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Stock Market Today: Nifty, Sensex End Choppy Session Flat Ahead Of Powell's Speech

Stay updated on the latest news with live updates on Indian stock markets on April 3.

<div class="paragraphs"><p>BSE Headquarters in Mumbai. (Source: Vishal Patel/NDTV Profit)</p></div>
BSE Headquarters in Mumbai. (Source: Vishal Patel/NDTV Profit)

FPIs Stay Net Sellers

Overseas investors stayed sellers on Wednesday for the third consecutive day.

Foreign portfolio investors sold stocks worth Rs 2,213.56 crore, according to provisional data from the National Stock Exchange.

Domestic institutional investors remained net buyers for the eleventh day and mopped up equities worth Rs 1,102.41 crore, the NSE data showed.

Foreign institutions have been net buyers of Rs 12,801 crore worth of Indian equities so far in 2024, according to data from the National Securities Depository Ltd., updated till the previous trading day.

Indian Rupee Records Its Lowest Ever Close Against The U.S. Dollar

  • The local currency weakened by 5 paise to close at 83.43 against the U.S. Dollar.

  • It closed at 83.38 a dollar on Tuesday.

Source: Bloomberg

Stock Market Today: Nifty, Sensex End Choppy Session Flat Ahead Of Powell's Speech

Nifty, Sensex End Choppy Session Flat Ahead Of Powell's Speech

India's benchmark indices ended Wednesday's choppy session flat as market participants await the Federal Reserve Chair Jerome Powell's speech, later today. Losses in shares of heavy-weight Reliance Industries Ltd., and Kotak Mahindra Bank Ltd. dragged the indices.

Today, the NSE Nifty ended 18.65 points or 0.083% lower at 22,434.65, the S&P BSE Sensex ended 27.09 points or 0.037% down at 73,876.82.

They will closely monitor Powell's comments to get fresh cues about the U.S. central bank's policy outlook forward in the backdrop of robust economic data weighing on rate cut expectation.

Intraday, the NSE Nifty 50 fell 0.48% to 22,346, and the S&P BSE Sensex fell 0.49% to 73,540.27.

"Weak Asian and U.S. market cues coupled with caution ahead of the RBI's monetary policy announcement on Friday saw domestic equities end flattish with a negative bias. Surging crude oil prices and uptick in US bond yields are making investors nervous with FIIs offloading local shares further dampening the sentiment,” Prashanth Tapse, senior vice president research, Mehta Equities Ltd.

Stock Market Today: Nifty, Sensex End Choppy Session Flat Ahead Of Powell's Speech
Stock Market Today: Nifty, Sensex End Choppy Session Flat Ahead Of Powell's Speech
Stock Market Today: Nifty, Sensex End Choppy Session Flat Ahead Of Powell's Speech

Reliance Industries Ltd., Kotak Mahindra Bank Ltd., Larsen & Toubro Ltd.,Nestle India Ltd., and ICICI Bank Ltd. added to the gains in the index.

Tata Consultancy Services Ltd., Bharti Airtel Ltd., Axis Bank Ltd., NTPC Ltd., and Bajaj Finance Ltd. limited losses in the index.

Stock Market Today: Nifty, Sensex End Choppy Session Flat Ahead Of Powell's Speech

On NSE, five sectors advanced, three remained flat, and four declined. The NSE Nifty Realty fell the most among peers, while the NSE Nifty PSU Bank become the top performing sector.

Stock Market Today: Nifty, Sensex End Choppy Session Flat Ahead Of Powell's Speech

Broader markets outperformed benchmark indices. The S&P BSE Midcap ended 0.6% higher and the S&P BSE Smallcap ended 1.18% higher.

The Nifty Midcap 150 hit a life during the day and settled higher for eight day in a row. The Nifty Smallcap 250 ended higher for nineth day in a row.

On BSE, 12 sectors advanced, and eight declined. The S&P BSE Realty index was the worst performing sector, while the S&P BSE Utilities was the top performing sector.

Market breadth was skewed in favour of buyers. Around 2,803 stocks advanced, 1,051 stocks declined, and 111 stocks remained unchanged on BSE.

Divi's Laboratories Upgraded By BofA

Divi's Laboratories Ltd.'s rating has been upgraded to a 'buy' by BofA Securities due to its improving earnings outlook. The research firm has also raised the target price to Rs 4,025 apiece from Rs 3,380 earlier, implying a potential upside of approximately 11% from the current stock price.

The stock rose as much as 2.86% during the day to Rs 3,726 apiece on the NSE. It was trading 2.3% higher at Rs 3,705 per share, compared to a 0.15% advance in the benchmark Nifty 50.

The share price has risen 24.37% in the last 12 months. The relative strength index was at 66.

Twenty-one out of the 39 analysts tracking the company have a 'buy' rating on the stock, 12 recommend 'hold' and six suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 4.5%.

