Sensex crossed 74,700 mark for the first time ever as Nifty too scaled fresh record high in trade on Monday. BSE Sensex surged 613 points to 74,856 and Nifty soared 180 points or 0.80% to 22,694 on April 8, 2024. Nifty Bank today scaled new high after the gain of 181 points to 48674 and Nifty Midcap surged 217 points to 50,240.
Meanwhile, shares of Voltas zoomed over 8% after the company celebrated the highest ever landmark of 2 million units of AC sales in FY 2023-24". Nifty Bank gained 110 points to 48,603 and Nifty Midcap jumped 212 points to 50,235.
Notably, Wipro, Bharti Airtel, Sun Pharma, and UltraTech Cement were the sole stocks trading in the red on the Sensex during Monday morning. Conversely, Tata Steel, Bajaj Finserv, JSW Steel, Axis Bank, and Titan emerged as the leading gainers on the benchmark index.
Meanwhile, BPCL, Tata Steel, Axis Bank, Titan, and Shriram Finance secured the top positions in terms of gains on the Nifty 50. Conversely, Adani Ports & SEZ, Apollo Hospital Enterprises, Divi's Lab, Wipro, and ICICI Bank exerted downward pressure on the benchmark index.
With earnings season in full swing and global economic indicators under scrutiny, market participants brace for potential volatility while seeking opportunities amidst uncertainties. The resilience demonstrated by certain sectors amidst challenging conditions offers optimism for long-term investors, even as short-term fluctuations persist.
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Apr 08, 2024, 2:38 pm IST
Silver prices in India are at an all-time high as the gold rush continues:
Supported by speculative purchasing and ongoing geopolitical tensions in the Middle East, which obscured robust US employment growth in March, gold prices resumed their record surge on April 8.
Silver was trading at around per ounce, a three-year high globally. At about Rs 82,000 per kilogramme, silver prices in India are at an all-time high. Week over week, silver prices increased by 11%, and month over month, they increased by 14%.
Spot gold hit a new high of ,353.79 earlier in the session and was up 0.6 percent at ,343.89 per ounce. US gold futures increased to ,361.09, up 0.7 percent.
Apr 08, 2024, 2:23 pm IST
Cholamandalam Investment and Finance Company Nomura On
-Reduce call, aim for Rs 1,000 per share; the Q4 report indicates that growth is moving less than anticipated.
-Profitability and growth will continue to moderate
The industry volume growth is moderating. -AUM rose 35%/7% YoY/QoQ in Q4, lower than the estimate of 36%/9% YoY/QoQ. -Overall disbursements grew just 17%/10% YoY/QoQ in Q4, 5% lower than the estimate.
Apr 08, 2024, 1:13 pm IST
Gland Pharma Bags US FDA Nod For Eribulin Mesylate Injection
Gland Pharma has bagged nod from the United States Food and Drug Administration (USFDA) for Eribulin Mesylate injection. It anticipates to launch this product in the near term through its marketing partner. Eribulin Injection is used in the treatment of breast cancer spread to other parts of the body.
Apr 08, 2024, 1:11 pm IST
Cochin Shipyard Inks Master Shipyard Repair Agreement With US Navy
Cochin Shipyard has inked the Master Shipyard Repair Agreement (MSRA) with United States Navy. The MSRA is a non-financial agreement and became already effective from April 5. This would facilitate repair of US Naval vessels under Military Sealift Command in Cochin Shipyard.
Apr 08, 2024, 1:10 pm IST
Elon Musk Challenges Brazilian Supreme Court, Refuses To Block Accounts On X; Standoff Intensifies
The clash between tech mogul Elon Musk and Brazilian authorities has reached a boiling point, with a Supreme Court judge launching an inquiry into Musk's actions following his defiance against court orders. The standoff revolves around Musk's vow to reactivate social media accounts on X, formerly Twitter, which were blocked by the court.
