Back
PremiumMarket Close Highlights : Global equities headed for a fresh record after a tech-led rally on Wall Street, amid optimism Wednesday’s key US inflation report won’t undermine the case for Federal Reserve interest-rate cuts.
European stocks gained and US equity futures were steady, while the MSCI All Country World Index extended its longest run of gains since January. In the run-up to US consumer price index data, the S&P 500 advanced despite Jerome Powell’s signals that interest rates will be higher for longer and a mixed reading on producer inflation.
Treasury yields ticked lower and a gauge of the dollar was flat before the consumer-inflation data, which is expected to show a slight moderation in price increases. Core CPI, which excludes volatile food and energy costs, is seen slowing to 0.3% month-on-month, from 0.4%.
“An in-line-with-consensus US core CPI read is discounted and in the price, but that may be enough to promote relief buyers and see the index push higher," said Chris Weston, head of research at Pepperstone Group Ltd. “A core CPI read below 0.25% month-on-month and I certainly wouldn’t want to be short."
Among individual movers in Europe, Experian Plc jumped as much as 8.7% after reporting full-year earnings. ABN Amro Bank NV dropped more than 5% after unchanged guidance. Burberry Group Plc declined, dragging the consumer goods sector lower, after reporting a slump in sales.
US producer prices climbed in April by more than projected, though key components that feed into the Fed’s preferred inflation gauge were more muted. Several categories in the PPI report that are used to calculate the personal consumption expenditures price index eased.
“A more granular look suggests the components that feed into PCE inflation sent mixed signals," said Krishna Guha at Evercore. “This means that the burden largely remains on CPI."
A survey conducted by 22V Research showed 49% of investors expect the market reaction to the CPI report to be “risk-on" — while only 27% said “risk-off."
A gauge for benchmarks in Asia gained after closing at a two-year high Tuesday, with Taiwan Semiconductor Manufacturing Co. leading the advance. Shares in Japan ended little changed, while those in mainland China slipped. Hong Kong markets are closed for a holiday.
The offshore yuan edged higher, mirroring gains in other China-economy sensitive currencies including the Australian dollar and Thai baht, following a Bloomberg report that the government is considering a proposal to buy millions of unsold homes in an attempt to salvage the beleaguered property market.
In commodities, oil advanced after an industry report showed shrinking US stockpiles, and traders looked ahead to a report from the International Energy Agency that’ll shed light on market balances into the second half. Copper futures in New York rallied to a record high after a short squeeze that saw the most-liquid contract trading at a hefty premium. Gold steadied after rising almost 1% on Tuesday.
Sensex Today Live : Breaking their steak of three days of ending in the green, Indian benchmark indices closed in the red on Wednesday, weighed down by weak sentiment ahead of the release of crucial inflation data in the US.
Sensex, which had opened marginally higher at 73,200.23, remained range-bound between a high of 73,301.47 and a low of 72,822.66 through the day. At close, Sensex was down 117.58 points, or 0.16%, at 72,987.03.
Further, Nifty, which had also opened marginally higher at 22,255.60, traded between a high of 22,297.55 and a low of 22,151.75, through the day. At close, the Nifty 50 was down 17.30 points, or 0.03%, at 22,200.55.
16 of the 30 stocks on the BSE Sensex ended in the red. Tata Motors, Asian Paints, HDFC Bank, JSW Steel, and Sun Pharma were the top drags for the day, while Bharti Airtel, Power Grid Corp., NTPC, Mahindra & Mahindra, and Larsen & Toubro, were the top gainers.
Meanwhile, on the Nifty 50, 23 of the 50 stocks ended in the green. Coal India, Cipla, BPCL, Bharti Airtel, and Power Grid Corp., were the top gainers, while Tata Motors, Bajaj Auto, Asian Paints, Eicher Motors, and Britannia Industries, were the top drags for the day.
The broader market indices ended in the green, with the BSE SmallCap gaining 0.96%, and the BSE MidCap closing 0.60% higher.
