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PremiumMarket Close Highlights : Global stocks neared record highs on Monday, in a week where inflation figures could make or break expectations for earlier U.S. rate cuts, while Chinese activity data will test optimism about a sustained recovery in the world's No. 2 economy.
While U.S. inflation data will take centre-stage, reports on Chinese retail sales and industrial output could also have a big impact on overall investor sentiment.
Chinese authorities are also set to sell 1 trillion yuan ($140 billion) in longer-dated bonds to help fund stimulus spending at home.
The improved sentiment has helped lift Chinese blue chips to a seven-month high and the positive vibes carried over into Europe, where the STOXX 600 held near record highs and U.S. stock futures rose 0.1%.
"U.S. equity traders, along with bond, gold, and dollar traders (well, everyone really), will be looking to start the week by massaging exposures ahead of U.S. PPI, and CPI and retail sales," Pepperstone strategist Chris Weston said.
The MSCI All-World index nudged higher on Monday and is now less than 0.5% away from March's record highs.
Globally, much now depends on whether the U.S. April inflation report will show a moderation after three months of upside surprises. Median forecasts are for core consumer prices to rise 0.3% in the month, compared with 0.4% in March, pulling the annual rate down to 3.6%.
So crucial is the data that rounding to the second decimal place could make all the difference.
"Our unrounded core CPI forecast at 0.27% m/m suggests larger risks for a dovish surprise to a rounded 0.2% increase," noted analysts at TD Securities.
A low number would likely boost bets that the Federal Reserve could ease as soon as July, which is currently priced at only a 25% chance. Equally, a high inflation print could push a rate cut out past September and challenge pricing for 42 basis points of easing this year.
Also due are figures on U.S. producer prices, retail sales and jobless claims, along with final reports on European inflation that should reinforce expectations for a June rate cut from the European Central Bank.
There are a host of Fed speakers this week to update markets on their thinking, including Fed Chair Jerome Powell, who appears with the head of the Dutch central bank on Tuesday.
With 80% of the S&P 500 having reported results, companies are on track to have increased earnings by 7.8%, well ahead of the April expectation of 5.1%.
Global share indices have also bounced to record highs in recent weeks, even as markets scale back some of their more aggressive wagers for rate cuts this year.
The relative outperformance of the U.S. economy continues to underpin the dollar, while only the threat of Japanese intervention is stopping it from re-testing the 160 yen barrier.
The Bank of Japan on Monday sent a hawkish signal to markets by cutting the amount of Japanese government bonds it offered to buy in a regular operation, pushing yields up.
The dollar was holding at 155.87 yen on Monday, while the euro was flat at $1.0777 having faced resistance around $1.0791 last week.
Gold eased 0.5% to $2,347 an ounce, having gained 2.5% last week on demand from momentum funds and talk of ongoing buying by China.
Oil prices held mostly steady, with Brent crude futures up 0.1% at $82.87 a barrel, while U.S. crude was up 0.13% at $78.36.
Sensex Today Live : Indian benchmark indices were able to sharply recover from the day's low to close in the green for the second day straight, driven by improving sentiment.
Sensex, which had opened lower at 72,476.65, touched an intraday low of 71,866.01, but recovered more than 900 points to close at 72,776.13, which was up 111.66 points, or 0.15%, higher from Friday's close.
Similarly, Nifty 50, which had opened lower at 22,027.95, climbed to a low of 21,821.05. It climbed nearly 280 points from the day's low to close at 22,104.05, which was up 48.85 points, or 0.22%, from Friday's close.
Rupak De, Senior Technical Analyst at LKP Securities, said, "The Nifty has formed a hammer pattern on the daily chart, indicating a potential bullish reversal following a correction. Additionally, the stock has found support around the previous swing low on the daily timeframe. However, the index's recovery may encounter resistance in the 22150-22200 zone, and only a decisive move above 22200 could trigger a stronger rally in the market. On the lower end, support is situated at 21950."
