a 0.31% advance in the NSE Nifty 50 Index.
It has risen 74.03% in 12 months. Total traded volume so far in the day stood at 7.7 times its 30-day average. The relative strength index was at 63.21.
Three analysts tracking the company maintains a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 33.1%.
Vedanta Shares Jump To Two-Year High After CLSA Upgrade
Vedanta Ltd. is well-placed to benefit from the commodity upcycle given its diversified exposure and the growth, margin expansion capex to drive earnings, according to CLSA.
The research firm upgraded the mining company to 'buy' from 'underperform' and raised the target price from Rs 260 to Rs 390.
On the NSE, Vedanta rose as much as 7.06% during the day to Rs 361.85 apiece, the highest jump since Sept 29. It was trading 6.94% higher at Rs 361.45 per share, compared to a 0.33% advance in the benchmark Nifty as of 9:40 a.m.
The share price has risen 32.94% in the last 12 months. The total traded volume so far in the day stood at 9.4 times its 30-day average. The relative strength index was at 82, indicating the stock may be overbought.
Eight out of the 13 analysts tracking the company have a 'buy' rating on the stock, three recommend 'hold' and two suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 13%.
Shyam Metalics Jumps To One-Month High On Establishing New HRC Facility
Shares of Shyam Metalics jumped to hit their highest level in a month after the company established a new stainless steel hot rolled coils facility at its existing plant in Sambalpur, Odisha as a part of its expansion plan.
The new facility will have a capacity of 0.3 million metric tons per annum and will specialize in the production of 200 and 400 series stainless steel hot rolled coils, the exchange filing said.
It added that the new facility will utilise captive raw materials such as direct-reduced iron, power and ferroalloys in a reliable and efficient supply chain, while maintaining uncompromising quality standards throughout the manufacturing process.
Nomura On Alkem's Baddi Site Form 483
Rated Neutral with target price of Rs 5605; upside potential 14.6%
Received Form 483 issued to Alkem post USFDA inspection at cos Baddi formulation site in March 2024.
Inspection happened after 4 years gap; was GMP and pre-approval inspection
Inspection led to 10 Form 483 observations
Observations cover quality systems, facility, production systems and lab control systems.
Do not rule out possibility of an OAI classification
Baddi contributes Rs10-13 billion to company's international market sales
Contributes 8-10% of FY24 consolidated sales
Co expects 2-3 product launches over next 12-18 months from Baddi
These launches can potentially be delayed in case inspection is classified as OAI.
PB Fintech Hits Multi-Year High
PB Fintech Ltd. rose over two-year high on Wednesday after it incorporated a wholly-owned subsidiary.
The scrip rose as much as 7.47% to Rs 1,400.35 apiece, the highest level since Nov 18, 2021. It was trading 4.87% higher at Rs 1,366.50 apiece, as of 09:26 a.m. This compares to a 0.29% advance in the NSE Nifty 50 Index.
It has risen 132.23% in 12 months. The relative strength index was at 77.06, which implied the stock is overbought.
Out of 18 analysts tracking the company, 11 maintain a 'buy' rating, four recommend a 'hold,' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 24.3%.
Oriana Power Gets 76.62 MW-Solar Power Plant Contract
Project cost estimated at Rs 325 crore
Source: Exchange filing
Nifty, Sensex Open Higher As RIL, ICICI Bank Lead: Opening Bell
Benchmark equity indices opened higher today as heavyweight Reliance Industries contributed the most to the gains.
At pre-open, the S&P BSE Sensex Index was up 270.26 points or 0.36% at 74,953.96 while the NSE Nifty 50 was 77.50 points or 0.34% higher at 22,720.25.
"For trend-following traders, 22770/75125 would act as a trend-deciding level," said Shrikant Chouhan, head of equity research at Kotak Securities.
"Above that, the market can move towards 22850-22900-23000/75350-75500-75800. On the other hand, below 22660/74650, the market may retest 22550-22500/74300-74200 levels."
