Sensex witnessed gain of 480 points or 0.65% to 74,357 and Nifty zoomed 112 points or 0.50% to 22,546 on on April 4, 2024. Meanwhile, investors are keenly waiting for RBI outcome scheduled for tomorrow. Shares of TCS and Axis Bank witnessed rally in trade today. Shares of Elgi Equipments Ltd zoomed 11% to 653.85 per share on BSE. Vedanta Ltd shares rallied nearly 3% to a 52-week high of Rs 312.50 on the NSE after registering its highest-ever annual volume across key businesses.
Stocks like HDFC Bank, NTPC, Power Grid, Axis Bank, and Kotak Bank are top gainers, while stocks like IndusInd Bank, SUN Pharma, HCL Tech, Bharti Airtel, and SBI are top laggards.
BSE Midcap and Smallcap index touched new all-time high as well hitting 40,973.14 and 46,015.16 levels. The indexes gained by 245.58 points and 418.62 points respectively.
Market gained due to broad-based buying across sectoral indices. Power, telecom, banking, consumer durables, capital goods, metals, and IT stocks were top gainers. This also comes during the second day of RBI policy meeting would commence. Street is expecting a status quo from RBI in both rates and stance, however, they are looking for dovish comments from Shaktikanta Das.
In the early trade, Gift Nifty traded positive, while global cues were also higher including Asian shares. Moreover, oil prices surged on lower supply concerns and US economic growth.
In the previous session, the Indian stock market saw the benchmark indices, Sensex and Nifty, closing flat on Wednesday, with the Midcap Index hitting a record high. The Midcap Index marked its eighth consecutive session of gains, marking the longest streak in four months. Closing the day, the Sensex fell marginally by 27 points to 73,877, while the Nifty slipped 19 points to 22,435. However, the Nifty Bank managed to rise by 79 points, reaching 47,624, while the Midcap Index surged by a notable 257 points, settling at 49,737.
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Apr 04, 2024, 3:16 pm IST
Top 5 Gainers and Losers Today
Stock Market Live Updates
Apr 04, 2024, 2:28 pm IST
Retail investors are leading the race after Bharti Hexacom IPO booked 55% on Day 2
On April 4, investors purchased 2.26 crore shares, or 0.47 times the issue of 4.12 crore shares up for grabs, in the public offering of Bharti Hexacom. This was a respectable start to the second day of bidding.
With purchases 0.87 times the amount set aside for them, retail investors took the lead in the race. Qualified institutional buyers (QIBs), who had subscribed for just 29% of the issuance, were still cold towards the idea, while non-institutional investors came in second after purchasing 0.86 times the limit.
Apr 04, 2024, 1:50 pm IST
Vedanta Hits 52-Week High Amid Record Annual Volume Across Key Businesses
Vedanta Ltd shares rallied nearly 3% to a 52-week high of Rs 312.50 on the NSE after registering its highest-ever annual volume across key businesses. Till now on April 4, a total of 1 crore Vedanta shares changed hands on the BSE and the NSE combined as against the one-week average trading volume of 96 lakh shares.
In Q4FY24, Vedanta's Aluminium business registered an 18% rally in volumes at the Lanjigarh unit over the last year. The unit is in focus since Vedanta expanded its refining capacity to 3.5 MTPA.
Apr 04, 2024, 1:40 pm IST
Windfall Tax Hike: What Are The New Rates For Crude, Petrol & Diesel Amidst Rising Global Oil Prices?
To address the escalating concerns over rising fuel prices, the Central government of India has announced a substantial increase in the windfall tax on crude petroleum. Effective from April 4, the windfall tax rate is raised to Rs 6,800 per tonne from its previous rate of Rs 4,900 per tonne. This tax adjustment, implemented in the form of a Special Additional Excise Duty (SAED), targets domestic crude oil producers in India. It comes as part of the government's ongoing efforts to mitigate the impact of soaring global oil prices on Indian consumers.
Yellow Metal Prices In India Today On 4th April 2024 Marks A New High Above Rs. 70,000/-
Gold rates in India today for 10 grams of 24-carat are Rs. 70,470/-, which were Rs. 69,870/- the day earlier. The 22-carat yellow metal costs around Rs. 64,600/- from Rs. 64,100/- per 10 grams the previous day. Similarly, 18-carat gold prices in India today have taken an upward trend, rising to Rs. 52,850/- per 10 grams, from Rs. 52,440/- yesterday.
