In a volatile trading session, the Indian benchmark indices closed lower, with the Nifty slipping below the crucial 22,500 level amid widespread selling across sectors, excluding metals.
L&T, Maruti Suzuki, Reliance Industries, Nestle India, and Bharti Airtel emerged as the biggest losers on the Nifty, while Coal India, Grasim Industries, ONGC, Dr. Reddy's Laboratories, and Hindalco Industries saw gains.
With the exception of the metal sector, all other sectoral indices ended in negative territory, with capital goods, oil & gas, realty, telecom, and PSU Bank witnessing a 1 percent decline each.
Despite an early surge that saw the broader indices hitting fresh highs, they succumbed to pressure later in the session, with the BSE midcap and smallcap indices each falling by 0.5 percent.
The Indian rupee closed marginally higher at 83.43 per dollar on Friday, up from the previous close of 83.47.
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May 03, 2024, 3:43 pm IST
Market Ends With Deep Cuts; Sensex Dips Below 74,000
In a volatile trading session, the Indian benchmark indices closed lower, with the Nifty slipping below the crucial 22,500 level amid widespread selling across sectors, excluding metals.
L&T, Maruti Suzuki, Reliance Industries, Nestle India, and Bharti Airtel emerged as the biggest losers on the Nifty, while Coal India, Grasim Industries, ONGC, Dr. Reddy's Laboratories, and Hindalco Industries saw gains.
May 03, 2024, 2:33 pm IST
Adani Green Energy's Q4FY24 Sees Decline In Net Profit And Revenue
Adani Green Energy has announced a decrease in its fourth-quarter consolidated net profit after tax, with figures dropping to Rs 310 crore compared to Rs 507 crore in the same period last year. The company's revenue also experienced a decline, standing at Rs 2,810 crore in Q4FY24, down from Rs 2,990 crore in the previous year. Additionally, EBITDA figures took a hit, recording Rs 1,850 billion crore, a decrease from Rs 2,264 crore in Q4FY23. This downward trend in financial performance is reflected in the EBITDA margin, which fell to 73.25% from 75.77% in the corresponding period of the previous fiscal year.
May 03, 2024, 12:48 pm IST
Oil prices are heading for the sharpest weekly decrease in three months.
On Friday, oil prices moved up on the chance of OPEC+ maintaining output curbs, but crude benchmarks remained on track for their worst weekly losses in three months due to demand uncertainty and lessening Middle Eastern tensions, which reduced supply worries.
Brent crude futures for July increased 14 cents to .82 per barrel. U.S. West Texas Intermediate crude for June rose 16 cents, or 0.2%, to .11 a barrel.
May 03, 2024, 12:27 pm IST
The Sensex dropped 670 points, and the Nifty fell below 22,500.
The Sensex fell 673.13 points, or 0.90 percent, to 73,937.98, while the Nifty dropped 163.50 points, or 0.72 percent, to 22,484.70. Approximately 1071 shares increased, 2062 shares decreased, and 100 shares were unchanged.
Coal India, Bajaj Finance, Bajaj Finserv, ONGC, and Grasim Industries were the Nifty's top gainers, while L&T, Nestle India, Reliance Industries, Bharti Airtel, and Maruti Suzuki were the losers.
Except for metal, all other sectors indices are trading down, with IT, telecom, real estate, and media all down 1 percent. The BSE midcap and smallcap indices fell 0.5 percent each.
May 03, 2024, 12:26 pm IST
Shriram Properties obtains a 4-acre land tract near Electronic City, Bengaluru.
Shriram Properties (SPL) has announced the acquisition of a premium 4 acre land block in Chandapura, a desirable micromarket in Bengaluru's Electronic City.
Shriram Properties plans to build a major residential project on this land tract, spanning roughly 4 lakh square feet of total saleable area and around 350 finely built apartments. This project has a revenue potential of more than Rs 250 crore and is scheduled to be built over the next three years. The corporation plans to deploy the Project during the current fiscal year (FY25), according to the release.
May 03, 2024, 12:25 pm IST
Healthcare Global promoter has shortlisted four bidders.
Healthcare Global Enterprises' promoter, CVC, has picked four bids for the final stage of the sale process. According to sources at CNBC-TV18, the final bidders were Bain Capital, TPG Capital, Multiples, and Burjeel.
