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PremiumMarket Close Highlights : European stocks hovered near record highs Thursday after US inflation data reinforced bets that the Federal Reserve will start cutting interest rates this year.
The Stoxx 600 Index was little changed in early trade, while the MSCI All Country World Index advanced for a fifth day in its longest winning streak since July. Futures contracts on the S&P 500 and Nasdaq 100 eked out small gains after both gauges set new highs in the previous session.
Bloomberg’s dollar index fell to a one-month low while Treasuries mostly added to their advance as investors brought forward expectations for policy easing. The swaps market shows that traders are now almost fully pricing in two 25 basis-point Fed cuts this year.
The improved appetite for risk assets came after US core CPI — which excludes food and energy costs — came in in-line with consensus expectations, easing concerns that inflation was becoming entrenched. Separate retail sales data indicated some softening of resilient consumer demand.
“The combination of slowing growth and softer inflation is a godsend for equity markets," said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank. “There is nothing more appetizing for investors than the smell of lower future rates."
Still, Federal Reserve Bank of Minneapolis President Neel Kashkari repeated that the central bank likely needs to keep rates at the current level for “a while longer," questioning how much they’re restraining the US economy.
Later today, investors will study data on initial applications for US unemployment benefits for signals on the health of the economy after a significant increase in the reading last week.
A raft of European Central Bank policy makers are also due to speak, with traders almost fully pricing in the likelihood of three rate cuts for the year, kicking off next month.
Among individual European stocks, Ubisoft Entertainment slumped after guidance suggested that the video-maker’s margins will come under pressure. Siemens AG dropped as the German company saw demand for factory-automation products in China weaken further.
In Asia, a regional gauge pushed toward a new peak. Shares of Chinese developers jumped on optimism that Beijing will provide policy support for the purchase of unsold homes from distressed builders.
In commodities, copper continued setting new records after a massive dislocation between prices in New York and other commodity exchanges rocked the global market. Oil rose for a second day, buoyed by shrinking US stockpiles.
Sensex Today Live : Indian benchmark indices Sensex and Nifty climbed nearly 1% from the day's low to close near the day's high on Thursday.
Sensex, which had opened higher at 73,338.24, remained rangebound between a low of 72,529.97 and a high of 73,749.47 through the day. At close, the Sensex was up 670.69 points, or 0.93%, at 73,663.72.
Similarly, Nifty which had opened higher at 22,319.20, remained volatile between a low of 22,054.55 and a high of 22,408.75. At close, the Nifty 50 was up 203.30 points, or 0.92%, at 22,403.85.
Five stocks, Maruti Suzuki India, SBI, Power Grid Corp., Tata Motors, and IndusInd Bank, out of the 30 stocks on the BSE Sensex closed in the red, while Mahindra & Mahindra, Bharti Airtel, Tech Mahindra, Titan, and Infosys, were the top gainers for the day.
On the Nifty 50, 12 of the 50 stocks closed in the red. Maruti Suzuki India, SBI, Tata Motors, Power Grid Corp., and BPCL were the top losers, while Mahindra & Mahindra, Tata Consumer Products, Bharti Airtel, LTI Mindtree, and Tech Mahindra, were the top gainers for the day.
The broader market also closed in the green, with the BSE MidCap gaining 1.07% and the BSE SmallCap climbing 0.85% at close.
Across sectors, the PSU Bank index was the only sectoral drag, losing 0.88% at close, while the other sectoral indices closed in the green.
The Financial Services, IT, Media, Realty, and Consumer Durables indices were the top sectoral gainers for the day.
In corporate news, Mahindra & Mahindra reported a net profit of ₹2,040 crore in Q4, up 32% YoY, while the company's revenue for the quarter was at ₹25,110 crore. The company declared a dividend of ₹21.10 per share.
Hindustan Aeronautics posted a net profit of ₹4,290 crore, up 51% YoY, while the its revenue for the quarter was up 18% YoY at ₹14,770 crore.