Stock Market Today: Nifty, Sensex End Choppy Session Flat Ahead Of Powell's Speech

BMW Alliance Opens Tata Technologies To Global Clients, Says JPMorgan

The joint venture between Tata Technologies Ltd. and BMW will reduce the dependence on anchor clients Tata Motors and JLR and increase client connections with other global OEMs, according to JPMorgan.

JPMorgan remains 'underweight' on the company, citing excess valuation. The brokerage has a target price of Rs 800 apiece, implying a downside of 30% from the current market price on NSE.

Shares of Tata Tech rose as much as 4.35% to Rs 1,139.50 apiece on the NSE. It was trading 3.76% higher at Rs 1,133.10 apiece, compared to a 0.22% advance in the benchmark Nifty 50 as of 1:03 p.m.

The stock has declined 13.66% since November 2023. The total traded volume so far in the day stood at 5.8 times its 30-day average. The relative strength index was 63.63.

Out of the six analysts tracking the stock, two have a 'buy' rating and four suggest a 'sell', according to Bloomberg data. The average 12-month analyst price target implies a potential upside of 12.0%.

Stock Market Today: Nifty, Sensex End Choppy Session Flat Ahead Of Powell's Speech
Opinion
BMW Alliance Opens Tata Technologies To Global Clients, Says JPMorgan

Vistara Pilots Flag Concerns On New Contract In Meet With CEO & Management

  • Vistara pilots' meeting with CEO and top management concludes.

  • Management addressed aircraft availability concerns, network planning issues etc.

  • Some pilots raised concerns on contract.

  • Management mentioned they would address the issues.

Indian Oil Is In Talks NPCIL, Says Director

  • Indian Oil Corp is in talks with NPCIL to build small nuclear reactors, said director.

  • The company is seeking to use nuclear power in refineries.

Source: Indian Oil Corp Director To Bloomberg

Most European Markets Gain

Stock Market Today: Nifty, Sensex End Choppy Session Flat Ahead Of Powell's Speech

Aster DM Healthcare Segregates GCC Business

  • Aster DM Healthcare Ltd. concluded the segregation of GCC business via sale of unit.

Source: Exchange Filing

Nifty, Sensex Rebound After Opening Lower Led By HDFC Bank, TCS, Airtel: Midday Market Update

India's benchmark stock indices rebounded by midday on Wednesday after opening lower, led by gains in HDFC Bank Ltd., Tata Consultancy Services Ltd., and Bharti Airtel Ltd.

As of 12:27 p.m., the NSE Nifty was trading 27.90 points, or 0.12%, higher at 22,481.20, and the S&P BSE Sensex gained 118.35 points, or 0.16%, to trade at 74,022.26.

The Nifty 50 fell to an intraday low of 22,346.50, and the Sensex touched a low of 73,540.27 so far in the day.

"For Nifty, support is foreseen around 22,325-22,375, with a robust buying zone around 22,175-22,250," said Shrey Jain, founder and chief executive at SAS Online.

"The broader market momentum is positive. The highest call OI has moved higher to a 22,700 strike, while on the downside, the highest put OI is at 22,300 for the weekly expiry," said Vikas Jain, senior research analyst at Reliance Securities.

Stock Market Today: Nifty, Sensex End Choppy Session Flat Ahead Of Powell's Speech
Stock Market Today: Nifty, Sensex End Choppy Session Flat Ahead Of Powell's Speech
Stock Market Today: Nifty, Sensex End Choppy Session Flat Ahead Of Powell's Speech

HDFC Bank Ltd., Tata Consultancy Services Ltd., Bharti Airtel Ltd., Axis Bank Ltd., and HCL Technologies Ltd. were contributing to the Nifty.

Reliance Industries Ltd., Larsen & Toubro Ltd., Kotak Mahindra Bank Ltd., Nestle India Ltd., and Bajaj Auto Ltd. were weighing on the index.

Stock Market Today: Nifty, Sensex End Choppy Session Flat Ahead Of Powell's Speech

On NSE, six sectors advanced, and six declined. The NSE Nifty Media rose over 1% to become the top performer, and the NSE Nifty Realty index was the top loser.

Stock Market Today: Nifty, Sensex End Choppy Session Flat Ahead Of Powell's Speech

Broader markets outperformed benchmark indices, with the S&P BSE Midcap rising 0.40% and the S&P BSE Smallcap gaining 1.08% through midday on Wednesday.

The NSE Nifty Midcap 150 index scaled to record high, led by gains in Mazagon Dock Shipbuilders Ltd., Fertilisers and Chemicals Travancore Ltd.

On BSE, 14 sectors advanced, and six declined. The S&P BSE IT index rose the most among sectoral indices to become the top performer, and the S&P BSE Realty sector fell the most.