Closing Bell: Nifty at 22,150, Sensex up 600 points; bank, metals shine

Indian equity market snapped 4-day losing streak and ended higher with Nifty around 22,150. At close, the Sensex was up 599.34 points or 0.83 percent at 73,088.33, and the Nifty was up 151.20 points or 0.69 percent at 22,147.

We wrap up today's edition of the Moneycontrol live market blog and will be back Monday morning with all the latest updates and alerts. Please visit www.moneycontrol.com/markets/global-indices for all the global market action.

Net profit up 43.8% at Rs 541 crore versus Rs 376.2 crore and revenue up 28.5% at Rs 695.4 crore versus Rs 541 crore, YoY.

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Markets remained choppy for yet another day but managed to gain over half a percent. Weak global cues triggered a gap-down start, followed by a muted move in the first half. However, gradual recovery in the heavyweights across sectors pared all the losses and also pushed the index in the green. Meanwhile, a mixed trend continued on the sectoral front wherein financials, metal and banking performed well while realty and pharma closed lower. The broader indices also traded mixed wherein midcap lost nearly half a percent.

The rebound has eased some pressure, after four successive days of decline but it is too early to assume that we are out of the woods. A decisive close above 22,300 in Nifty would pave the way for further recovery else profit taking may resume. Traders should maintain hedged positions citing the prevailing swings and wait for clarity.

Short covering came into play after a 4-day losing streak as markets bounced back sharply on late buying in frontline banking stocks which helped Sensex close above the crucial 73k mark. In fact, Indian equities outperformed global markets which plunged further due to escalating tensions in West Asia and uptick in dollar against major currencies. There is a lot of money waiting on the sidelines to enter the domestic market, as India's long-term growth story provides an opportunity for investors to deploy funds after a healthy correction.

Despite global weakness, Indian markets staged a strong recovery driven by large-cap stocks, buoyed by the expectation of limited prospects of escalation following Israel's actions against Iran. However, fragility persists with elevated oil prices, posing inflation risks. Gold prices were rising on account of safe heaven demand. FIIs continued to remain risk-averse, a trend seen since last week.

Global sentiment remains subdued due to a robust US economy and persistent inflation, dampening hopes of a near-term Fed rate cut. Mid & small caps saw weakness as Q4 earnings expectations remained muted.

On the daily chart, a piercing line pattern has formed, often indicating a bullish reversal following a correction. Additionally, the indicator has surpassed the 55EMA, a short-term moving average.

A close above this moving average signifies a positive short-term trend. Looking ahead, bulls may drive the Nifty's recovery towards 22,300.

Furthermore, a decisive breakthrough above 22,300 could trigger a sustained rally towards 22,600. On the downside, support on a closing basis is situated at 22,000.

Wipro reported net profit of Rs 2,835 crore for the fiscal fourth quarter. It reported net profit of Rs 3,074.5 crore in the year-ago period.

The software services company reported revenue of Rs 22,208.3 crore in the three months ended March 31, according to an exchange filing on April 19. It reported consolidated revenue of Rs 23,190.30 crore in the year-ago period.

Analysts projected a profit of Rs 2,748 crore on revenue of Rs 22,117 crore, based on an average of 13 brokerage estimates.

Indian rupee ended 7 paise higher at 83.47 per dollar on Friday versus Thursday's close of 83.54.

: Indian equity market snapped 4-day losing streak and ended higher with Nifty around 22,150.

At close, the Sensex was up 599.34 points or 0.83 percent at 73,088.33, and the Nifty was up 151.20 points or 0.69 percent at 22,147. About 1576 shares advanced, 1770 shares declined, and 95 shares unchanged.

Bajaj Finance, M&M, HDFC Bank, Maruti Suzuki and JSW Steel were among the top gainers on the Nifty, while losers were Bajaj Auto, HCL Technologies, Divis Labs, TCS and Nestle India.

On the sectoral front, Bank and Metal indices were up 1 percent each, and FMCG index up 0.5 percent, while healthcare, IT, power and realty down 0.3-0.6 percent.

The BSE midcap index was down 0.4 percent, while the smallcap index ended flat.

