Stock Market Today: Nifty, Sensex Log Highest Close Riding On Gains In HDFC Bank

• The local currency weakened by 2 paise to close at 83.45 against the U.S. Dollar.

• It closed at 83.43 a dollar on Wednesday.

Source: Bloomberg

Benchmark equity indices came out of their two-day losing streak to end at highest closing levels amid gains in global markets after Fed Chair Powell restored hopes of rate cuts this year but also said that the timing for rate cuts is uncertain.

Investors now await the outcome of the upcoming meeting of the monetary policy committee due Friday. The Reserve Bank of India will likely keep its benchmark repurchase rate at 6.5% for a seventh straight policy meeting, according to all 39 economists surveyed by Bloomberg.

Today, the Nifty closed 80 points or 0.36% higher at 22,514.65 and the Sensex closed 350.81 points or 0.47% higher at 74,227.63. Intraday, the Nifty hit a high of 22,619 points and the Sensex hit 74,501.73.

"After dismissal of 22600/74500, the market could rally up to 22700-22750/74800-75000," said Shrikant Chouhan, head of equity research at Kotak Securities. "On the flip side, below 22350/73500 the sentiment could change. Below 22350/73500, the market could retest the level of 22200-22100/73100-72800."

Shares of HDFC Bank Ltd. contributed the most to the gains followed by Tata Consultancy Services Ltd., Larsen & Toubro Ltd., Titan Company Ltd., and Infosys Ltd.

Meanwhile, those of Adani Ports and Special Economic Zone Ltd., Oil and Natural Gas Corp Ltd., State Bank Of India, Reliance Industries Ltd., and Bharti Airtel Ltd. capped the upside.

Sectoral indices were mixed at close with Nifty Metal and Nifty Bank gaining over 1% and Nifty Pharma shed 1.2%.

Broader markets ended on a mixed note. The S&P BSE Midcap index settled 0.11% lower, and the S&P BSE Smallcap index ended 0.54% higher.

On BSE, 13 sectors advanced, and seven sectors declined out of 20. The S&P BSE IT index rose nearly 1% to emerge as the top performer among sectoral indices. The S&P BSE Oil and Gas declined over 1% to become the top loser.

Market breadth was skewed in favour of buyers. On BSE, 2,469 stocks rose, 1,379 stocks declined, and 99 remained unchanged.

• Gross advances as of March 31 stand at Rs 34,337 crore, up 23% YoY

• Total deposits as of March 31 stand at Rs 36,129 crore, up 43% YoY

• Q4 CASA Ratio at 32% vs 33% QoQ

Source: Exchange Filing

• Total deposits at Rs 31,650 crore, up 24% YoY

• CASA ratio at 26.3% vs 25.5% QoQ

• Gross loan book at `29,779 crore, up 24% YoY

• Disbursements at Rs 6,681 crore, up 11% YoY

Source: Exchange Filing

• FIIs reduce shareholding in the bank by 4.5% QoQ; Current stake stands at 47.8%

• MSCI weights may go up as a result of decrease in the FII ownership in the bank

• MSCI weights may trigger $2 billion inflow into the stock

Source: BSE Shareholding Pattern

HDFC Bank contributed over 400 points to the gains in the index.

Approves raising up to Rs 2,500 crore via NCDs

Source: Exchange Filing

India's benchmark stock indices fell from the fresh record high during early trade on Thursday, weighed by losses in index heavyweights such as Reliance Industries Ltd., ICICI Bank Ltd., and Larsen & Toubro Ltd.

As of 11:52 a.m., the NSE Nifty 50 declined 31.10 points, or 0.14%, to trade at 22,403.55, and the S&P BSE Sensex fell 36.00 points, or 0.049%, to 73,840.82.

The Nifty hit a record high of 22,619.00 and the Sensex touched a new lifetime high of 74,501.73 as sentiments improved for risky assets after Federal Reserve Chair Jerome Powell indicated rate cuts are imminent this year despite resilient inflation in the US.

"The benchmark equity indices Sensex and Nifty commenced the trading session at unprecedented peaks, driven by significant gains in the heavyweight HDFC Bank. Additionally, the Nifty midcap index reached a milestone, breaching the 50,000 mark for the first time," said Shrey Jain, founder and chief executive at SAS Online.

"Looking ahead, we anticipate the Bank Nifty to maintain its positive bias, consolidating within the broader range of 47,500-48,000 throughout the trading day," Jain said.

Reliance Industries Ltd., ICICI Bank Ltd., Larsen & Toubro Ltd., ITC Ltd., and State Bank of India weighed on the index.

