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Stock Market Highlights: Nifty forms small positive candle with a minor upper shadow; how to trade on Friday
02 May, 2024 | 07:57:48 PM IST
Nifty on Thursday ended 43 points higher to form a small positive candle with a minor upper shadow, indicating range-bound action in the market near crucial resistance around 22800 levels.
The short-term trend of Nifty is choppy with range-bound action. Any upside from here could encounter strong resistance around 22800 levels. Immediate support is at 22550 levels and a slide below the support could trigger some more weakness ahead, Nagaraj Shetti of HDFC Securities said.
Show moreThe short-term trend of Nifty is choppy with range-bound action. Any upside from here could encounter strong resistance around 22800 levels. Immediate support is at 22550 levels and a slide below the support could trigger some more weakness ahead, Nagaraj Shetti of HDFC Securities said.
1 New Update
US stocks open higher after Fed allays rate-hike worries
Wall Street's main indexes opened higher on Thursday, a day after the Federal Reserve left interest rates unchanged and allayed worries around potential rate hikes, with a focus moving to a spate of earnings reports through the day.
The Dow Jones Industrial Average rose 172.4 points, or 0.45%, at the open to 38,075.65. The S&P 500 rose 30.9 points, or 0.62%, at the open to 5,049.32?, while the Nasdaq Composite rose 152.6 points, or 0.98%, to 15.758.113 at the opening bell.
The Dow Jones Industrial Average rose 172.4 points, or 0.45%, at the open to 38,075.65. The S&P 500 rose 30.9 points, or 0.62%, at the open to 5,049.32?, while the Nasdaq Composite rose 152.6 points, or 0.98%, to 15.758.113 at the opening bell.
FPIs net sellers after two days of buying
After two days of buying, foreign portfolio investors were net sellers at Rs 964 crore on Thursday. Meanwhile, DIIs bought shares worth Rs 1,352 crore.
Coal India Q4 Results: PAT reported at Rs 8,682 cr vs Street estimates of Rs 7627 cr
Revenue at Rs 37,410 cr vs Street estimates of Rs 37,429 cr.
Company to pay Rs 5/share as final dividend.
Company to pay Rs 5/share as final dividend.
Coal India Q4 Results: PAT: Rs 8,682 cr vs Street estimates of Rs 7627 cr
Revenue at Rs 37,410 cr vs Street estimates of Rs 37,429 cr.
Company to pay Rs 5/share as final dividend.
Company to pay Rs 5/share as final dividend.
COAL INDIA Q4 RESULTS
- PAT: Rs 8,682 cr vs Street estimates of Rs 7627 cr
- Revenue: Rs 37,410 cr vs Street estimates of Rs 37,429 cr
- To pay Rs 5/share as final dividend
Nifty bulls using every dip to go long. What should traders do on Friday
On the hourly chart, Nifty formed a lower peak, indicating a decrease in bullish sentiment. The momentum indicator has crossed into bearish territory, suggesting weak momentum. In the short term, the trend may continue sideways with potential to fluctuate within the range of 22500-22800.
Consolidation continues in banking stocks; Nifty Bank support placed at 49K: Experts
The Nifty Bank fell for the second day in a row on Thursday, tracking muted global cues. The index closed 166 points lower at 49,231 while the Nifty50 rose 43 points to close at 22,648.
ONGC approves extension of backstopping support to investors for compulsorily convertible debentures of Rs 5615 crore
Rupee ends mildly lower on foreign banks' dollar buys; forward premiums decline
The rupee ended weaker on Thursday, despite an uptick in its Asian peers, as dollar demand from foreign banks weighed on the local currency, alongside importers' hedging demand.
The currency closed at 83.47 against the US dollar, moderately weaker from its close of 83.4250 in the previous session. The local unit hovered in a tight 83.42-83.4750 band during the day's session.
The currency closed at 83.47 against the US dollar, moderately weaker from its close of 83.4250 in the previous session. The local unit hovered in a tight 83.42-83.4750 band during the day's session.
