Apr 29, 2024, 3:40 pm IST
Market Ends With Healthy Gains; Nifty Above 22,600
In a reversal of previous losses, Indian benchmark indices closed higher in the latest trading session, with the Nifty reclaiming the 22,600 level. Notable gainers on the Nifty included ICICI Bank, IndusInd Bank, SBI, UltraTech Cement, and Axis Bank, while HCL Technologies, Apollo Hospitals, Bajaj Auto, HDFC Life, and Hero MotoCorp were among the top losers.
Apr 29, 2024, 2:18 pm IST
Religare Enterprises To Provide Up To Rs 180 Crore Corporate Guarantee To Axis Bank
Religare Enterprises has greenlit a corporate guarantee of up to Rs 180 crore for its wholly owned subsidiary, Religare Broking, as security for credit facilities from Axis Bank.
Apr 29, 2024, 12:37 pm IST
NBCC wins in-principle clearance to establish a completely owned subsidiary in Dubai.
NBCC has got in-principle clearance to establish a completely owned subsidiary in Dubai (UAE). This is subject to clearance by its administrative ministry, the Ministry of Housing and Urban Affairs (MoHUA).
Apr 29, 2024, 12:29 pm IST
Patanjali Foods receives a proposal to acquire non-food businesses from Patanjali Ayurved.
Patanjali Foods' board discussed the initial proposal received from Patanjali Ayurved (PAL) for the sale of PAL's non-food business undertaking to the company and gave in-principle approval to evaluate the most efficient mode of enhancing synergies with PAL's non-food portfolio in any way on an arm's length basis.
Apr 29, 2024, 11:54 am IST
NPS Charges: PFRDA Revises NPS Service Charges For PoPs; What’s New Now?
Under the National Pension Scheme (NPS), the Pension Fund Regulatory and Development Authority (PFRDA) has revised the service charges for point of presence (PoP). Through their network of branches known as POP Service Providers (POP-SP), POPs offer the services under NPS. According to NPS Trust, "Point of Presence (PoPs) are entities appointed by the PFRDA to provide services to all the citizens of India to open and operate their NPS accounts. They perform functions through their network of branches called POP Service Providers (POP-SP). The operations of these POP-SPs are coordinated and controlled by the POP. A PoP-SP is the first point of contact between you and the NPS."
Apr 29, 2024, 11:31 am IST
Top 5 Gainers and Losers Today
Stock Market Live Updates
Apr 29, 2024, 11:11 am IST
India Yellow Metal Rates Slides Back Today After Three Days Of Sluggish Movements
The average gold price in India today for 10 grams of 24-carat gold is Rs. 72,600/- today and Rs. 66,560/- for 10 grams of 22-carat gold. Today's yellow metal prices have fallen by Rs. 330/- and Rs. 300/- for 10 grams of pure and standard gold, respectively. Similarly, the 18-carat gold rate in India today has tumbled by Rs. 240/- to reach Rs. 54,450/- per 10 grams. The MCX Gold Futures expiring next month are currently trading around Rs 71,390/-, while the international spot gold prices have stayed in the same range at $ 2,331.5/- per ounce, a fall of 0.25% or $ 5.9/- since last week's closing.
Apr 29, 2024, 10:48 am IST
Veranda Learning Announces Allotment Of Equity Shares Following Conversion of Equity Warrants
Veranda Learning Solutions, a listed enterprise offering end-to-end solutions in the education
space, announced the allotment of 20 lakh equity shares to the promoters of the company at Rs. 307
per share. This allotment follows the conversion of 20 lakh warrants, with the balance amount of
Rs.46.05 crores, representing 75% of the warrant issue price being paid on 26th April 2024.
The promoters had previously paid 25% of the issue price upon warrant allotment on October 28,
2022. On April 26, 2024, the Allotment Committee approved the allotment of equity shares. This not
only increases Veranda Learning’s net worth but also significantly augments its liquidity.
Mr. Suresh Kalpathi, Executive Director and Chairman of Veranda Learning Solutions expressed
confidence in the company's growth trajectory, emphasizing the significance of the warrant exercise
price.
