Market Close Highlights : Sensex ends up 90pts, Nifty at 22,370; Pharma, Health, O&G under pressure, IT, FMCG, Auto gain

Sensex Today Live : Indian benchmark indices continued to maintain their momentum and closed in the green for the third straight session on Tuesday, following positive cues from global peers as investors shifted focus from the Israel-Iran conflict to companies' results.

Sensex, which had opened higher at 74,048.94, climbed to a high of 74,059.89 during the day, but pared some gains to close at 73,738.45, up 89.83 points, or 0.12%.

Meanwhile, the Nifty 50, which had also opened higher at 22,447.05, climbed to a high of 22,447.55 during intraday trades. At close, it was at 22,368, up 31.60 points, or 0.14%.

On the 30-stock BSE Sensex, 13 closed in the red. Losses were led by Sun Pharma, Reliance Industries, Mahindra & Mahindra, JSW Steel, and Tech Mahindra, while Bharti Airtel, Nestle India, Maruti Suzuki India, Tata Motors, and HCLTech, were the top gainers for the day.

Similarly, on the 50-stock Nifty 50, half of the stocks closed in the red, with losses led by Sun Pharma, BPCL, Reliance Industries, Dr Reddy's and Hindalco, while Grasim Industries, Bharti Airtel, Nestle India, Maruti Suzuki India, and Tata Motors were the top gainers for the day.

Meanwhile, the broader market outperformed the benchmark indices, with the BSE SmallCap index closing up 1.05%, and the BSE MidCap index up 0.52%.

Barring Pharma, Healthcare, Oil & Gas and Metal, which were down 0.96%, 0.95%, 0.73% and 0.34%, respectively, all other sectoral indices ended the day in the green.

The Realty index had gained the most, up 2.58%, followed by the FMCG and Consumer durables indices, which closed up 0.76% and 0.65%, respectively.

Sensex Today Live : Barring Pharma, Healthcare, Oil & Gas and Metal, which were down 0.96%, 0.94%, 0.78% and 0.31%, respectively, all other sectoral indices were in the green.

The Realty index had gained the most, up 2.50%, followed by the FMCG and Consumer durables indices, which were up 0.78% and 0.50%, respectively.

Sensex Today Live : The broader market was outperforming the benchmark indices, with the BSE SmallCap index up 1.09%, and the BSE MidCap index up 0.52%. 

Sensex Today Live : 22 of the 50 stocks on the Nifty 50 were in the red, with losses led by Sun Pharma, BPCL, Mahindra & Mahindra, Reliance Industries, and Hindalco, while Grasim Industries, Bharti Airtel, Nestle India, Maruti Suzuki India, and HCLTech were the top gainers. 

Sensex Today Live : 12 of the 30 stocks on the BSE Sensex were in the red, with losses led by Sun Pharma, Mahindra & Mahindra, Reliance Industries, Tech Mahindra, and Bajaj Finserv, while Bharti Airtel, Nestle India, Maruti Suzuki India, Tata Motors, and HCLTech, were the top gainers. 

Sensex Today Live : Indian benchmark indices were up on Monday, following Asian peers higher as investors' focus shifted to companies results for the quarter ended March 31, 2024.

At 3 pm, Sensex was up 230.47 points, or 0.31%, at 73,879.09, and Nifty was up 54.90 points, or 0.29%, at 22,401.30.

Sensex Today Live : NBCC today informed the exchanges that it has secured business worth ₹23,500 crore at the consolidated level in FY24, which is a growth of more than 250% over last FY.

In an exchange filing, the company said, "It has secured record new works of Rs. 23,500 Crore on consolidated basis and Rs. 18,400 Crore on standalone basis, as compared to Rs. 6,700 Crore (Consolidated basis) and Rs. 4,225 Crore (Standalone basis) in preceding FY".

Sensex Today Live : Rating: Buy

Target Price: 960

CMP: 772

JDIL’s Revenue/EBITDA increased by 33%/64% CAGR from FY20 to FY23 on account of higher rig rates, operational efficiency and brand visibility. Over the years, company has strengthened its financial position through repeat orders and tie-up with ONGC. Therefore, such contractual orders with higher rig rates and favorable sector tailwind such as the increasing natural gas pipeline capacity and the increasing demand for petroleum products will enable them to leverage their operational performance in long term.

We believe that JDIL’s Revenue/EBITDA/PAT is expected to grow at a CAGR of 13%/16%/27% respectively over FY23-25E. On valuation front, At CMP, the stock is trading at 13x of FY25E EPS. We initiate the coverage with a “BUY” rating on this stock by assigning 15x of FY25E earnings with a target price of ₹960.