Shares of Reliance Industries Ltd., Bharti Airtel Ltd., Infosys Ltd., ICICI Bank Ltd., and Tata Motors Ltd. contributed the most to the gains.
Meanwhile, those of HDFC Bank Ltd., Divi's Laboratories Ltd., Tata Consultancy Services Ltd., Britannia Industries Ltd., and HCLTechnologies Ltd minimised the gains.
Sectoral indices were on the NSE opened higher with Nifty Metal and Nifty Realty leading the gains.
Broader markets were mixed. The S&P BSE Midcap index was 0.35% higher and the S&P BSE Smallcap index was 0.06% higher.
On BSE, only S&P BSE Healthcare declined and 19 sectors advanced. S&P BSE Metal rose the most.
Market breadth was skewed in favour of buyers. On BSE 1,512 stocks advanced, 1,203 stocks declined, and 100 remained unchanged.
Nifty, Sensex Higher At Pre-Open
At pre-open, the S&P BSE Sensex Index was up 270.26 points or 0.36% at 74,953.96 while the NSE Nifty 50 was 77.50 points or 0.34% higher at 22,720.25.
Rupee Strengthens Against U.S. Dollar
The local currency strengthened by 9 paise to opened at 83.22 against the U.S dollar.
It closed at 83.31 on Monday.
Source: Bloomberg
Yield On The 10-Year Bond Declines
The yield on the 10-year bond opened 2 bps lower at 7.13%.
It closed at 7.15% on Monday.
Source: Bloomberg
Jefferies on India Metals & Mining
Recent recovery in global PMIs driving optimism for potential acceleration in demand growth for commodities
Remains constructive on sector with preference for copper and aluminum
Preferred BUY on Coal India TP Rs 520, Hindalco TP Rs 700 raised from Rs 610, and Tata Steel TP Rs 200; earlier Rs 165
Hold JSW Steel (TP Rs 900; earlier Rs 800)
Steel spreads still below long-term avg; room for further expansion
Indian metal & mining firms shine in a commodity market lacking volume growth
Start of new capacities to drive strong 11%/15% India volume CAGR for Tata Steel/JSW Steel over FY24-26e
Strong preference for Coal India given attractive valuations and limited global exposure
Citi on India Autos & Auto Parts
Margins and profits will be determined by operating leverage
Commodity costs are expected to remain steady
QoQ trends divergent; positive for PV,CV; negative for 2W,Tractors
Watching out for FY25 Plans, New Launches in PV & EV along with Rural/Urban Trend
Awaiting EV Plans with commentary on PLI and FAME 2 ending
Maruti top OEM pick TP Rs 14,200 10% upside
Endurance Technologies among parts makers TP Rs 2,300, upside 21%
Motilal Initiates Coverage On Kolte Patil To 'Buy'
Target price Rs 700
Has delivered 26 million Sq ft of space in last 3 decades, now has 43 million Sq ft under development
Balance sheet strengthened to net cash in Dec 23
Strong pipeline and balance sheet strength to push growth
Delivers 36% pre-sales CAGR over FY21-23 following a stagnant decade
Priority launches to sustain the near-term growth momentum
Robust cash flows and healthy balance sheet to entail intensified BD spends
Profitability to improve with a lag; expect KPDL to report 21% EBITDA CAGR over FY23-26
Risks: inability to add new projects, slowing demand
Motilal Oswal Upgrades MCX To 'Buy'
Target Price Rs 4,300
Looking to grow volumes driven by new products
New products and variations to existing ones to be the key drivers
Interoperability of margins between the exchanges to provide further stimulus
Retail participation has significant headroom for growth
FPI participation to improve
Software transition to aid operations and costs
Expect MCX to deliver a revenue/EBITDA/PAT CAGR of 28%/205%/157% over FY24-26
Ramco System Signs Multi-Million Dollar Deal With Korean Air
