The benchmark indices continue to trade on a weak note on May 8 as the street continues to remain concerned about lower voter turnout and face the likelihood of a weaker NDA victory. BSE Sensex witnessed marginal rise of 18 points to 73,529 and Nifty gained 16 points to 22, 319 on May 8, 2024. Nifty Bank fell 225 points to 48,060 and Nifty Midcap gained 153 points to 49,845. Meanwhile, when it comes to sectors, PSU banks and metals gained as realty stocks declined.
On the Nifty pack COALINDIA, BPCL, TATASTEEL, MARUTI, RELIANCE were the top 5 winners whereas the top 5 losers were DRREDDY, LT, ASIANPAINT, HINDUNILVR and HDFCBANK.
Earlier, a flat start for Nifty was indicated by GIFT Nifty futures, which declined 8 points, or 0.04 per cent, at 22,398 ahead of Dalal Street's opening bell, following a third day of losses on Tuesday. These benchmark indices suggested a quiet start for the local stock market. Asian markets saw sloppy early trading, with Japanese stocks surging over 1.6% amid speculations on this year's potential interest rate cut in the US. In the domestic market, investors are going to closely watch the Q4 results of big companies like Larsen & Toubro, The Tata Power Company, Canara Bank, TVS Motor Company, Hero Motocorp and Bharat Forge, whereas the metal sector are likely to be in focus after a rise on rising base metal price on London Metal Exchange (LME).
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May 08, 2024, 3:50 pm IST
Market Ends With Minor Cuts, Nifty At 22,300
In today's volatile stock market, the closing bell rang with little change as volatility gripped trading floors. Despite starting the day on a positive note, the market erased its intra-day gains, leaving investors on a see-saw journey.
The heavyweight players, HDFC Bank and ICICI Bank, continued to weigh down the market sentiment. Their lackluster performance added to the market's challenges. Midcap stocks showcased resilience, propelling BSE-listed companies to gain market capitalization. After enduring a three-session decline, companies saw a collective uptick of Rs 2 lakh crores today.
May 08, 2024, 2:35 pm IST
Bharat Forge Q4 Earnings
Bharat Forge Ltd, a defence player in the auto component and construction sectors, has announced a significant uptick in its financial performance for the quarter ending March 31, 2024. The company recorded a 59% surge in its net profit, reaching Rs 389.6 crore compared to Rs 244.5 crore in the corresponding period last year.
May 08, 2024, 11:21 am IST
Paytm's UPI Transactions Fall For 3rd Consecutive Month, Market Share Drops
Paytm's UPI transactions continued to fall for third consecutive month in April, as per data released by NPCI. With 1,117.13 million transactions, there was a 9% fall from March. As a result, Paytm's market share in UPI applications fell to 8.4% in April from 10.8% in February and 9.13% in March.
May 08, 2024, 10:24 am IST
REC Shares Jump 5.83%
REC shares witnessed attractive rally of 5.83% in morning trade today. The company asserted that it will not witness an adverse impact due to RBI's draft on project financing. REC shares jumped over 5% in last 1-week and delivered attractive returns of 22% in last 2-weeks.
May 08, 2024, 10:19 am IST
Bharat Forge Shares Fall 1.63% ahead Of Q4 Earnings
Bharat Forge shares witnessed decline of 1.63% in trade today to 1220 per share ahead of Q4 earnings scheduled to be declared today. As per news reports, chairman Baba Kalyani discards sharing family assets with estranged sister's children. Kalyani asserts niece and nephew have no legal claim in the civil court affidavit.