Apr 29, 2024, 10:20 am IST
Glenmark Pharmaceuticals receives ANDA approval for Acetaminophen and Ibuprofen Tablets
Glenmark Pharmaceuticals Ltd.
(Glenmark) has received final approval by the United States Food & Drug Administration (U.S. FDA) for
Acetaminophen and Ibuprofen Tablets, 250 mg/125 mg (OTC), determined by the FDA to be
bioequivalent1 to Advil®2 Dual Action with Acetaminophen Tablets, 250 mg/125 mg (OTC), of Haleon US
Holdings, LLC. Glenmark’s Acetaminophen and Ibuprofen Tablets, 250 mg/125 mg (OTC), will be
distributed in the U.S. by Glenmark Therapeutics Inc., USA.
According to Nielsen® syndicated data for the latest 52 weeks period ending March 23, 2024, the Advil®
Dual Action with Acetaminophen Tablets, 250 mg/125 mg (OTC) market3
achieved annual sales of
approximately .1 million*.
Glenmark’s current portfolio consists of 195 products authorized for distribution in the U.S. marketplace
and 52 ANDA’s pending approval with the U.S. FDA.
Apr 29, 2024, 9:53 am IST
Rupee Holds Below 83.50 Per Dollar Mark
The Indian rupee has stayed within its range against US dollar as US Federal Reserve meeting looms. The rupee opened at 83.43 against the dollar, appreciating by 0.3% from the previous session. This comes amidst Japanese Yen taking a hit against the greenback in Asian market.
Apr 29, 2024, 9:35 am IST
Crude Oil Price Outlook Today
Rahul Kalantri, VP Commodities, Mehta Equities: Crude oil prices exhibited significant volatility last week, rebounding from their lows amidst global supply concerns and a decrease in U.S. oil inventories. Heightened tensions in the Middle East following Israel's escalation in Gaza renewed worries about global oil supply. The U.S. crude oil stocks experienced a larger-than-expected decline, according to the U.S. EIA, with inventories dropping by 6.4 million barrels for the week ending on April 19, 2024, compared to an anticipated build of 1.6 million barrels. This unexpected decrease in stocks, coupled with increased tensions in the Middle East, provided support to oil prices at lower levels. However, the disappointing U.S. GDP data, surge in U.S. inflation, and the strength of the dollar index are constraining the potential gains in crude oil prices. Anticipating continued volatility in today's trading session, we foresee crude oil finding support at .10–81.40, with resistance levels at .30-83.90. In terms of INR, crude oil is expected to find support at Rs 6,910-6,820, with resistance at Rs 7,090-7,160.
Apr 29, 2024, 9:35 am IST
What's Driving Market?
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, The major negative in the market continues to be the sustained selling by FIIs, triggered by the high bond yields in the US. This selling by FIIs, in both equity and debt, will continue to weigh on markets so long as the US bond yields remain high, which, in turn, will be decided by the US inflation numbers. The latest US core PCE inflation numbers came in on expected lines with 2.8 % YoY growth. Consequently the bond yields have marginally drifted down and the US equity markets surged last Friday. FII selling will continue, but is likely to be lower than in recent days. ICICI bank results are very good. Impressive growth in deposit and credit and decline in NPAs augur well for the stock. HCL Tech’s low guidance of 3to5% revenue growth in FY25 will weigh on the stock. Pharma and auto sectors will continue to remain resilient.
Apr 29, 2024, 9:33 am IST
Nifty Peformance In Early Trade
Nifty 50 opened at 22,475.55, and riding on the back of bull touched an intraday high of 22,518.20. The benchmark is currently at 22,510.15, up by 90.20 points or 0.4%. Of the total 50 stocks on the benchmark, 30 advanced and 20 declined.
Apr 29, 2024, 9:33 am IST
Sensex Peformance
Sensex opened at 73,982.75, rallying up to an intraday high of 74,177.92 driven by banking, auto, and IT stocks. Currently, the benchmark is trading at 74,141.99, up by 411.83 points or 0.56%. There are 26 advances and only 4 declines on the benchmark.
