Sensex gained 243 points to 72,636 and Nifty zoomed 97 points to 22055 at 11:50 am on Friday, May 10, 2024 amid rally in auto and energy sectors. Nifty Bank zoomed 171 points to 47,658 and Nifty Midcap rallied 220 points to 49,329 on Friday. BPCL Shares witnessed sharp rally of over 4% after quarter results, dividend and bonus share announcement on May 9. FMCG and pharmaceuticals stocks witnessed rally in trade today.
According to Motilal Oswal, rising India VIX by more than 80% from 10 to 18 levels in the last 11 trading sessions is a major concern in the market. Continued FII selling and fear of unfavourable election results outcome have adversely impacted the market sentiments. Intra-day volatility to continue ahead of elections.
Following the S&P BSE Sensex's 1,130-point decline to the day's low of 72,334.18 and the Nifty50's intraday decline of 370 points below the 22,000 level, the Gift Nifty trend pointed to a positive start for Nifty on Friday amid mixed global cues. Due to uncertainty surrounding the general election and Q4 earnings, the 50-stock Nifty closed at 21,957.50 on Thursday, down 345 points, or 1.55%, while the Sensex ended the session at 72,404.17, down 1062.22 points, or 1.45%. Due to gains in stock markets in Australia, South Korea, Japan, and South Korea, Asian equities saw a rise on Friday, however ahead of the BOE policy meeting and the US inflation data outcomes, the global market is probably going to trade in mixed-flat cues. On the home market, market watchers are likely to watch PSU stocks like Bank of Baroda, Union Bank of India and Bank of India as they are going to declare their Q4 results today.
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May 10, 2024, 3:01 pm IST
Zeta introduces software stack for UPI credit lines
Zeta, a Softbank-backed banking software business, has created a stack for running credit lines on the popular Unified Payments Interface (UPI) digital payments network.
The Bengaluru-based startup anticipates the UPI credit market to reach trillion by 2030. Zeta intends to process around 50% of the market using the solution, which will enable the company to service its bank customers by originating, distributing, and collecting digitally.
"We observed that UPI volumes put a pressure on core financial systems. We anticipate similar credit line numbers on UPI in the near future, necessitating population-scale banking infrastructure capable of handling hundreds of millions of credit accounts', said Ramki Gaddipati, Zeta's CEO for the Asia Pacific region and worldwide CTO. "
May 10, 2024, 2:51 pm IST
Top 5 Gainers And Losers Today
Stock Market Live Updates
May 10, 2024, 2:13 pm IST
Hester Biosciences shares surge as goat vaccination raises profits
Hester Biosciences' shares rose 9% after the veterinary vaccine manufacturer reported a 9% increase in quarterly profit over the previous year. Profits rose to Rs4.95 crore from Rs4.53 crore, while revenue increased 18% to Rs79.26 crore. The company owes its success to increased sales of its goat pox vaccine, which prevents lumpy skin disease in cattle, as well as government immunisation programmes for sheep and goats.
May 10, 2024, 11:39 am IST
Akshaya Tritiya 2024: Big Jump In Gold, Silver Prices, 24k/100 Grams Rises By Rs 9,300
Gold prices today witnessed a sharp rally on the occasion of Akshaya Tritiya 2024. 22 carat gold prices today jumped by Rs 850 to Rs 67000/10 grams in India and 22k yellow metal prices for 100 grams soared by Rs 8500 to Rs 6,70,000. Meanwhile, 24k precious metal prices rose by Rs 930 to Rs 73,090/10 grams and 100 grams of 24 carat yellow metal prices zoomed by Rs 9300 to Rs 7,30,900 in the country. 18 carat yellow metal prices today zoomed by Rs 700 to Rs 54,820/10 grams and 100 grams of 18 carat yellow metal rallied by Rs 7000 to Rs 5,48,200.
Akshaya Tritiya is highly sacred day for Jani and Hindu communities spread all across the globe. It has emerged as one of the most auspicious days and celebrated all over India with great enthusiasm and fervor.
Akshaya Tritiya 2024: Puja Muhurat & Time
Akshaya Tritiya Tithi will start on May 10, 2024 at 4:17 am and it will end on May 11, 2024 at 2:50 am.