Sensex Today Live : Zydus Lifesciences today informed the exchanges that the New Drug Application of Desidustat Tablets, used for treating anaemia in chronic kidney disease (CKD) patients, has been accepted by the National Medical Products Administration of China (NMPA).

The company, in an exchange filing, said, "CMS International Development and Management Limited, a wholly-owned subsidiary of China Medical System Holdings Limited had obtained an exclusive license for the product from Zydus in 2020".

Desidustat, administered orally is a novel, oral Hypoxia-Inducible Factor-Prolyl Hydroxylase Inhibitor (HIF-PHI) for treating anaemia in Chronic Kidney Disease (CKD) patients, the company added.

Sensex Today Live : R.P.P Infra Projects today informed the exchanges that its joint venture with V Sathamoorthy & Co. has secured new orders worth ₹412.81 crore.

In an exchange filing, the company said, "We inform you that RPP Infra Projects and V. Sathyamoorthy & Co ., RPPSATHYAMOORTHY JV (JV)with the ratio of 60% and 40%, respectively, has received letter of acceptance for a new projects - Major up-gradation of Raipur Railway Station of SECR on Engineering, Procurement and Construction (EPC) model for the Value of ₹412.81Crores (Incl GST). We have received the letter of acceptance today."

Sensex Today Live : Indian benchmark indices were up on Monday, following Asian peers higher as investors' focus shifted to companies results for the quarter ended March 31, 2024.

At 2 pm, Sensex was up 160.87 points, or 0.22%, at 73,809.49, and Nifty was up 55.65 points, or 0.25%, at 22,392.05.

Sensex Today Live : Tata Power today informed the exchanges that its subsidiary Tata Power Solar Systems Limited has entered into a strategic partnership with Indian Bank to bolster the adoption of solar rooftop among residential consumers.

The collaboration aims to facilitate financing solutions under the popular Pradhan Mantri Surya Ghar Muft Bijli Yojana scheme for installations up to 3 KW, as well as extend support for installations ranging from 3 to 10 KW under the regular scheme, the company said in an exchange filing.

Sensex Today Live : Bharti Airtel announced on Monday that it has streamlined its international roaming pack for customers journeying to 184 countries.

Airtel's international roaming plans begin at ₹649, which provides 500MB data and 100 minutes of free outgoing and incoming calls with a one-day validity. The plans scale up to ₹14,999 for 15GB data, 3000 minutes of voice calls, and in-flight benefits with a validity of 365 days, as per the company's official Thanks app.

Users can subscribe to a single pack to roam across 184 countries. For frequent travelers, there's also the option to auto-renew their plans, eliminating the need to purchase the pack multiple times.

Sensex Today Live : Indian benchmark indices were up on Monday, following Asian peers higher as investors' focus shifted to companies results for the quarter ended March 31, 2024.

At 1 pm, Sensex was up 217.72 points, or 0.30%, at 73,866.34, and Nifty was up 68.85 points, or 0.31%, at 22,405.25.

Sensex Today Live : In March, there was a surprising change in the Indian stock market as investors' interest swung from the soaring smallcaps to the more reliable largecaps. This abrupt shift is seen as a brief detour, with smallcaps expected to continue being a preferred investment category.

The Securities and Exchange Board of India's concentrated efforts to moderate the enthusiasm in small-cap investment plans, which had been receiving a consistent influx of capital, influenced this March shift. (Read the full story here.)

Sensex Today Live : Reliance Industries Rating: ACCUMULATE

Target Price : ₹3,479

Upside : 18%

CMP : ₹2,960 (as on 22 April 2024)

Valuation: Revise to Accumulate; TP raised to INR 3,479

We pare FY25E/26E EPS 12%/6% on higher depreciation expenses and tax rate. We revise RIL to Accumulate from Buy as the stock has run-up 29% in the past six months. But we up TP to ₹3,479 from ₹3,354 on higher FY26E EBITDA led by benefits from petchem expansion and weaker INR. We assume 22.8x (unchanged) FY26E EV/EBITDA for Retail, 18.0x (unchanged) for Digital Services and 6.5x (unchanged) for O2C.

Sensex Today Live : Jyoti Structures today informed the exchanges that it has been pre-qualifies by the Kenya Transmission Company, Kenya, to bid for the 132 kV Narok-Bomet Transmission Line tender for 88 kms on total turnkey basis.

