Stock Market Highlights, April 10: Sensex rises 354 pts, Nifty holds 22,750; broader indices outshine

Stock market updates on Wednesday, April 10: Among sectors, the Nifty PSU Bank, FMCG, Media, and Metal indices gained in the range o 1.23 per cent to 1.80 per cent

3:46 PM

Tech View :: 'Decisive move above 22,750 in Nifty might induce a rally towards 23,000'

The Nifty mostly remained sideways today as investors preferred to wait ahead of the US CPI inflation data, which could potentially impact rate cuts by the Fed. The resistance zone is placed at 22,700-22,750, while support is at 22,600. A decisive move above 22,750 might induce a rally towards 23,000 in the short term. Since the market appears to be range-bound, buying on dips and selling on rallies might prove to be a good strategy with proper stop-loss measures.

Views by: Rupak De, Senior Technical Analyst, LKP Securities

3:45 PM

Comment :: 'Investors remains fixated on impending release of the FOMC minutes, US inflation data'

Indian markets sustained their upward momentum, buoyed by a robust performance in the broader market, albeit slightly lagging behind its Asian and European counterparts. Investor attention remains fixated on the impending release of the FOMC minutes and US inflation data later today. Following the release of strong US job data, market sentiments are inclined towards an anticipation of spike inflation, thereby reducing the likelihood of a near-term rate cut. Additionally, Fitch's recent downgrade of China's credit rating could potentially reverberate through the global economy, warranting a caution.

Views by: Vinod Nair, Head of Research, Geojit Financial Services

 

3:43 PM

Currency check :: Rupee gains 12 paise vs US dollar, ends at 83.19/$

3:42 PM

Broader markets :: MidCap index adds nearly 1%

3:41 PM

Sectoral trends :: Nifty PSU Bank, Media rally up to 1.8%

3:40 PM

Sensex Heatmap :: ITC, SBI, Airtel end as top gainers on 30-stock index

3:38 PM

Closing Bell :: Nifty holds 22,750

3:37 PM

Closing Bell :: Sensex ends 354 pts higher ahead of US CPI data

3:29 PM

Vodafone Idea stock may more-than-half amid subscriber churn: CLSA

"Beyond the planned capital expenditure and 5G rollout, Vi faces a financial crunch in FY26CL. Annual spectrum and AGR payments of $4 billion per annum will fall due, unless the government converts debt principal to equity at the end of the moratorium," CLSA said in its latest report. READ MORE

3:14 PM

Tata Motors-owned JLR India sales rise 81% at 4,436 units in FY24

Retail sales of SUVs, Range Rover, and Defender continued to grow with year-on-year increases of 160% and 120% respectively. READ MORE

3:02 PM

Vodafone Idea to launch FPO next week, seeks to raise Rs 18,000-20,000 cr

Vodafone Idea (Vi) is preparing to launch a follow-on public offer (FPO) to raise Rs 18,000-20,000 crore by the middle of next week, reported Moneycontrol, citing sources. READ MORE

2:52 PM

Q4 Preview: TCS to lead IT pack; may see upper single digit rise in profit

Large-cap IT major TCS is expected to register a single-digit growth in revenue and profit for the January-March quarter (Q4FY24) as compared to the same quarter in the year ago period due to large deal ramp ups and operational efficiencies, said analysts.  READ MORE

2:41 PM

Beware of deepfake of CEO recommending stocks, says National Stock Exchange

India's National Stock Exchange (NSE) on Wednesday cautioned investors against deepfake videos of its chief executive giving stock recommendations. READ MORE

2:30 PM

RInfra tanks 20% as SC asks co to refund Rs 8,000 cr to Delhi Airport Metro

Shares of Reliance Infrastructure (R-Infra) tanked 20 per cent to Rs 227.40, freezing at the lower circuit on the BSE on Wednesday at 01:28 PM, amid heavy volumes after the Supreme Court (SC) set aside the Rs 8,000-crore arbitral award in favour of the company's metro arm, Delhi Airport Metro Express Private Limited (DAMEPL). READ MORE

2:19 PM

Summer cheer for beer firm United Breweries as margins remain stable

United Breweries, India’s largest beer manufacturer, is expected to gain business as summer brings heat waves. The company will be a major beneficiary April to July, the period that contributes 40-45 per cent of its annual beer volumes. The T20 Cricket World Cup in June and the ongoing Indian Premier League will help volumes and should offset the negative impact of elections on sales. READ MORE