On Sunday, Justice Alexandre de Moraes escalated the confrontation by initiating an investigation into Musk's conduct, accusing him of obstructing justice. Moraes' probe targets what he labels as "digital militias," groups accused of spreading fake news and hate speech during former President Jair Bolsonaro's tenure. Additionally, Moraes is leading an inquiry into an alleged coup attempt by Bolsonaro.
Apr 08, 2024, 1:09 pm IST
Multibagger Adani Stock Surges After Group Starts Production Of Solar Power Cell Components
The Adani Group has commenced commercial production of wafers and ingots, essential components for solar power cell and module manufacturing, at its facility in Gujarat. This move marks an important step towards Adani becoming India's premier integrated renewable energy player, as outlined by a senior company official.
Under the leadership of billionaire Gautam Adani, the conglomerate is poised to generate 45 gigawatts (GW) of renewable power by 2030. A substantial chunk of this colossal output, two-thirds to be precise, is slated to originate from .01 billion Khavda renewable energy park in Gujarat, situated on the border with Pakistan.
"We are the first company in India to establish an ingot and wafers factory with a capacity of 2 gigawatts, and we have already commenced production," affirmed Vneet S Jaain, a director at ANIL New Industries Ltd (ANIL), a subsidiary of the Adani Group.
Presently reliant on imported polysilicon for ingot production, primarily sourced from China, Adani aims to achieve vertical integration by venturing into polysilicon manufacturing by the fiscal year 2027/28, thereby fortifying its position as a frontrunner in the Indian renewable energy landscape.
Apr 08, 2024, 12:32 pm IST
Exide Shares Gain 13% After Hyundai, Kia Ink Alliance with Arm For EV Battery Localisation
Shares of Exide Industries Ltd zoomed 13.35% after South Korean auto majors Hyundai Motor Company (HMC) and Kia Corporation on April 8 declared an alliance with homegrown battery maker Exide Energy Solutions Ltd for electric vehicle battery localisation in India.
"HMC and group firm Kia Corporation have signed a Memorandum of Understanding (MOU) with Exide Energy Solutions Ltd, a leading Indian battery company, as part of their electric vehicle (EV) expansion plans," Hyundai Motor Group issued a statement.
Exide Energy Solutions (EES) is a wholly-owned subsidiary of Exide Industries Ltd.
Apr 08, 2024, 11:59 am IST
Airtel Expands Its Network Footprint In Mallapuram District
Bharti Airtel, one of India's leading telecommunications service providers,
today announced that it has deployed additional sites in the Mallapuram district to densify its network. The
network enhancement project was undertaken across 86 towns and 129 villages covering 16 lakh
population base in Mallapuram district. Customers in the tehsils of Eranad, Kondotty, Nilambur, Perinthalmanna, Ponnani, Tirur and Tirurangadi
under Mallapuram district will directly benefit from this network enhancement.To expand coverage in high potential villages in the state and to bring customers to enjoy the power of
high‐speed connectivity, the rural enhancement project covers all 14 districts of Kerala.
Apr 08, 2024, 11:42 am IST
Multibagger Adani Stock Surges After Group Starts Production Of Solar Power Cell Components
The Adani Group has commenced commercial production of wafers and ingots, essential components for solar power cell and module manufacturing, at its facility in Gujarat. This move marks an important step towards Adani becoming India's premier integrated renewable energy player, as outlined by a senior company official.
Yellow Metal Prices In India On 8th April Jumps, Breaching All-Time High Range
The average gold rate in India today for 10 grams of 24-carat is Rs. 71,620/-, while 22-carat gold costs around Rs. 65,650/- per 10 grams. Gold prices have risen by Rs. 330/- and Rs. 300/- per 10 grams since yesterday for pure gold & standard gold respectively, and 18-carat gold prices in India today have risen by Rs. 240/- to cost Rs. 53,710/- per 10 grams.