- Escalation in Iran- Israel war situation has resulted in 2nd week of outflows from Global equities
- EM flows were impacted more with 6-month large outflow of USD 2.1 billion versus USD 1.8 billion outflows in the previous week
- Among country flows- China, Korea & Brazil saw biggest outflows
- India dedicated funds saw inflows of USD 450 million this week and is averaging around USD 550 million since past 4-months

Hindustan Construction Company Limited's (HCC's) rights issue has been oversubscribed by 250%, with the company receiving applications worth Rs 877 crore pursuant to its rights issue as against an issue size of Rs 350 crore

-VNB of Rs 1,200 crore, down 18 percent YoY, missed estimates due to lower margin despite APE fall of 8 percent trending as expected
-Rise in share of Ulips and some impact from lower-scale dragged margins
-While trim VNB estimates by 4-5 percent, see growth trends improving from FY25
-See growth trends improving from FY25 as base normalises, and uptick in agency & newer-markets pan out
-Clarity on surrender charges is a positive

-Q4 saw in-line growth, margin a tad weak
-Growth versus margin trade off intensifies
-For FY25, management guided for APE growth to come at least in line with private peers’ at 12-15 percent

-Q4 ahead of estimates, driven by better-than-expected realisations
-Management commentary was positive on domestic 2Ws demand
-Exports recovery is likely to be more gradual
-Management also noted that there could be some disruption in E2W demand on reduction in subsidy
-3W demand growth in FY25 should moderate versus FY24 levels
-Focus is on gaining market share in 125cc+ bikes, aided by new model launches

Oil steadied on Friday after prices spiked earlier on reports that Israel had attacked Iran, as market fears of a major escalation to hostilities in the Mideast appeared to ease and a build-up of global oil stocks weighed.

The benchmark contracts surged more than $3 before dipping back down. Brent futures were up 14 cents, or 0.2%, at $87.25 a barrel. The most active U.S. West Texas Intermediate contract climbed 23 cents, or 0.3%, to $82.96 per barrel.

Sensex Today | Market at 3 PM

The Sensex was up 534.79 points or 0.74 percent at 73,023.78, and the Nifty was up 135.40 points or 0.62 percent at 22,131.20. About 1478 shares advanced, 1774 shares declined, and 77 shares unchanged.

The board of directors of Davangere Sugar Company at their board meeting accorded approval to sub-divide/split the equity shares of the company such that 1 equity share having nominal/face value of Rs 10 each be sub-divided into 10 equity shares having nominal/face value of Re1 each subject to approval of the shareholders of the company or any other regulatory authority, if any.

Sensex Today | Motilal Oswal, Just Dial, KSB Pumps among BSE 500 stocks that touched 52-week high

-Q4 revenue was above estimate, led by higher realisations driven by a rich product mix
-Expect company to gain market share in the domestic motorcycle segment in FY25 and in the domestic motorcycle aided by new launches
-Additionally, expect export volumes to increase at a mid-single-digit rate
-Believe stock is overvalued following recent rally

Indian Rupee touched fresh record lows in early trade on risk aversion in global markets amid reports of strikes by Israel on Iranian soil. However, Rupee recovered on reports of RBI intervention to defend a sharp fall in the Rupee. Reports that Iran said that there was no direct attack and the explosion was due to activity of Iranian air defence system, which also aided the recovery in the Rupee as well as domestic equities. US Dollar rose on hawkish comments from Fed officials and safe haven demand. Fed’s John Williams hinted at rate hike by the Fed if needed.

We expect Rupee to remain slightly weak on geopolitical uncertainty in the Middle East which may keep the risk-off sentiments intact. Safe haven demand for US Dollar and surge in global crude oil prices may also pressurise the Rupee. However, any intervention by RBI to defend the domestic currency may support the Rupee at lower levels. USDINR spot price is expected to trade in a range of Rs 83.30 to Rs 83.80.

The board of directors of Premier Explosives at their meeting held on April 19, 2024, approved/recommended the sub-division / split of existing 1 equity share of face value of Rs10 each, fully paid up into 5 equity shares of face value of Rs 2 each.

Dynamic Services & Security has received contract worth Rs 725 crore from NACOF OORJA Pvt Ltd.

