Stock Market Highlights, May 8: Benchmarks end flat after choppy session; Mid, SmallCap indices rise

Stock Market Highlights on May 8: The S&P BSE Sensex, after gyrating 611 points intraday, ended at 73,466, down 45 points. The Nifty, on the other hand, settled unchanged at 22,303

3:58 PM

Tech View :: Key levels on Bank Nifty

The Bank Nifty index encountered a volatile trading session during the expiry day, highlighting the ongoing struggle between bulls and bears. The next significant support level for the index is positioned at 47,770, coinciding with the 50-EMA. On the upside, immediate resistance lies at 48,250. A decisive breach above this level could propel the index towards 48,400-48,500, where call writing activity is evident.

 

Views by: Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

3:54 PM

Tech View :: 'Nifty outlook to remain weak as long as it stays below 22,400'

Nifty remained volatile throughout the day. However, the short-term trend appeared weak as the index remained below the critical moving average, 21EMA, on the daily timeframe. In the near term, the sentiment may continue to weaken as long as it stays below 22,400. On the downside, the index might decline towards 22,150.

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

3:51 PM

Comment :: 'Earnings landscape seems to be moderating'

The Indian market echoed subdued investor sentiments akin to those of its Asian peers, and on worries about declining voter turnout. Despite domestic Q4 earnings largely meeting estimates, the earnings landscape appears to be moderating. A sector-specific action was visible in FMCG and auto stocks, aided by an expectation of a revival in rural demand in H1FY25.

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

 

3:49 PM

Paytm hits all-time low of Rs 317.45; stock tanks 68% from 52-week high

Gupta's resignation marks the third senior resignation from the company in the past few months after its associate entity, Paytm Payments Bank (Paytm PB), faced regulatory action from the Reserve Bank of India (RBI). READ MORE

3:46 PM

IPO Update :: Subscription status of Aadhar Housing, TBO

Indegene: 65.62x (QIB 184x, NII 54x, Retail 7x)

Aadhar Housing Finance: 33% (QIB 32%, NII 33%, Retail 32%)

TBO Tek: 79% (QIB 1%, NII 1.2x, Retail 2.4x)


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Alert: Status as of 3:35 PM

Note: This is the last day of bidding for Indegen, and first for Aadhar HC, TBO Tek

Bidding closes at 5 PM 

3:42 PM

Broader markets :: Mid, SmallCap indices shine after yesterday's selling

3:40 PM

Sensex Heatmap :: Gainers and losers neck and neck

3:38 PM

Closing Bell :: Nifty ends unchanged

3:37 PM

Closing Bell :: Sensex slips marginally after choppy day

3:29 PM

Oil & Gas stocks surge in volatile session; IGL soars 7%, Gail India 4.5%

 Leading the surge was IGL, climbing by 7.29 per cent, trailed by GAIL with a rise of 4.66 per cent, followed closely by MGL up by 4.42 per cent, and Petronet LNG increasing by 4.15 per cent. READ MORE

3:20 PM

Nifty PSU Bank index snaps two day losing run; rises 2.5% on May 08

On last Friday, the RBI issued a draft circular aimed at bolstering balance sheets through project financing. According to the proposed norms, lenders would need to provision up to 5 per cent of outstanding exposures for construction projects, decreasing to 2.5 per cent upon project completion and further to 1 per cent once 20 per cent of the loans are repaid with sufficient cash flow. READ MORE

3:06 PM

Balaji Amines soars 16% on margin expansion in Q4, 550% dividend bounty

Balaji Amines stock price zoomed 16 per cent to Rs 2,422.45 apiece on the BSE in Wednesday's intraday trade, after the chemical company reported strong results for the March quarter of fiscal 2023-24 (Q4FY24). READ MORE

3:00 PM

Q4 Results update: Canara Bank profit surges 18% to Rs 3,757 crore

State-owned Canara Bank on Wednesday reported an 18 per cent rise in its net profit to Rs 3,757 crore during the fourth quarter ended March 2024. During the quarter, the bank's total income increased to Rs 34,025 crore as against Rs 28,685 crore a year ago, Canara Bank said in a regulatory filing. READ MORE

2:54 PM

ALERT:: Hero MotoCorp Q4 net rises 18%; stock up 1%

Hero MotoCorp today reported 18.3 per cent growth in Q4 net profit at Rs 1,016.05 crore in the quarter ended March 2024 as against Rs 858.93 crore in the year ago period. Total income was up 13.5 per cent YoY to Rs 9,699 crore from Rs 8,544 crore.

