Stock Market Today: Nifty, Sensex Rise For Second Day Lead By Gains In ICICI Bank, L&T, Infosys

The yield on the 10-year bond closed 4 bps lower at 7.19%.

Source: Bloomberg

• The local currency strengthened by 10 paise to close at 83.37 against the U.S. Dollar.

• It closed at 83.47 a dollar on Friday.

Source: Bloomberg

India's benchmarks ended higher for second day as gains in shares of ICICI Bank Ltd., Larsen & Toubro Ltd., and Infosys Ltd. aided.

The NSE Nifty 50 settled 189.40 points or 0.86% higher at 22,336.40, and the S&P BSE Sensex ended 560.29 points or 0.77% higher at 73,648.62.

Intraday, the NSE Nifty 50 rose 1.03% to 22,375.65, and the S&P BSE Sensex rose 0.93% to 73,767.80.

The Indian market extended last Friday's relief rally as Middle East tension saw some respite, though the situation remains fluid, said Vinod Nair, head of research, Geojit Financial Services. The recovery was broad-based across sectors, with renewed interest in mid- and small caps. Gold and oil prices showed some relief but are still at elevated levels. Hawkish remarks from the U.S. Federal Reserve, driven by persistent inflation and robust economic data, spurred a rally in bond yields. The prevailing higher interest rate environment is expected to persist longer than expected which, along with the moderating earnings growth, suggests a continuation of the consolidation in the near-term."

The earnings season will remain in focus, with several prominent companies, including Bajaj Finance Ltd., HCL Technologies Ltd., Maruti Suzuki India Ltd., Nestle India Ltd., Reliance Industries Ltd., and Tech Mahindra Ltd. are expected to report their Q4 financial results this week, said Avdhut Bagkar, technical and derivatives analyst, StoxBox.

ICICI Bank Ltd., Larsen & Toubro Ltd., Infosys Ltd., Axis Bank Ltd., and Reliance Industries Ltd. added positively to the benchmark

HDFC Bank Ltd., NTPC Ltd., JSW Steel Ltd., IndusInd Bank Ltd., and Tata Steel Ltd. limited gains in the index.

All 12 sectors ended higher on NSE, with the NSE Nifty PSU Bank index emerging as the top performer.

Broader markets ended higher on BSE. The S&P BSE Midcap index settled 0.93% higher and the S&P BSE Smallcap index rose 1.23%.

On BSE, 20 sectors ended higher with the S&P BSE Consumer Durables index rising the most among sectoral indices.

Market breadth was skewed in favour of the buyers. Around 2,622 stocks rose, 1,281 stocks declined, and 154 stocks remained unchanged on BSE.

• Lloyds Engineering secured naval equipment orders worth over Rs 81 crore.

Source: Exchange Filing

• Patel Engineering Ltd. likely to launch QIP soon

• Fund raise of close to Rs 350-400 crore

• QIP likely at a discount to CMP

Source: People In The Know To NDTV Profit

• Retail subscription at 61% as of 2:42 pm on day 3

• NII subscription at 2.95x as of 2:42 pm on day 3

• QIB subscription at 8.93x as of 2:42 pm on day 3

• Overall subscription at 3.49x as of 2:42 pm on day 3

• Coforge has approved appointment of Om Prakash Bhatt as Chairman effective June 29.

Source: Exchange filing

• Revenue up 9% to Rs 249 crore from Rs 219 crore

• Ebitda up 2% at Rs 34.4 crore from Rs 33.8 crore

• Margin down 100 bps at 14.4% from 15.4%

• Net profit down 0.2% at Rs 20.2 crore from Rs 20.3 crore

• Sanghi Industries approved raising Rs 2,200 crore via preference shares.

Source: Exchange filing

• Bharti Airtel Ltd. has introduced international roaming packs at Rs 133 per day.

Source: Exchange filing

India's benchmark stock indices pared gains through midday trade on Monday, weighed by losses in heavyweight HDFC Bank Ltd. Growing pessimism over the Federal Reserve's cutting interest rates soon also dented sentiment, limiting the rise in the indices.

At 11:46 a.m., the Nifty was trading 142.50 points, or 0.64%, higher at 22,289.50, and the Sensex rose  379.46 points or 0.52% to trade at 73,467.79.