Sensex Today Live : Barring Pharma, Healthcare and Oil & Gas, all other sectoral indices were trading in the green. The Realty index was the biggest gainer, up 2.76%.

Sensex Today Live : The broader market was outperforming the benchmark indices, with the BSE SmallCap index up 0.91%, and the BSE MidCap index up 0.46%. 

Sensex Today Live : 17 of the 50 stocks on the Nifty 50 were in the red, with Sun Pharma, Mahindra & Mahindra, Reliance Industries, Hindalco, and HDFC Life emerging as the top losers, while Bharti Airtel, Grasim Industries, HCLTech, NTPC, and Tata Motors, were the top gainers.  

Sensex Today Live : Nine out of the 30 stocks on the Sensex were in the red, with losses led by Sun Pharma, Mahindra & Mahindra, Reliance Industries, Larsen & Toubro, and Tech Mahindra, while Bharti Airtel, HCL Tech, Tata Motors, NTPC, and SBI, were the top gainers.

Sensex Today Live : Indian benchmark indices were up on Monday, following Asian peers higher as investors' focus shifted to companies results for the quarter ended March 31, 2024.

At 12 pm, Sensex was up 229.85 points, or 0.31%, at 73,878.47, and Nifty was up 76.10 points, or 0.34%, at 22,412.50.

Sensex Today Live : Ambuja Cements Ltd, owned by billionaire Gautam Adani, is embarking on a $9-billion strategy of acquisitions and investments. The goal is to surpass Ultratech Cement Ltd, a part of the Aditya Birla Group, and become the largest cement producer in the country.

The company's capital expenditure plan, worth ₹75,000 crore, aims to increase Ambuja Cements' production capacity from the current 80 million tonnes per annum (mtpa) to at least 180 mtpa within the next three years, as per insiders familiar with the group's plans.

This represents a significant leap for Ambuja Cements, currently the country's second-largest cement manufacturer, especially considering that Ultratech Cement's existing capacity stands at approximately 151.6 mtpa. (Read the full story here.)

Sensex Today Live : Mahindra Finance has reported a fraud amounting to ₹150 crore at one of its branches in the North East. The company disclosed this in a filing to the exchanges on April 23, stating that a fraudulent activity was uncovered at the end of the 4th quarter of the financial year ending 31st March 2024. The fraud, which involved the forgery of KYC documents in relation to retail vehicle loans, led to the misappropriation of company funds. The company is currently investigating the matter and estimates the financial impact to be no more than ₹150 crore.

Sensex Today Live : On Tuesday, Bajaj Finance's stock price saw an increase, following Emkay Global Financial Services' decision to initiate coverage on the stock with a 'Buy' rating. Emkay Global has set a target price of ₹9,000 per share for Bajaj Finance, suggesting a potential upside of 23.4% from the closing price on Monday.

Emkay Global's optimistic outlook on Bajaj Finance's shares is based on three key factors. First, it recognizes Bajaj Finance's impressive track record over the past one and a half decades, characterized by near-perfect implementation of its 3i strategy (Invention, Innovation, and Imitation), despite various external challenges, shocks, and disruptions.

Avinash Singh, Senior Research Analyst at Emkay Global, noted, "Despite minor issues in recent years, Bajaj Finance has consistently achieved growth (in terms of AUM and Customer Franchise) and profitability (in terms of RoA/RoE), either meeting or exceeding its 'Long Range Strategy' (LRS) targets. This performance is significantly better than its lending peers, even as it has grown to its current size and has substantial exposure to mortgages."

Sensex Today Live : Indian benchmark indices were up on Monday, following Asian peers higher as investors' focus shifted to companies results for the quarter ended March 31, 2024.

At 11 am, Sensex was up 165.74 points, or 0.23%, at 73,814.36, and Nifty was up 44.70 points, or 0.2%, at 22,381.10.

Sensex Today Live : HSBC Flash India Services PMI Business Activity Index: 61.7 (Mar final: 61.2)

HSBC Flash India Manufacturing PMI Output Index: 63.2 (Mar final: 63.3)

HSBC Flash India Manufacturing PMI: 59.1 (Mar final: 59.1)

Sensex Today Live : EaseMyTrip.com today informed the exchanges that it has rolled out an Easy Summer Sale, a special summer sale that promises extensive discounts across a wide range of travel services. The discounts will be available from 23 April to 27 April 2024 on flights, hotels, bus tickets, cab rentals, and holiday packages.

Sensex Today Live : In March 2024, Hatsun Agro reported a rise in Net Sales to ₹2,046.87 crore, a 14.38% increase from Rs. 1,789.46 crore in March 2023.