Meanwhile, 17 of the 30 stocks on the BSE Sensex ended in the green. Asian Paints, Sun Pharma, HDFC Bank, TCS, and Axis Bank were the top gainers for the day, while Tata Motors, NTPC, Bharti Airtel, Titan, and SBI were the top drags.
Similarly, 21 of the 50 stocks on the Nifty 50 ended in the red. Cipla, Asian Paints, HDFC Life, Adani Enterprises, and Adani Ports and SEZ were the top gainers for the day, while Tata Motors, BPCL, Shriram Finance, Coal India and NTPC, were the top drags.
The broader market ended on a mixed note, with the BSE SmallCap closing dowb 0.23%, and the BSE MidCap climbing 0.36% at close.
Separately, barring Auto, PSU Bank, Oil & Gas, Consumer Durables, and Media, all other sectoral indices ended the day in the green.
Pharma, Healthcare, Metal and Realty were the top index gainers for the day.
In corporate news, Zomato posted a net profit of ₹175 crore in the fourth quarter, compared to a loss of ₹188 crore in the same period last year. Its total revenue soared to ₹3,560 crore, up 73.2% from ₹2,056 crore year-on-year (YoY). Zomato's total costs also rose sharply, reaching ₹3,640 crore, up 50% YoY.
Separately, Aditya Birla Capital reported a 105% increase in its Q4 net profit at ₹1,250 crore, compared to ₹609 crore in the year ago period. The company's revenue grew 36% YoY, to reach ₹10,940 crore. However, the total cost also increased by 30% YoY to reach ₹9,490 crore.
Sensex Today Live : Zomato posts net profit of ₹175 crore in the fourth quarter, compared to a loss of ₹188 crore in the same period last year
The company's total revenue soared to ₹3,560 crore, up 73.2% from ₹2,056 crore year-on-year (YoY)
Zomato's total costs also rose sharply, reaching ₹3,640 crore, up 50% YoY.
The food delivery segment generated ₹1,740 crore, up 49% YoY.
Quick commerce segment saw its revenue more than double to ₹769 crore from ₹363 crore YoY
Sensex Today Live : Barring Auto, PSU Bank, Oil & Gas, Consumer Durables, and Media, all other sectoral indices were trading in the green.
Pharma, Healthcare and Metal indices were the top gainers.
Sensex Today Live : The broader market was trading mixed, with the BSE SmallCap losing 0.23%, and the BSE MidCap climbing 0.31%.
Sensex Today Live : Half of the 50 stocks on the Nifty 50 were in the green. Cipla, Asian Paints, Divi's Laboratories, Adani Ports and SEZ, and Adani Enterprises, were the top gainers, while Tata Motors, Shriram Finance, BPCL, ONGC, and NTPC, were the top drags.
Sensex Today Live : Half of the 30 stocks on the BSE Sensex were in the green. Asian Paints, TCS, HDFC Bank, Sun Pharma, and ICICI Bank were the top gainers, while Tata Motors, Bharti Airtel, NTPC, SBI, and Titan, were the top drags.
Sensex Today Live : Indian benchmark indices were off the day's low, and had climbed into the green on Monday.
At 3 pm, Sensex was up 181.08 points, or 0.25%, at 72,845.55, and Nifty was up 64.80 points, or 0.29%, at 22,120.
Sensex Today Live : Aditya Birla Capital has reported a 105% increase in its Q4 net profit to ₹1,250 crore, from ₹609 crore
The company's revenue grew 36% YoY, reaching ₹10,940 crore. However, the total cost also increased by 30% YoY to ₹9,490 crore
The company's other income experienced a decrease, falling by 12% YoY to ₹23,660 crore
Sensex Today Live : Advanced Enzyme Technologiesposted a 7% drop in its consolidated net profit for Q4. Its net profit decreased to ₹29.90 crore, down from ₹32 crore in the same period last year.
The company’s revenue for the quarter saw a 14% YoY increase, rising to ₹157.8 crore from ₹138.70 crore in the previous year.
