Market Close Highlights : Sensex ends up 130pts, Nifty at 22,650; Auto, FMCG, O&G, Metal, Pharma gain, Bank, Realty down
- Market Close Highlights : Foreign institutional investors (FIIs) net bought ₹1,071.93 crore shares, while domestic institutional investors (DIIs) pumped in ₹1,429.11 crore on April 30, provisional data from the NSE showed.
Market Close Highlights : US stock futures advanced as traders took comfort from the Federal Reserve’s signal that there’s no plan to raise interest rates and looked ahead to Apple Inc.’s upcoming earnings.
S&P 500 contracts climbed 0.6%, with Apple, Amazon.com Inc. and Nvidia Corp. posting small gains in pre-market trading. The yen was the center of attention in foreign exchange, recording another day of big swings amid speculation that Japanese authorities had stepped in to support the currency.
Markets are celebrating the fact that the Fed struck a more dovish note than some had expected, even after a slew of statistics pointed to sticky inflation pressures. Chair Jerome Powell said it’s unlikely the central bank’s next move would be to raise rates, saying authorities would need to see persuasive evidence that policy isn’t tight enough to bring inflation back toward the 2% target.
“All in all, it’s a bull message for markets,” said Benjamin Melman, chief investment officer at Edmond de Rothschild Asset Management. “We’ve got the confirmation that Powell doesn’t want to raise rates.”
Further insight into the health of the US economy will come from initial jobless claims and factory orders on Thursday, though the main focus will be April non-farm payrolls data due at the end of the week. A Bloomberg Economics model points to an unchanged unemployment rate of 3.8%. That suggests “hiring likely remains too hot for the Fed,” economists Andrej Sokol and Scott Johnson wrote in a note.
Apple’s figures, which are due after the US market closes, will give investors a better sense of how the iPhone maker is weathering a sales slump, due in part to a sluggish China market.
In Europe, stocks had small moves amid mixed company reports.
The Japanese yen slid as much as 1.1% against the dollar, after a late surge Wednesday in New York. The renewed decline suggests investors are skeptical that Japanese authorities will be able to prevent the currency from weakening, given the country’s wide interest-rate differential with the US.
The Hang Seng Index jumped more than 2%, putting it on track to enter a technical bull market. Hong Kong’s currency peg to the greenback is burnishing its haven appeal amid the threat of higher-for-longer US interest rates.
In commodities, oil clawed back losses from Wednesday and gold advanced.
Sensex Today Live : Closing Bell Wrap
Sensex Today Live : Indian benchmark indices were trading in the green but remained rangebound on Thursday, on the back of mixed corporate earnings reports and the Federal Reserve's commantry saying no rate hikes would be rolled out this year.
Sensex, which had opened lower at 74,391.73, remained rangebound between a low of 74,360.69 and a high of 74,812.43 through the day. At close, the Sensex was up 128.33 points, or 0.17%, at 74,611.11.
Meanwhile, the Nifty 50, which had also opened lower at 22,567.85, treaded water between 22,567.85 and 22,710.50 through the day. At close, the Nifty 50 was up 43.35 points, or 0.19%, at 22,648.20.
12 of the 30 stocks on the BSE Sensex ended in the red. Kotak Mahindra Bank, Axis Bank, Bharti Airtel, Wipro, and ICICI Bank were the top drags for the day, while Power Grid Corp., Asian Paints, Tata Motors, NTPC and Tata Steel, were the top gainers.
Meanwhile, 21 of the 50 stocks on the Nifty 50 ended in the red. Kotak Mahindra Bank, Tata Consumer Products, Bharti Airtel, Axis Bank and HDFC Life were the top losers for the day, while BPCL, Power Grid Corp., Asian Paints, Tata Motors and Bajaj Auto, were the top gainers.
The broader market also ended in the green, with the BSE SmallCap index closing up 0.29%, and the BSE MidCap index closing up 0.91%.
Among sectoral indices, the Bank, Realty and Consumer Durables indices ended under pressure; they were down 0.33%, 0.04%, and 0.01%, respectively, at close. The Media index closed down 1.66%.
Among the gainers, the Auto, Metal, Oil & Gas, Pharma and Healthcare indices had gained the most.
In macro news today, the seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) fell from 59.1 in March to 58.8 in April, indicating the second-best improvement in the sector's health in three-and-a-half years. The PMI was well above the neutral mark of 50.0 and its long-run average of 53.9.
Meanwhile, in the corporate world, Adani Enterprises posted consolidated net profit of ₹450.58 crore in Q4FY24, down 37.63% YoY from ₹722.48 crore in Q4FY23. Revenue from operations climbed marginally at ₹29,180.02 in Q4FY24, up from ₹28,943.84 crore in Q4FY23.
Another Adani group company Adani Ports & SEZ posted a 77% YoY jump in Q4 consolidated net profit at ₹2,014.77 crore, compared to ₹1,139.07 crore in the year-ago period. Revenue from operations for the quarter grew 19% YoY to ₹6,896.50 crore from ₹5,796.85 crore earlier.