Apr 29, 2024, 8:27 am IST
Investors Trading Guide This Week
Ajit Mishra, SVP - Research, Religare Broking: This week is a holiday-shortened one and we expect volatility to remain high citing mixed indications from the global front, especially the US markets. Though the US benchmark index, the Dow Jones Industrial Average (DJIA) has rebounded of late, we need sustainability above 38,700 levels to reclaim strength else profit taking will resume. Besides, earnings announcements would further add to the choppiness across sectors. The markets have been gradually climbing, reflecting a cautious optimism amid mixed signals. Nifty has surpassed the short-term moving average i.e. 20 DEMA, indicating a strengthening trend and we anticipate robust support in the 22,000-22,300 range, in case of any downward movement. However, the upper boundary of Nifty's upward channel, approximately 22,750-22,900, could limit further gains. We advocate a prudent strategy of buying on market declines, with a focus on performing sectors/themes viz. metal, auto, defense, power, and select banking for potential opportunities.
Apr 29, 2024, 8:26 am IST
Weekly Market Outlook, The Bulls And Bears Moment!
Vinod Nair, Head of Research, Geojit Financial Services: Relief from Middle East tensions, coupled with a correction in oil prices, and a bolstered Indian economic outlook fuelled by elevated composite PMI data from manufacturing and service sectors, propelled a market rally. However, the unexpected decline in US GDP and a surge in the US core PCE parice index triggered a global stock market downturn on the last trading day. The domestic market lagged its Asian peers as Q4 earnings remained largely subdued, with weak results from IT and a few index heavyweights also disappointing. The expectation of an improvement in asset quality and the RBI's regulatory ecosystem for private banks led the PSU banks to outperform. We expect a consolidation in the near term, leading investors to seek refuge in bonds and gold. Additionally, upcoming US FED policy, US nonfarm payroll data will dictate the global market, while the ongoing Q4 earnings reports are poised to influence the domestic market dynamics.
Apr 29, 2024, 8:23 am IST
Stocks To Buy On Monday
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher has recommended buying three stocks on April 29, two of which are PSUs. They are - BUY NLC INDIA cmp 250.55 Stop Loss 244 Target 265; BUY CHOLA FINANCE cmp 1171 Stop Loss 1148 Target 1215; BUY IRCON cmp 250.80 Stop Loss 244 Target 267
Apr 29, 2024, 8:23 am IST
Nifty, Bank Nifty Monday's Trade Guide
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher expects Nifty Spot Index to find support at 22,300 and resistance at 22,600. While Bank Nifty is expected to find support and resistance around 47,800 and 48,600 respectively.
Apr 29, 2024, 8:20 am IST
Derivative Market Weekly Outlook:
As per Santosh Meena, Head of Research, Swastika Investmart, on the derivative front, Foreign institutional investors (FIIs) continue to hold a significant short position in the market, with roughly 1 lakh short contracts and an overall short exposure of 65% in index futures. This suggests a bearish sentiment from FIIs in both the cash and derivatives markets. However, if they start covering their shorts, it could trigger a substantial short-covering rally.
Apr 29, 2024, 8:20 am IST
Domestic Factors To Influence Market This Week:
Santosh Meena, Head of Research, Swastika Investmart said: Domestically, the next batch of Q4 earnings reports will drive stock-specific movements. Monthly auto sales figures will be announced at the beginning of May, and the next phase of voting, following a lower turnout in previous phases, will be significant.
Apr 29, 2024, 8:19 am IST
Global Factors To Set Mood For Market This Week
According to Santosh Meena, Head of Research, Swastika Investmart, 0n the global front, the outcome of the US Federal Open Market Committee (FOMC) meeting on May 1st will be important. While no rate cuts are expected, the committee's commentary will be closely scrutinized. Economic data releases from China and the US, along with movements in the global currency market, will also be factors to consider.
Apr 29, 2024, 8:17 am IST
Market Last Week
On April 26, Nifty ended 117.85 points or (0.52%) lower at 22,452.50 while Sensex lost 443.03 points or (0.60%) to close at 73,896.41. Santosh Meena, Head of Research, Swastika Investmart said, the stock market had a positive week with Nifty and Sensex gaining around 1.25%. However, Friday saw a correction at higher levels. The real strength came from the broader market, where mid-cap and small-cap indices surged by around 4%. Volatile global cues and selling by foreign investors capped gains in large-cap stocks.
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