In pact with Korean Air for tech transformation
Korean Air to use Ramco Aviation Suite software at its engine maintenance center
Source: Exchange filing
Paytm Shareholding Changes As Of March 31
Softbank reduces stake by 5.1% to 1.4% (6.5% in Dec2023)
FPIs increase holding by 2.5% to 20.2% (from 17.7% in Dec2023)
- Tiger Global shareholding increases to 1.04%
- Goldman Sachs shareholding increases to 1.32%
- Government Pension Fund Global shareholding increases to 1.34%
- Societe Generale (through ODI / PNotes route) increases to 1.4%
- Morgan Stanley (through ODI / PNotes route) increases 1.6%
Total foreign shareholding has fallen 3.3% to 60.4% (earlier 63.7%)
Lemon Tree Hotels Opens First Property In Nepal
Nepal property with 102 rooms
Crosses 10,000-room inventory with addition of Nepal hotel
Source: Exchange filing
Jefferies Raises Godrej Properties Target Price
Price target of Rs 3,175 from Rs 2,700 earlier
Maintains 'buy'
FY24 Pre-sales of Rs 22,500 crore highest among listed developers
Believes FY25 can see growth over high base with Hyderabad entry
FY25/26E pre-sales estimates raised by 25%/19%
Expect P&L margins to scale towards 15-18% over next 3-4 years
Net gearing to stay upper end of its 0.5-1 times guidance on large project acquisition
CLSA Upgrades Vedanta To 'Buy'; Raises Target Price
Target raised to Rs 390 vs Rs 260 earlier
Well placed to benefit from commodity upcycle
Capacity increase, profitability, capex program augurs well
Guided for Group level EBITDA to rise from $5 billion to $6 billion in FY25 and $7.5 billion in FY26
Key watch: Debt at parent level has declined meaningfully, leverage at VEDL has increased
Raise blended EV/ EBITDA from 5 times to 5.5 times, earlier average 7 times shows rerating potential
Global Cues
U.S. Dollar Index at 104.14.
U.S. 10-year bond yield at 4.36%.
Brent crude up 0.12% at $89.53 per barrel.
Nymex crude up 0.12% at $85.33 per barrel.
Bitcoin was down 0.35% at $69,371.75.
GIFT Nifty traded down 11 points or 0.05% at 22,820.5 as of 07:32 a.m.
F&O Cues
Nifty April futures down 0.06% to 22,735.35 at a premium of 92.6 points.
Nifty April futures open interest up 9.11%.
Nifty Bank April futures up 0.24% to 48,799.85 at a premium of 69.3 points.
Nifty Bank April futures open interest down 1.63%.
Nifty Options April 10 Expiry: Maximum call open interest at 23,000 and maximum put open interest at 22,500.
Bank Nifty Options April 10 Expiry: Maximum call open interest at 50,000 and maximum put open interest at 48,000.
Securities in ban period: Bandhan Bank, Exide Industries, Hindustan Copper, Vodafone Idea, India Cements, SAIL, Zee Entertainment Enterprises.
Trading Tweaks
Price Band changes from 10% to 5%: Paisalo Digital.
Moved into short-term ASM framework: Automotive Stampings and Assemblies, Best Agrolife.
Ex/record dividend: Vesuvius India, DCM Shriram Industries.
Ex/record AGM: SpiceJet.
Moved out short-term ASM framework: Dynacons Systems & Solutions, Emami Realty.
Bulk Deals
Astec LifeSciences: Ajay Aggarwal bought 1.2 lakh shares (0.61%) at Rs 1,254.07 apiece.
Five-Star Business Finance: TPG Asia VII Sf Pte Ltd sold 56.54 lakh shares (1.93%) at Rs 752.02 apiece.
Gland Pharma: Lakumi Trust sold 61.65 lakh shares (3.74%) at Rs 1,739.1 apiece, while Nicomac Machinery sold 19.55 lakh shares (1.18%) at Rs 1,735.31 apiece.
Route Mobile: Rajasthan Global Securities bought 4 lakh shares (0.63%) at Rs 1,610 apiece.
Edelweiss Financial Services: Pabrai Investment Fund 3 sold 53.24 lakh shares (0.56%), while CLSA Global Markets PTE bought 53.24 lakh shares (0.56%) at Rs 74.5 apiece.