May 08, 2024, 9:49 am IST
JSW Energy Q4 Results Update
"JSW Energy reported net revenues of INR 27.5bn (+3% YoY, +4% JMFe) led by improvement in net generation (+26% YoY) at 6.4 BUs driven by RE additions, higher thermal generation and acquired assets. EBITDA/ Adj PAT came in at INR 11.6bn (+57% YoY, -7% JMFe)/ INR 3.5bn (+29% YoY, +5% JMFe) Company added/secured greenfield RE capacity of 681MW/3.4GW during FY24 taking RE locked-in capacity to 13.2 GW along with SECI’s 250MW/500MWh BESS project. It is also securing the wind energy supply chain with the signing of a technology licensing agreement with SANY Renewable Energy, China. We believe the company is right on track to achieve its target of 10GW/20GW RE capacity by 2025/2030. We maintain our BUY rating on the stock, with a SOTP-based TP of INR 648 (+11%, CMP INR 583), implying 11x FY26 blended EV/EBITDA," said JM Financial Services.
May 08, 2024, 9:37 am IST
Derivative outlook by Anand James, Chief Market Strategist, Geojit Financial Services
Nifty weekly contract has highest open interest at 23000 for Calls and 22000 for Puts while monthly contracts have highest open interest at 22500 for Calls and 22000 for Puts. Highest new OI addition was seen at 22400 for Calls and 21800 for Puts in weekly and at 22300 for Calls and 22000 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 6.81%, increased future index shorts by 8.39% and in index options by 15.38% increase in Call longs, 13.02% increase in Call short, 20.46% increase in Put longs and 10.76% increase in Put shorts.
May 08, 2024, 9:36 am IST
Nifty Outlook By Anand James, Chief Market Strategist, Geojit Financial Services
Downside momentum eased towards close yesterday, in an acknowledgement of testing the 50day SMA at 22300. Short covering prospects will emerge should we float above 22340 early in the day, but unless that is followed by a direct rise above 22550, expect resumption of downtrend, aiming for 21920 initially.
May 08, 2024, 9:12 am IST
Rupee vs Dollar
The rupee closed at 83.51 against the US dollar on Tuesday, while it opened at 83.49 against the dollar on Wednesday.
May 08, 2024, 9:08 am IST
Market Outlook By Aditya Gaggar, Director of Progressive Shares
A freefall in the mid and small-cap counters dragged the Index lower to end the session at 22,303. Nifty50 has made yet another bearish candle on the daily chart indicating upper hand of the Bears but at the same time managed to defend its 50DMA support. The previous bullish gap zone of 22,160-22,200 will be considered support while 22,400 is an immediate hurdle. The Auto sector is in the rising channel with a higher top higher bottom formation and is about to reach the lower end of the same which indicates a potential reversal (Ashok Leyland- Breakout/Pullabck, Eicher Motors- About to give consolidation breakout, Hero Motocorp- Forming a bullish flag and pole pattern). Rising trendline breakdown in the Energy sector has turned its short-term trend to negative. With a Descending Broadening Wedge pattern breakout, the FMCG segment has completed its consolidation, one can opt to buy on dips strategy. Some revival was witnessed in the IT space but we will wait for a strong confirmation of a reversal. Mid and Smallcaps are standing at their respective trendline support, a reversal can be anticipated.
May 08, 2024, 8:45 am IST
Bank Nifty Outlook By Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
The Bank Nifty also witnessed a sharp decline and closed below the 20-day moving average (48410) which is a sign of weakness. We expect correction to continue in Bank Nifty which could lead to a drift towards 47900 over the next few trading sessions.
May 08, 2024, 8:45 am IST
Nifty Outlook By Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
On the daily charts we can observe that Nifty has broken down the Inside bar pattern on the downside indicating range breakdown. We believe that the Nifty is heading towards the lower end of the rising channel placed at 22150. The Nifty has closed below the 20 (20444) and 40 (22311) day moving averages which is a sign of weakness. The daily momentum indicator has a negative crossover which is a sell signal. Thus, considering the above parameters we expect the Nifty to trade weak over the next few trading sessions.