HDFC Bank Ltd., NTPC Ltd., Tata Consultancy Services Ltd., Axis Bank Ltd., and Coal India Ltd. added to the gains in the index.

On NSE, nine sectoral indices declined, and three advanced. The NSE Nifty FMCG index fell the most among sectoral indices, and the NSE Nifty IT index rose the most among sectoral indices.

Broader markets were trading on a mixed note with the S&P BSE Midcap falling 0.06% and the S&P BSE Smallcap rising 0.29% through midday on Thursday.

On BSE, 14 sectors declined, six advanced. The S&P BSE Oil and Gas index declined the most among sectoral index, and the S&P BSE Utilities index rose the most among its peers.

Market breadth was skewed in favour of buyers. Around 2,155 stocks advanced, 1,515 stocks declined, and 134 stocks remained unchanged on BSE.

• Demand trends remained sluggish in Q4

• Q4 revenue to register mid-single digit growth

• HPC segment is expected to grow in high-single digits

• Q4 operating profit seen rising slightly ahead of revenue, post YoY improvement

• International business is expected to register double-digit growth in CC terms

• Gap between rural & urban consumption narrowed as rural growth picked up on price rollbacks in staples

• Gross margins are likely to continue to witness expansion on account of deflation in input cost

Source: Exchange filing

Inks pact to open 300-room 5-star hotel in Mumbai near Terminal 2 of Mumbai International Airport

Source: Exchange filing

The stock fell as much as 4.3%, snapping their three-day rally, after they hit a lifetime high in the early session.

GM Breweries Q4 Results Key Highlights (YoY)

• Revenue up 3.3% at Rs 159.8 crore vs Rs 155.9 crore

• Ebitda down 19.74% at Rs 25.2 crore vs Rs 31.4 crore

• Margin down 437 bps at 15.76% vs 20.14%

• Net profit up 148.57% at Rs 87 crore vs Rs 35 crore

The stock continued gains in the second consecutive session today and has added 8% to hit its lifetime high.

Shares of Vedanta Ltd. rose as much as 4.59% to Rs 312.50, the highest level since Feb 21, 2023. It was trading 2.01% higher at Rs 304.80 as of 120:47 a.m., as compared to 0.07% decline in the NSE Nifty 50 index.

The scrip has gained 6.38% in 12 months. Total traded volume so far in the day stood at 2.6 times its 30-day average. The relative strength index was at 69.62.

Out of 13 analysts tracking the company, seven maintain a 'buy' rating, three recommend a 'hold,' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 2.6%.

Shares of Suryoday Small Finance Bank jumped to hit its highest level in a month after the lender reported a 41% year-on-year increase in its gross advances to Rs 8,650 crore and a 50% increase in its total deposits to Rs 7,775 crore.

The scrip rose as much as 14.28% to Rs 190.85 apiece, the highest level since March 5. It pared gains to trade 12% higher at Rs 187 apiece, as of 10:45 a.m. This compares to a 0.07% decline in the NSE Nifty 50 Index.

It has risen 80.94% in the last twelve months. Total traded volume so far in the day stood at 14 times its 30-day average. The relative strength index was at 63.

One analyst tracing the company has a 'buy' rating for the stock, according to Bloomberg data. The average 12-month consensus price target implies an upside of 34%.

KEC International Ltd. has jumped to fresh high on Thursday as it has secured multiple orders worth total Rs 816 crore in civil infrastructure, transmission and distribution, and cables categories.

• Forecast revenues for companies under coverage to increase 14% yoy in 4QFY24

• Led by 27% yoy growth in the 2W segment’s production volumes

• High single-digit growth yoy in the PV segment’s production volumes

• Mid-to-high single-digit increase in ASPs due to price rises and richer product mix

• Expect EBITDA for companies under coverage to increase 33% yoy in 4QFY24

• Led by Raw Material tailwinds and operating leverage benefits

• M&M, Tata Motors, Motherson Sumi and bearing companies top picks

• Maruti and Eicher expected to report strong earnings performance

• Targets for IOCL/BPCL/HPCL at Rs 115/440/320 implying 34%/8%/48% downside

• Key concerns: Lack of pricing freedom on petrol, diesel and LPG

• Reported gross margins have been to high; seem too good to believe

• Gap in reported gross margins vs estimates based on product slate has widened

• Russian crude benefit seems highest for BPCL, least for HPCL

• Marketing margins on non-transport fuels recovered from FY23 levels

GE Power India Ltd. surged to near three-year high on Thursday securing an order worth Rs 774.9 crores.