Gail India reported a 261% YoY jump in Q4 net profit at ₹2,180, compared to ₹604 crore in the year-ago period. The company’s revenue for the quarter was ₹32,330 crore, down 1.6% YoY.
Info Edge India reported an 18% YoY increase in Q4 net profit at ₹211 crore. The company’s revenue grew 8% YoY to ₹608 crore, while revenue from recruitment solutions increased by 3.2% YoY to ₹452 crore.
Sensex Today Live : Info Edge India reported an 18% YoY increase in its Q4 net profit, at ₹211 crore. The company’s revenue grew 8% YoY to ₹608 crore.
Total costs rose by 7% YoY to ₹383 crore.
The revenue from recruitment solutions increased by 3.2% YoY to ₹452 crore.
Sensex Today Live : Company posts revenue of ₹2,233 crore in Q4FY24, up 19% YoY
Sensex Today Live : The PSU Bank was the biggest sectoral drag, losing 0.80%, while all the other sectoral indices were trading in the green.
The Financial Services, IT, Media, Realty, and Consumer Durables indices were the top sectoral gainers.
Sensex Today Live : The broader market was trading in the green, with the BSE MidCap gaining 1.04% and the BSE SmallCap had climbed 0.87%.
Sensex Today Live : 13 of the 50 stocks on the Nifty 50 were trading in the red. Maruti Suzuki India, Tata Motors, BPCL, SBI, and Power Grid Corp., were the top losers, while Mahindra & Mahindra, Tata Consumer Products, Bharti Airtel, Tech Mahindra, and LTI Mindtree, were the top gainers.
Sensex Today Live : Seven of the 30 stocks on the BSE Sensex were trading in the red. Maruti Suzuki India, Tata Motors, SBI, Power Grid Corp., and IndusInd Bank, were the top drags, while Mahindra & Mahindra, Tech Mahindra, Bharti Airtel, Infosys, and JSW Steel, were the top gainers.
Sensex Today Live : Indian benchmark indices had climbed to the day's high on Thursday.
At 3 pm, Sensex was up 610.01 points, or 0.84%, at 73,597.04, and Nifty was down 188.15 points, or 0.85%, at 22,388.70.
Sensex Today Live : Gail India reported a 261% YoY jump in Q4 net profit at ₹2,180, compared to ₹604 crore in the year-ago period.
The company’s revenue for the quarter was ₹32,330 crore, down 1.6% YoY.
Total costs for the quarter were ₹30,130 crore, down 10% YoY
Sensex Today Live : Hindustan Aeronautics posts a net profit of ₹4,290 crore, up 51% YoY
The company’s revenue for the quarter was ₹14,770 crore, up 18% YoY
The total costs for the quarter were ₹9,550 crore, down 8% YoY
Sensex Today Live : M&M’s net profit for Q4 was ₹2,040 crore, up 32% YoY
The company’s revenue for the quarter was ₹25,110 crore, surpassing Bloomberg’s estimates of ₹24,030 crore
It declared a dividend of ₹21.10 per share
The total cost for the quarter was at ₹23,010 crore, up 11% YoY
The automotive revenue stood at ₹19,910 crore, up 20% YoY
The revenue from farm equipment was ₹5,230 crore, down by 13% YoY
The company's Ebitda was ₹3,450 crore, up 22% YoY
As of May 1, the company's open bookings for SUV cars stood at 220,000
Sensex Today Live : Caplin Point Laboratories today reported a net profit of ₹120 crore, up 20% YoY from ₹100 crore in the same quarter previous year.
The company's revenue for the quarter was ₹453.22 crore, a 16.4% YoY increase from ₹389.28 crore in the year-ago period.
The company's Ebitda stood at ₹145 crore, up 16.9% YoY from ₹124 crore in the year-ago period.
Sensex Today Live : Indian benchmark indices were off the day's high and trading in the red on Thursday.
At 2 pm, Sensex was down 250.79 points, or 0.34%, at 72,736.24, and Nifty was down 91.90 points, or 0.41%, at 22,108.65.