The company's Quarterly Net Profit also saw a significant increase, reaching Rs. 52.16 crore in March 2024, which is a 108.74% increase from Rs. 24.99 crore in March 2023.

The EBITDA for March 2024 stood at Rs. 231.76 crore, marking a 46.64% increase from Rs. 158.05 crore in March 2023.

Furthermore, Hatsun Agro's Earnings Per Share (EPS) has seen a growth, increasing to Rs. 2.34 in March 2024 from Rs. 1.12 in March 2023. This represents a significant improvement in the company's performance.

Sensex Today Live : Indian benchmark indices were up on Monday, following Asian peers higher as investors' focus shifted to companies results for the quarter ended March 31, 2024.

At 10 am, Sensex was up 193.46 points, or 0.26%, at 73,842.08, and Nifty was up 55.35 points, or 0.25%, at 22,391.75.

Sensex Today Live : Heubach Colorants informed the exchanges today that its related party and group company Heubach GmBH has filed for insolvancy at a German court. In an exchange filing, the company said, "We wish to inform you that Heubach GmbH, a related party of the Company and a part of the Heubach Group, has issued a press release disclosing that it has filed an application for the opening of regular insolvency proceedings over its assets with the competent insolvency court in Braunschweig and, at the same time, applied for the jurisdiction of the Braunschweig insolvency court as the group court for the German subgroup of the Heubach Group."

Sensex Today Live : The company announced a net profit of ₹146.8 crore for Q4FY24, on Monday, April 22. This is a significant turnaround from the corresponding quarter last year when the company reported a net loss of ₹11.5 crore, as stated in a regulatory filing. The company's operational revenue surged 343.40%, to ₹1,326.9 crore from ₹299.3 crore in the same period last year. The company reported trade receivables of ₹1,458 crore, with ₹650 crore successfully collected during the quarter. Consequently, the working capital witnessed a significant increase of ₹1,519 crore. Additionally, Tejas and its subsidiaries were granted 22 patents in the fourth quarter of FY24, bringing the total count to 335.

Sensex Today Live : Barring the metal index, all other sectoral indices were in the green, with the Realty index gaining the most, at 2.46%.

Sensex Today Live : The broader market was climbing, with the BSE SmallCap index up 0.71%, and the BSE MidCap index up 0.35%.

Sensex Today Live : 10 out of the 50 stocks on the Nifty 50 were in the red, with Power Grid Corp., Hindalco, BPCL, Britannia, and Tata Conusmer Products emerging as the top drags, while Bharti Airtel, Titan, Wipro, HCLTech, and NTPC, emerging as the top gainers. 

Sensex Today Live : Only four stocks, Power Grid Corp., Nestle India, Axis Bank, and JSW Steel, were in the red, while Bharti Airtel, HCL Tech, Wipro, Titan and Reliance Industries, were the top gainers. 

Sensex Today Live : The company's follow-on public offer (FPO), the largest in India at ₹18,000 crore, reached full subscription on its third day. This was largely due to the keen interest shown by global institutional investors such as GQG, Capital Group, and Fidelity Investments. The portions for qualified institutional buyers (QIBs) and non-institutional investors (NIIs) were subscribed 1.23 times and 1.93 times respectively, while the retail segment saw a subscription of 42%.

Sensex Today Live : Indian benchmark indices climbed at open on Monday, following Asian peers higher as investors' focus shifted to companies results for the quarter ended March 31, 2024.

At opening bell, Sensex was up 275.52 points, or 0.37%, at 73,924.14, and Nifty was up 60.95 points, or 0.27%, at 22,397.35.

Sensex Today Live : Indian benchmark indices climbed at pre-open on Monday, following Asian peers higher as investors' focus shifted to companies results for the quarter ended March 31, 2024.

Sensex was up 400.32 points, or 0.54%, at 74,048.94, and Nifty was up 110.65 points, or 0.5%, at 22,447.05 during pre-open.

Sensex Today Live : Mahindra Finance today informed the exchanges that it has detected a fraud worth ₹150 crore at one of its North East branch. In an exchange filing on April 23, the company said, "We hereby inform you that during the end of 4th quarter of the financial year ended 31st March 2024, a fraud was detected at one of Company’s branches in the North East. In respect of retail vehicle loans disbursed by the Company the fraud involved forgery of KYC documents leading to embezzlement of Company funds. The investigations in the matter are at an advanced stage. The Company estimates that the financial impact of this fraud is unlikely to exceed Rs.150 Crores".