2:07 PM

Rotation into large-caps could continue ahead of elections: Ritu Arora

Indian markets have rebounded sharply from their lows in mid-March with the Sensex crossing the 75,000 mark for the first time ever this week. RITU ARORA, chief executive office and chief investment officer for Asia at Allianz Investment Management, tells Puneet Wadhwa in an email interview that the Indian markets will witness periodic corrections and provide better entry opportunities over the next year. Edited excerpts:

1:52 PM

Kolte Patil zooms 10% as Motilal Oswal gives 'Buy' rating, 34% upside eyed

Shares of the company soared as much as 10.05 per cent to hit an intraday high of Rs 569.05 per share after Motilal Oswal initiated coverage on the real estate developer. READ MORE

1:40 PM

SC sets aside Rs 8,000 cr arbitral award to Anil Ambani's Reliance Infra

In a significant relief to the Delhi Metro Rail Corporation (DMRC), the Supreme Court on Wednesday set aside the Rs 8,000 crore arbitral award in favour of Anil Ambani-owned Reliance Infrastructure's metro arm, Delhi Airport Metro Express Private Limited (DAMEPL). READ MORE

1:29 PM

KSB rallies 5% as board to consider stock split; stock up 98% in 1 year

The company's board is scheduled to meet on April 26 to consider the proposal for sub-division/split of equity shares and also announce the March quarter results. READ MORE

 

1:16 PM

Global check:: Hang Seng surges 1.8% in mixed trade in Asia

1:02 PM

Will India be world's next growth driver as its economic growth speeds up?

With China's growth slowing, India could become the new engine of global economic growth, but it will take strategic investments, increased labour participation, and more to achieve its ambitions. READ MORE

12:49 PM

Explained: Silver prices may touch Rs 1 lakh, should you invest?

Motilal Oswal has cited several factors driving silver prices, including strong demand from the industrial sector (electronics, solar) and its role as a safe-haven asset during economic uncertainties. READ MORE

12:37 PM

Motilal Oswal trims price target on TaMo, sees 4% downside, Here's why

MOFSL said the revised price highlights expectations of stabilising growth in the near future due to moderate volume growth in domestic passenger and commercial vehicle industries. READ MORE

12:23 PM

Vistara's loss may not be IndiGo's gain; oil remains an overhang: Analysts

Surging oil prices, according to analysts, could hit the airline if the government decides to hike the prices of aviation turbine fuel (ATF). READ MORE

12:09 PM

Fitch downgrades China outlook to negative on economic growth risks

China's factory output and retail sales topped forecasts in January-February, joining better-than-expected exports and consumer inflation indicators, providing an early boost to Beijing's hopes. READ MORE

11:50 AM

Gold can rise 5% to Rs 75,000; Silver by 2.5% to Rs 85,000, charts suggest

Commodities such as Gold and Silver have rallied sharply in the last two weeks amid rise in geopolitical crisis and hopes of interest rate cut in the US.

Gold futures in the international market, rallied from $2,170 per ounce to $2,384 per ounce - up 9.9 per cent in the last three weeks. Meanwhile, Silver futures outperformed with a gain of 16 per cent during the same period. Read more

11:05 AM

Vedanta soars 8%, hits 23-month high on heavy volumes; zooms 45% in 4 weeks

The company is favourably positioned to capitalise on the commodity upcycle, thanks to its diversified exposure. Moreover, its ongoing efforts to enhance capacity and profitability across various segments bode well for future prospects, as per reports. READ MORE

10:45 AM

ALERT :: Kolte Patil zooms over 7% as MOFSL initiates coverage

>> With the scale-up in operations, we expect post-tax OCF to double to INR8b by FY26. Further, the net cash position as of Dec’23 also provides comfort and ample headroom to capitalize on future growth opportunities. We initiate coverage on the stock with a BUY rating and a TP of INR700, implying 34% upside.

10:30 AM

ALERT :: Gensol Engineering reports order book of Rs 1,783 crore at the start of FY25

10:13 AM

PB Fintech surges 7%, hits 2-year high on pact with ICICI Lombard

Stocks of PB Fintech are trading at its highest level since November 2021. It had hit a record high of Rs 1,470 on November 17, 2021. At 09:21 am, the stock was trading 5 per cent higher at Rs 1,369.85, as compared to the 0.33 per cent rise in the S&P BSE Sensex. On the other hand, shares of ICICI Lombard General Insurance Company were quoting 1 per cent higher at Rs 1,713 on the BSE. READ MORE