Sensex Today | BSE Bank index rose nearly 1 percent; HDFC Bank, ICI Ci Bank, IndusInd Bank top gainers

-Weaker-than-expected guidance for FY25
-No signs of discretionary demand revival
-Revenue miss in Q4FY24 notwithstanding one-off of a contract restructuring
-1HFY25 needs to be strong for company, as usual seasonality to play out in FY25 also
-Project maximus’ impact on margin to play out in the medium term
-Lower our FY25-26 EPS by 2-3 percent

Net profit down 21.3% at Rs 2,038 crore against Rs 2,589 crore and revenue down 11.3% at Rs 7,549 crore versus Rs 8,509 crore, YoY.

Sensex Today | Market Update

The Sensex was up 485.21 points or 0.67 percent at 72,974.20, and the Nifty was up 141.80 points or 0.64 percent at 22,137.60. About 1532 shares advanced, 1681 shares declined, and 97 shares unchanged.

--Net Profit up 52.6% at Rs103.6 cr Vs Rs67.9 cr (YoY)

--Revenue up 33% at Rs564.6 cr Vs Rs424.5 cr (YoY)

--EBITDA up 46% at Rs135.2 cr Vs Rs92.7 cr (YoY)

--Margin at 24% Vs 22% (YoY)

Landmark Cars has recorded revenue from operations (on proforma basis) at Rs 1,311 crore for quarter ended March FY24, growing 8.2% over a year-ago period. Vehicle sales stood at Rs 1,049 crore for the quarter, up 3.55% YoY.

-A beat on all fronts in Q4, with margin & volume strength emerging as key drivers
-Management remained bullish on outlook for domestic business & on electric vehicles
-On 3Ws, the industry growth is expected to moderate to single digits
-Management anticipates faster growth for its volumes driven by E-3Ws
-Margins remained healthy, driven by improvements in product mix
-Margin story on EVs should take some more time to evolve

Sensex Today | Nifty Realty index down 1 percent; Phoenix Mills, Godrej Properties, Sunteck Realty among major losers

-Q4 VNB margin was weaker than we expected
-VNB margin impacted by change in product mix & rising competitive pressure
-Management plans to focus on APE growth over margins in FY25
-Management is looking to grow VNB in the mid-teens
-Cut FY25-27 VNB margins estimate by 110/70/70 bps

Goa Carbon its operations at Bilaspur unit, Chhattisgarh has been temporarily shut for maintenance work from April 18.

-Q4 results & guidance impacted by one-time contract rescoping
-Ex of one-off, numbers would broadly have been in line
-Deal TCV was strong, correlation between TCV & growth is limited for the sector
-Lower the EPS estimate by 3 percent each for FY25E/26
-Lower the target multiple to 24x (25x) given lower growth
-All things remaining same, would buy dips, at Rs 1,350 levels

FCS Software Solutions Limited has acquired 54.94% equity shares in M/s. Bloom Healthcare and Hospitality Management Private Limited pursuant to conversion of 79,66,138, 0.1% non-cumulative compulsorily convertible preference shares of Rs 10 each held by the company in Bloom into 2,23,05,186 equity shares of Rs 10 each at the premium of Rs 15 each aggregating to Rs 25 per share, by the virtue of which the aggregate shareholding of the company in Bloom has raised to 71.01%.

-Company to discuss capital raise prospects on April 24, along with results
-Management had indicated no immediate plan for raise
-CET-1 CAR of 14 percent & upcoming investment in Max Life would have consumed +15 bps
-If bank raises 15 percent of net worth as capital, it would equate to Rs 20,000-25,000 crore
-CAR will rise by 160 bps, BVPS by 4-6 percent & RoE dilutes by 100 bps to 17 percent

Mahadhan Agritech Limited (MAL), formerly known as Smartchem Technologies Limited (STL) and a subsidiary of Deepak Fertilisers and Petrochemicals Corporation Limited (DFPCL), and Israel-based Haifa Group, a multinational corporation and leading global supplier of Specialty Plant Nutrients have entered into an understanding to promote high performing Specialty fertilizers to improve quality and productivity of crops in India and other countries.

Manappuram Finance informed that Financial Resources and Management Committee of the Board of Directors of the company at its meeting held on April 19 ,2024, has approved the issuance of USD 500,000,000, in one or more tranches, by way of external commercial borrowings in the form of US Dollar bonds and/ or any other form as per the applicable guidelines issued by the Reserve Bank of India.