Sensex Today Live : In Q4FY24, UPL's revenue fell by 15% YoY to ₹14,078 crore from ₹16,569 crore in Q4 FY23.
The contribution profit also saw a decrease of 27% YoY, standing at ₹4,142 crore. The contribution margin dropped by 500 basis points to 29.4%.
EBITDA was ₹1,933 crore, a decrease of 36% YoY. The EBITDA margin also fell by 458 basis points to 13.7%.
The net profit plummeted by 95% YoY to just ₹40 crore.
Sensex Today Live : Indian benchmark indices were off the day's low, and had climbed into the green on Monday.
At 2 pm, Sensex was up 106.11 points, or 0.15%, at 72,770.58, and Nifty was up 54.10 points, or 0.25%, at 22,109.30.
Sensex Today Live : Mahanagar Gas Rating: SELL | CMP: ₹1,300 | TP: ₹1,116
MAHGL reported an EBITDA of ₹3.9 bn in Q4FY24, down 12.2% QoQ (PLe: ₹4.4 bn). PAT came in at ₹2.6 bn, down 16.5% QoQ (PLe: ₹3.1bn). Total volume grew 12% YoY to ~3.8 mmscmd aided by growth across all segments. On a QoQ basis, total volume increased 3%. EBITDA/scm declined due to higher opex. The company announced a final dividend of ₹18/share. We build in a muted volume growth of 4% CAGR over FY24-26 and estimate an EBITDA/scm of ₹10/10/scm for FY25/26. The stock is currently trading at 14x FY26 EPS and 8.8x FY26 EV/EBITDA. We miantain ‘Sell’ rating with a TP of ₹1,116 based on 12x FY26 EPS.
Sensex Today Live : Praveg today announced that it has acquired of a new land lease for the development of Cave Resort in Jawai, Rajasthan. The company, in an exchange filing, said this new project will leverage the scenic beauty of Jawai with a one-of-a-kind luxury cave room structure.
Located in the scenic area of Jawai, Rajasthan, the new resort is on a lease term of 30 years, the company added. Praveg has been granted a 12-month rent-free period to facilitate the setup. The resort will feature a total of 20 units, including 12 luxury cave-type rooms and 8 elegant tents.
Additional amenities include a swimming pool, a restaurant, and a bar, alongside offering unique safari experiences, the company said.
Sensex Today Live : Karur Vysya Bank reported a 25% YoY increase in Q4 net profit at ₹465 crore.
The bank's Gross Non-Performing Assets (NPA) came in at 1.45%, down from 1.58% in the previous quarter.
Provisions for the quarter were significantly higher, with a 95% QoQ increase to ₹293 crore.
Operating profit also saw a healthy rise of 17% YoY, reaching ₹867 crore.
The bank declared a dividend of ₹2.4 per share.
Sensex Today Live : Bharat Petroleum Corporation Rating: REDUCE | CMP: ₹619 | TP: ₹547
Bharat Petroleum Corporation (BPCL) reported better than expected Q4FY24 results with an EBITDA of ₹92.1 bn (up 48% QoQ, PLe: ₹85.8 bn). Adj PAT came in at ₹55.7 bn (up 64% QoQ, PLe: ₹48.4 bn). The company reported a moderate GRM at US$12.5/bbl. GMMs as per our calculation came in at ₹5.8/ltr. BPCL announced a bonus of 1:1 and a final dividend of ₹21/share.
The company currently trades at 1.5x FY26 P/BV. Going ahead, owing to demand concerns in the long term and inability to pass on rise in fuel costs we build in GRMs of US$6/bbl and a gross marketing margin of ₹4.1/ltr for FY25/26E. The stock is currently trading at 1.6/1.5x FY25/26 P/BV. We re-rate the stock from ‘Sell’ to ‘Reduce’ with a TP of ₹547 based on 1.3x FY26 P/BV.