Meanwhile, Ramkrishna Forgings posted a 37% YoY jump in Q4FY24 net profit at ₹93.84 crore, up from ₹68.45 crore in Q4FY23. Total income for the quarter stood at ₹1,041.84 crore, up 16% YoY from ₹893.43 crore in Q4FY23.
Also, shares of IndiaMART closed 8% higher as the company reported a 78% jump in net profit in Q4FY24, while Sprayking's shares also closed more than 8% higher as company bags sample order for hose nozzles from Japan-based Flobal Corporation.
Sensex Today Live : Sector Indices Heat Map
Sensex Today Live : The Bank, Realty and Consumer Durables indices were under pressure; they were down 0.33%, 0.04%, and 0.01%, respectively.
Among the gainers, the Auto, Metal, Oil & Gas, Pharma and Healthcare indices had gained the most.
Sensex Today Live : Broader market indices heat map
Sensex Today Live : The broader market was in the green, with the BSE SmallCap index up 0.31%, and the BSE MidCap index up 0.92%.
Sensex Today Live : Gainers and Losers on Nifty
Sensex Today Live : 21 of the 50 stocks on the Nifty 50 were in the red. Kotak Mahindra Bank, Bharti Airtel, Tata Consumer Products, Axis Bank and HDFC Life were the top losers, while BPCL, Power Grid Corp., Asian Paints, Bajaj Auto, and Tata Motors, were the top gainers.
Sensex Today Live : Gainers and Losers on Sensex
Sensex Today Live : 12 of the 30 stocks on the BSE Sensex were in the red. Kotak Mahindra Bank, Bharti Airtel, Axis Bank, Wipro, and ICICI Bank were the top drags, while Power Grid Corp., Asian Paints, Tata Motors, NTPC and Tata Steel were the top gainers.
Sensex Today Live : Adani Enterprises consolidated net profit falls 37% YoY in Q4FY24; shares down
Sensex Today Live : Adani Enterprises posts consolidated net profit of ₹450.58 crore in Q4FY24, down 37.63% YoY from ₹722.48 crore in Q4FY23
Revenue from operations climbs marginally at ₹29,180.02 in Q4FY24, up from ₹28,943.84 crore in Q4FY23
Sensex Today Live : 3 pm market update
Sensex Today Live : Indian benchmark indices were trading in the green on Thursday, tracking global peers higher.
At 3 pm, Sensex was up 158.72 points, or 0.21%, at 74,641.50, and Nifty was up 49.85 points, or 0.22%, at 22,654.70.
Sensex Today Live : Adani Ports & SEZ posts 77% YoY jump in Q4 consolidated net profit; shares climb
Sensex Today Live : Adani Ports and Special Economic Zone posts a 77% YoY jump in consolidated net profit at ₹2,014.77 crore, compared to ₹1,139.07 crore in the year-ago period.
Revenue from operations for the quarter grew 19% YoY to ₹6,896.50 crore from ₹5,796.85 crore earlier.
The company's FY24 net profit jumped 50% YoY to ₹8,104, while its revenue grew by 28% YoY to reach a record ₹26,711 crore. The earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped 44% YoY to ₹15,751 crore.
Sensex Today Live : Ramkrishna Forgings posts 37% YoY jump in Q4 net profit; shares climb
Sensex Today Live : Ramkrishna Forgings posts 37% YoY jump in Q4FY24 net profit at ₹93.84 crore, from ₹68.45 crore in Q4FY23
Total income at ₹1,041.84 crore, up 16% YoY from ₹893.43 crore in Q4FY23
Sensex Today Live : Dabur India posts 16% YoY jump in Q4 net profit; shares up nearly 4%
Sensex Today Live : Dabur reports Q4FY24 net profit at ₹341.22 crore, up 16.55% YoY from ₹292.76 crore in Q4FY23
Revenue from operations at ₹2,943.49 crore in Q4FY24, up from ₹2,798.52 crore in Q4FY23
Sensex Today Live : 2 pm market update
Sensex Today Live : Indian benchmark indices were trading in the green on Thursday, tracking global peers higher.
At 2 pm, Sensex was up 269.72 points, or 0.36%, at 74,752.50, and Nifty was up 86.75 points, or 0.38%, at 22,691.60.
Sensex Today Live : Godfrey Phillips India signs product supply agreement with Ferrero India
Sensex Today Live : Godfrey Phillips India announced today that it has signed a product supply agreement with the Ferrero Rocher chocolate-makers Ferrero India for the distribution/re-sale of some sweet-packaged food products manufactured by Ferrero India.
The company, in an exchange filing, said, "The Company (Godfrey) shall purchase the Products from Ferrero and then distribute/re-sell the same using its distribution set-up through select channels. The initial term of the Agreement is for 2 (two) years and is subject to customary terms and conditions including warranties and indemnities as set out in the Agreement".
Sensex Today Live : Elara Securities India recommends to 'ACCUMULATE' Can Fin Homes, says earnings steady, system rejig still in play
Sensex Today Live : Rating: ACCUMULATE
Target Price : ₹878
Upside : 15%
CMP : ₹762 (as on 30 April 2024)
While the markets may appreciate CANF’s efforts to expedite its operational rejig given recurring fraud cases, growth has taken a beating alongside supply-side shocks in the affordable housing market, thus requiring distinct efforts – Shift in ticket size to highly-competitive segments and curbing BTs.
