Stock Market Highlights: Sensex tanks 1,062 pts, Nifty below 22k; Mid, SmallCap indices fall 2%

Stock Market Highlights on Thursday, May 09: Weighing on the benchmarks was selling in heavyweights like L&T, HDFC Bank, Reliance Industries, ITC, Asian Paints, ICICI Bank, and Bajaj Finance

4:00 PM

Tech View :: What are the make-or-break levels for Nifty, Bank Nifty

Nifty50
On the daily charts we can observe that the Nifty has reached the lower end of the rising channel (21,950 – 21,900) which if breached on the downside can lead to a sharp decline towards 21,270. So Nifty is at a Make-or-Break level.

 

Nifty Bank

The Bank Nifty is also approaching the lower end of the rising channel placed at 47,200 – 47,000. The 20-week average is placed at 47,244. So the Bank Nifty is approaching multiple support levels which can help to restrict the fall. Overall, the Indices have been falling and now approaching crucial make or break levels.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:53 PM

Comment :: 'Market weakness to continue in the near-term'

The broader market witnessed volatility, underscoring caution on account of Q4 earnings and general election uncertainties, which led investors to stay on the sidelines. We expect the trend to continue in the short term as the market slid below the physiological level of 22,000. The global indices are trading with mixed cues ahead of the BOE policy meeting later today and US inflation figures due next week.

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

3:43 PM

Currency check :: Rupee ends at 83.51/$

3:42 PM

Broader markets :: Mid, SmallCap indices fall 2% each

3:40 PM

Sector Watch :: Metal index falls up to 3%, Bank 1%; Auto bucks trend

3:39 PM

Sensex Heatmap :: Only 5 stocks edge higher led by TaMo, M&M

3:37 PM

Closing Bell :: Nifty breaks below 22,000

3:35 PM

Closing Bell :: Sensex plunges over 1,000 pts

3:25 PM

HPCL Q4 result: Net profit falls 25% to Rs 2,709 cr on low refining margins

The firm earned $ 6.93 on turning every barrel of crude oil into fuel in the quarter against the $ 8.50 per barrel refining margin in the preceding quarter. READ MORE

3:16 PM

Comment :: Why are markets falling?

The key Indian indices continue to extend their losing streak, with Nifty and Sensex falling to their weakest level in the last three weeks.

The fall in the market is primarily attributed to the prevailing uncertainty surrounding the general elections. This uncertainty has significantly bolstered India's volatility gauge, the India VIX, reaching its 52-week high at 19, indicative of market apprehension. 
 

Moreover, the muted cues from the Q4 earnings of large-cap companies have further dampened investor sentiment. In the global context, a subdued sentiment has developed due to the hike in crude oil prices, which has aggravated inflationary concerns. This escalation comes amidst the US Federal Reserve's decision to undertake any interest rate cuts, which could potentially contribute to further market decline.

Additionally, Nifty prices are currently trading below their 55-day EMA which has served as key support in the past.

Views by: Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.

 

3:04 PM

Tata Motors Q4 Preview: Robust sales, low commodity prices to aid earnings

Analysts anticipate robust results for Tata Motors, propelled by the advantages of operating leverage, favourable commodity trends and strong volume growth across its various segments. READ MORE

 

2:55 PM

Brokerage recommends buying these 3-stocks having upside up to 26%

According to analysts, one such stock that will keep its upward momentum going is Credit Access Gramin, having an upside of 26 per cent on its current market price of Rs 1,429 as of May 8. READ MORE

2:45 PM

Cipla Q4 Results Preview: Profits may jump up to 75% on higher volumes

Cipla may show a 3-10 per cent jump in its topline year-on-year (Y-o-Y), registering revenues in the range of Rs 5,939 crore and Rs 6,292 crore. READ MORE

2:36 PM

Nifty can crash 1,200 points if this key level is broken. Details here

Earlier on April 19, 2024, the Nifty 50 had tested the 100-DMA support, and then staged a smart rally of 4.7 per cent, or 1,017 points, to hit the new peak of 22,794.70. READ MORE

2:24 PM

Auto index hits new high in weak market; TVS Motor, Hero MotoCorp surge 6%

Thus far in the calendar year 2024, the BSE Auto index has rallied 23 per cent as against 1.1 per cent gain in the S&P BSE Sensex. READ MORE