Sensex Today Live : Eurogrip Tyres inaugurated its first branded retail store in Velachery, Chennai. Eurogrip has partnered with TVS Racing for riding accessories and merchandise such as helmets, knee protectors, jackets, and gloves that are available for purchase to customers through the store.
The one-stop solution store is specially designed to cater to all aspects of tyre care, allied services and 2-wheeler riders’ requirements. The retailstore will have the entire range of tyre patterns and tubes from Eurogrip Tyres.
The store will also retail 2-wheeler lubricants from brand Veedol.
Sensex Today Live : Indian benchmark indices were off the day's low, but were still trading in the red on Monday, tracking weaknesses in Asian peers, coupled with the uncertainty surrounding the ongoing Lok Sabha elections.
At 1 pm, Sensex was down 148.62 points, or 0.20%, at 72,515.85, and Nifty was down 32.40 points, or 0.15%, at 22,022.80.
Sensex Today Live : Shyam Metalics and Energy today announced that it has enhanced the production capacity of sponge iron and energy production at its recently acquired Ramsarup plant in Kharagpur. The company, in an exchange filing, said, "We are pleased to inform you that the following Production capacity have been commissioned at recently acquired Ramsarup Plant situated at Kharagpur following its indirect acquisition through its Material Wholly Owned Subsidiary i.e., M/s Shyam Sel and Power Limited and is ready for commercial production with immediate effect."
Sponge Iron: 1,50,000 Metric Tonnes; and
Captive Power Plant: 20 Megawatt
Sensex Today Live : Royal Orchid Hotels today announced the launch of The World, an all-suire 5-star hotel in Surat, Gujarat, after signing a management agreement with Hindva Hospitality.
Located near the Surat Diamond Bourse, the upcoming Bullet Train Station and the Textile belt, this hotel is optimally located for business and leisure travellers, the company said in an exchange filing.
Sensex Today Live : Varun Beverages posts 25% YoY jump in Q5 net profit at ₹548 crore, from ₹438.6 crore in the year ago period
Revenue from operations at ₹4,398 crore
Profit after tax at ₹715.8 crore
Sensex Today Live : Pharma, Healthcare, FMCG and Media were the only indices trading in the green, while Auto, PSU Bank, and Oil & Gas were the top drags.
Sensex Today Live : The broader market indices were in the red, with the BSE MidCap down 0.74%, and the BSE SmallCap down 0.60%.
Sensex Today Live : 14 of the 50 stocks on the Nifty 50 were in the green. Tata Motors, Hero MotoCorp, IndusInd Bank, Shriram Finance, and BPCL, were the top drags, while Cipla, Asian Paints, Divi's Laboratories, HDFC Life, and Britannia Industries, were the top gainers.
Sensex Today Live : Nine of the 30 stocks on the BSE Sensex were in the green. Tata Motors, IndusInd Bank, Titan, Axis Bank, and SBI, were the top drags, while Asian Paints, HDFC Bank, Larsen & Toubro, TCS, and Sun Pharma, were the top gainers.
Sensex Today Live : Indian benchmark indices were off the day's low, but were still trading in the red on Monday, tracking weaknesses in Asian peers that were subdued due to muted economic data from China, coupled with the uncertainty surrounding the ongoing Lok Sabha elections.
At 12 pm, Sensex was down 294.43 points, or 0.41%, at 72,370.04, and Nifty was down 77.80 points, or 0.35%, at 21,977.40.
Sensex Today Live : Bharti Airtel today announced that it has entered into a long-term collaboration with Google Cloud to deliver cloud solutions to Indian businesses.
The strategic collaboration will offer a suite of cutting-edge cloud solutions from Google Cloud to fast-track cloud adoption and modernization for Airtel’s customers.
In addition, Airtel will provide a suite of cloud managed services to its customer base of more than 2,000 large enterprises and one million emerging businesses, the company said in an exchange filing. Through this collaboration, the two companies are targeting the large and growing Indian public cloud services market, which is expected to reach $17.8 billion by 2027, according to IDC.