The PSU Bank and Realty indices were the top two sectoral gainers for the day, closing 1.42% and 1.02% higher, while FMCG, Auto, Bank, and Financial Services, were the top sectoral drags.
Separately, in economic news, India's trade deficit for April came in at $19.1 billion, with exports rising 1.1% YoY to $34.99 billion, while imports rose 10.3% YoY to $54.09 billion. Services exports and imports were $29.57 billion and $16.97 billion, respectively.
Meanwhile, in corporate news, Clean Science reported a 12.8% YoY decrease in Q4 net profit at ₹70.2 crore, down from ₹81 crore in the year-ago period, while Jyothy Labs reported a net profit of ₹78.15 crore, up 31.87% YoY compared to ₹59.26 crore in the year-ago period.
Sensex Today Live : The PSU Bank and Realty indices were the top two sectoral gainers, while FMCG, Auto, Bank, and Financial Services, were the top sectoral drags.
Sensex Today Live : The broader market indices were trading in the green, with the BSE SmallCap gaining 0.98%, and the BSE MidCap was up 0.64%.
Sensex Today Live : 22 of the 50 stocks on the Nifty 50 were trading in the green. Coal India, Cipla, BPCL, Power Grid Corp., and Bharti Airtel, were the top gainers, while Asian Paints, Eicher Motors, Tata Motors, Bajaj Auto, and HDFC Bank, were the top drags.
Sensex Today Live : 17 of the 30 stocks on the BSE Sensex were trading in the red. Asian Paints, HDFC Bank, Tata Motors, Sun Pharma, and JSW Steel, were the top drags, while Power Grid Corp., Bharti Airtel, NTPC, Mahindra & Mahindra, and Larsen & Toubro, were the top gainers.
Sensex Today Live : Indian benchmark indices were trading marginally in the red on Wednesday, ahead of the release of crucial inflation data in the US.
At 3 pm, Sensex was down 32.62 points, or 0.04%, at 73,071.99, and Nifty was down 4.10 points, or 0.02%, at 22,221.95.
Sensex Today Live : JK Cement Rating: ACCUMULATE
Target Price : ₹4,413
Upside : 13%
CMP : ₹3922 (as on 14 May 2024)
Sensex Today Live : Around 86% of JKCE’s grey capacity is in North India, Central India and Gujarat. These regions are likely to operate at higher utilization levels than all-India and thereby likely to earn better profitability. Also, we believe gradual completion of ongoing capex will be the key volume driver. Further, lower fuel prices and other cost savings initiatives should help JKCE on the cost front.
Management expects around ₹150-200/tonne of cost savings in the next two years, led by freight cost optimization and increased use of green power & alternative fuels. Therefore, we reiterate Accumulate.
We pare down our EBITDA ~7% for FY25E and ~2% for FY26E to factor in weakness in cement prices. However, as we roll over to March 2026E from December 2025E, our SOTP-based TP remains unchanged at ₹4,413. We ascribe 12x March 2026E EV/EBITDA to grey cement, 18x March 2026E EV/EBITDA to white cement (including wall putty) and 15x March 2026E EV/EBITDA to the paint business.
Sensex Today Live : Weak demand continued to restrain Cera Sanitaryware’s topline growth, leading to a revised Mar’27 timeline (Sept’25 earlier) for management’s Rs29bn revenue guidance. Cost optimisation, however, helped its operating margins surpass our estimates. The strong net-cash balance sheet persisted, with capex funded via internal accruals. We retain our Buy, with a lower 12-mth TP of ₹8,740 (earlier ₹9,277), 35x FY26e PE.
Sensex Today Live : With its Q4 revenue up 10% y/y (vs. the Street’s 5% y/y estimate) and a 45bp expansion in its EBITDA margin to 20.7% (20%), Zydus Wellness posted a healthy quarterly performance.
Its personal care range (EverYuth, Nycil) posted a good 23% y/y growth, helped by the upswing in consumption demand while Food & Nutrition posted 6% y/y growth, hurt by price cuts in Nutralite.