The company has secured the order from Jaiprakash Power Ventures Ltd. for dilation and evacuation, and supply of certain critical components for the Thermal Power Plant at Bina, according to an exchange filing.

The order will be executed in 30 months.

The stock jumped as much as 5.7% to Rs 4,540, its highes level since January 2022.

The stock rose as much as 2.97% to Rs 1,526.30, its highest level since January 17.

Benchmark equity indices recovered from two-day losses at opened at their lifetime high tracking the sentiment of global markets after Federal Reserve Chair Jerome Powell indicated rate cuts were imminent this year.

At pre-open, the S&P BSE Sensex Index was at 74,413.82, up 537.00 points or 0.73% while the NSE Nifty 50 was at 22,592.10, 157.45 points or 0.70%. The Nifty hit its lifetime high of 22,619 points and the Sensex hit 74,501.3 points.

"Nifty can find support at 22,350 followed by 22,300 and 22,250. On the higher side, 22,500 can be an immediate resistance, followed by 22,550 and 22,700," said Deven Mehata, research analyst at Choice Broking.

Shares of HDFC Bank Ltd., Infosys Ltd., Reliance Industries Ltd., NTPC Ltd., and Hindalco Industries Ltd. contributed the most to the gains.

Meanwhile, those of IndusInd Bank Ltd., Britannia Industries Ltd., Grasim Industries Ltd., Sun Pharmaceutical Industries Ltd., and ICICI Bank Ltd., weighed on the Nifty.

Nifty Auto and Nifty Metal also hit their record highs today. Nifty Pharma, Nifty FMCG, and Nifty IT gained over 1%.

Broader markets outperformed benchmark indices. The S&P BSE Midcap rose 0.64%, and the S&P BSE Smallcap was 0.91% higher.

On BSE nineteen out of 20 sectoral indices advanced, S&P BSE Oil & Gas traded flat.

Market breadth was skewed in favour of buyers. Around 2,514 stocks rose, 451 stocks declined, and 76 stocks remained unchanged on BSE.

At pre-open, the S&P BSE Sensex Index was at 74,413.82, up 537.00 points or 0.73% while the NSE Nifty 50 was at 22,592.10, 157.45 points or 0.70%.

• The yield on the 10-year bond opened flat at 7.09%.

Source: Bloomberg

• The local currency opened flat at 83.43 against the U.S. Dollar.

Source: Bloomberg

• Top picks- ABB, Larsen & Toubro, and Kirloskar Oil Engines

• Domestic ordering momentum sees moderation in 4QFY24 with impending election

• Sees healthy uptick in ordering momentum post Q1FY25

• Believes export weakness to have bottomed out, sees pickup from Q4FY24

• Election schedule may have near-term impact on inflows and working capital

• Expect L&T and KEC to witness material improvement in margins in 2HFY25

• Sees green shoots in private sector capex from auto, cement, metals and PLI-led capex

• Registers highest-ever yearly volume of 110 billion units in FY24, up 13.8% YoY

• March total volume at 9.8 billion units, up 6.2% YoY

• Q4 total volume at 30.1 billion units, up 15.7% YoY

Source: Exchange filing

• Total gross loan portfolio at Rs 82,175 crore, up 8% QoQ

• Gross advances at Rs 73,999 crore, up 9% QoQ

• Total deposits at Rs 87,182 crore, up 9% QoQ

• CASA ratio at 33%, flat QoQ

Alert: Provisional figures

Source: Exchange filing

Indiabulls Housing Finance raises $350 million through overseas bond issue

Source: Exchange Filing

• Price target of Rs 520 (vs. Rs 510 earlier) implying 2.1% downside

• Trim FY24-26E earnings estimates by 0-1% on recent demand trends

• Roll forward to 40x Dec-25E EPS (vs. Sep-25E earlier; target multiple unchanged

• Q4FY24 update highlights 19.9% YoY revenue growth

• Revenue per store records 3.4% five-year CAGR

• Believe revenue per sq.ft continues to be impacted by inferior product mix, new store additions in smaller towns

• Remains cautious at current valuation

• Citi maintains sell on Federal Bank; Target price at Rs 135

• Federal Bank growth numbers ahead of estimates

• Credit growth: wholesale grew at 15%, while retail grew at 25%

• Deposit growth at 18.4% was ~2% above estimates

• NIM trajectory will be a key to watch out for, expect QOQ expansion

• Earnings to be impacted by wage revision and AIF hit of 100 crore

• Sees quick commerce margins to expand to 7-8% of GMV over medium term

• Expect household budgets to shift from monthly purchases to top-ups

• Expects Quick Commerce to be a US$25bn business by 2030, 25-30% CAGR

• Quick Commerce cos to have substantial first-mover advantages when they reach scale

