Stock Market Today: Nifty, Sensex End At New Record Close As RIL, ITC Lead Rally

-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

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.

• 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

The new solution is built on Salesforce Commerce Cloud to quick-launch digital commerce experiences

Source: Exchange Filing

• 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

• 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

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.

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.

The index outperformed the benchmarks.

• 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

ICICI Bank, Kotak Mahindra Bank, and Axis Bank contributes the most to the gains.

• 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

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.

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.

• 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

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.

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 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%.

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.

• 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 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%.

Project cost estimated at Rs 325 crore

Source: Exchange filing

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.

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.

• 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

• The yield on the 10-year bond opened 2 bps lower at 7.13%.

• It closed at 7.15% on Monday.

Source: Bloomberg

• 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

• 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%

• 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

• 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

• In pact with Korean Air for tech transformation

• Korean Air to use Ramco Aviation Suite software at its engine maintenance center

Source: Exchange filing

• 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%)

• Nepal property with 102 rooms

• Crosses 10,000-room inventory with addition of Nepal hotel

Source: Exchange filing

• 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

• 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

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

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.