Management was optimistic of double-digit revenue growth in FY25, led by innovation, distribution and its international foray and expected margin to revert to 17-18% over the next two years, aided by operating leverage and softer input prices.
We tweak our FY25e/F26e EPS slightly to factor in the Q4 performance and a lower FY25 tax rate. We retain our long-term view of a double-digit revenue CAGR and margins returning to 18-20% over 2-4 years. We retain our Buy with a higher 12-mth TP of ₹2,150, 33x FY26e EPS (earlier ₹1,910).
Sensex Today Live : Exports rise 1.1% YoY at $34.99 billion
Imports increase 10.3% YoY at $54.09 billion
Services exports and imports were $29.57 billion and $16.97 billion, respectively.
Sensex Today Live : Apar Industries Rating: ACCUMULATE | CMP: ₹8,340 | TP: ₹8,877
We revise our FY25/26E EPS estimates by +5.1%/+3.3%, factoring in strong outlook in the Conductors segment.
Robust opportunities presented by private and public capex in T&D industry along with transition from ACSR to AL-59 alloy conductors will drive growth in Conductors business. Cables business outlook remains promising, with expanding opportunities in renewable energy, railway, defense, and other sectors.
We believe APR’s focus towards value-added products and strong traction in exports business will continue to drive strong topline & profitability in the long run. The stock is currently trading at a P/E of 41.3x/32.2x FY25/26E. We roll forward to Mar-26 and maintain an ‘Accumulate’ rating with a revised SoTP-derived TP of ₹8,877 ( ₹6,890 earlier) valuing Conductors/ Cables/Specialty Oil segments at 35x/40x/15x FY26E (27x/33x/12x Dec-25E earlier) owing to a robust business outlook across segments.
Sensex Today Live : Clean Science reported a 12.8% YoY decrease in Q4 net profit at ₹70.2 crore, down from ₹81 crore in the year-ago perido.
Revenue increased 5% YoY to to ₹227.5 crore, from ₹216.8 crore in the year-ago period
The company’s EBITDA declinen 10.1% to ₹94.4 crore, from ₹105 crore earlier.
Profit margin decreased from 48.4% to 41.5% YoY
Sensex Today Live : Indian benchmark indices were trading in the red on Wednesday.
At 2 pm, Sensex was down 162.69 points, or 0.22%, at 72,941.92, and Nifty was down 29.45 points, or 0.13%, at 22,188.40.
Sensex Today Live : Jyothy Labs reported net profit at ₹78.15 crore, up 31.87% compared to ₹59.26 crore in the year ago period
Revenue from Operations at ₹656 crores, up 6.32% compared to ₹617 crore in the year ago period
Profit before tax at ₹107.23 crore, compared to ₹81.94 crore in the year ago period
Sensex Today Live : The company reported a 20.1% YoY increase in net profit at ₹379.8 crore for Q4FY24. The company's revenue from operations increased 10.3% to ₹1,490 crore against ₹1,350.6 crore in the corresponding period of the preceding fiscal.
Sensex Today Live : Safari Industries (India) Rating: BUY | CMP: ₹2,019 | TP: ₹2,225
Safari’s top-line was lower than our expectation as pricing aggression on e-com channel was measured. On the other hand, GM improved to 50.6% (PLe 47.9%) due to improvement in HL:SL mix. The expansion plan at Jaipur is on track and production is expected to begin from 3QFY25E.
Timely operationalization of the new plant will bring in cost competitiveness and enable Safari to compete better at lower end of the mass market. In addition, launch of backpacks & duffle bags under brand “Urban Jungle" is likely to give push to its premiumization journey. Given near term growth challenges amid lower number of auspicious wedding days in 1QFY25 and rising competitive intensity we have lowered our EPS estimates by 4%/2% in FY25E/FY26E respectively.
We maintain our positive stance on Safari and expect sales/PAT CAGR of 21%/24% over FY24-FY26E. Maintain ‘BUY’ with a TP of ₹2,225 valuing the stock at 40x FY26E EPS (no change in target multiple).