• Citi maintains sell on RBL Bank; Target price Rs 257

• Advances growth in line with estimates, driven by retail

• Wholesale advances lagged with 7% YOY growth

• Deposits growth steep and LDR contracted

• NIMs expected to moderate QOQ in build-up of liquidity

• Credit costs expected to stay elevated; ROA closer to 1%

March

• Client base at 2.22cr, up 3.8% MoM, 62% YoY

• Avg daily orders at 73.5lks, down 10.4% MoM

Fourth Quarter

• Client base at 2.22cr, up 14.3% QoQ, 62% YoY

• Avg daily orders at 77lks, up 32% QoQ, 82% YoY

• Gross advances at Rs 25 lakh crore, up 1.6% QoQ

• Deposits at Rs 23.8 lakh crore, up 7.5% QoQ

• CASA ratio at 38.2% vs 37.7% QoQ

• Retail deposits at Rs 1.28 lakh crore, up 6.9% QoQ

• Wholesale deposits at Rs 38,000 crore, up 10.9% QoQ

• Domestic retail loans up 3.7% QOQ

• Commercial & rural banking up 4.2% QOQ

• Corporate loans degrew 2.2% QOQ

• CASA grew by 8.8% QOQ

(Provisional figures)

Source: Exchange filing

• U.S. Dollar Index at 104.20

• U.S. 10-year bond yield at 4.31%

• Brent crude up 0.25% at $89.57 per barrel

• GIFT Nifty traded up 34.5 points or 0.15% at 22,589.50 as of 7:20 a.m.

• Nymex crude up 0.27% at $85.66 per barrel 

• Bitcoin was up 0.55% at $66,102.13

• Approves floor price of Rs 2,103.68/share

• Floor price indicates a discount of 8.7% to the stocks previous close

Source: Exchange filing

• Got tax demand from Uttar Pradesh tax authorities

• The Company does not reasonably expect the said order to have any material financial impact on the company

Source: Exchange filing

Invests in Bajaj Housing Finance via rights issue

Source: Exchange filing

• Q4 disbursements up 52% YoY at Rs 9,680 crore.

• AUM as on March 31 up 54% YoY at Rs 24,800 crore.

• Approves raising up to Rs 450 crore via NCDs

Source: Exchange filing

• Prefers UltraTech Cement in large cap, Dalmia Bharat, JK Cement in mid-cap space

• Reduce earnings estimates to factor in sharp price correction

• Estimate 10% YoY volume growth for coverage universe in Q4

• Expect blended realisation for coverage universe to dip 3% YoY

• Expect 7% cement demand CAGR over FY24-26

• Expect clinker utilisation to rise to 80%/81% in FY25/FY26

• Nifty April futures down by 0.14% to 22,546.8 at a premium of 112.15 points.

• Nifty April futures open interest up by 2.42%.

• Nifty Bank April futures up by 0.08% to 47,931.1 at a premium of 306.85 points.

• Nifty Bank April futures open interest up by 6.2%.

• Nifty Options April 4 Expiry: Maximum Call open interest at 22,500 and Maximum Put open interest at 22,000.

• Bank Nifty Options April 10 Expiry: Maximum Call Open Interest at 48,000 and Maximum Put open interest at 47,500.

• Securities in ban period: Hindustan Copper, Sail, Zee Entertainment Enterprise.

• Price Band changes from 10% to 5%: HLV.

• Price Band changes from 5% to 20%: Shipping Corporation of India Land and Assets.

• Ex/record stock split: Cupid

• Ex/record bonus: Cupid

• Ex/record dividend: Sundaram Clayton, Varun Beverages.

• Moved into short-term ASM framework: Technocraft Industries (India).

• Moved out of short-term ASM framework: Manoj Vaibhav Gems N Jewellers.

• Capital Small Finance Bank: To meet analysts and investors on April. 9.

• Hindustan Foods: To meet analysts and investors on April 12.

• Tips Industries: To meet analysts and investors on April 8.

• HDFC Asset Management Company: To meet analysts and investors on April 19.

• Medi Assist Healthcare Services: Edelweiss Broking sold 4.82 lakh shares (0.7%) at Rs 500.02 apiece.