“Reserve Bank of India will likely keep repo rate unchanged at 6.5%. Stance will also be unchanged for better transmission of the delivered rate hikes (of 250 bps so far). Right now, food inflation is high so the biggest risk going ahead is monsoon. IMD has forecast normal monsoon for the year, so timely kharif sowing can bring down food inflation. Till then, RBI is unlikely to cut interest rates. The central bank will also take cues from what Fed and ECB are doing when it comes to rates. So it is unlikely that rate cuts will happen before October. However, RBI could change its stance to 'neutral' in June or August. Meanwhile, GDP growth for FY25 might be revised upwards to 7.3-7.4% from 7% earlier as all macroeconomic data has been robust," said Shraddha Umarji, Economist - Institutional Research at Prabhudas Lilladher.
Apr 04, 2024, 12:25 pm IST
Rupee Witnesses Yet Another Low Against US Dollar
The Indian rupee witnessed yet another new opening low against US Dollar on Thursday as the greenback rallied after Chair Jerome Powell stated the US Federal Reserve may lower rates this year. Rupee opened flat at Rs 83.43 in morning trade today against the US Dollar.
Earlier on Wednesday, Rupee closed at Rs 83.43, as per data available from Bloomberg.
The rupee slipped to an all-time low of 83.45 last week, as per Reuters report.
Foreign banks were seen offering dollars in early trading which helped ease some of the pressure on the rupee, a foreign exchange trader at a state-run bank said. Still, the rupee is likely to "continue depreciating slowly" in the near-term, Apurva Swarup, vice president at Shinhan Bank India said, reported Reuters.
Apr 04, 2024, 11:57 am IST
Gujarat Toolroom To Consider Dividend
On Monday, April 8, 2024, at 12:00 PM, the Gujarat Toolroom Limited's Board of Directors is scheduled to convene to address a number of matters, including the announcement of the dividend for the current fiscal year.
Apr 04, 2024, 11:45 am IST
HDFC Bank Shares In Focus
The bank announced on Thursday that as of March 31, 2024, its gross advances amounted to around Rs 25,080 billion, up roughly 55.4% from Rs 16,142 billion on March 31, 2023, and up roughly 1.6% (or Rs 387 billion) from Rs 24,693 billion on December 31, 2023. After accounting for transfers made through rediscounted bills and interbank participation certificates, the bank's advances increased by about 1.9% (or Rs 472 billion) on December 31, 2023, and by approximately 53.8% on March 31, 2023. The bank’s deposits aggregated to approximately Rs 23,800 billion as of March 31, 2024, a growth of around 26.4% over Rs 18,834 billion as of March 31, 2023 and a growth of around 7.5% (Rs 1,660 billion) over Rs 22,140 billion as of December 31, 2023. “The bank’s CASA deposits aggregated to approximately Rs 9,090 billion as of March 31, 2024, a growth of around 8.7% over Rs 8,360 billion as of March 31, 2023 and around 8.8% (Rs 734 billion) over Rs 8,356 billion as of December 31, 2023. Retail CASA grew by around 8.8% over March 31, 2023 and grew by around 6.3% (Rs 479 billion) over December 31, 2023. The Bank’s CASA ratio stood at around 38.2% as of March 31, 2024, as compared to 44.4% as of March 31, 2023 and 37.7% as of December 31, 2023,” said HDFC Bank in a regulatory filing today.
Apr 04, 2024, 11:03 am IST
Vedanta Marks Highest Ever Annual Volume Across Key Businesses
The production figures for the fourth quarter and the year that ended on March 31, 2024, were released by Vedanta Limited today. Alumina production at the Lanjigarh refinery was 484 kt in 4QFY24, up 18% YoY and 3% QoQ due to improved operational efficiency. The smelters are producing 598 kt of cast metal aluminium, a 4% YoY increase. In FY24, the firm announced the highest-ever production of cast metal aluminium at its smelters, up 3% YoY, with 1,813 kt of alumina produced at the Lanjigarh refinery, up 1% YoY. Due to debottlenecking and improved operating efficiency in FY24, the company achieved its highest annual output of 1,386 kt, up 8% YoY. However, total saleable production was 343 kt, down 11% YoY due to reduced hot metal production booked in Q4FY24. The company had its highest-ever quarterly refined metal output at 273 kt, up 6% QoQ on account of broadened plant availability and up 1% YoY. Its mined metal production, at 299 kt, up 11% QoQ, driven by a mix of improved mined metal grades and higher ore production across mines. Production of refined zinc was 220 kt, up 2% YoY and 9% QoQ. refined lead production in Q4FY24 was 53 kt, down 2% YoY and 5% QoQ.
Apr 04, 2024, 10:33 am IST
Vodafone Idea Shares In Focus
“This is further to our intimation of 3rd April, 2024 about Board meeting of the Company to be held on Saturday – 6th April, 2024 for considering issuance of equity / convertible securities on Preferential basis. It is hereby informed that the Board meeting that is proposed to be held on Saturday, 6th April, 2024, is for considering issuance of equity / convertible securities on preferential basis to one or more Promoter Group entities for a sum upto Rs. 2075 crores,” said Vodafone Idea in a regulatory filing today.
Apr 04, 2024, 10:03 am IST
Som Distilleries & Breweries Shares In Focus
“We are thrilled to share with the stock exchanges our unparalleled success in beer sales within Karnataka during March. Achieving our highest-ever sales in a month since entering Karnataka is a remarkable feat. This significant milestone speaks volumes about the company's performance, particularly as we have initiated trial production on our expanded capacity,” said the company in a regulatory filing today.
Apr 04, 2024, 9:35 am IST
Midcap and Smallcap Shine
BSE Midcap and Smallcap index touched new all-time high as well hitting 40,973.14 and 46,015.16 levels. The indexes gained by 245.58 points and 418.62 points respectively.
Apr 04, 2024, 9:35 am IST
Top Gainers And Losers
Stocks like HDFC Bank, NTPC, Power Grid, Axis Bank, and Kotak Bank are top gainers, while stocks like IndusInd Bank, SUN Pharma, HCL Tech, Bharti Airtel, and SBI are top laggards.
Apr 04, 2024, 9:35 am IST
Sensex, Nifty At Fresh Lifetime High
The 30-scrip benchmark touched lifetime high of 74,501.73 and that of 50-scrip benchmark Nifty hit new all-time high of 22,619.
Apr 04, 2024, 9:34 am IST
Opening BELL!
Market skyrocketed due to broad-based buying across sectoral indices. Power, telecom, banking, consumer durables, capital goods, metals, and IT stocks were top gainers. This also comes during the second day of RBI policy meeting would commence. Street is expecting a status quo from RBI in both rates and stance, however, they are looking for dovish comments from Shaktikanta Das.
Apr 04, 2024, 9:16 am IST
Rupee Near 83.5 Level Against US Dollar
As RBI policy outcomes near, rupee continues to hold steady momentum. In the opening bell of Thursday, the local unit was at 83.48 per dollar, however, the currency further appreciated to as much as 83.43 per dollar. Street is expecting a status quo from RBI on April 5.
Apr 04, 2024, 9:11 am IST
Nifty, Bank Nifty Outlook Today
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher expects Nifty to find support and resistance at 22300 and 22600 respectively. While Bank Nifty is expected to find support and resistance levels at 47200 and 48000 respectively on August 4th.
Apr 04, 2024, 9:11 am IST
Stocks To Buy Today
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher has recommended buying in three stocks today. They are: 1) BUY SUMITOMO CHEM cmp 371.45 Stop Loss 364 Target 390; 2) BUY UCO BANK cmp 56.95 Stop Loss 55.50 Target 60; and 3) BUY IOL CHEM cmp 387 Stop Loss 378 Target 407
Apr 04, 2024, 9:08 am IST
Big News For Tata Stocks!
Tata Group stocks will be in focus on Thursday as the National Stock Exchange (NSE) has announced to introduction of an indexnamely Nifty Tata Group 25% Cap under which only top 10 Tata stocks are included. NSE will launch four new indices which also include an index for Multi Infra, MidSmall Healthcare, and Multicap India Manufacturing. The dissemination of new indices in the capital market segment will take place in four days.
Apr 04, 2024, 8:52 am IST
Market Outlook Today By Aditya Gaggar, Director of Progressive Shares
Strong momentum across the board helped the Index to recover from the lower levels to end the 03rd April session at 22,435. An early sign from GIFT Nifty indicates a new high on the Index. As compared to Nifty50, BankNifty relatively outperformed all thanks to the presence of PSU Banks, and considering this momentum, we feel that in today's trade, it should breach its strong hurdle of 48,000 while on the downside, a level of 47,400 will be considered as support. The Auto sector has been oscillating in the range for the past couple of days but one stock looks promising on the technical front: Escorts Ltd (Flag and Pole Breakout). With the bullish engulfing pattern, the IT sector defended its previous swing low but for a reversal, we need a convincing move above 35,700 (BSOFT- Cup and Handle Breakout). We may witness profit booking correction in the Metal sector but the underlying trend will remain positive (Vedanta- Cup and Handle Breakout, can be added on a decline). The PSU Banking sector was the star performer in yesterday's trade and many of its components have given a strong breakout (Bank of India- On the verge of a Symmetrical Triangle Breakout, PNB- Box Breakout). As indicated yesterday, the Realty sector performed as per our expectations by correcting from the record levels, while some more correction can be expected further. One stock from the NBFC space looks strong i.e. Poonawalla Fincorp as it has given a breakout from the Bullish Flag and Pole formation with a considerable volume.
Apr 04, 2024, 8:30 am IST
Market Previous Session
The Sensex fell marginally by 27 points to 73,877, while the Nifty slipped 19 points to 22,435. However, the Nifty Bank managed to rise by 79 points, reaching 47,624, while the Midcap Index surged by a notable 257 points, settling at 49,737.
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