Jatin Gedia, a technical research analyst at Sharekhan, told NDTV Profit that he is bullish on both Nifty and Nifty Bank. However, the upside in the Nifty 50 will only be limited to 22,500–22,600 levels in the current-month contract, he said.

Nifty Bank is likely to witness a pullback from its recent fall and may rise to the 48,500 level, said Gedia.

Shares of ICICI Bank Ltd., Larsen & Toubro Ltd., Axis Bank Ltd., Reliance Industries Ltd., and Bajaj Finance Ltd. contributed the most to Nifty gains while those of HDFC Bank Ltd., NTPC Ltd., and JSW Steel Ltd. weighed on the index.

Gains were across sectors with Nifty PSU Bank, Nifty Realty, and Nifty Pharma jumping over 1%.

The broader markets outperformed their larger peers, with the S&P BSE Midcap rising 0.96% and the S&P BSE Smallcap gaining 1.37% through midday on Monday.

On BSE, all 20 sectors advanced with the S&P BSE Consumer Durables leading.

Market breadth was skewed in favour of buyers. On BSE, 2,663 stocks rose, 1,027 stocks declined, and 181 remained unchanged.

Voltas Ltd. rose 7.25% to 1,394.80, the highest level since its listing on Jul 2, 1997. The shares rose as the UBS upgraded the stock to 'Buy' with target price Rs 1,800, which implied an upside of 40%.

The scrip was trading 6.82% higher at Rs 1,389.30, as compared to 0.66% advance in the NSE Nifty 50 index.

• Radovan Sikorsky resigns as United Breweries Ltd.'s CFO due to change of role as Regional CFO for Asia effective July 1.

Source: Exchange filing

• Hinduja Global Solutions Ltd.'s CelerityX launched network-as-a-service solution 'OneX'.

• OneX solutions cover network management, security, and LAN-side control.

• CelerityX to offer OneX to over 40,000 bank branches in Maharashtra.

• CelerityX can serve over 1 lakh branches nationwide.

Source: Press release

Shares of Hindustan Copper Ltd. rose as much as 8.21% to 394.00, the highest level since Nov 11, 2010. It pared gains to trade 5.41% higher at 383.90 as of 11:34 a.m., compared to 0.68% advance in the NSE Nifty 50 index.

• Zomato Ltd. has hiked platform fees from Rs 4 to Rs 5 per order in selective markets.

• Raised convenience fee fourth time over last one year.

• Increase in each Re1 convenience fee to lead positive impact of Rs85-90 crore on EBITDA, the brokerage said.

• Estimates to do 85-90 crore orders annually (FY25).

• Positive impact on EBITDA could be mere 1-2% as hike effective only in selective markets.

• Expect platform fee to move towards Rs8-10 per order over medium term in select metro markets.

• Overall subscription at 67% as of 10:36 am

• NII subscription at 1.3x as of 10:36 am

• QIB subscription at 94% as on 10:36 am

• Retail subscription at 25% as on 10:36 am

Source: BSE

Shares of Bharti Airtel Ltd. rose as much as 1.27% to Rs 1,305.40, the highest level since its listing on Nov 2, 2021. It was trading 0.99% higher at Rs 908.45 as of 10:37 a.m., compares to 0.39% advance in the NSE Nifty 50 index.

• Welspun Corp Ltd. received multiple orders worth Rs 872 crore in India and overseas markets.

Source: Exchange filing

• Escorts Kubota Ltd.'s Agricultural machinery business division is to increase prices of its tractors effective May 1.

• Increase in prices to vary across models and geographies.

Source: Exchange filing

Mahindra & Mahindra Ltd. rose as much as 2.41% to Rs 2,133 apiece, the highest level since its listing on Jan 3, 1996. It erased gains to trade at 0.67% lower at Rs 2,068.95 apiece, as of 10:12 a.m. This compares to a 0.46% advance in the NSE Nifty 50 Index.

It has risen 71.19% in 12 months. Total traded volume so far in the day stood at 0.28 times its 30-day average. The relative strength index was at 64.52.

Out of 40 analysts tracking the company, 35 maintain a 'buy' rating, five recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a downside of 3.8%.

