BSE Sensex declined 419 points to 73,046 and Nifty declined 128 points to 22,173 on Thursday, May 9 amid soaring volatility and selling pressure by foreign investors. Nifty Midcap fell 187 points to 47,834 and Nifty Midcap slipped 223 points to 49,812. Oil & gas emerged as top sectoral loser in trade today.
Shares of Jupiter Wagons Ltd soared 8% on BSE after reporting healthy quarterly earnings.
On the BSE pack, M&M, Maruti Suzuki, SBI, HCL and Kotak Mahindra Bank were the top winners whereas the top 5 losers were Bajaj Finance, Asian Paints, Axis Bank, Wipro and Tata Steel.
The trajectory of Gift Nifty indicates that the key indices will begin on Thursday on a flat tone following a volatile day on Wednesday. Technically, the index constructed a slight bullish candlestick and discovered support close to the 50-DEMA. The index did, however, close below the 21-DEMA (22,403) and 34-DEMA (22,344) barriers. Ahead of China's April trade data and Japan's pay figures, trade in the Asia-Pacific markets was sloppy during the early session. In the domestic market, investors are likely to closely watch PSU giants like SBI, HPCL, BPCL and Indian Overseas Bank as they are going to declare their Q4 results today whereas the shares of Bank of Baroda may also witness price fluctuations as the RBI informed the Bank of Baroda in a letter dated May 8, 2024, that it had decided to ease up the limitations on Bob World. As a result, the Bank is now free to register customers using the Bob World application in compliance with the relevant guidelines and current laws and regulations.
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May 09, 2024, 2:31 pm IST
Bharat Forge's strong Q4 earnings encourage brokerages to lift the target price; valuation concerns continue.
Bharat Forge shares rose about 3 percent on May 9, approaching a 52-week high of Rs 1,474 per share on the National Stock Exchange (NSE). The stock extended its 16 percent increase from the previous session as investors welcomed the auto and defence component manufacturer's outstanding Q4FY24 results and management commentary.
Bharat Forge's net profit increased by 59.3 percent year on year to Rs 389.6 crore in the fourth quarter of fiscal year 2024. Its overall revenue increased by 16.6 percent to Rs 2,328.5 crore during the quarter under review.
May 09, 2024, 2:28 pm IST
PNB Q4 net profit at Rs 3,010.3 crore, compared to Rs 1160 crore YoY
1 Gross NPA: 5.73% versus 6.24%. QoQ
2 Provisions: Rs 1590 crore, down 42% QoQ.
3 Operating Profit: Rs6420 crore, up 9.4% YoY.
4 Other income: Rs 4250 crore, up 24% YoY.
May 09, 2024, 1:38 pm IST
Capital Goods Shares In Free Fall
Capital Goods Stock Nosedived Heavily. The BSE Capital Goods Index dipped by 1,888.52 points. L&T, Thermax, BHEL, Praj, ABB, KPIL, and V-Guard slipped by 2-7%.
May 09, 2024, 12:37 pm IST
Bank Of Baroda Share
Bank of Baroda share price rallied to hit an intraday high of Rs271.70 apiece, after RBI removed its restriction on onboarding new customers at its popular BOB World application.
May 09, 2024, 11:58 am IST
Capri Global Announces 27.26% Rally In Net, Shares In Red
Mid cap NBFC sector company Capri Global Capital Limited on May 9 declared a surge of 27.26% in its net profit to Rs 82.59 crore for the quarter ended March 2024 as compared to Rs 64.90 crore declared in the corresponding quarter of March 2023. Board of Directors of Capri Global Capital also recommended a final dividend of Re 0.15 paise per equity share of Re 1/- each for financial year March 31, 2024.
May 09, 2024, 10:43 am IST
Sula Vineyards' Q4 Profit Falls 4.2% As Revenue Grows, Shares Down 5%
Sula Vineyards witnessed a decline of 4.2% in Q4 profit to Rs13.6 crore from Rs14.2 crore last year. Despite steady demand for premium brands such as Rasa and Dindori, soaring expenses took a heavy toll. However, its revenue surged nearly 10% to Rs131.7 crore, pushed by a 14% surge in wine sales, propelled by the growing trend of wine consumption among India's affluent youth. Shares of Sula Vineyards fell 5.26% on BSE to Rs 513.20.