Ramkrishna Forgings Q4 Results
- Dividend of 1 rupee per share
- Cons net profit at Rs 93.85 cr versus profit of Rs 68.45 cr
- Cons revenue from operations at Rs 1023 cr versus Rs 892 cr
Blue Star Q4 Results
- Cons net profit at Rs 161 cr versus profit of Rs 225 cr
- Cons revenue from operations at Rs 3328 cr versus Rs 2624 cr
- Co announces dividend of Rs 7 per share
Top gainers & losers in closing trade
Price as on 03:36:19 PM 03:36 PM, Click on company names for their live prices.
Closing Bell: Sensex ends 128 pts higher, Nifty above 22,650; Godrej Inds tanks 7%, Tata Motors rises 2%
Adani Enterprises Q4 Results: Cons PAT declines 38% YoY to Rs 451 crore
Adani Enterprises on Thursday reported a consolidated net profit of Rs 451 crore for the quarter ended March 2024, which was down by 38% on a year-on-year basis versus Rs 722.48 crore posted by the company in the corresponding quarter of the last financial year.
The company's board has recommended a dividend of Rs 1.30 per equity share for the financial year 2023-24.
The company's board has recommended a dividend of Rs 1.30 per equity share for the financial year 2023-24.
Adani Ent Q4 Results: Co announces dividend of Rs 1.30 (@ 130%) per equity share offace value of Re. 1 each fully paid up for the Financial Year 2023-24
Price as on 03:03:14 PM 03:03 PM, Click on company names for their live prices.
Stock Market LIVE Updates | Adani Ent Q4 Results
Cons PAT at Rs 451 cr; revenue from ops Rs 29,180 cr
Sensex Today | Stock Market LIVE Updates: Top losers at this hour
Price as on 02:37:28 PM 02:37 PM, Click on company names for their live prices.
Stock Market LIVE Updates | Dabur Q4 Results
- PAT: Rs 349.5cr vs Rs 300.8 cr
- Revenue: Rs 2814 cr vs Rs 2677 cr
Sensex Today | Stock Market LIVE Updates | Adani Ports sees FY25 cargo volumes to be 460-480 MMT
Price as on 01:53:05 PM 01:53 PM, Click on company names for their live prices.
Stock Market LIVE Updates | Nifty Metal jump 2%; check out the top gainers
Price as on 01:50:05 PM 01:50 PM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: Landmark Cars received letter of intent from Honda Cars India to acquire existing dealership operations in Rajasthan
Price as on 01:35:44 PM 01:35 PM, Click on company names for their live prices.
Adani Ports Q4 Results: Cons PAT jumps 77% YoY to Rs 2,015 crore; firm announces Rs 6/share dividend
Adani Ports and Special Economic Zone today reported a 77% year-on-year (YoY) jump in its consolidated net profit at Rs 2,014.77 crore. The profit stood at Rs 1,139.07 crore in the year-ago period.
The board also recommended a final dividend of Rs 6 per share.
The board also recommended a final dividend of Rs 6 per share.
Stock Market LIVE Updates | Adani Ports Q4 Results
- Board recommends dividend of Rs 6
- PAT at Rs 2015 cr vs Rs 1139 cr, up 76.9% YoY
Sensex Today | Stock Market LIVE Updates | Godfrey Phillips India signs a product supply agreement with Ferrero India
Price as on 01:07:08 PM 01:07 PM, Click on company names for their live prices.
Stock Market LIVE Updates | BLOCK DEAL: 22.4 lakh shares of Axis Bank traded
Price as on 01:06:28 PM 01:06 PM, Click on company names for their live prices.
Federal Bank Q4 Results
- PAT at Rs 906 cr vs Rs 903 cr YoY
- NII at Rs 2195 crore vs Rs 1909 cr YoY
- Net NPA at 0.6% vs 0.64% QoQ
- Gros NPA at 2.13% vs 2.29% QoQ
Forget any rate cut in 2024! What experts are predicting after Fed meeting
Global stock markets heaved a sigh of relief last night when the world's most powerful central banker Jerome Powell assured investors that it is unlikely for the US Federal Reserve to go for a rate hike. After the Dow Jones ended higher overnight, the Sensex was also up around 200 points this morning.