Shares of Persistent Systems fell to hit their lowest level in over three months even as the company's net profit and revenue for the last quarter of the year was above analysts estimates.

The scrip fell as much as 7.59% to Rs 3,590 apiece, the highest level since Jan 3. It pared losses to trade 7.10% lower at Rs 3,509 apiece, as of 11:02 a.m. This compares to a 0.6% advance in the NSE Nifty 50 Index.

It has risen 52.3% in the last twelve months and fallen 2.37% year-to-date. Total traded volume on the NSE so far in the day stood at 2.44 times its 30-day average. The relative strength index was at 27.41, indicating that the stock may be oversold.

Out of 38 analysts tracking the company, 15 maintain a 'buy' rating, 12 recommend a 'hold,' and 11 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 9.8%.

Gujarat State Petronet Ltd. hit a 20% lower circuit and fell to Rs 302.15 apiece, the lowest level since March 5. It remained locked in the lower circuit as of 09:59 a.m. This compares to a 0.36% advance in the NSE Nifty 50 Index.

It has risen 14.32% in 12 months. Total traded volume so far in the day stood at 57 times its 30-day average. The relative strength index was at 28.56, which implied the stock is oversold.

Out of 26 analysts tracking the company, 13 maintain a 'buy' rating, four recommend a 'hold,' and nine suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 22.4%.

The scrip rose as much as 11.39% to Rs 179.00 apiece, the highest level since April 8. It pared gains to trade 7.00% higher at Rs 171.95 apiece, as of 09:44 a.m. This compares to a 0.30% advance in the NSE Nifty 50 Index.

It has risen 186.58% in four months. Total traded volume so far in the day stood at 3.0 times its 30-day average. The relative strength index was at 61.75.

One analyst tracking the company suggest a 'Sell' on the stock.

HDFC Bank stock rose as much as 1.70% during the day at Rs 15547.40 apiece on the NSE. It was trading 0.49% lower at Rs 1,523.85 apiece, compared to a 0.45% advance in the benchmark Nifty 50 as of 9:22 a.m.

It has fallen 9.74% in the last 12 months. The relative strength index was at 58.51

Out of 49 analyst tracking the company, 45 has a 'buy' rating on the stock and four suggest a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 21.5%.

Shares of Wipro Ltd. rose nearly 2% on Monday after its fourth-quarter profit rose in line with above analysts' estimates.

India's fourth largest IT services firm's net profit rose 5.8% year-on-year to Rs 2,858 crore in the quarter ended March 2024, according to an exchange filing. That compares with the Rs 2,772.10 crore-crore consensus estimate of analysts tracked by Bloomberg.

The scrip rose as much as 2.11% to Rs 462.30 apiece, the highest level since April 15. It pared gains to trade 1.33% higher at Rs 458.55 apiece, as of 9:38 a.m. This compares to a 0.48% advance in the NSE Nifty 50 Index.

It has risen 19.79% in the last twelve months but fallen 2.24% year-to-date. Total traded volume on the NSE so far in the day stood at 0.26 times its 30-day average. The relative strength index was at 39.26.

Out of 57 analysts tracking the company, ten maintain a 'buy' rating, 15 recommend a 'hold,' and 22 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 0.2%.

India's benchmark indices opened higher tracking gains in shares of ICICI Bank Ltd., Larsen & Toubro Ltd., and Axis Bank Ltd.

As of 09:17 a.m., the NSE Nifty 50 was trading 135.15 points or 0.61% higher at 22,282.15, and the S&P BSE Sensex was 420.16 points or 0.57% higher at 73,508.49.

Strong opening in the Asian markets, modest gain in U.S. equity futures, falling crude oil prices, cooling down geo-political tensions between Israel-Iran, impressive Q4 results by HDFC Bank Ltd. and above estimate domestic direct tax collection, helped domestic markets to open on a strong note, said Vikas Jain, senior research analyst at Reliance Securities.

ICICI Bank Ltd., Larsen & Toubro Ltd., Axis Bank Ltd., Bajaj Finance Ltd., and Kotak Mahindra Bank Ltd. added to the gains in the index.

HDFC Bank Ltd., Tata Consultancy Services Ltd., Wipro Ltd., HDFC Life Insurance Co. Lt. and Oil and Grasim Industries Ltd. weighed on the benchmark index.