Akshaya Tritiya Puja Muhurat
The Akshaya Tritiya puja muhurat will begin at 5:13 am and will last till 11:43 am.
May 10, 2024, 10:41 am IST
Tata Motors Shares Zoom Over 2% Ahead Of Q4 Results
Tata Motors shares witnessed strong rally ahead of Q4 results today. The stock surged 2% to Rs 1046 in morning trade today, witnessing rally for second consecutive session ahead of key quarterly results scheduled to be declared today.
May 10, 2024, 9:55 am IST
SRF Q4FY24 Result Update
“SRF’s 4QFY24 consolidated EBITDA miss of 9%/5% on JMFe/consensus was on account of continued weakness in the packaging films business. On the positive side, chemicals EBIT surprised us positively with a 8% beat on JMFe. After refraining from giving guidance in 3QFY24, management has now given a 20%+ chemicals sales growth guidance for FY25. This will be driven by i) ~25-30% volume growth in ref gas business (basis our understanding), and ii) ramp-up of 2 active ingredients in FY25 (meaningful contribution from rest 3-4 AI would likely be towards FY26). Further, a) R-125 ADD cut concerns would be allayed by higher R-32 sales amid better pricing environment along with focus on R410a/R407c blends, and b) process improvement and volume increase in key spec chem intermediate would offset price threats from China. On top of this, positive operating leverage should support the margins. Hence, there is no cut in our Chemicals business estimates (as we had been highlighting earnings downgrade cycle is over for SRF’s chemicals business). If SRF sustains ~26% chemicals EBIT margin, there could be a positive surprise. We lower our FY25/26 EBITDA/EPS estimates by ~8-13% primarily due to weakness in packaging films business. We recommend investors to BUY amid current pessimism especially around ref gas. We maintain BUY with a Sep’25 TP of INR 2,795 (from Mar’25 TP of INR 2,665 earlier),” said the brokerage JM Financial Services.
May 10, 2024, 9:33 am IST
Voltas Q4FY24 Result Update
“VOLT’s consolidated sales grew 42% YoY to Rs42bn, 17%/10% above our/consensus estimate. UCP sales jumped 44% YoY to Rs29.6bn, driven by 72% RAC volumes growth. EMPS sales rose 47% YoY to Rs10.9bn led by strong execution of domestic and Saudi Arabia orders. However, margins were softer as gross margin fell 180bps YoY to 19.8% while EBITDA margin fell 290bps YoY to 4.5% (vs. our/consensus of 6.7%/6.8%). Larger than expected loss in EMPS at Rs1.1bn and lower than expected EBIT margin in UCP at 9.2% (down 80bps YoY despite strong volume growth) affected operating margins as well as bottom-line. PAT fell 19% YoY to Rs1.2bn, much below our/consensus estimate of Rs1.9bn/Rs2.1bn. Voltbek JV loss was Rs383mn, in similar quarterly range since past 2 years. UCP’s Q1FY25 growth outlook is robust led by intense summer, while its EBIT margin will be in high single digit for FY25. EMPS may not need further provisions in Qatar. We marginally tweak our EPS estimates for FY25E/26E. Upgrade to REDUCE, rolling forward our valuation to FY26E with a revised SoTP target of Rs1,300.,” the brokerage firm Centrum Broking said.
May 10, 2024, 9:13 am IST
Market Outlook Today By Aditya Gaggar, Director of Progressive Shares
Strongly bears dominated session ended lower at 21,958. On the technical front, Index has formed a big bearish candle which indicates dominance of the Bears. Now, the immediate support is placed at 21,830 which is the lower end of an Ascending Triangle Formation while on the higher side, 22,230 will be a crucial hurdle. BankNifty is on the verge of reaching the lower end of the rising channel i.e. 47,150 while on the higher side, 47,780 will act as strong resistance. Except for Auto, all the sectors are witnessing varied corrections which will offer good opportunities to Investors to add sound quality stocks.
May 10, 2024, 9:10 am IST
Rupee vs Dollar
Rupee opened at 83.48 vs the dollar on Friday compared to a closure of 83.5 vs USD on Thursday.