The company added, "In view of this development, the agenda matters pertaining to approval of the audited standalone and consolidated financial results of the Company for the fourth quarter and financial year ended 31st March 2024, recommendation of dividend, AGM and related matters, which were to be considered at the Board meeting scheduled to be held on 23rd April 2024, are being deferred to a later date, which shall be intimated in due course. The Audit Committee and the Board Meeting scheduled on 23rd April, 2024 will consider all other matters scheduled to be discussed at the respective meetings, including increase in aggregate borrowing limits and fund raise via issue of Non-convertible debentures."

Sensex Today Live : RIL, Adani Group, HDFC Bank, Tata Consumer, Mahindra Logistics, are a few stocks likely to be in focus on Tuesday, April 23.

Sensex Today Live : The Indian market indices, Sensex and Nifty 50, are anticipated to commence Tuesday's trading session on a positive note, driven by favorable global indicators. The Gift Nifty trends suggest a neutral start for the Indian benchmark index, with it trading at around 22,370 levels.

On Monday, the domestic equity indices concluded with significant gains for the second day in a row, with Nifty closing above the 22,300 mark. Nifty 50 charted a small candle with an identical open and close, accompanied by a long lower shadow.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, interpreted this market activity as the formation of a long-legged doji or dragonfly doji type candle pattern. He stated, "This pattern, formed after a day of upward movement, does not indicate any significant alert for bulls at the highs. Nifty has surpassed the initial barrier at 22,300 levels and is likely to face strong resistance at 22,500 levels (the opening downside gap of 15th April) in the short term."

Shetti further speculated that if Nifty manages to maintain above 22,500, the market could potentially achieve new all-time highs in the near future. (Read the full story here.)

Sensex Today Live : The Indian equity market indices, Nifty 50 and Sensex, are projected to start on a positive note, buoyed by encouraging global market indicators and an uplifted mood. Asian markets exhibited an upward trend, and the US stock market concluded with overnight gains, primarily driven by technology and banking stocks.

Investors will keep a close eye on crucial macroeconomic data and corporate earnings, which could potentially influence further stock market movements.

Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, commented, "The equity markets maintained their buoyancy, fueled by robust global cues, as widespread buying was observed due to a risk-on sentiment. Despite last week's geopolitical tensions in West Asia causing a dip in global assets, the lack of any new conflict outbreak between Israel and Iran helped soothe market sentiment, triggering substantial buying for the second consecutive session. The significant drop in crude oil prices, currency, and gold also contributed to the surge in equity assets." (Read the full story here.)

Sensex Today Live : Indian shares are set to open higher on Tuesday, tracking a rebound in global markets, while Reliance Industries will be in focus after the conglomerate beat fourth-quarter profit estimates.

India's GIFT Nifty was trading at 22,396.50, as of 08:04 a.m. IST, indicating that the Nifty 50 will open above its Monday's close of 22,336.40.

The benchmark indexes Nifty and S&P BSE Sensex extended gains for a second session in a row on Monday, tracking a rebound in global markets due to easing worries over the escalation of tensions in the Middle East.

Asian shares extended gains on Tuesday, taking cues from Wall Street as focus shifts to earnings results from U.S. tech giants in the week, while a still strong dollar pressured the Japanese yen to fresh 34-year lows.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5%, helped by a 1% jump in Taiwanese shares and a 0.8% advance in Hong Kong's Hang Seng index.

The Asian index rose 1% the day before on easing fears of a major escalation in the Middle East conflict, recovering some of the 3.7% losses last week. Japan's Nikkei edged up 0.1%.

Tech shares in the region cheered. Taiwan Semiconductor Manufacturing Co Ltd rallied 1.5% while MSCI Asia-Pacific ex-Japan IT index jumped 0.8%. However, Chinese shares fell, with the blue chips losing 0.6%.

On Wall Street, big tech shares outperformed ahead of their quarterly results this week, sending the Nasdaq 1.1% higher.

"Odds are the earnings reports that we see over the next few weeks will be positive, but obviously there's still issues around what the Fed will do the next," said Shane Oliver, chief economist at AMP. “It's too early to say that problems in the Middle East have gone away.”

Oil prices recovered some of the sharp losses overnight as investors continued to assess the situation in Middle East. Brent futures rose 0.2% to $87.16 a barrel, while U.S. crude gained 0.2% to $82.06 a barrel.

Gold prices, however, lost 1% to $2,295.9 per ounce, after slumping 2.7% overnight.