May 03, 2024, 12:24 pm IST
CIE Automotive's shares decrease despite a 4.5% increase in Q4 profits.
CIE Automotive India reported consolidated net profit of Rs 230.2 crore for the March FY24 quarter, up 4.5 percent over the same period in the previous fiscal year, boosted by higher other income.
Revenue from operations fell 0.5 percent year on year to Rs 2,426.8 crore in the quarter.
May 03, 2024, 11:59 am IST
Shriram Properties Ltd. Acquires 4 Acre Land Parcel Near Electronic City, Bengaluru
Shriram Properties Limited (“SPL”), one of the leading real estate developers in
South India, announced the acquisition of a prime 4acre land parcel nestled in the coveted micro market of
Chandapura, close to Electronic City in Bengaluru. This Project has a revenue potential of over
₹250 crores is expected to be developed over the next 3 years. The Company is targeting to launch the
Project during the current financial year (FY25). Mr Murali Malayappan, Chairman & Managing Director, of SPL said,
“This strategic investment aligns perfectly with our goal of bolstering our presence in Bengaluru, one of our
core markets. Chandapura emerges as a vital micro-market with an anticipated surge in demand from the
mid-market segment in the foreseeable future. Our foremost priority
remains delivering top-notch quality swiftly, ensuring utmost satisfaction for our customers.”
May 03, 2024, 11:45 am IST
Adani Green Energy Bags 0 Million Financing From International Banks For Energy Projects
Adani Green Energy Ltd (AGEL) has secured 0 million in financing for its upcoming solar projects. The funding, orchestrated by a consortium of five renowned international banks, is earmarked for the construction of Adani Green's 750-MW solar ventures in Rajasthan and Gujarat. The announcement, made on May 2nd, is poised to catalyze AGEL's renewable energy endeavors, with the projects slated to commence operations as early as November of this year. Of the two ventures, one with a capacity of 500 MW, is based in Rajasthan and has already inked a long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI).
India Yellow Metal Prices Fall Again, Stays Far From All-Time High Range Today
India gold rates today on Friday morning have tumbled again, falling to Rs. 71,730/- for 10 grams of 24-carat gold, and Rs. 65,750/- per 10 grams for 22-carat gold. India gold prices today have decreased by Rs. 540/- and Rs. 500/- per 10 grams for pure gold and standard gold respectively. Likewise, 18-carat gold rate in India today have tumbled by Rs. 410/- to reach Rs. 53,800/- per 10 grams. The MCX Gold Futures maturing next month, are today trading around Rs 70,779/-, while the international spot gold rates are floating around Rs. 2,305.8/- per ounce, a rise of 0.11% or $ 2.5/- since yesterday's closing.
Intellect Appoints Rajesh Mehta to Intellect’s Growth Advisory Board
Intellect Design Arena Ltd, a cloud-native, future-ready,
multi-product financial technology company for the world’s leading banking and insurance
clients, has announced the appointment of Rajesh Mehta to its Growth Advisory Board. Rajesh Mehta, a seasoned industry leader with a wealth of global experience, brings a valuable
perspective to help shape and accelerate Intellect’s growth story. Rajesh joins Intellect’s Growth
Advisory Board with an impressive track record in the transaction banking and financial services sectors.
Rajesh’s appointment underscores the importance of having a dedicated Growth Advisory Board in
today's dynamic business environment. Based out of London, UK, Rajesh has deep knowledge and wide experience in leading, growing, and transforming large tech-enabled financial services businesses globally over many years,
bringing a unique perspective to bear on Intellect’s Global Growth Agenda.
May 03, 2024, 10:27 am IST
M&M Leads the Indian Auto-Pack With 674 Patents In FY24
Mahindra & Mahindra, the automotive and farm
equipment flagship of the Mahindra Group, has received a record 674 patents in FY24, the
most of any Indian 4-wheeler automobile/farm equipment manufacturer. This is a 380%
increase in the number of patents issued to M&M over FY23. They have been conferred 1185 patents across multiple geographies, and we currently
have 193 applications awaiting patent approval, as of 31st March 2024. Rajesh Jejurikar, ED & CEO of Auto & Farm Sectors, Mahindra & Mahindra said, “We are constantly working to push the frontiers of what is
possible in the automobile and farm equipment segments. Our relentless pursuit of
cutting-edge technologies have enabled us to create the safest and most advanced products
and positioned us as a true innovator in the industry. We understand the importance of
being future-ready; therefore, we have made significant R&D investments to ensure that
we stay ahead of the curve in terms of technology and talent.”