All 12 sectoral indices opened higher with the NSE Nifty realty rising the most among its peers.

Broader markets outperformed benchmark indices. The S&P BSE Midcap rose 0.93%, and the S&P BSE Smallcap rose 1.16%.

All 20 sectors opened higher on BSE. The S&P BSE Industrial rose the most among its peers. The S&P BSE TECK index was the worst performing index.

Market breadth was skewed in favour of the buyers. Around 2,344 stocks rose, 483 stocks declined, and 113 stocks remained unchanged on BSE.

The NSE Nifty 50 was trading 189.90 points or 0.86% up at 22,336.90, and the S&P BSE Sensex was trading 599.34 points or 0.83% higher at 73,088.33.

• The yield on the 10-year bond opened 2 bps higher at 7.25%.

• It closed at 7.23%.

Source: Bloomberg

• The local currency strengthened 7 paise to 83.40 against the U.S. Dollar.

• It closed at 83.47 on Friday.

Source: Bloomberg

• Honasa Consumer's Derma co is to achieve Rs 500 crore annual revenue run rate.

Source: Exchange filing

• Suraj Estate Developers Ltd. acquired 1,073 sq meter freehold land with GDV of Rs 120 crore.

Source: Exchange filing

• Nomura downgraded Gujarat State Petronet to 'Reduce' from 'Buy' at Rs 320 target, which implied 15% downside.

• Authorized tarrif cut below estimates, Nomura said.

• Nomura cut FY25/26 Ebitda by 37%/42%.

• PNGRB's approved capex/ opec was 45%/49% lower than GSPL’s

• Tariff is to be reviewed next fiscal if actual volumes show considerable variation.

• Lower spot LNG prices may keep transmission volumes favorable in near term.

• UBS upgraded Voltas to 'Buy' with target price Rs 1,800, which implied an upside of 40%.

• Voltas RAC and VoltBek JV is improving market share and profitability, the brokerage said.

• JV with Beko is expected to breakeven by FY26.

• UBS expects incremental revenue of Rs 100 billion in consumer electronics segment by FY27E.

• Values cooling segment at 55x earnings vs 35x earlier.

• VoltBek JV at 4x price to sales vs 3x earlier; factoring faster scale up

• U.S. Dollar Index at 106.03

• U.S. 10-year bond yield at 4.65%

• Brent crude down 0.85% at $86.55 per barrel

• Nymex crude down 0.26% at $82.92 per barrel 

• Bitcoin was up 0.11% at $64,727.59

• Bernstein maintains a 'buy' rating on HDFC Bank with a target price of Rs 2,100 apiece, implying a potential upside of 37%.

• Bank delivered on the two key metrics that mattered the most — net interest margins and deposit growth.

• Asset quality remains solid with non-performing assets and credit costs remaining very healthy.

• Main concern from the results would be the lack of a meaningful increase in loan yields.

• Adjusting for one-off return on assets was marginally lower at 1.88% and profit lower by Rs 7 billion.

• Floating provisions were completely voluntary and not an indication of asset quality.

• Citi Research has maintained a 'sell' rating on Wipro Ltd. and cut its target price to Rs 430 apiece from Rs 440, implying a potential downside of 5%.

• Expects FY25 constant-currency revenue growth to be flat, the brokerage said in a note.

• The BFSI is bottoming out post a tough FY24.

• Wipro’s guidance and management commentary suggests caution on growth despite some green shoots seen in Capco.

• Start of stability in BFSI led by Capco. Capco grew 6.6% on a sequential basis.

• Goldman Sachs maintained a 'sell' rating on Wipro Ltd. and revised its target price to Rs 430 apiece from Rs 420.

• Demand environment remains unchanged, the brokerage said.

• Guidance implies about 1% to 1.5% QoQ revenue growth in Q1 FY25.

• This guidance bakes in early revival in Capco business.

• Revenue growth of Wipro will underperform its peers, Goldman Sachs said.

• Zydus Lifesciences Ltd. launched Mirabegron extended-release tablets 25 milligram in the US.

• Mirabegron is used in the treatment of overactive bladder.