Sensex Today Live : Panama Petrochem today announced that its subsidiary Panol Industries RMC FZE has signed a 25 year lease in RAK Maritime City Free Zone Authority to establish a petrochemical and grease manufacturing facility.
In an exchange filing, the company said the land has been leased for the puspose "Including but not limited to petrochemical manufacturing, grease, lubricants blending , manufacturing grease and lubricants, wholesale of petrochemical material trading , wholesale of grease and lubricants trading".
Sensex Today Live : Indian benchmark indices were trading in the red on Wednesday.
At 1 pm, Sensex was down 155.5 points, or 0.21%, at 72,949.11, and Nifty was down 27.25 points, or 0.12%, at 22,190.60.
Sensex Today Live : Granules India reported a net profit of ₹130 crore, up 8% year-on-year.
The company’s revenue decreased 1.7% YoY to ₹1,180 crore
Total costs were ₹1,000 crore, 3% lower compared to the same period last year
The company declared a dividend of ₹1.5 per share
Sensex Today Live : Jubilant Ingrevia Rating: HOLD | CMP: ₹512 | TP: ₹526
Challenging market conditions continue to persist especially for the Agrochemical sector which may take another 1-2 quarters to get back to normal. Pharmaceutical segment had healthy volumes and the Nutrition segment saw steady demand for the quarter but due to excess supply from China, realization remained under pressure.
Specialty chemical saw a 30% QoQ growth primarily driven by growth in Fine chemical & Microbial and Nutrition products. The company commissioned multi-purpose agro actives & Intermediate plant and Diketene derivatives plant in Q4FY24 and aims to invest in opportunities such as Food and Cosmetic grade Niacinamide and Multipurpose Plants.
We believe that although the company is adding multiple capacities performance and margins will continue to be impacted until international players keep on dumping at lower prices. The stock trades at 27x FY26 EPS. Reiterate ‘Hold’ rating with SOTP based valuation of ₹526.
Sensex Today Live : Power Finance Corporation posted a consolidated Q4 net profit of ₹5,624.36 crore, up 20.26% from ₹4,676.71 crore, in the year-ago period.
Revenue from operations came in at ₹24,141.40, up 20.34% from ₹20,060.86 in the year ago period.
Sensex Today Live : The Bank, FS, Auto, and FMCG indices were trading in the red, while PSU Bank and Realty indices had gained the most.
Sensex Today Live : The broader market indices were trading in the green, with the BSE SmallCap index gaining 1.03%, and the BSE MidCap index climbing 0.67%.
Sensex Today Live : 21 of the 50 stocks on the Nifty 50 were in the red. Cipla, Coal India, Mahindra & Mahindra, NTPC, and Dr. Reddy's were the top gainers, while Eicher Motors, Sun Pharma, Bajaj Auto, HDFC Bank, and Britannia Industries, were the top drags.
Sensex Today Live : Half of the 30 stocks on the BSE Sensex were in the green. Sun Pharma, HDFC Bank, Tata Motors, Asian Paints, and JSW Steel, were the top drags, while NTPC, Mahindra & Mahindra, HCLTech, Power Grid Corp., and Tata Steel, were the top gainers.
Sensex Today Live : Indian benchmark indices were trading on a muted note on Wednesday.
At 12 am, Sensex was down 65.29 points, or 0.09%, at 73,039.32, and Nifty was nearly flat at 22,218.65.
Sensex Today Live : The New India Assurance Company today announced the appointments of Pooran Kumar Tulsiani as chief investment officer and Vimal Kumar Jain as chief financial officer of the company.
Sensex Today Live : Why are the markets jittery? There’s a chance BJP may disappoint in the elections. Wise TV heads talk about the satta market and what it’s saying about the likely election results. In short, there’s enough to chew on.
And if that was not enough, Rahul Goel, former CEO of Equitymaster offers, perhaps, a simpler narrative to understanding what’s happening in the markets. (Read the full story here.)