• Edelweiss Financial Services: CLSA Global Markets PTE bought 2.72 crore shares (2.88%) at Rs 69.16 apiece, while The Pabrai Investment Fund IV LP sold 272.08 lakh shares (2.88%) at Rs 69.15 apiece.

• On Mobile Global: Anshul Saigal bought 5.32 lakh shares (0.5%) at Rs 75.15 apiece.

• Bharti Hexacom: The public issue was subscribed to 0.34 times on day 1. The bids were led by institutional investors (0.29 times), non-institutional investors (0.36 times), and retail investors (0.48 times).

• Axis Bank: The Competition Commission has approved the proposed infusion of Rs 1,612 crore by the company in Max Life Insurance.

• KEC International: The company secured orders worth Rs 816 crore across various businesses.

• L&T Finance Holdings: The company reported retail loan book at Rs 80,010 crore in the fourth quarter, up 31% YoY and retail disbursements at Rs 15,030 crore, up 33% YoY.

• Brigade Enterprises: The company signed a joint development agreement with United Oxygen to develop a ‘Grade A’ office space with a leasable area of 3.0 lakh square feet and the project has a gross development value of around Rs 340 crore.

• Avenue Supermart: The company’s standalone revenue from operations stood at Rs 12,393.5 crore, up 19.9% YoY for the fourth quarter. The total number of stores was 365 as of March 31.

• Vodafone Idea: The board will meet on April 6 to consider share issuance proposals of equity and/or convertible shares on a preferential basis.

• Vedanta: Vedanta Aluminium has expanded its alumina refining capacity to 3.5 million tonne per annum.

• Suryoday Small Finance Bank: The company reported disbursements at Rs 2,340 crore, up 39% YoY in the fourth quarter, gross advances at Rs 8,650 crore, up 41% YoY and total deposits at Rs 7,775 crore, up 50% YoY.

• RBL Bank: The company reported total deposits at Rs 1.03 lakh crore, up 22% YoY as of March 31 and gross advances at Rs 85,640 crore, up 5% YoY.

• GE Power: The company received orders worth Rs 774.9 crore from Jaiprakash Power.

• Thomas Cook: The company has inaugurated a new branch in Bhuj, Gujarat, to capitalise on the strong and growing demand from Gujarat.

• Punjab and Sindh Bank: Arnab Goswamy has been appointed as Chief Financial Officer for a period of 3 years from the date of his joining.

• Electronics Mart India: The company has commenced the commercial operations of a new multi-brand specialised store under the brand name ‘AUDIO and BEYOND’ on April 3.

• Royal Orchid Hotels: The company’s arm signed an agreement(s) with Masa Hotels for running and operating HOTEL MASA, which has 300 keys, a restaurant, a bar, banquet halls and meeting rooms.

• Gufic Biosciences: Incorporated a wholly owned subsidiary, “VEIRA LIFE FZE,” in Dubai for the marketing, distribution, and sale of pharmaceutical products.

• Cyient DLM: Ram Dornala ceases to be the chief operating officer of the company effective today.

• Veranda Learning Solutions: The company's stake has increased to 51% in Tapasya Educational Institutions.

Stock indices in the Asia-Pacific region rose on Thursday after Federal Reserve Chair Jerome Powell indicated rate cuts were imminent this year.

Japan's Nikkei was trading nearly 2% higher. Markets in China, Taiwan, and Hong Kong will remain shut today.

Powell said the recent strong inflation report did not "materially" change the broader picture offered for risk assets. However, the central bank will adhere to the wait-and-watch mode before pulling down the borrowing cost, Bloomberg reported.

The S&P 500 Index and Nasdaq Composite rose 0.11% and 0.23%, respectively, as of Wednesday. The Dow Jones Industrial Average fell by 0.11%.

Brent crude was trading at $89.57. Gold gained 0.12% to 2,302.78 an ounce.

The GIFT Nifty was trading 44 points, or 0.2%, higher at 22,599.00 as of 6:37 a.m.

India's benchmark indices ended little changed amid volatility on Wednesday, ahead of the Fed Chair's speech at the Macroeconomics and Monetary Policy Conference.

The NSE Nifty settled 18.65 points, or 0.083%, lower at 22,434.65, and the S&P BSE Sensex declined 27.09 points, or 0.037%, to end at 73,876.82.

Overseas investors sold stocks worth Rs 2,213.56 crore, and domestic institutional investors remained net buyers for the eleventh day and mopped up equities worth Rs 1,102.41 crore, the NSE data showed.

The Indian currency weakened by 5 paise to close at 83.43 against the dollar.