2:13 PM

SBI Q4 results: Profit jumps 24% YoY to Rs 20,698 crore, beats estimates

State Bank of India (SBI), India's largest state-owned bank, reported a standalone net profit of Rs 20,698.35 crore, up 24 per cent year-on-year (Y-o-Y) on the back of higher interest income and low provisions. READ MORE

2:03 PM

ALERT:: China market stands tall in weak Asian trade

1:52 PM

TVS Motor stock rises 6% after Q4 results meet street estimates

TVS Motor's profit zoomed 18.3 per cent on a year-on-year (Y-o-Y) basis to Rs 485.4 crore in March quarter of financial year 2024 (Q4FY24), from Rs 410 crore in the same quarter a year ago (Q4FY23). READ MORE

1:39 PM

Fitch affirms ratings of Axis, ICICI banks on supportive working conditions

Fitch Ratings has affirmed India-based Axis Bank and ICICI Bank's Long-Term Issuer Default Rating (IDR) at 'BB+', the global agency said in two separate rating commentaries. READ MORE

1:29 PM

ALERT:: Sensex near day's low, down 800 points

1:14 PM

This Kirloskar group stock surges 15% after Ajay Upadhyaya buys 0.6% stake

On Wednesday, May 8, 2024, Ajay Upadhyaya purchased 392,135 equity shares representing 0.59 per cent stake of KECL at price of Rs 158 per share on the NSE, the bulk deal shows. READ MORE

1:00 PM

Bajaj Consumer Care slides 9% on muted volume growth in Q4FY24

Bajaj Consumer Care reported flat volume in Q4 FY24, and 6.2 per cent for FY24. Segment-wise, Almond Drops Hair Oil (ADHO) reported volume growth of 0.9 per cent for FY24. READ MORE

12:47 PM

India's defence sector a $138bn opportunity; HAL, BEL top buys: Nomura

The research and broking house sees an upside potential of 28 per cent and 32 per cent, respectively in these two stocks from the current levels. READ MORE

12:35 PM

TCS CEO Krithivasan's salary for FY24 at Rs 25 cr, COO earned Rs 26.18 cr

K Krithivasan, chief executive officer (CEO) and managing director of Tata Consultancy Services (TCS), took home a salary of Rs 25.4 crore from India’s largest information technology services firm in financial year 2023-24 (FY24). READ MORE

Mumbai: Tata Consultancy Services Ltd (TCS) CEO K Krithivasan during a press conference in Mumbai, Friday, April 12, 2024. (PTI: Photo/Shashank Parade)

12:23 PM

Sula Vineyards share drops 7% on weak Q4 performance

The fall came on the back of weak quarter-ending March performance by the winemaker. Its net profit fell over 4 per cent on a year-on-year (Y-o-Y) basis to 13.6 crore in Q4FY24. READ MORE

12:11 PM

Muthoot, Manappuram: Key levels to track as gold loan lenders stocks slide

Muthoot, Manappuram Finance outlook: Shares of gold loan lenders could see limited downside in the near-term, as broader trend remain up; charts show. READ MORE

11:56 AM

Indegene IPO oversubscribed 70 times; allotment to be announced today

The subscription period for the Indegene IPO commenced on May 6 and concluded on May 8. Today, on May 9, marks the allotment date for the Indegene IPO, with the company set to finalise the basis of allotment shortly. READ MORE

11:44 AM

Energy Mission Machineries IPO opens today, May 9: All you need to know

The company plans to allocate the proceeds from the net issue to various purposes such as fund capital expenditure for civil construction work at its existing manufacturing unit in Sanand, District Ahmedabad, Gujarat. Funds will also be allocated for the installation of new plants and machinery. Additionally, a portion will be set aside to meet working capital requirements. READ MORE

11:35 AM

This railway stock has surged 49% from March low; zoomed 312% in 1 year

As on Q4FY24, JWL’s order book position stood at Rs 7,101.66 crore. During the reported quarter, the company secured a contract from the Ministry of Railways for the manufacturing and supply of 2,237 BOSM Wagons aggregating to around Rs 957 crore. READ MORE

11:25 AM

ALERT :: EMS wins order worth Rs 148 crore

>> EMS Limited is the lowest bidder (L-1) in the tender for Supply, Installation, