Sensex gyrates 1,073 pts, ends 460 pts down; Axis Bk dips 6.5%, Maruti 2.5%

CLOSING BELL: Coal India, Adani Ports, Power Grid, Maruti Suzuki, Bajaj Auto, ONGC, Wipro, and Britannia Industries were the other laggards, down between 2.5 per cent and 4 per cent

4:07 PM

Technical View: Rupak De, Senior Technical Analyst at LKP Securities

Bank Nifty formed a bearish engulfing pattern on the daily chart suggesting weakness in the near term. The banking index found resistance around 50EMA on the daily chart before falling towards the previous low of 35951. The daily RSI has entered a bearish crossover. Going ahead, the correction may take the Bank Nifty towards 35650, whereas on the higher end, 36650 may continue to act as crucial resistance.

4:03 PM

Market view: Vinod Nair, Head of Research at Geojit Financial Services

Dips were encouraging investors to accumulate quality stocks with focus on defensives & domestic growth sectors like manufacturing & capital goods. However, a shrink in the US economy and rate hike expectations in the upcoming Fed meet triggered sell-off in the global market. Domestic market reduced exposure ahead of the shortened next week and opening of India’s largest IPO.

3:58 PM

Closing bell: Over 1,200 stocks advanced whereas 2,114 declined

3:53 PM

Closing bell: Axis Bank, Adani Ports, Coal India top Nifty 50 losers

3:51 PM

Closing bell: HDFC Life, Tata Consumer, Kotak Bank top Nifty 50 gainers

3:45 PM

Closing bell: Broader markets bleed; India Vix moves in green

3:42 PM

Closing bell: Nifty Media worst sectoral performer

3:40 PM

Closing bell: All sectors nosedive in sea of red

3:38 PM

Closing bell: 9 out of 30 Sensex stocks close positively

3:37 PM

Closing bell: Over 450 points downfall for Sensex

3:32 PM

Closing bell: Nifty 50 closes below 17,150 levels

3:29 PM

Media stocks extend decline; TV18 slumps over 12%

3:15 PM

MARKET CHECK :: Nifty gives up 17,100

>> 40 of the 50 constituents tumble on the index

3:13 PM

MARKET UPDATE :: Sensex sees sharp slidee

3:05 PM

CORPORATE UPDATE :: JM Financial announces elevation of Sonia Dasgupta as CEO, Investment Banking

2:58 PM

Top Sensex loser Axis Bank extends day's losses, down 6%

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2:52 PM

March Quarter Result :: Maruti Suzuki reports consolidated net profit of Rs 1,875 crore

>> Revenue: Rs 26,749 crore

>> Ebitda: Rs 2,427 crore

>> Ebitda margin: 9.1%

2:51 PM

Govt may not auction 27.5-28.5 Ghz band, leave it for satellite firms

The government may not auction spectrum frequency range between 27.5-28.5 gigahertz and leave it for satellite services, according to a report. Read it here

2:44 PM

Wipro slips 2%, hits 11-month low ahead of Q4 results

Shares of Wipro hit an eleven-month low of Rs 510.55, down 2 per cent on the BSE in Friday’s intra-day trade, ahead of its January-March quarter (Q4FY22) result later in the day. The stock of the information technology (IT) company hit its lowest level since May 2021. Read more

2:31 PM

Centre woos semiconductor makers in quest to become key global player

The Indian semiconductor market, worth $15 billion in 2020, is estimated to reach $63 billion by 2026, the government says. READ MORE

2:31 PM

MARKET CHECK: Sensex turns flat; Axis Bank extends losses, down 6%

2:20 PM

Vedanta plans to issue $1.5 billion dividend, lifting parent's bonds

The parent firm's dollar bonds rose the most in six weeks Friday, with the notes maturing in July hitting the highest level since October, according to Bloomberg-compiled data. Read more

2:10 PM

NFT programming start-up Revise raises $3.5 mn in funding led by Alpha Wave

NFT programming layer Revise has raised $3.5 million in its seed round led by AlphaWave Global and 8i. Read here

2:02 PM

European markets firmly higher on strong corporate earnings

source: finance.yahoo.com

1:50 PM

BSE 500:: Top gainers so far this month

MRPL has zoomed over 84 per cent. Swan Energy and Adani Power were up over 67 per cent each. Adani Green, Spandana Sphoorthty and Bharat Dynamics were the other major gainers.

1:40 PM

Brokerage Update: LKP Securities on Axis Bank

4QFY22 marks the manifestation of sequentially lower provisioning expenses (Rs9.9 bn v/s Rs 13 bn in the previous quarter) and 14 per cent sequential increase in net profit at Rs 41bn. 

 

The bank's reported slippages number were lower (Rs 39.8bn v/s 41.5 bn in 3QFY22) with GNPA and NNPA ratio narrowing down to 2.82 per cent and 0.73 [er cent, respectively as against the GNPA and NNPA ratio of 3.17 per cent and 0.91 per cent in the previous quarter. 

 

The bank's PCR (including TWO) stood sequentially higher at 91 per cent. Credit off-take (13.5 per cent YoY) maintained, led by growth across segments. Furthermore, the BB & below book came down sequentially by 13 bps to 0.75 per cent of customer assets and reported lower restructured advances of Rs 40bn (~52 bps of gross loan book). 

 

On the business front, credit growth (13.5 per cent YoY & 6.4 per cent QoQ) and healthy deposit growth (16.2 per cent YoY & 6.5 per cent QoQ) were superior against the previous quarter. The future outlook of asset quality is at a manageable level as the strong standard asset coverage (1.8 per cent of gross loans) is likely to absorb delinquencies from restructuring. 

 

In view of adequate covid buffer, glimpse of growth rejuvenation and manageable restructuring pool, we recommend BUY.
 

1:35 PM

Brokerage Update: Anand Rathi on Persistent Systems

Persistent Systems continues to deliver industry-leading growth (9 per cent QoQ org. in Services, surprising positively. It integrated Data Glove for a month (MediaAgility to be integrated from Q1) and had some IP revenue re-classified as services. 

 

In margins, it benefited from better realisations and onsite utilisation, leading to a flattish gross margin. SG&A leverage was offset by higher D&A, leading to a 14 per cent EBIT margin, flattish QoQ. Ahead, we expect 14 per cent - 14.5 per cent margins, despite higher amortisation, on expecting EBITDA margin expansion. 

 

We raise PAT estimates 9-15 per cent, taking the target up to Rs 4,980, 34x FY24. We upgrade to a Buy recommendation.

1:28 PM

BSE 500:: Stocks falling significantly from the highs of the day

Varroc Engineering has slipped 9 per cent from its intra-day high. Similarly, Sterlite Technologies, TV18 Broadcast, Can Fin Homes and Godrej Agrovet have shed considerable ground from their respective highs of the day in trades so far.

1:18 PM

Asian Markets Update:: Hang Seng, Shanghai log strong gains

1:07 PM

Can weak operational performance in Q4 delay Axis Bank's re-rating?

Axis Bank Q4 result review: Analysts do not expect valuation to catch up with peers in light of the NII undershoot, impending dilution to fund the Citi deal, and higher operating expenditure guidance. READ MORE