Stock Market LIVE Updates | Travel distribution firm TBO Tek eyes Rs 1,000 crore via IPO; issue to open on May 8
Travel distribution firm TBO Tek Ltd is looking to raise Rs 1,000 crore through its initial share sale, which will open for public subscription on May 8.The Initial Public Offering (IPO) will conclude on May 10 and the bidding for anchor investors will open for a day on May 7, according to the Red Herring Prospectus (RHP).
Sensex Today | Stock Market LIVE Updates | Top gianers & losers at this hour
Price as on 12:21:16 PM 12:21 PM, Click on company names for their live prices.
Tokyo stocks close lower
Tokyo stocks closed lower Thursday in cautious trade, with a jump in the yen sparking speculation of the Japanese government market intervention for the second time this week.
The benchmark Nikkei 225 index slipped 0.10 percent, 37.98 points, to 38,236.07, while the broader Topix index lost 0.03 percent, or 0.87 points, to 2,728.53.
The benchmark Nikkei 225 index slipped 0.10 percent, 37.98 points, to 38,236.07, while the broader Topix index lost 0.03 percent, or 0.87 points, to 2,728.53.
Stock Market LIVE Updates | Godrej family announces ownership realignment of shareholdings in Godrej companies
Price as on 11:17:08 AM 11:17 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: Gujarat Toolroom establishes green energy hybrid power plant project worth Rs 572 crore
- Acquired land on long-term lease in Gujarat for establishment of hybrid power plant
- Acquired land for installation of solar panels
- Each acre is projected to generate 1 megawatt of energy per hour
Stock Market LIVE Updates | Kotak Mahindra Bank shares fall 4% to fresh 52-week low on another bad news
On Thursday, shares of Kotak Mahindra Bank dropped 4%, reaching a new 52-week low of Rs 1,561. This decline followed the announcement of the resignation of Joint Managing Director KVS Manian, delivering a blow to investor confidence. In response to this development, domestic brokerage Nuvama downgraded the stock from a buy to a reduce rating.
Sensex Today | Stock Market LIVE Updates: Godrej Properties worst-performing realty stock today
Price as on 10:49:02 AM 10:49 AM, Click on company names for their live prices.
Blackstone-backed Aadhar Housing Finance sets price band at Rs 300-315 for IPO, which opens on May 8
The initial public offering (IPO) of Aadhar Housing Finance, backed by Blackstone and valued at Rs 3000 crore, is slated to open for subscription on May 8th. The company has set a share price range of Rs 300-315.
Subscriptions for the offering will start on May 8 and close on May 10, with the anchor book opening on May 7. The allocation basis will be finalized on May 13, and refunds are expected to be initiated on May 14. The company is projected to be listed on stock exchanges on May 15.
Subscriptions for the offering will start on May 8 and close on May 10, with the anchor book opening on May 7. The allocation basis will be finalized on May 13, and refunds are expected to be initiated on May 14. The company is projected to be listed on stock exchanges on May 15.
Sensex Today | Stock Market LIVE Updates | Aurobindo Pharma completes disposal of business assets of unit Eugia US Manufacturing LLC
Price as on 10:27:50 AM 10:27 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: Aurobindo Pharma completes disposal of business assets of unit Eugia US Manufacturing LLC
Price as on 10:21:11 AM 10:21 AM, Click on company names for their live prices.
Stock Market LIVE Updates | Steel Strips: Co reports net turnover of Rs. 338.22 cr in April 2024 vs Rs. 317.11 cr in April 2023 with the growth of 6.66% YOY and achieved gross turnover of Rs. 415.33 cr in April '24 vs Rs. 389.54 cr in April '23 thereby recording a growth of 6.62% YOY
Price as on 10:13:59 AM 10:13 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates | APRIL AUTO SALES DATA: Mahindra & Mahindra
- Mahindra Auto sells 41,008 SUVs, a 18% growth
- Total volumes of 70,471, a 13% growth in April 2024
- In the Utility Vehicles segment, Mahindra sold 41,008 vehicles in the domestic market, a growth of 18% and overall, 41,542 vehicles, including exports.