2:40 PM

SBI Q4 preview: Profit may fall up to 38% YoY on higher opex, say analysts

The growth in SBI's Q4FY24 net profit will likely depend on the one-time staff cost (higher salary provision) the bank may set aside during the quarter, analysts said. READ MORE

2:26 PM

Bharat Forge zooms over 9% on Q4 results, promising FY25 outlook

The surge came after the company announced its March quarter results (Q4FY24), and gave a promising FY25 outlook. READ MORE

2:12 PM

In charts: Nifty small and mid-cap stocks outperform market in April 2024

The Nifty small and mid-cap stocks outperformed the broader market in April 2024, according to a report by Motilal Oswal Asset Management Company.  The Nifty Microcap 250 and Smallcap 250 indices, which track the performance of the smallest 250 and 500 publicly traded companies in India, respectively, surged an impressive 10.6% and 10.5% in April. READ MORE

1:54 PM

United Spirits hits record high, rallies 4% on hopes of healthy Q4 earnings

The premiumization trends in the liquor category (post COVID) continued to drive the Prestige & Above (P&A) portfolio.. READ MORE

1:42 PM

Godrej Properties reduces net debt by 10% in Q4 on strong cash flow

Realty firm Godrej Properties has reduced its net debt by 10 per cent in the latest March quarter to nearly Rs 6,200 crore on strong sales and collections of funds from customers, its executive chairperson Pirojsha Godrej has said. READ MORE

1:34 PM

ALERT:: Nikkei slips 1.6% in mixed Asian trade

1:24 PM

Sonata Software plunges 15% on Q4 performance; profit declines 31% in FY24

Sonata Software, an IT firm, reported a 3 per cent year-on-year decline in net profit to Rs 110.36 crore for the fourth quarter ending March 2024, compared to Rs 113.77 crore in March 2023. READ MORE

1:09 PM

PSUs not in disarray, but thriving under Modi regime, says Sitharaman

Rebutting allegations by the Congress party that state-owned companies are in a disarray, Sitharaman said such claims are a textbook example of the pot calling the kettle black. READ MORE

12:55 PM

Breakout stocks: Dabur, ITC top FMCG picks, can gain up to 13%; hint charts

Dabur and ITC look stronger on charts compared to its peers HUL, Marico and Godrej Consumer Products. READ MORE

12:42 PM

Crompton Greaves stock rallies 5%, hits 52-week high on stable outlook

Crompton Greaves stock update: Company aims to deploy over 10,000 solar powered pumps under the PM-KUSUM Scheme in the next few years, in its efforts to make an impact in the energy efficiency category. READ MORE

12:30 PM

Market check:: Sensex rebounds, gains over 500 points from day's low

12:20 PM

CarTrade at 28-month high; rallies 30% in 1-week as Goldman Sachs ups stake

Goldman Sachs Asset Management B.V. said their holdings have increased to 2.42 million shares, representing 5.16 per cent of the capital of CarTrade as at May 3, 2024. READ MORE

12:09 PM

Auto retail sales up 27% in April, passenger vehicles make record

Automobile retail sales grew 27 per cent in April to 2.2 million units compared to the year before as demand grew in all categories and fuel prices were stable, said a group representing auto dealers. READ MORE

11:59 AM

Why are Indian stock markets falling, and is it a good time to buy?

Analysts attribute this fall in the Indian stock markets to Lok Sabha election 2024 outcome-related anxiety among investors amid global developments. READ MORE

11:44 AM

Jindal Saw sinks 8% despite solid Q4; tech chart shows support at Rs 491

Jindal Saw stock price sank 7.8 per cent to Rs 523.7 apiece on the BSE on Wednesday as investors booked profit in the counter post healthy March quarter (Q4FY24) results.

At 11:00 AM, the stock was trading 5 per cent lower at Rs 539 per share as against 0.5 per cent dip in the benchmark S&P BSE Sensex. Read more
 

11:29 AM

Indraprastha Gas surges 7% on decent Q4 results; net profit jumps 9%

Shares of Indraprastha Gas Ltd. (IGL) rose 7 per cent at Rs 468.20 a piece on the BSE in Wednesday’s intraday deals. In comparison, the S&P BSE fell 0.40 per cent at 23,221 levels.
 

This comes after the company reported a nine percent increase in its consolidated net profit to Rs 433.29 crore for the fourth quarter of fiscal year 2023-24 versus Rs 397.51 crore in the same period last year. Read more