May 09, 2024, 9:55 am IST
Tata Power 4QFY24 Update: Performance in-line; Maintain BUY
“Tata Power (TPWR) reported 4QFY24 net consol revenue of INR 158.4bn (+27% YoY, +5% JMFe) and EBITDA of INR 27bn (+23% YoY, +3% JMFe) led by higher sales across Odisha discoms and capacity addition in renewables. Reported PAT/ Adj. PAT came in at INR 10.4bn (+11% YoY, +25% JMFe)/ INR 8.9bn (+15% YoY, +7% JMFe) due to sale of subsidiaries and JVs. The company continues to benefit from quick turnaround of Odisha discoms, expansion of RE portfolio and operationalization of Mundra. We continue to believe in it’s growth story involving venturing into brownfield pumped hydro storage, expanding transmission business beyond distribution, emergence of rooftop solar, and visible resolution of the Mundra issue (Tata Power | The Great Recalibration: Upgrade to BUY). We continue to maintain BUY, with a SOTP-based TP of INR 490/share,” said the brokerage firm JM Financial Services.
May 09, 2024, 9:41 am IST
Canara Bank Q4 Result Update
“Canara bank (CBK) reported steady headline parameters with PAT at INR 37.6bn (+18.3% YoY, +2.8% QoQ) and steady growth in net advances (+12.2% YoY, +1.2% QoQ). Despite an increase in CoFs, reported NIMs expanded to 3.07% (+4bps QoQ), which mgmt. indicated was a result of their gradual efforts to rejig the bank’s exposure of older low yielding corporate book by either renewing them at current yields which are higher or by replacing them with other products that offer more favourable returns. On the back of this, mgmt. guides for NIMs to remain stable at ~3% going forward. Staff costs remained slightly elevated which mgmt. clarified was primarily driven by actual provisions and gratuity benefits related to previous wage hike, totalling INR 3.5bn as against earlier estimated amount of INR 2.5bn. However, mgmt. remains confident of employee costs to stabilise hereon and expects cost to income ratio to be restricted to 47%. Asset quality metrics continued to improve with GNPL/NNPL at 4.23%/1.27% (-16bps QoQ, -5bps QoQ) and PCR at a healthy 71%. With the bank consistently maintaining stable NIMs, ongoing moderation in credit costs and sustained RoA of ~1% for several quarters, we expect CBK’s rerating to continue going ahead. We build in RoA/ROE of 1.02%/16.7% by FY26E. We maintain BUY with a revised TP of INR 600 (valuing core bank at 1.0x FY26E),” said the brokerage firm JM Financial Services.
May 09, 2024, 9:14 am IST
Market Outlook Today By Aditya Gaggar, Director of Progressive Shares
After swinging from north to south, the Index ended the session on an extremely flat note at 22,303. The support and resistance remain the same i.e. 22,160-22,200 and 22,400 respectively. As mentioned yesterday, the Auto sector performed as per our expectation which boosted the confidence to remain bullish (Amara Raja - on the verge of flag and pole breakout, Atul Auto- flag and pole breakout, Bharatforge- record breakout, Maruti- hidden bullish divergence, Motherson- a reversal from trendline support). At 21DMA support, the Metal sector has formed a piercing candlestick pattern with a hidden bullish divergence in RSI, indicating continuation of an uptrend (SAIL, NMDC). From the Media segment, one stock looks strong i.e. SunTV. Post the strong breakout, many of the Realty counters have completed their pullback action and are set to move in tandem with their uptrend (Brigade, Godrej Properties, and Prestige). It appears that the Railway stocks are regaining their lost momentum, one should keep an eye on the counters.
May 09, 2024, 9:13 am IST
Rupee Below 83.50 Against US Dollar
The Indian rupee continued to trade in a narrow-range, holding its 83.50 mark for the past two consecutive session. In the opening bell of Thursday, the local currency traded at 83.49, slightly appreciating by 0.23% against the US dollar. This is despite weakness in Asian currencies against the greenback.
May 09, 2024, 8:40 am IST
Bank Nifty Outlook By Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
The Bank Nifty was relatively weak as the key heavyweights like HDFC BANK, ICICI Bank and INDUSIND BANK showed weakness which dragged the Nifty also lower. It has reached the 40-day moving average 47900 which is likely to provide support and restrict further downside. We expect the Bank Nifty also to recover over the next few trading sessions. The immediate hurdle is placed at 48600 – 49200.
May 09, 2024, 8:12 am IST
Nifty Outlook By Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
On the daily chart we can observe that the Nifty, after falling for three consecutive trading sessions has reached the 22200 mark where multiple support parameters in the form of a gap area as well as the Fibonacci retracement levels were placed. The Bulls were able to defend the support on a closing basis. A follow-through buying interest can further strengthen this support. The hourly momentum indicator has triggered a bullish crossover which is a buy signal. Considering that prices have reached a crucial support zone and are showing signs of recovery we shall expect a relief rally till 22415 - 22500 over the next few trading sessions.
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