Sensex Today Live : Kopran’s net profit for Q4 stood at ₹18.6 crore, up 132.5% YoY from ₹8 crore in the year ago period.
The company’s revenue rose by 25% YoY to ₹186.1 crore, compared to ₹149 crore in the same quarter of the previous year.
Kopran’s EBITDA for Q4 was ₹21.7 crore, up 78% YoY from ₹12.2 crore in the corresponding quarter the previous year.
The company’s margin improved to 11.7% in Q4, compared to 8.2% in the same period last year.
Sensex Today Live : CMP: ₹1,587
Target: ₹1,800
APL remains intact on the growth path with a core focus on capacity expansion, geographical dispersion and product mix enrichment
Management focus on expanding capacity by end FY24 and 5 mn tonnes by FY25 and sales volume by FY26
Company plans to set up 0.2 mn tonnes and 0.3 mn tonnes plants in eastern India and Middle East respectively
The company aims to reach 10 mn tonnes of capacity by FY30.
We expect profitability to improve in coming quarters, due to focus on VAP products, rampup of Raipur plant, favourable market conditions and stable infrastructure activities.
Therefore, we maintain our BUY rating on the stock with target price of ₹1,800.
Sensex Today Live : DCW reported a net profit of ₹15.33 crore, down 56.6% from ₹35.35 crore in the year-ago period.
Its revenue from operations for the quarter was ₹621.69 crore, an increase of approximately 5.7% from ₹588.14 crore in the same period in the previous year.
The profit before tax for the quarter was ₹24.57 crore, a decrease of approximately 60.3% from ₹61.95 crore in the same period in the previous year.
Sensex Today Live : Indian benchmark indices were off the day's high and trading in the red on Thursday.
At 1 pm, Sensex was down 189.1 points, or 0.26%, at 72,797.93 and Nifty was down 59.95 points, or 0.27%, at 22,140.60.
Sensex Today Live : Lincoln Pharma’s Q4 net profit rose by 47.6% to ₹18.60 crore from ₹12.6 crore in the year-ago period.
The EBITDA increased by 10.8%, reaching ₹18.40 crore from the previous year’s ₹16.6 crore. Revenue surged by nearly 26.7%, to ₹142.49 crore compared to ₹112.46 crore in the same period last year.
Sensex Today Live : PVR Inox Rating: ACCUMULATE | CMP: ₹1,285 | TP: ₹1,431
We cut our pre IND-AS EBITDA estimates by 8%/6% for FY25E/FY26E amid weak content pipeline and plans to close 70 screens. PVR-Inox reported a modest performance by managing a breakeven at operating level with footfalls of 32.6mn (PLe 33.4mn). Post-COVID content reception and flow has been quite erratic and PVR-Inox is taking corrective measures to reduce cost (fixed cost per screen of Rs19.8mn in FY24 is flat when compared to pre-COVID base). Further, there are plans to migrate to an asset light growth model by partnering with developers to jointly invest in screen capex.
We believe PVR-Inox is in reset mode where the focus is to rationalize cost, reduce capex outgo, and target debt reduction which should yield results once content flow stabilizes. Given near term challenges, we cut our footfalls assumptions by 4%/7% and expect pre-IND AS EBITDA margin of 15.6%/17.7% for FY25E/FY26E. Retain ‘ACCUMULATE’ on the stock with a TP of ₹1,431 (earlier ₹1,663) as we cut our target EV/EBITDA multiple to 12x (earlier 13x).
Sensex Today Live : Rating: BUY | CMP: ₹25,820 | TP: ₹29,225
Shree Cement reported better than expected operating performance aided by higher volumes, lower expenses and relatively better realization
Volumes grew 8% YoY while NSR declined just 3% YoY on improving contribution from premium brand
Mgmt. reiterated its preference to grow organically without any leverage and dilution
SRCM expects ~9mtpa capacity addition in FY25E, maintaining its competitive position and market share in the core markets
Focus on cost efficiencies to remain with planned railway sidings at each unit over four years and addition of green power capacities
We expect SRCM to deliver revenue/ EBITDA/ PAT CAGR of 11%/13%/14% over FY24-26E. Our FY25/26E EPS gets upgraded by ~8% on reduced guidance on depreciation. The stock is trading at EV of 17.6x/15.2x FY25E/FY26E EBITDA. Maintain ‘Buy’ with revised TP of ₹29,225 (earlier ₹28,966) valuing at 17x EV of Mar’26E EBITDA.