May 03, 2024, 10:01 am IST
Nifty Hits New Record High
In the early trading on May 3, the benchmark index Nifty 50 soared to a fresh all-time high of 22,787, while the Sensex edged tantalizingly close to its record peak, falling just 37 points short. This surge was fueled by robust gains in Bajaj Finance, following the Reserve Bank of India's decision to lift the ban on two of its digital lending products.
May 03, 2024, 9:43 am IST
What Is Driving Market Today?
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, "Global and domestic cues are positive for the markets. The decline in dollar index to 105.3, correction in the US 10-year bond yield to around 4.5% and Brent crude below $ 84 will further strengthen the bulls. The strong pillar of support for this market is the strong buying by DIIs facilitated by the sustained flow of funds. This trend is unlikely to change anytime soon. Short covering in the stock has the potential to trigger a surge in the stock. Bank Nifty has further room to move up. Delivery based buying in this segment is likely to continue."
May 03, 2024, 9:42 am IST
Nifty Price
Nifty opened at 22,766.35, and shot up to as high as 22,794.70 of the day before correcting slightly. The 50-scrip benchmark is trading at 22,764.60, up by 116.40 points or 0.51%.
May 03, 2024, 9:42 am IST
Sensex Price
Sensex opened at 75,017.82, and rallied to hit 75,095.18, which was close to its all-time high of 75,124.28. Currently, Sensex is at 74,969.53, up by 358.42 points or 0.5%.
May 03, 2024, 9:25 am IST
Rupee Below 83.40 Against US Dollar
After holding above 83.40 levels for quite some time now, the Indian rupee opened below it to 83.39 per dollar. The rupee has appreciated by 0.35% after US Federal Reserve held a dovish stance and stayed on its forecast of three rate cuts in 2024, which has limited momentum in the greenback.
May 03, 2024, 9:14 am IST
Trading Guide For May 3
Prashanth Tapse, Senior VP (Research), Mehta Equities, "In today's market outlook, Nifty is showing signs of resurgence following a recent downturn, largely propelled by Federal Reserve Chairman Jerome Powell's reassuring stance on interest rates. Positive indicators include heightened buying activity from both FIIs and DIIs, coupled with WTI oil's decline below per barrel. The removal of restrictions on Bajaj Finance's eCOM adds to the upbeat market sentiment. Investors are eagerly awaiting the U.S. jobs report for April and keeping an eye on Q4 corporate earnings from India Inc. Technical analysis points to Nifty potentially surpassing the psychological 23,000 mark, with significant support and resistance levels outlined. The recommended trades for Nifty and Bank Nifty are provided, along with optimistic sentiments regarding select stocks like COAL INDIA and TATA MOTORS. Also, IRCTC emerges as a standout pick due to its promising momentum prospects.”
May 03, 2024, 8:25 am IST
Stocks To Buy Today
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher has recommended buying 3 stocks on May 3, 2024. These are - BUY BAJAJ AUTO cmp 9110 Stop Loss 8930 Target 9480; BUY L&T FINANCE cmp 169.75 Stop Loss 166 Target 178; and BUY WEST COAST PAPER cmp 681.55 Stop Loss 668 Target 715.
May 03, 2024, 8:25 am IST
Nifty, Bank Nifty Support And Resistance Today
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher expects Nifty 50 to have support and resistance levels ay 22,500 and 22,800 on May 3. While Bank Nifty is expected to have support at 48,800 and resistance around 49,700.
May 03, 2024, 8:21 am IST
What Should Be Investors Strategy Today?
Ajit Mishra – SVP, Research, Religare Broking said, "Our recommendation remains inclined towards a strategy of buying during dips, emphasizing prudent stock selection and overnight risk management. While various sectors are contributing to market movements, the performance of the banking sector is anticipated to be pivotal for generating fresh momentum."
May 03, 2024, 8:18 am IST
Market Previous Session
In the previous session, Sensex edged up by 128 points to reach 74,611, the Nifty also saw a modest gain of 43 points, closing at 22,648. However, the session was marked by divergent movements across sectors and stocks.
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