Source: Exchange filing

• Nifty April futures up by 0.32% to 22,128.7 at a discount of 18.3 points.

• Nifty April futures open interest down by 10.01%.

• Nifty Bank April futures up by 0.97% to 47,575.6 at a premium of 1.45 points.

• Nifty Bank April futures open interest down by 12.4%.

• Nifty Options April 25 Expiry: Maximum call open interest at 23,000 and maximum put open interest at 22,000.

• Bank Nifty Options April 24 Expiry: Maximum call open interest at 48,000 and maximum put open interest at 47,000.

• Securities in ban period: Balrampur Chini Mills, Bandhan Bank, Biocon, Exide Industries, Idea, Metropolis, Piramal Enterprises, SAIL, and Zee Entertainment Enterprises.

The Indian rupee strengthened by 7 paise to close at 83.47 against the US dollar.

• Moved into short-term ASM framework: Dolat Algotech, Dynacons Systems and Solutions, Exicom Tele-Systems, and Vedanta.

• Moved out of short-term ASM framework: Automotive Stampings and Assemblies, Dhunseri Ventures, and India Pesticides.

• Price Band change from 10% to 20%: GE Power India, Sundaram Finance Holdings, and the Hi-Tech Gears.

• Price Band change from 10% to 5%: Indo Tech Transformers.

• Price Band change from 20% to 10%: Dynacons Systems and Solutions, Manorama Industries,

• Ex/record buyback: Tips Industries

• Ex/record dividend: Aegis Logistics.

• Waaree Technologies: Purvesh Mukeshkumar Shah sold 1 lakh shares (0.92%) at Rs 2,015.08 apiece.

• GMR Power and Urban Infra: Varanium India Opportunity sold 79.43 lakh shares (1.31%) at Rs 57.30 apiece, while Winro Commercial India bought 39.92 lakh shares (0.66%) at Rs 57.3 apiece, and Singularity Holdings bought 40 lakh shares (0.66%) at Rs 57 apiece.

• Coffee Day Enterprise: Tikri Investments sold 11.92 lakh shares (0.56%) at Rs 62.97 apiece.

• Electrosteel Cast: ISHARES II Public - ISHARES Global Water UCITS ETF bought 32.28 lakh shares (0.54%) at Rs 196.21 apiece.

• Ion Exchange: ISHARES II Public - ISHARES Global Water UCITS ETF sold 8.55 lakh shares (0.58%) at Rs 541.08 apiece.

• PTC India: BNP Paribas Arbitrage sold 16.18 lakh shares (0.54%) at Rs 215.88 apiece, while Ishares Global Clean Energy ETF bought 66.17 lakh shares (2.22%) at Rs 217.53 apiece.

• Vodafone Idea: The follow-on public offering was subscribed 0.49 times, or 49%, on day 2. The bids were led by institutional investors (0.93 times, or 93%), non-institutional investors (0.75 times, or 75%), retail investors (0.13 times, or 13%).

• Dr. Reddy's Laboratories: The company launched the condition management programme, DailyBloom IBS, India’s first integrated care plan for irritable bowel syndrome.

• Tata Steel: The NCLT has approved the amalgamation of Angul Energy with the company.

• Central Bank of India: The company signed an agreement with Aditya Birla Sun Life AMC for the distribution of mutual fund products.

• Laurus Labs: The US FDA completed an inspection of the company's API manufacturing facilities in Andhra Pradesh. The inspection was conducted from April 15 to April 19. The inspection was successfully closed without any 483 observations.

• NTPC: The company’s arm, NTPC Green Energy, signs a pact with Indus Towers to create a joint venture for green energy objectives. The company and Indus Tower JV will explore renewable energy projects. The company plans to have 60 GW of renewable energy capacity by 2032.

• KPIT Technologies: The company completed the acquisition of PathPartner Technology for Rs 191 crore.

• Aditya Birla Fashion and Retail: The board approved the demerger of the Madura Fashion and Lifestyle business into a separate listed entity, Aditya Birla Lifestyle Brands.

• Allcargo Gati: The total volume, including surface and air express, stood at 111 kt, up 3% YoY.

• Sterlite Technologies: The arbitrator rejected a claim worth Rs 145 crore against BSNL.