Said that, asset quality is on the mend, with restructured pool not impeding credit costs run-rate ahead. FY25/26E RoA may fall a tad below 2%. Given the recent run-up in stock price and systemic changes still underway, we revise CANF to Accumulate (from Buy). We maintain our TP at ₹878, on 2.3x FY25E P/ABV (retained).
Sensex Today Live : Godrej Industries shares down more than 6.5% as promoter group Godrej family decides division of assets
Sensex Today Live : The Godrej family has agreed to divide the conglomerate into two branches. Adi and his brother Nadir will retain the listed entities, while their cousin Jamshyd will take control of the unlisted companies and the land bank. This agreement was shared with the stock exchanges on April 30.
The Godrej trademark will be equally owned and shared by both family groups. The Godrej family is divided into two factions: Godrej Industries & Associates, led by Adi Godrej and his brother Nadir, and Godrej & Boyce Manufacturing Company (G&B), led by cousins Jamshyd Godrej and Smitha Godrej Crishna.
Sensex Today Live : Ester Industries shares jump more than 6% as company enters into joint venture with Canada-based Loop Industries to recycling PET plastic and polyester fiber waste into their base building blocks
Sensex Today Live : Ester Industries announced today that it has entered into a joint venture with Canada-based Loop Industries that pioneered the recycling of PET plastic and polyester fiber waste into DMT and MEG, their base building blocks.
In an exchange filing, the company said, "We wish to inform you that Ester Industries has entered into a Joint Venture Agreement with Loop Industries Inc., a Company under the laws of State of Nevada with principal office at Quebec, Canada, to incorporate a Joint Venture Company in India for the purpose of engaging in the business of manufacture of DMT and/or MEG through depolymerisation of PET and/or Polyester waste using patented Loop technology".
Sensex Today Live : IndiaMART shares up 10% as company posts 78% jump in net profit in Q4
Sensex Today Live : The e-commerce firm reported a substantial 78.5% YoY increase in net profit, amounting to ₹99.6 crore for the fourth quarter that ended in March 2024. In the same period last year, the company had posted a net profit of ₹55.8 crore. The company's revenue from operations increased by 17.1% to ₹314.7 crore, up from ₹268.8 crore in the corresponding period last year. At the operational level, EBITDA increased by 33.7% to ₹88.4 crore in the fourth quarter of this fiscal year, up from ₹66.1 crore in the corresponding period of the previous fiscal year. The EBITDA margin stood at 28.1% in the reporting quarter, compared to 24.6% in the year-ago period. The board of directors has recommended a final dividend of ₹20 per equity share of ₹10 each for FY24.
Sensex Today Live : Swarnendu Bhushan, Co. Head of Research , Institutional Equities , Prabhudas Lilladher, recommends to 'REDUCE' Indian Oil Corp., says weak GRMs dragged earnings in Q4FY24
Sensex Today Live : Rating: REDUCE | CMP: ₹169 | TP: ₹151
IOC’s Q4 EBITDA stood at ₹104.4 billion (down 33% QoQ, PLe: ₹145 bn, cons. est: ₹156 bn) and PAT at ₹48.4 bn (down 40% QoQ, PLe: ₹66.9 bn, cons est: ₹73.5 bn). The weak set of results was primarily on account of lower refining margins although gross marketing margins remained moderate. Refining capacity utilization stood at 104.5%. IOCL declared a final dividend of Rs7/share.
The stock is currently trading at 1.2x FY26 P/BV and 12.3x FY26 EPS. Factoring in structural weakness in GRMs and inability to pass on rise in fuel cost we anticipate GRMs at US$6/bbl for FY25/26E and gross marketing margin at ₹4.2/ltr for FY25/26E. We re-rate the stock from ‘Sell’ to ‘Reduce’ due to correction in stock price rating with a TP of ₹151 based on 1x FY26E P/BV.
Sensex Today Live : Federal Bank NII jumps 15% YoY to ₹2,195.1 in Q4FY24; shares climb
Sensex Today Live : Q4FY24 NII at ₹2,195.1 crore compared to ₹1,909.3 crore in Q4FY23
Q4FY24 Net NPA at 0.60% compared to 0.64% in Q3FY24
Q4FY24 Gross NPA 2.13% compared to 2.29%, in Q3FY24
Sensex Today Live : 1 pm market update
Sensex Today Live : Indian benchmark indices were trading in the green on Thursday, tracking global peers higher.
At 1 pm, Sensex was up 240.05 points, or 0.32%, at 74,722.83, and Nifty was up 79.25 points, or 0.35%, at 22,684.10.
Sensex Today Live : Geojit Financial Services shares up 12% after company posts 77% jump in Q4 net profit
Sensex Today Live : The retail financial services firm reported a net profit of ₹50.6 crore for the quarter ending March FY24, a significant increase of 77.3% over the same period last year. The company's revenue from operations surged by 87.8% YoY to ₹208.1 crore for the quarter.
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