Sensex Today Live : The PSU Bank and Auto indices were the top sectoral losers, while the IT and Realty indices were the top two gainers.
The Bank, Auto, FMCG, Metal, Pharma, Private Bank, and Oil & Gas indices were also trading in the red, while Consumer Durables, Healthcare, Financial Services, and Media indices were trading in the green.
Sensex Today Live : The broader market indices were outperforming the frontline benchmark indices, with the BSE SmallCap gaining 0.70%, and the BSE MidCap climbing 0.61%.
Sensex Today Live : 18 of the 50 stocks on the Nifty 50 were trading in the green. Maruti Suzuki India, SBI, Tata Motors, BPCL, and Power Grid Corp., were the top drags, while Bharti Airtel, Tech Mahindra, LTIMindtree, Infosys, and HCLTech, were the top gainers.
Sensex Today Live : 19 of the 30 stocks on the BSE Sensex were trading in the red. Maruti Suzuki India, SBI, Tata Motors, Power Grid Corp., and NTPC, were the top drags, while Bharti Airtel, Tech Mahindra, Infosys, HCLTech, and Kotak Mahindra Bank, were the top gainers.
Sensex Today Live : Indian benchmark indices were off the day's high and trading in the red at noon on Thursday.
At 12 pm, Sensex was down 84.96 points, or 0.12%, at 72,902.07 and Nifty was down 32.95 points, or 0.15%, at 22,167.60.
Sensex Today Live : Brightcom Group, in an exchange filing today, said, it is committed to meeting all regulatory requirements and deadlines set by the exchanges. The action comes after the stock exchanges suspended trading in the company's stock on June 14 after it failed to report quarterly results for two consequtive quarters.
The company said, "We would like to clarify to the shareholders of the company though this exchange notification about a recent notice issued by the National Stock Exchange (NSE) regarding the potential suspension of trading of Brightcom Group Ltd. shares. This notice has understandably raised concerns among our valued shareholders, and we want to provide clear and transparent information on the matter.
The NSE notice indicates that the suspension of trading is contingent upon the company's failure to declare its quarterly results for the second (Q2) and third (Q3) quarters by June 11, 2024. We want to assure you that Brightcom Group Ltd. is fully committed to meeting all regulatory requirements and deadlines set by the exchanges.
Our team is diligently working to finalize and release the quarterly results within the stipulated timelines. We are confident that by adhering to these deadlines, we will avoid any suspension of trading and continue to operate smoothly on both the NSE and the Bombay Stock Exchange (BSE)".
Sensex Today Live : Happiest Minds Technologies today announced its strategic partnership with Solvio, to offer Salesforce implementations to its clients across six industry groups - Industrial, Manufacturing and Energy & Utilities, Healthcare & Life Sciences, Retail, CPG & Logistics, Banking, Financial Services and Insurance (BFSI), Hi-Tech and Media & Entertainment, and EdTech.
Sensex Today Live : Indian benchmark indices were trading in the red on Thursday.
At 11 am, Sensex was down 89.22 points, or 0.12%, at 72,897.81 and Nifty was down 36.55 points, or 0.16%, at 22,164.
Sensex Today Live : Schaeffler India has launced a strategic digital campaign for its definitive clutches and drivetrain components aftermarket brand, LuK. The launch of the ad films marks Schaeffler India’s latest communication in its #Badhechalo marketing drive for intelligent repair solutions for all vehicle classes, the company said in an exchange filing.
Sensex Today Live : Rushil Decor today announce its expansion into South America.
