Stock Market Today: Nifty, Sensex End Lower As RIL, Titan, L&T Drag
Get all the live updates on the Indian stock markets on April 9 here.
KEY HIGHLIGHTS
Nifty, Sensex End Lower As RIL, Titan, L&T Drag: Market Wrap
India's benchmark indices gave up all early gains to end lower tracking losses in heavy-weights Reliance Industries Ltd., Titan Co. Ltd., and Larsen & Toubro Ltd.
The NSE Nifty 50 ended 24.55 points or 0.11% lower at 22,641.75, and the S&P BSE Sensex settled 58.80 points or 0.079% down at 74,683.70.
The NSE Nifty 50 rose to fresh high of 22,768.40, and the S&P BSE Sensex rose to a record high of 75,124.28.
The NSE Nifty Bank index also scaled to a fresh high of 48,960.75, lead by gains in ICICI Bank Ltd., Axis Bank Ltd.
The Bank Nifty demonstrated resilience at higher levels, said Kunal Shah, senior technical and derivative analyst at LKP Securities. It finds support at 48,000, coinciding with significant open interest in put options. With a bullish undertone prevailing, downturns are seen as buying opportunities for the index.
Reliance Industries Ltd., Larsen & Toubro Ltd., Titan Co. Ltd., ITC Ltd., and Tata Consultancy Services Ltd. put pressure on the index.
ICICI Bank Ltd., Infosys Ltd., Apollo Hospitals Enterprises Ltd., Hindalco Industries Ltd., and Bajaj Finserve Ltd. added to the gains in the index.
On NSE, seven stocks ended lower, and five ended higher out of 12. The NSE Nifty metal rose the most among its peers, and the NSE Nifty Media index fell the most among sectoral indices.
Broader markets were mixed. The S&P BSE Midcap index ended 0.47% lower and the S&P BSE Smallcap index ended 0.15% lower.
On BSE, 10 sectors advanced, and 10 sectors declined out of 20. The S&P BSE Consumer Durables fell the most.
Market breadth was skewed in favour of sellers. On BSE 2,228 stocks declined, 1,618 stocks advanced, and 105 remained unchanged.
ICICI Lombard General Insurance Partners Policybazaar
ICICI Lombard General Insurance Co entered into a Strategic Partnership with Policybazaar.
Source: Exchange Filing
Motilal Oswal Financial Services Rises Over 9% To Record High
Shares of Motilal Oswal Financial Services Ltd. rose as much as 9.82% to Rs 2,074.30, the highest level since its listing on Sep 10, 2007. It was trading 6.95% higher at Rs 2,020.00 as of 1:46 p.m., as compared to 0.04% decline in the NSE Nifty 50 index.
Sensex, Nifty Trade Near Life Highs As ICICI Bank Leads Rally: Midday Market Update
The benchmark equity indices continued their record run for the second consecutive session on Tuesday and traded near lifetime highs through the midday as ICICI Bank Ltd. contributed the most to the gains. As of 12:55 p.m., the NSE Nifty 50 was trading 28.30 points or 0.1% higher at 22,694.40 and the S&P BSE Sensex was trading 130.52 points or 0.2% up at 74,873.02.
During the day, the Nifty rose as much as 0.45% to an all-time high of 22,768.40 points and the Sensex jumped 0.51% to 75,124.28.
It is a buy-on-dip market, according to Amit Goel, founder of Amit Ventures. He advises investors to be cautious with every new lifetime high. His view on Nifty continues to remain bullish.
Accumulate at current levels and look for a potential breakout of close to 23,000 with the support for the index at 22,300–22,500, according to Goel.
Shares of ICICI Bank Ltd., Infosys Ltd., Tata Steel Ltd., Axis Bank Ltd. and Hindalco Industries Ltd. contributed the most to the gains in the Nifty 50
Asian Paints Ltd., Titan Co., NTPC Ltd., Coal India Ltd. and Reliance Industries Ltd. minimised the gains the most.
Sectoral indices on the NSE were mixed, with the Nifty Metal gaining the most by over 2%.
The broader markets were also mixed as the BSE MidCap was 0.12% higher and the SmallCap rose 0.36%.
On the BSE, 15 sectors advanced and five declined, with Metal rising the most.
The market breadth was skewed in favour of the buyers as 1,959 stocks advanced, 1,665 declined and 144 remained unchanged on the BSE.
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Puravankara Trade Near 16-Year High After Acquiring 51% Stakes In PPL Khondapur
Shares of Puravankara Ltd. rose as much as 15.66% to Rs 284.40, the highest level since May 9, 2008 after its announced it has acquired 51% at Rs 4.1 lakh stakes in its wholly owned subsidiary.
Purvankara has bought 4,100 equity shares at Rs 100 each through a private placement by the PPL Khondapur. After this, PPL Khondapur will now be step-down subsidiary.
The scrip gained 269.42% in 12 months, while it rose 50.43% on year-to-date basis. Total traded volume so far in the day stood at 9.6 times its 30-day average. The relative strength index was at 71.49, which implied the stock is overbought.
Two analysts tracking the company maintains a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 61.4%.