Ambuja Cements Clinches Top Honours At SKOCH Awards 2024
Ambuja Cements has been bestowed with multiple accolades at the SKOCH Awards 2024, recognizing its contributions to water positivity and the promotion of a circular economy through its plastic waste co-processing initiatives. The Company clinched the coveted Gold Award for ensuring water security through sustainable management. The award underscores its commitment to sustainable
water management through recycling, reuse of treated water, developing innovative solutions that consume less water in curing and concrete mix preparation, and conservation efforts like rainwater harvesting, building check dams, and groundwater recharge.
Apr 08, 2024, 10:42 am IST
Chatha Foods Undertakes Strategic Expansion Into North India's Quick Service Restaurant Market
In a strategic move to penetrate the market effectively, Chatha Foods Limited is embarking on a concerted effort to enlist new distributors in key regions within North India. In the inaugural phase, the company is focusing on Punjab, Himachal, Delhi NCR, Haryana, UP, and Rajasthan. Mr. Paramjit Singh Chatha, Chairman & Managing Director of Chatha Foods Limited, “We are thrilled to unveil our delectable vegetarian range, showcasing the rich tapestry of flavors and culinary traditions that define North Indian cuisine. With our strategic expansion into the Quick Service Restaurant market, we are committed to providing consumers with unparalleled dining experiences while catering to the growing demand for high-quality vegetarian options.”
Apr 08, 2024, 9:58 am IST
JSW Steel Attains Record Annual Crude Steel Production
JSW Steel has achieved its highest ever annual consolidated crude steel production, with crude steel production for the fourth quarter of the fiscal year 2024 reaching 6.79 million tonnes, marking a 3% year-on-year increase. Additionally, the capacity utilization at the Indian Operations level stood at 93% for the fourth quarter of the fiscal year 2024. Furthermore, JSW Steel USA – Ohio reported improved volumes both quarter-on-quarter and year-on-year. The company has surpassed its annual production target, achieving a combined annual production of 26.68 million tonnes, which exceeds its guidance of 26.34 million tonnes, representing a remarkable 101% achievement.
Apr 08, 2024, 9:53 am IST
Rupee down 0.33 paise against US Dollar
Indian rupee declined by 0.33 paise against US Dollar in morning trade on Monday.
Apr 08, 2024, 9:35 am IST
Nykaa Announces Q4FY24 Business Update
In the fourth quarter of the fiscal year 2024, Nykaa experienced an acceleration in growth, witnessing robust Gross Merchandise Value (GMV) growth in the early thirties at a consolidated level compared to the previous year. The company anticipates Net Sales Value (NSV) and revenue growth for the quarter to be in the high twenties on a year-on-year (YoY) basis. Consequently, Nykaa estimates its full-year revenue growth for the fiscal year 2024 to be in the mid-twenties on a YoY basis.
Apr 08, 2024, 9:22 am IST
Market Opens Higher, Nifty Around 22,600
On April 8, Indian indices commenced trading on a positive trajectory, with the Nifty hovering around the 22,600 mark. The Sensex recorded a gain of 231.82 points or 0.31%, reaching 74,480.04, while the Nifty rose by 67.60 points or 0.30%, touching 22,581.30. The market saw 2031 shares advancing, 491 shares declining, and 123 shares remaining unchanged.
Apr 08, 2024, 9:15 am IST
Market Indices Show Positive Momentum In Pre-Opening Session
In the pre-opening session, benchmark indices are indicating upward movement, with the Sensex climbing 421.14 points or 0.57% to 74,669.36, while the Nifty is up 70.50 points or 0.31% at 22,584.20. Additionally, the Indian rupee has opened unchanged at 83.27 per dollar compared to Friday's closing rate of 83.29.
Apr 08, 2024, 8:33 am IST
March US Payrolls Beat Street Expectations
US payrolls for March exceeded expectations, with a robust increase in hiring and steady wage growth. This positive performance indicates a solid footing for the economy as it closed the first quarter, potentially postponing anticipated interest rate cuts by the Federal Reserve this year. According to the Labor Department's Bureau of Labor Statistics, nonfarm payrolls surged by 303,000 jobs in March, surpassing forecasts. Additionally, the data for February was revised slightly downward, showing 2,70,000 jobs added instead of the previously reported 2,75,000.
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