- The domestic sales for Commercial Vehicles stood at 22,102
Sensex Today | Stock Market LIVE Updates | Forvia and L&T Technology Services agree strategic partnership on ultra-low emissions engineering inGermany and India.
Price as on 09:40:23 AM 09:40 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: Adani Ports records 12% yoy jump in cargo volumes during Apr; stock down 1%
Price as on 09:36:11 AM 09:36 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: ICICI Bank stock in focus
ICICI Bank denies information published in article regarding MD allegedly expressing willingness to leave his position
Stock Market LIVE Updates | EYE ON EARNINGS: Adani Enterprises, Adani Ports, Dabur, Coal India to annouce Q4 results today
Price as on 09:23:33 AM 09:23 AM, Click on company names for their live prices.
Stock Market LIVE Updates | EARNINGS IMPACT: FMCG company Adani Wilmar on Wednesday reported 67% growth in its consolidated net profit at Rs 157 crore in the fourth quarter.
Price as on 09:23:13 AM 09:23 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates | REC, IOC among most active stocks in morning trade
Price as on 09:20:47 AM 09:20 AM, Click on company names for their live prices.
Rupee rises 1 paisa to 83.42 against US dollar in early trade.
Opening Bell: Sensex gains 150 pts, Nifty above 22,650; Kotak Bank drops 2%, TVS Motors rises 2%
Sensex Today | Stock Market LIVE Updates: Pre-open session: Sensex slips over 70 points; Nifty below 22,570
Sensex Today | Stock Market View: Prashanth Tapse, Senior VP (Research), Mehta Equities
Today's trading is expected to be volatile as the Federal Reserve maintains interest rates at a 23-year high due to inflation concerns. Positive factors include record-high GST revenue, FIIs and DIIs being net buyers, and WTI oil prices falling below $80 a barrel. Investors anticipate a pre-election rally and Federal Reserve Chair Powell dismissing talks of 'stagflation'. Nifty's crucial levels are at 22800 resistance and 22000 support. Preferred trades include buying Nifty and Bank Nifty within specified zones. Stocks like COAL INDIA, GRASIM, INDUSINDBANK, and COLPAL are bullish with an inter-week/inter-month perspective. IRCTC stands out as a top buy, driven by momentum with targets set at 1068/1119 and aggressive targets at 1309.
BROKERAGE RADAR | MACQUARIE ON KOTAK MAHINDRA BANK
• Maintain Neutral with target price of Rs 186001000
• Management uncertainity persists; Problems continue to pile up
• Resignation could be to either join Federal Bank or Bandhan Bank, in our view also based on media reports
Source: ET NOW
• Management uncertainity persists; Problems continue to pile up
• Resignation could be to either join Federal Bank or Bandhan Bank, in our view also based on media reports
Source: ET NOW
Sensex Today | Stock Market LIVE Updates: BROKERAGE RADAR | NOMURA ON CHOLA FINANCE
• Maintain reduce with target price of Rs 1000
• Q4 results: Strong numbers; FY25 guidance key monitorable
• Strong quarter driven by lower credit costs
• Improvement in asset quality and lower ECL/EAD drive credit cost moderation
• Margins expand driven by rise in yields and stable CoF
• Healthy AUM growth despite tepid disbursement levels
• Rich valuations leave no margin of safety
Source: ET NOW
• Q4 results: Strong numbers; FY25 guidance key monitorable
• Strong quarter driven by lower credit costs
• Improvement in asset quality and lower ECL/EAD drive credit cost moderation
• Margins expand driven by rise in yields and stable CoF
• Healthy AUM growth despite tepid disbursement levels
• Rich valuations leave no margin of safety
Source: ET NOW
BROKERAGE RADAR | INVESTEC ON KOTAK MAHINDRA BANK
• Maintain buy with target price of Rs 2300
• Be greedy when others are fearful