May 08, 2024, 8:25 am IST
Britannia Industries Ltd – Muted sales in Q4; prioritizes volume led growth (Buy, TP: Rs5,750)
"Britannia’s Q4FY24 print was below our estimates; Consolidated revenue grew 1.1%, yet EBITDA/PAT declined 1.7%/3.8% YoY. Despite high base and elevated food inflation impacting consumption BRIT reported ~5% volume growth in Q4 led by judicious pricing actions and grammage increases. BRIT has widened gap in market share to Parles further. Management alluded growth to, (1) direct reach of 2.8mn outlets with 30k preferred rural distributors, (2) 2.4x growth in focus states, (3) DD growth in MT/E-commerce, and (4) strong traction in international markets led by GCC. Gross margins remained stable at 44.9% (-3bp), yet EBITDA cut to Rs7.9bn (-1.7%) settling EBITDA margins at 19.4% (-56bp) YoY. RTM 2.0 is expected to enhance high margin adjacencies sales strengthening penetration led growth. Management said it will execute pricing action to remain competitive and continue to invest in NPD/brand building. With stable EBITDA margin ~19%, BRIT aims to drive DD volume growth and increase market share in focus states. We tweak earnings and retain BUY with a revised DCF-based TP Rs5,750 (implying 44.6x FY26E EPS)," said Centrum Broking.
May 08, 2024, 8:24 am IST
Happiest Minds Q4 Results Update By Centrum Broking
Happiest Minds’ performance for the quarter was slightly below estimates. Reported revenue of Rs 4.2bn ( up 1.8% QoQ in INR terms, up 1.4% QoQ in USD terms). The sequential growth was led by IMSS( up 3.5% QoQ) and DBS( up 3.1% QoQ). Digital revenue increased to 96.8% of revenue vs 96.2% in Q3FY24. EBIT margin increased by 25 bps QoQ to 16.4% led by control on direct cost( higher offshore revenue mix). Offshore revenue mix increased by 100 bps QoQ to 87.2%. Added 5 customers QoQ to reach 250 customers vs addition of 1 customer in Q3FY24. Headcount was down 78 QoQ to 5,168 employees. Attrition was down 90 bps QoQ to 13.1%. Utilization was down 160 bps QoQ to 75.1%. The near term demand environment remains challenging led by slowdown in discretionary tech spending. It has guided for 35% to 40% revenue growth for FY25 that includes significant inorganic component on account of two recently announced acquisitions, Macmillan Learning India and Puresoft Technologies. We expect Revenue/EBITDA/PAT to grow at 26.5%/31.4%/34.5% over FY24-FY26E. We have revised up our FY25E/FY26E EPS by +0.1%/+4.5%. We maintain ADD Rating on the stock with revised target price of Rs 878/share (vs Rs 908 earlier) at PE of 31x on FY26E. We have reduced target PE multiple from 33.0x to 31.0x to account for weak outlook for FY25E.
May 08, 2024, 8:14 am IST
Market Outlook By Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
The period leading up to election results often introduces volatility into the stock market as investors weigh the potential implications of different electoral outcomes. Today's market decline is a prime example of how this volatility can manifest. In response, investors should prioritize risk management by carefully assessing their portfolios. Diversification across various sectors and asset classes can help cushion the impact of election-related uncertainty on specific holdings. Staying informed about the candidates' platforms and their potential effects on different industries is crucial for making informed investment decisions. By understanding how policies proposed by each candidate could impact sectors such as healthcare, technology, energy, and finance, investors can position their portfolios accordingly. Additionally, maintaining a long-term perspective and avoiding knee-jerk reactions to short-term market movements is prudent.
Nifty is trading volatile, where 22200 is a key support level. Below 22200, we can expect selling pressure towards the 22000 level. 22600 is an immediate hurdle; above this, we can expect a fresh move towards the 22800 level.
Banknifty is showing more profit booking as compared to Nifty. In the last trading session it has closed below 48400, now we can expect a fall toward the 47700 level. 49300–49500 is an immediate resistance area; above this, we can expect a move towards the 50000 level.
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