Canara Bank has fixed Wednesday, May 15, 2024 as the record date for determining entitlement of equity shareholders for the purpose of sub division/ split of existing equity shares of the bank, such that 1 equity share having face value of Rs 10 each, fully paid up, will be sub-divided into 5 equity shares having face value of Rs 2 each, fully paid up.

Sensex Today | BSE Metal index up 0.25 percent; Jindal Steel, Jindal Stainless, APL Apollo top gainers

According to the latest data by GJEPC, the apex body for the Gems & Jewellery Industry in India, the overall gross exports of Gems & Jewellery stood at USD 32022.08 million for the April 2023-March 2024 as compared to USD 37646.17 million for the same period previous year, showing a decline of 14.94%.

Whereas, for the month of March 2024 alone, the overall gross exports of Gems & Jewellery, saw a downfall of 11.85%, standing at USD 2292.58 million as compared to USD 2600.86 million for the same period last year.

Sensex Today | Nifty FMCG index up 0.3 percent; Tata Consumer, ITC, HUL top contributors

Sensex Today | Nifty Bank back above 47,000, recovers 440 points from day's low

Sensex Today | Nifty Media index down 1 percent; Network 18 Media & Investments, Dish TV, TV18 Broadcast top losers

Brokerage firm lower the SoTP-based Fair Value to Rs 1,525 (earlier Rs 1,595), as EBITDA cut is partly offset by the roll-forward to March 2026 (from December 2025). The stock trades at ~12.5X one-year rolling forward EV/EBITDA (~25% premium to its LT average EV/EBITDA).

Maintain sell due to an unfavorable risk-reward.

Oil prices jumped on Friday as reports that Israel had attacked Iran roiled markets and sparked concerns that Middle East oil supply could be disrupted.

The benchmark contracts surged more than $3 before easing slightly. Brent futures were up $1.40, or 1.61%, at $88.51 a barrel. The most active U.S. West Texas Intermediate contract climbed $1.38, or 1.68%, to $83.48 per barrel.

Motilal Oswal Financial Services has informed that the meeting of the board of directors of the company will be held on Friday, April 26, 2024, to consider and approve audited financial results (Standalone & Consolidated) of the company for the quarter & year ended March 31, 2024 and a proposal for declaration of bonus shares, if any, subject to approval of the shareholders of the company.

Sensex Today | Market at 12 PM

The Sensex was down 214.20 points or 0.30 percent at 72,274.79, and the Nifty was down 70.60 points or 0.32 percent at 21,925.20. About 1125 shares advanced, 2022 shares declined, and 81 shares unchanged.

Sensex Today | Narendra Properties, Kreon Finnancial Services, KJMC Corporate Advisors are among top BSE losers in the last one hour 

Sensex Today | Amal, Keerthi Industries, Flex Foods are among top BSE gainers in the last one hour 

Ind-Swift Laboratories Limited has approved the incorporation of a wholly owned subsidiary (WOS) in Dubai, United Arab Emirates (UAE) in the name and style of “Ind-Swift (Dubai) Ltd.” or such other name as may be approved by the concerned authorities of the UAE.

Dixon Technologies' wholly owned subsidiary- Padget Electronics Private Limited has entered into an agreement with Longcheer and has commenced the production/ manufacturing and sale of smart phones for large global brands with Longcheer’s design and technology.

Sensex Today | Perfectpac, Flex Foods, Shree Bhavya Fabrics among stocks which witnesses more than 1000% jump in volumes in today's trade

-Q4 EBITDA and profit rose 34-35 percent YoY & were in-line with estimates
-Continue to like company as expect rising Indian 2W demand
-Continue to like company with cyclical recovery in exports, to drive 17 percent volume CAGR over FY24-26
-Company has also risen to number 3 position in electric two-wheelers & is expanding portfolio
-Expect 19 percent EPS CAGR over FY24-26 and our FY25-26 EPS are 7-9 percent above street
-Raise FY25-26 EPS by 4 percent

Sensex Today | Market at 11 AM

The Sensex was down 404.47 points or 0.56 percent at 72,084.52, and the Nifty was down 133.60 points or 0.61 percent at 21,862.20. About 942 shares advanced, 2097 shares declined, and 97 shares unchanged.