With exports already reaching over 50 countries, Rushil Decor is set to penetrate one of the largest markets for MDF globally. The company announced the move on the eve of Interzum Bogota, an international industry fair for furniture and wood technology being organised between May 14 and 17 in Colombia, South America.
Sensex Today Live : India's largest crude and natural gas producer, the state-run Oil and Natural Gas Corporation (ONGC), is looking to expand its clean energy portfolio by acquiring a significant majority stake in Ayana Renewable Power Pvt. Ltd. ONGC has made a non-binding offer for Ayana, which is open to selling up to 100% of its stake, valued at approximately $800 million.
Other companies, including Sembcorp Industries Ltd, Macquarie Group, and JSW Neo Energy, have also expressed interest in Ayana. The renewable energy company currently has a portfolio of 5-gigawatt projects, both operational and under construction, across several Indian states. Ayana plans to double this capacity to 10GW by the end of 2025. (Read the full story here.)
Sensex Today Live : Barring FMCG, Pharma, Healthcare and Auto, all other sectoral indices were trading in the green.
The IT and Realty indices were the top sectoral gainers.
Sensex Today Live : The broader market was in the green, with the BSE SmallCap index gaining 0.81%, and the BSE MidCap index climbing 0.80%.
Sensex Today Live : Half of the 50 stocks on the Nifty 50 were in the red. Maruti Suzuki India, Shriram Finance, Bajaj Auto, Divi's Laboratories, and Cipla, were the top drags, while Bharti Airtel, Infosys, HCLTech, Tech Mahindra and LTIMindtree, were the top gainers.
Sensex Today Live : More than half the stocks on the 30-stock BSE Sensex were trading in the red. Maruti Suzuki India, Power Grid Corp., Tata Motors, Nestle India, and Sun Pharma, were the top drags, while Bharti Airtel, HCLTech, Tech Mahindra, Infosys, and Wipro, were the top gainers.
Sensex Today Live : Indian benchmark indices were trading in the green on Thursday, tracking global peers which were buoyant on the back of colder than expected inflation reading in the US.
At 10 am, Sensex was up 170.8 points, or 0.23%, at 73,157.24 and Nifty was up 40.75 points, or 0.18%, at 22,241.30.
Sensex Today Live : Brookfield India Real Estate Trust (REIT) has announced the acquisition of four Grade A assets from Bharti Enterprises. The deal, valued at an enterprise value of ₹6,000 crore, includes 3.3 million square feet of premium commercial properties.
The equity consideration for the 50% stake will be facilitated through preferential allotments of units in Brookfield India REIT, priced at ₹300 per unit. Post-allotment, Bharti Enterprises will emerge as the second-largest unitholder in Brookfield India REIT, holding an 8.53% stake.
The acquired properties comprise the operational Worldmark assets at Aerocity in New Delhi, a mixed-use property spanning 1.4 million square feet, the Airtel Center - a state-of-the-art corporate facility of 7 lakh square feet in North Gurugram, and Worldmark Gurugram, another mixed-use asset covering over 7 lakh square feet. This strategic acquisition marks a significant expansion of Brookfield India REIT’s portfolio.
Sensex Today Live : PFC reported a 25% increase in net profit for FY24 to ₹26,461 crore from ₹21,179 crore in FY23.
Sensex Today Live : "The underperformance of the Indian market during the last one month is striking. While the S&P 500 is up by 5.08% and Euro Stoxx 50 is up by 3.74%, Nifty is almost flat with only 0.24% gain. More important is the huge outperformance of Chinese stocks with a stunning gain of 17.38% in Hang Seng. It is this outperformance of China that is causing the sustained selling by FIIs in India.
India’s underperformance is likely to change soon with clarity on election results. DIIs, HNIs and retail can turn aggressive buyers lifting the market sharply. FIIs can’t afford to miss this potential rally. The only risk is political instability after elections which appears a very low probability event now.
Meanwhile the global market construct continues to be supportive with the US indices setting new records. The decline in US CPI inflation in April to 3.4% sets the stage for a rate cut by the Fed."
--Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Sensex Today Live : The company reported a 12% YoY increase in revenue to ₹950.7 crore and a 32.3% YoY increase in net profit to ₹148.2 crore.
Sensex Today Live : The company reported a 31% YoY increase in revenue to ₹3,540.6 crore, and an 86.2% YoY decrease in net profit to ₹114.2 crore. The board recommended a final dividend of ₹1.5 per share.
Sensex Today Live : The company reported a 25.2% YoY increase in net profit at ₹239.2 crore for Q4FY24. The company’s revenue from operations increased 31% to ₹6,485 crore.
Sensex Today Live : The company reported a 30% YoY fall in consolidated net profit to ₹501 crore in the March quarter due to compromised margins amid falling nickel prices and increasing shipping costs. The company’s consolidated net revenue stood at ₹9,454 crore, a 3% YoY fall.
Sensex Today Live : The company reported a 64% YoY increase in net profit at ₹79 crore Q4FY24. The company’s revenue from operations increased 8% to ₹1,052.4 crore. The board has recommended a dividend of 40% at ₹0.80 per equity share of ₹2 each for FY24.
Sensex Today Live : Indian benchmark indices jumped at open on Thursday, tracking global peers which were buoyant on the back of colder than expected inflation reading in the US.
At opening bell, Sensex was up 351.21 points, or 0.48%, at 73,338.24 and Nifty was up 94.60 points, or 0.43%, at 22,295.15.
BankNifty, after the short pullback witnessed, has found resistance near the 47,950 zone to end the session near the significant 50EMA level of the 47,700 zone. The important support level for the index is maintained near the 47,200 zone, which is also where the important 100-period MA lies. Bankex witnessed a range-bound session maintaining above the 50 DMA level of the 54,100 zone, which would be crucial. A decisive breach above the 54,700 zone of the important 20 DMA level is necessary to improve the bias and expect further rise in the coming days. BankNifty would have a daily range of 47,200–48,200 levels, with Bankex support at 54,100 and resistance at 54,900 levels.
--Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher
Sensex Today Live : Nifty halted the pullback rally near 22,300 zone and ended the session near the significant 50EMA level of 22,220 zone with bias maintained positive and would need a decisive breach above the 22,300 levels to continue with the positive upward movement and expect for next targets of 22,550-22,600 levels. The support would be maintained near 22,000 zone as of now which needs to be sustained. Sensex has trading in INSIDE BAR pattern and needs a decisive breakout above the 50 DMA level of 73,500 to trigger and establish for a fresh further upward directional move. The support for the day is seen at 72,600/22,100 levels while the resistance is seen near 73,500/22,350 levels.
--Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher
Sensex Today Live : Indian benchmark indices jumped at pre-open on Monday, tracking global peers which were buoyant on the back of colder than expected inflation reading in the US.
Sensex was up 351.21 points, or 0.48%, at 73,338.24 and Nifty was up 118.65 points, or 0.53%, at 22,319.20 during pre-open.
Sensex Today Live : “The latest US April inflation data signals a potential Fed rate cut, igniting optimism among Nifty bulls. With expectations of a rate cut in September, the market anticipates a boost in corporate earnings. Amidst upcoming Q4 results from key players like M&M, HAL, and others, Oberoi Realty stands out with a significant YoY profit surge, propelling it to a record high. As Go Digit IPO garners attention and market sentiment fluctuates, Nifty's trading range is forecasted between 22,000-22,500, with 22,500 emerging as a crucial resistance. Call writing at 22,500 indicates market sentiment, while preferred trades suggest bullish prospects for Nifty and Bank Nifty. Chart analysis favours stocks like Oberoi Realty, Indian Hotels, and Adani Port, with Oberoi Realty singled out as a strong buy, propelled by momentum."
--Prashanth Tapse, Senior VP (Research), Mehta Equities
Sensex Today Live : M&M, Jindal Stainless, Mankind, Titagarh Rail, Vi, SpiceJet, IHCL, are a few stocks likely to be in focus on Thursday, May 16.