Sensex Today Live : A new study by Tata Consultancy Services revealed that more than eight out of 10 (86%) of senior business leaders have already deployed artificial intelligence to enhance existing revenue streams or create new ones.
The TCS AI for Business Study, a comprehensive report on the state of AI adoption and its impact on businesses, found that 69% of the businesses are more focused on using AI to spur innovation and increase revenue than on productivity improvement and cost optimization.
Executives are generally positive about the impact of AI, with 57% reporting excitement or optimism about the potential impact of AI on businesses. Among respondents in the study, 45% expected up to half of their employees would need to use generative AI capabilities to do their job in three years’ time — and another 41% think even more will do so.
Most (65%) believed that AI will augment and enhance human capabilities, enabling people to focus on higher-value activities that require creativity and strategic thinking.
Sensex Today Live : Indian benchmark indices were trading in the red on Wednesday.
At 11 am, Sensex was down 85.68 points, or 0.12%, at 73,018.93, and Nifty was down 12.70 points, or 0.06%, at 22,205.15.
Sensex Today Live : LIC today announced that markets regulator Sebi has allowed the company three more years to adhere to the 10% public shareholding norm.
In an exchange filing, the company said, "This is to inform that Securities and Exchange Board of India, vide its letter dated May 14, 2024 has conveyed its decision, to grant additional time of 3 years to Life Insurance Corporation of India to achieve 10% public shareholding under Rule 19(2)(b)(iv) of the Securities Contracts (Regulation) Rules, 1957, i.e., within a period of 5 years from the date of listing".
The company added, "The revised timeline for the Corporation to achieve 10% public shareholding is on or before May 16, 2027".
Sensex Today Live : The company reported a loss of ₹49 crore for Q4FY24. The company's revenue from operations for the quarter under review came at ₹1,047.1 crore, up 38.7% against the revenue of ₹755 crore in Q4FY23.
Sensex Today Live : Indian benchmark indices were trading in the green on Wednesday, led by positive cues from global peers.
At 10 am, Sensex was up 21.86 points, or 0.03%, at 73,126.47 and Nifty was up 33.35 points, or 0.15%, at 22,251.20.
Sensex Today Live : Barring Auto, all other sectoral indices were trading in the green.
Metal, PSU bank, and Realty were the top sectoral gainers.
Sensex Today Live : The broader market indices were trading in the green, with the BSE MidCap gaining 0.97% and the BSE SmallCap climbing 1.10%.
Sensex Today Live : 14 of the 50 stocks on the Nifty 50 were trading in the red. Eicher Motors, Bajaj Auto, Sun Pharma, JSW Steel, and HDFC Life, were the top drags, while Cipla, Adani Enterprise, Coal India, Hindalco Industries, and NTPC, were the top gainers.
Sensex Today Live : Only six stocks, Sun Pharma, HDFC Bank, JSW Steel, UltraTech Cement, HUL and Maruti Suzuki India, out of the 30 stocks on the BSE Sensex were trading in the red. NTPC, Tata Steel, Bharti Airtel, ITC, and HCLTech were the top gainers.
Sensex Today Live : The company reported a net profit of ₹3.1 crore for Q4FY24, a sharp decline of 94.4% compared to ₹55.31 crore in the same period last year. The profit in Q4FY23 was amplified by a tax credit and an exceptional gain. The company's revenue from operations increased by 9.9% year-on-year to ₹96.2 crore.
Sensex Today Live : The technology solutions provider recorded a net profit of ₹40 crore for Q4FY24, a 48% increase from the same period last year. The company's revenue and EBITDA grew by 29% and 30% year-on-year to ₹247 crore and ₹52 crore, respectively. The board also announced a 1:1 bonus share issuance and recommended a dividend of ₹2.5 per share.
Sensex Today Live : The diagnostics firm posted a net profit of ₹17.8 crore for Q4FY24, reflecting a 41.1% year-on-year increase. The company's revenue from operations rose by 13.5% year-on-year to ₹154.3 crore.