• Ujjivan Small Finance Bank: The company received approval from the National Company Law Tribunal for the scheme of amalgamation with Ujjivan Financial Services.

• Sanghvi Movers: Sham Dattatraya Kajale, joint MD and CFO, has stepped down from the position of joint MD and will be continuing as CFO.

Reliance Industries, Rallis India, Mahindra Logistics, Hatsun Agro Product, Tejas Networks.

HDFC Bank (Standalone, QoQ)

• Net profit was at Rs 16,512 crore vs Rs 16,373 crore

• NII was at Rs 29,077 crore vs Rs 28,470 crore

• GNPA was at 1.24% vs 1.26%

• NNPA was at 0.33% vs 0.31%

Persistent Systems Q4 FY24 Results Key Highlights (Consolidated, QoQ)

• Revenue up 3.69% at Rs 2590.52 crore

• EBIT up 3.12% at Rs 374.44 crore

• EBIT margin down 8 bps at 14.45%

• Net profit up 10.20% at Rs 315.32 crore

Wipro Q4 (Consolidated, QoQ)

• Revenue flat at Rs 22,208 crore vs Rs 22,205 crore (Bloomberg estimate: Rs 22,226.7 crore).

• EBIT up 9% at Rs 3,560 crore vs Rs 3,267 crore (Bloomberg estimate: Rs 3,372.4 crore).

• Margin at 16% vs 14.7% (Bloomberg estimate: 15.17%).

• Net profit up 6% at Rs 2,858 crore vs Rs 2,701 crore (Bloomberg estimate: Rs 2,772.10 crore).

Jio Financial Services (Standalone, QoQ)

• Total income up 5.22% at Rs 141 crore vs Rs 134 crore.

• Net profit up 10.3% at Rs 78 crore vs Rs 70 crore.

HDFC AMC (Consolidated, YoY)

• Net profit up 44% at Rs 541 crore vs Rs 376 crore (Bloomberg estimate: Rs 498.9 crore).

• Total income up 33% at Rs 851 crore vs Rs 638 crore (Bloomberg estimate: Rs 724.80 crore).

• Board recommends a dividend of Rs 70 per share.

Indian Renewable Energy Development Agency (Consolidated, YoY)

• Total income up 34.36% at Rs 1,392 crore vs Rs 1,036 crore.

• Net profit up 32.67% at Rs 337 crore vs Rs 254 crore.

Share indices in the Asia-Pacific region recouped Friday's losses to trade higher with focus on China's loan prime rates.

The Nikkei 225 was trading 226.68 points or 0.61% higher at 37,295.03, while the KOSPI index was trading 15.30 points or 0.59% up at 2,607.16 as of 06:33 a.m.

On Monday, the People's Bank of China will announce its one-year and five-year loan prime rates, with a special focus on the latter as it's closely linked with many property mortgages.

The US stock market came under renewed pressure as big tech sold off, with traders remaining cautious about geopolitical risks ahead of the weekend, according to Bloomberg.

The S&P 500 and the Nasdaq composite fell by 0.88% and 2.05%, respectively as of Friday. The Dow Jones Industrial Average rose 0.56%.

Brent crude was trading 0.50% lower at $86.85 a barrel. Gold was lower by 0.40% at $2,382.35 an ounce.

The GIFT Nifty was trading 6.5 points or 0.03% higher at 22,210.00 as of 06:34 a.m.

India's benchmark indices reversed their four-day losing streak to end higher on Friday as index heavyweights HDFC Bank Ltd. and Bajaj Finance Ltd. rose. However, the indices posted their worst weekly fall in over a month, as worries over the ongoing conflict between Israel and Iran dented investors' sentiment.

The NSE Nifty 50 settled 151.15 points, or 0.69%, higher at 22,147.00, and the S&P BSE Sensex gained 599.34 points, or 0.83%, to end at 73,088.33.

Overseas investors turned net buyers of Indian equities on Friday after four days of selling. Foreign portfolio investors mopped up stocks worth Rs 129.4 crore; domestic institutional investors turned net sellers after seven days and offloaded equities worth Rs 52.5 crore, the NSE data showed.

The Indian rupee strengthened by 7 paise to close at 83.47 against the U.S. dollar.