May 10, 2024, 9:07 am IST
5 Observations By Asit C Mehta Investment Interrmediates Ltd Which Suggests Avoid Buying This Dip As Nifty Closes Below 22000
1). It’s a breakdown of this calendar year's trendline for Nifty on a closing basis. 2) Negative divergence between RSI and Price. 3) Possibility of double top formation on a near-term basis. 4) On the verge of breaking down of a channel which is upward sloping. 5) Correction led by heavyweights with high volumes viz. LT, ASIANPAINT, ITC, BAJFINANCE, HDFCBANK, RELIANCE. AVOID buying on dips till the positive signs don’t emerge.
May 10, 2024, 8:51 am IST
L&T Q4FY24 Result Update
“Given a record order book with a strong order pipeline and gradual revival in private capex provides a healthy outlook ahead. Overall strong balance sheet, diversified business portfolio and proven execution capabilities gives L&T an edge in the current volatile and challenging economic environment. Despite lower margin guidance, we expect L&T to benefit from an improving prospect pipeline and improvements in NWC and RoEs. We have tweaked the estimates factoring strong execution, order inflow and the guidance. We maintain ‘BUY’ with a revised SOTP based TP of ₹3,890,” said LKP Securities.
May 10, 2024, 8:18 am IST
Bank Nifty Prediction Today By Om Mehra, Technical Analyst, SAMCO Securities
Bank Nifty extended its downtrend, marking the seventh consecutive day of losses with a 1.11% decline, closing at 47,487.90. The index slipped below its 50-day moving average, which also resulted in a breach of the 61.8% Fibonacci retracement level.
The RSI has now shifted below the 45 level, indicating increasing bearish momentum. The next significant support level and previous swing low stand at around 46,580. Until Bank Nifty crosses the 48,200 mark, it's advisable to refrain from initiating a fresh buying position.
May 10, 2024, 8:17 am IST
Nifty Prediction By Om Mehra, Technical Analyst, SAMCO Securities
Nifty broke the Psychological mark of 22K and closed at 21,957.50, marking a 1.55% decline. A substantial red candle with a large body dominated in the daily chart. The negative divergence in RSI now exerts a notable impact on price action, adding to the bearish sentiment. Nifty's breach of the crucial 22,000 support level has opened the door to further declines. The next significant level is 21,777, representing the previous swing low. If this level is violated, it could trigger a more intense sell-off in the market.
May 10, 2024, 8:16 am IST
Bank Nifty Outlook By Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities
Bank Nifty continued its slide for the sixth consecutive day and closed 533 points lower at 47,488. Massive call writing was observed at the key strike price of 48,000 which contributed to the down move in Bank Nifty today. The 47,500 Strike saw fierce battle between both the call & put writers and the option activity at this strike will set the tone for the future move in Bank Nifty.
May 10, 2024, 8:15 am IST
Nifty Outlook By Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities
Nifty broke its key channel support of 22,150 on the daily chart and continued to slide, closing 345 points lower at 21,958. The India VIX rose for the 11th consecutive day and closed at 18.20, up 6.56%. The VIX made a high of 19.17 earlier in the day and gave discomfort to the bulls. Both Nifty & Bank Nifty closed below their 50 DEMA level of 22,232 and 47,712 respectively
Call writing and put writers exiting was observed at the 22,200 & 22,300 Strike, which led to the down move in Nifty today. The call writers (Bears) put up a strong challenge at the important support level of 22,000, which rattled the bulls. The put writers (Bulls) still have sizeable positions at the 22,000 Strike and Nifty is likely to fall further down if put writers exit from this strike.
May 10, 2024, 8:13 am IST
SIP Contributions Crossed Rs.20,000 Cr Mark In April
Mr. Sanjay Bembalkar, Co-Head – Equity, Union Asset Management Company Pvt Ltd said, “Monthly flows from AMFI indicate that Mutual Fund Industry has yet again done remarkable work to mobilize Rs.2.4 lakh crores during the month April 2024 . Debt schemes experienced inflows of Rs.1.89 lakh crores whereas Equity & Hybrid schemes continued to garner robust inflows. Key data point this month is SIP contribution, which has crossed Rs.20,000 cr mark and has grown at robust 48% pace on YoY basis. Broad based inflow in equity, hybrid and other category schemes for April month underscores the trust of investors at large in the mutual fund industry. A structural shift is happening the way investors are thinking about investments due to increase in financial awareness and ease of access, which is accompanied by the work done by mutual fund industry and the distribution community over the long term.”
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