Nirlon: Sadafuli Finvest sold 9.07 lakh shares (1%), while ICICI Prudential Mutual Fund bought 9.07 lakh shares (1%) at Rs 430 apiece.
Block Deal
Axis Bank: Bain Capital sold 3.33 crore shares (1.08%) at Rs 1,071 apiece. Societe Generale bought 62.5 lakh shares (0.2%), Morgan Stanley Asia Singapore Pte bought 42.25 lakh shares (0.13%), Goldman Sachs (Singapore) bought 36 lakh shares (0.11%), while BofA Securities, Copthall Mauritius Investment, Norges Bank Mirae Asset Mutual Fund are among other buyers.
Stocks To Watch
One 97 Communications: Surinder Chawla, MD and CEO of Paytm Payments Bank Ltd., has resigned, effective June 26.
Paisalo Digital: The company's AUM grew by 32% YoY to Rs 4,622 crore in the fourth quarter, while disbursements jumped 38% to Rs 3,588 crore.
Lupin: The company launched the first generic version of Oracea in the U.S.
Avenue Supermarts: The company opened a new store in Bengaluru. The total number of stores as on date stands at 366.
Gateway Distriparks: Sikander Yadav resigned as chief financial officer due to personal reasons.
Insolation Energy: The company reported FY24 consolidated revenue up 164% YoY at Rs 738.8 crore.
Shyam Metallics: The company announced the establishment of a new stainless-steel hot rolled coils facility at its existing plant in Odisha.
Shoppers Stop: The company has collaborated with EaseMyTrip for sponsored holidays.
RattanIndia Power: Manish Ratnakar Chitnis has been appointed as CFO after Ankur Mitra resigned.
ICICI Prudential: The company received a GST order worth of Rs 20.5 crore from Gujarat tax authorities for FY19.
Exide Industries: The company to acquire 26% stake in Clean Max Arcadia for Rs 5.3 crore.
PB Fintech: The company incorporated a wholly owned subsidiary PB Pay Pvt.
Welspun Living: The NCLT has approved the scheme of amalgamation of five wholly owned subsidiaries with the company.
GIFT Nifty Trades Above 22,800
The April futures contract of the GIFT Nifty traded 11 points or 0.05% lower at 22,820.5 as of 07:32 a.m.
Markets in the Asia-Pacific region were mixed as traders await the release of the U.S. CPI data for March. The inflation print will give fresh cues about the Federal Reserve's rate outlook.
Hong Kong's Hang Seng gained nearly 1%, Australia's S&P ASX 200 gained 0.43% and Taiwan's TAIEX traded flat, while Nikkei, CSI 300, and Kospi fell.
Wall Street traders making their final bets on Wednesday's key inflation report sent stocks lower as bonds rebounded after a recent slide, Bloomberg said.
The S&P 500 index and Nasdaq Composite fell 0.14% and 0.32%, respectively as of Tuesday. The Dow Jones Industrial Average declined by 0.02%.
Brent crude was trading 0.12% higher at $89.53 per barrel. Gold fell 0.13% to $2,349.68 an ounce.
India's benchmark indices gave up all early gains to end lower on Tuesday, tracking losses in heavyweights Reliance Industries Ltd., Titan Co., and Larsen and Toubro Ltd.
The NSE Nifty 50 ended 23.55 points, or 0.1%, lower at 22,642.75, and the S&P BSE Sensex closed 58.80 points, or 0.08%, down at 74,683.70. The NSE Nifty 50 rose to a fresh high of 22,768.40, and the S&P BSE Sensex gained to a record 75,124.28.
Overseas investors remained net sellers of Indian equities on Tuesday. Foreign portfolio investors offloaded stocks worth Rs 593.2 crore and domestic institutional investors remained net buyers and mopped up equities worth Rs 2,257.2 crore, according to provisional data from the NSE.
The currency and bond markets were closed on the occasion of Gudi Padwa.