Sensex Today Live : The company reported a 32% YoY increase in standalone net profit for Q4FY24 at ₹108 crore. Total income for the quarter stood at ₹397 crore, and net interest income was 11% higher at ₹172 crore. The company's gross non-performing assets ratio fell to 4.1% at the end of the reporting cycle from 5.8% as of March 31, 2023. The company proposed to pay a dividend of ₹3 per equity share of face value of ₹10 each to the shareholders for FY24.
Sensex Today Live : The company reported a 13.3% YoY increase in net profit at ₹169.1 crore for Q4FY24. However, the company's revenue from operations dropped 1.5% to ₹2,967.3 crore. EBITDA rose 13.2% to ₹387 crore in Q4FY24.
Sensex Today Live : The company reported a 12% YoY decrease in revenue to ₹931 crore and an 11% YoY decrease in Q4FY24 revenue to ₹166 crore. Material margin declined by 13% YoY for FY24 and 31% YoY for Q4FY24. EBITDA fell by 74% YoY for FY24 and was negative for Q4FY24. PAT also decreased by 86% YoY for FY24 and was negative for Q4FY24.
Sensex Today Live : The company reported a 64% YoY increase in net profit at ₹788 crore for Q4FY24. Total income for the period grew 56% to ₹1,558 crore. For FY24, the company’s net profit rose to ₹1,925 crore, while total income increased to ₹4,818 crore. The company’s board has passed enabling resolutions for an issue of non-convertible debentures (NCDs) and Qualified Institutional Placement of equity shares totalling up to ₹4,000 crore. It has also declared a third interim dividend of ₹2 per equity share for Q4FY24 and recommended a final dividend of ₹2 per equity share for FY24.
Sensex Today Live : Siemens reported a 70% rise in its net profit for Q4FY24 to ₹803 crore, up from ₹471 crore reported in the same period a year ago. Revenue from operations for the company also rose 18.4% to ₹5,750 crore from a year ago. The company's board also approved the demerger of its energy business into a separate legal entity, Siemens Energy India Limited. The new entity will later be listed on the BSE and NSE, the company said in a regulatory filing.
Sensex Today Live : Indian benchmark indices opened in the green on Wednesday, led by positive cues from global peers.
At opening bell, Sensex was up 122.89 points, or 0.17%, at 73,227.50 and Nifty was up 42.85 points, or 0.19%, at 22,260.70.
Sensex Today Live : "In yesterday’s trading session, Nifty continued its upward trend for the third consecutive day, with a notable advance-decline ratio favoring bulls. Despite Chairman Powell's remarks offering little new insight, optimism prevailed as major Wall Street indices approached record highs. However, looming uncertainty surrounds a potential September US rate cut, contingent upon inflation data due for release soon. Amidst this backdrop, Nifty's options data hints at a trading range of 22000-23000, with strategic support and resistance levels identified. Notably, FIIs sold shares worth ₹4,066 crores, while Corporate India awaited Q4 results from prominent names. Recommended trades include buying Nifty and Bank Nifty at current market prices, with AUROBINDO PHARMA singled out as a stock to watch, anticipating any corrective declines with bullish sentiment."
--Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd
Sensex Today Live : Indian benchmark indices were green at pre-open on Wednesday, led by positive cues from global markets.
Sensex was up 92.72 points, or 0.13%, at 73,197.33 and Nifty was up 37.75 points, or 0.17%, at 22,255.60 during pre-open.
Sensex Today Live : In the May 2024 review, MSCI included 13 stocks into its Global Standard Index, including names such as Canara Bank, JSW Energy, NHPC, Indus Towers, and Phoenix Mills.
Conversely, Berger Paints, Indraprastha Gas, and Paytm were the three stocks removed from the index.
Sensex Today Live : Siemens, Cipla, Airtel, Mankind, Patanjali Foods, BASF India, are a few stocks likely to be in focus on Wednesday, May 15.