Sensex Today Live : SpiceJet today announced daily non-stop flights between Delhi and Phuket, starting May 31, 2024.
Sensex Today Live : "VIX’s behaviour now has a lot of similarity to the period shortly before the 2019 electoral results announcement. Then too, markets had come off peaks in March, and VIX shot up to 28.6. The main difference is that prior to this, VIX was in a 20-14 range during the previous 6 months, pointing to volatility expectations being reasonably high for an extended period. In stark contrast, VIX’s rise from record lows to above 20 now, has unfolded in just a fortnight’s time. So, while recent history points to more room for upside in VIX and thereby volatility, the abruptness in the rate of change of VIX, may lead to a cool off, perhaps even before the electoral results."
--Anand James, Chief Market Strategist, Geojit Financial Services
Sensex Today Live : Contrary to common perception, markets are not self-governing entities. They are shaped by the actions of diverse participants, each with unique investment objectives and timeframes. The outcomes are the aggregate result of numerous decisions made by this varied group.
On 9 May, an unforeseen downturn in the stock market left analysts puzzled. The S&P BSE Sensex dropped by 1,062 points, and the NSE Nifty fell by 370 points. This sudden fall seemed at odds with the prevailing narrative of unchecked economic growth and consistent policies. Analysts are now working to decode market indicators and identify potential warning signs. (Read the full story here.)
Sensex Today Live : Hinduja Global Solutions today announced the launch of a comprehensive suite of cybersecurity solutions for the market. The suite comprises of seven cybersecurity solution offerings designed to provide enterprises with state-of-the-art protection against evolving cyber threats, the company said in an exchange filing.
Sensex Today Live : KPI Green Energy today announced that its board has approved a fund raise of ₹1,000 via QIPs.
Sensex Today Live : Indian benchmark indices were trading deep in the red on Monday, tracking weakness in the Asian peers that were subdued due to muted economic data from China.
At 11 am, Sensex was down 614.56 points, or 0.85%, at 72,049.91, and Nifty was down 182.35 points, or 0.83%, at 21,872.85.
Sensex Today Live : Biocon has announced a semi-exclusive distribution and supply agreement with Mexico’s specialty pharmaceutical company, Medix involving the commercialization of Biocon’s drug product, Liraglutide (gSaxenda), used for chronic weight management.
As per the agreement, Biocon will be responsible for obtaining regulatory approval, manufacturing, and supplying the drug product. On the other hand, Medix will handle its commercialization in the Mexican market.
Sensex Today Live : Indegene Limited made a strong entry in the stock market, with its shares listing at ₹655, marking a 45% premium over the issue price of ₹452.
Despite the impressive debut, the gains fell short of grey market predictions, where shares were anticipated to trade at a 68% premium.
The grey market, an unofficial platform where shares are traded before the subscription offer opens and until the listing day, had set higher expectations for the debut.
Sensex Today Live : Bank of India announced a 7% increase in its net profit, reaching ₹1,439 crore for Q4 of FY 2023-24. The bank's gross non-performing asset (NPA) ratio improved to 4.98%, down from 5.35% in the previous quarter and 7.31% a year ago.
The net NPA ratio also showed a positive trend, standing at 1.22% as of March 31, compared to 1.41% as of December 31, 2023, and 1.66% as of March 31, 2023.
The bank's board has approved a capital raise of up to ₹5,000 crore through the issuance of Basel III compliant Additional Tier 1 and Tier 2 bonds, each worth ₹2,500 crore.
Net Interest Income (NII) saw a year-on-year increase of 7%, amounting to ₹5,937 crore for Q4FY24, up from ₹5,523 crore for Q4FY23.
Sensex Today Live : In April, foreign investors infused nearly a billion dollars into telecom stocks, marking the sector as their top preference for the second consecutive month. This surge of investment signals a return of optimism to a sector previously plagued by stagnant tariffs, high debt, and ongoing litigation.