• Noise will eventually fade away and fundamentals will eventually drive returns
• Believe market is associating the RBI action and management changes with lower growth and returns
• Positioned very well fundamentally in terms of liabilities, asset mix and profitability
• Recent news flow has very little impact on our earnings estimates
• Will keep a close eye on every aspect of fundamentals
• Believe earnings will be stronger than Street expectations
Source | ET NOW
• Be greedy when others are fearful
• Noise will eventually fade away and fundamentals will eventually drive returns
• Believe market is associating the RBI action and management changes with lower growth and returns
• Positioned very well fundamentally in terms of liabilities, asset mix and profitability
• Recent news flow has very little impact on our earnings estimates
• Will keep a close eye on every aspect of fundamentals
• Believe earnings will be stronger than Street expectations
Source | ET NOW
BROKERAGE RADAR | JEFFERIES ON BSE
- Maintain Hold; hike target price to Rs 3,000 from Rs 2,900
- Price hike comes through, focus moves to business quality
- Announced a blended 20% price hike for its derivatives products and is now priced at-par to NSE
- Price hike reduced impact of SEBI fee hike to just 2-4% of EPS
- Medium-term outlook remains healthy; near- term triggers are limited
- Source: ET NOW
Sensex Today | Stock Market LIVE Updates: BROKERAGE RADAR | JEFFERIES ON NEWGEN SOFTWARE
• Maintain buy; hike target price to Rs 1150 from Rs 1070
• Q4 growth ahead of estimates driven by annuity and license sales
• Strong growth outlook led by core markets
• Strong growth visibility to sustain premium valuations
Source: ET NOW
• Q4 growth ahead of estimates driven by annuity and license sales
• Strong growth outlook led by core markets
• Strong growth visibility to sustain premium valuations
Source: ET NOW
BROKERAGE RADAR | BofA ON SONA BLW
• Maintain underperform; hike target price to Rs 625 from Rs 600
• Strong Q: BEV revenues drives the beat
• Order book steady; some speed bumps on non EV biz
• Valuations cap upside
Source | ET NOW
• Strong Q: BEV revenues drives the beat
• Order book steady; some speed bumps on non EV biz
• Valuations cap upside
Source | ET NOW
Sensex Today | Stock Market LIVE Updates: BROKERAGE RADAR | INVESTEC ON IOCL
• Downgrade to sell from hold; hike target price to Rs 110 from Rs 85
• Q4 miss on weaker refining margins
• Earnings volatility to persist
• Lacks pricing freedom for petrol, diesel, and LPG
Source: ET NOW
• Q4 miss on weaker refining margins
• Earnings volatility to persist
• Lacks pricing freedom for petrol, diesel, and LPG
Source: ET NOW
BROKERAGE RADAR | DAM CAP ON ASHOK LEYLAND
• Upgrade to Buy from Sell; hike target price to Rs 245 from Rs 120
• CV Cycle close to trough; see recovery H2FY25 onwards
• Strong financial performance due to pricing discipline
• Valuation expansion during upcoming CV up-cycle
• Entire auto universe is trading at 25-30% premium 5900 to the historical mean valuation
• Expect Ashok Leyland to trade at a similar premium during the next upcycle of CVs
Source | ET NOW
• CV Cycle close to trough; see recovery H2FY25 onwards
• Strong financial performance due to pricing discipline
• Valuation expansion during upcoming CV up-cycle
• Entire auto universe is trading at 25-30% premium 5900 to the historical mean valuation
• Expect Ashok Leyland to trade at a similar premium during the next upcycle of CVs
Source | ET NOW
Sensex Today | Stock Market LIVE Updates: Big movers on D-Street: What should investors do with Star Health, M&M and Tata Chemicals?
Stocks in focus on Thursday included Star Health, which saw a rise of 1.69%, M&M, posting a notable increase of 4.63%, and Tata Chemicals, witnessing a decline of 2.49% in its share price.