Aurionpro Solutions announces the strategic acquisition of Mumbai-based Banking and Insurance focused PaaS startup, Arya.ai.

With Arya.ai, Aurionpro will significantly enhance its portfolio of enterprise fintech offerings to expedite the adoption of AI that is responsible, accurate, and auditable, aligning strongly with the rapidly evolving demands of Banks and Insurers.

TPC Green Energy, the subsidiary of NTPC, has signed a Memorandum of Understanding (MoU) with Indus Towers to explore a joint development of grid connected renewable energy based power projects.

The Reserve Bank of India has approved an appointment of Ajith Kumar K K as Managing Director & CEO of Dhanlaxmi Bank, for three years, with effect from taking charge. Board will be meeting in due course to approve the appointment of Ajith Kumar as the MD & CEO of the bank.

Sensex Today | All BSE Sectoral indices are trading in the red with Auto, Realty, Power, Oil & Gas down 1% each

Gold prices rose on Friday as risk aversion swept across financial markets following media reports on explosions in Iran, prompting fears of a wider regional conflict and increasing bullion's safe-haven appeal.

Spot gold rose 0.3% at $2,386.05 per ounce, after briefly jumping as high as $2,417.59 earlier in the session, not far from an all-time high of $2,431.29 hit last Friday. Bullion was set for a fifth straight weekly rise and has risen about 2% so far this week.

U.S. gold futures rose 0.1% at $2,401.20.

As tensions escalate in West Asia, Iranian officials deny reports of a missile strike in Isfahan in a comment to Reuters. The explosion heard in Isfahan was a result of Iran's air defence activation system.

Sensex Today | BSE Midcap index shed 1 percent; CRISIL, Canara Bank, Supreme Industries top losers

-Q4 results missed estimates mainly due to 2.2 percent QoQ CC revenue decline
-CC revenue decline due to impact of contract renegotiation/reduction in scope
-Even though net new deal wins were healthy
-FY25 CC revenue growth guidance of 1-3 percent YoY is weak
-Cut estimate by 7-8 percent to factor the miss
-Strong deal wins provide comfort on our expectation of 9 percent EPS CAGR over FY24-27

Container Corporation of India has signed Memorandum of Understanding (MoU) with PSA Mesa Supply Chain Pte, to offer seamless and cost-effective logistics service to customers. PSA MESA is a wholly owned subsidiary of PSA International, a leading global port operator, operating four maritime container terminals and two container freight stations in India.

Sensex Today | Nifty PSU Bank index down 1.3 percent; Canara Bank, Punjab & Sind Bank, Bank of Baroda among major losers

Hindustan Construction Company has received approval from the board of directors for appointment of Girish Gangal as Chief Financial Officer, with effect from April 18, after the Rahul Rao resigned as Chief Financial Officer.

Federal Bank has received approval from Reserve Bank of India (RBI) to establish a representative office in the Kingdon of Saudi Arabia. This approval is subject to further regulatory approvals from the relevant authorities in Saudi Arabia.

Sensex Today | BSE Oil & Gas index fell 1 percent; BPCL, HPCL, IOC major laggards

Infosys shares slipped 2 percent in trade after the IT services major upset the Street with lower revenue for the quarter ended March 31, 2024.

Infosys reported a revenue of Rs 37,923 crore for the three months ended March, according to an exchange filing on April 18, falling short of analysts' projection of Rs 38,413 crore, based on an average of 13 brokerage estimates.

The net profit came in at Rs 7,969 crore, growing 30.5 percent over the previous quarter driven by income tax refunds, but overall missed analysts' estimates. Read More

Mahindra Lifespace Developers has received booking for more than 150 homes within just 2 days, valuing at Rs 350 crore, after the launch of Bengaluru's 1st net zero waste + energy residential project, Mahindra Zen.

Sensex Today | Market at 10 AM

The Sensex was down 385.51 points or 0.53 percent at 72,103.48, and the Nifty was down 120.00 points or 0.55 percent at 21,875.80. About 818 shares advanced, 2068 shares declined, and 109 shares unchanged.