Market experts suggest that many of the elements that rekindled interest in the telecom sector are likely to persist, indicating potential for continued growth. This renewed confidence in the sector represents a significant shift in investor sentiment and forecasts a positive trajectory for the telecom industry. (Read the full story here.)
Sensex Today Live : Indian benchmark indices were trading deep in the red on Monday, tracking weakness in the Asian peers that were subdued due to muted economic data from China.
At 10 am, Sensex was down 742.6 points, or 1.02%, at 71,921.87, and Nifty was down 204.90 points, or 0.93%, at 21,850.30.
Sensex Today Live : Barrind Pharma and Healthcare, all other sectoral indices were in the red.
PSU Bank, Auto, and Oil & Gas indices were the biggest drags, down more than 2% each.
Sensex Today Live : The broader market was deep in the red, with the BSE SmallCap index shedding 1.61%, and the BSE MidCap index down 1.53%.
Sensex Today Live : Only nine out of the 50 stocks on the Nifty 50 were in the green. Cipla, HDFC Life, Eicher Motors, Britannia Industries, and Asian Paints were the top gainers, while Tata Motors, BPCL, Coal India, IndusInd Bank, and ONGC, were the top drags.
Sensex Today Live : Only four stocks, Sun Pharma, Asian Paints, TCS, and Kotak Mahindra Bank, out of the 30 on the Sensex were in the green. Tata Motors, JSW Steel, Tata Steel, SBI, and IndusInd were the top drags.
Sensex Today Live : The pharmaceutical company recorded a 20% YoY decline in net profit at ₹67.6 crore for Q4 FY24.
Sensex Today Live : The bank reported a net profit of ₹139.4 crore for Q4 FY24, a 69.5% YoY decrease, with higher provisions, lower operating profit, and other income. However, net interest income grew by 0.8% YoY to ₹689.3 crore for the quarter.
Sensex Today Live : The infrastructure company reported a consolidated net profit of ₹5.34 crore for Q4FY24, against a loss of ₹73.2 crore in the same period of the previous fiscal.
Sensex Today Live : The company reported a 19% YoY increase in net profit at ₹3,310.6 crore for Q4 of FY24. The bank's net interest income rose by 14.4% to ₹9,436.6 crore. The board recommended a dividend of ₹3.60 per equity share for FY24.
Sensex Today Live : The company reported a 102.1% YoY increase in net profit at ₹101.3 crore for Q4FY24. The company's revenue from operations increased by 18% to ₹2,552.4 crore. The board recommended a final dividend of ₹0.11 per equity share for FY24.
Sensex Today Live : The company reported a 82% YoY rise in its net profit at ₹467 crore in the March quarter on higher revenue. The company's total income rose to ₹3,080 crore, up 29% YoY in the first quarter. Total orders surged to ₹3,607 crore, the highest for the first quarter in the last five years.
Sensex Today Live : The bank reported a standalone net profit of ₹4,886.49 crore for Q4FY24, up 2.3% YoY. The bank’s net interest income (NII) also increased 2.3% to ₹11,793 crore. The bank recommended a dividend at ₹7.60 per equity share for FY24.
Sensex Today Live : The company reported a 49% rise in net profit at ₹84.5 crore in Q4FY24. The company's revenue from operations rose 11% to ₹545.5 crore. The board recommended a final dividend of ₹6 per equity share for FY24.
Sensex Today Live : The pharmaceutical major reported a consolidated net profit of ₹939.04 crore for the March quarter, up 78.64% YoY due to higher demand in key markets. The company's consolidated revenue rose 7.4% YoY to ₹6,163.24 crore. However, the revenue was below expectation. The company is also considering marketing Eli Lilly's weight loss drugs in India. The two companies already have a strategic partnership for the insulin range. Eli Lilly plans to launch Mounjaro, a diabetes drug and obesity treatment, in India in 2025. Cipla's EBITDA margins are expected to reach 25% for FY25.
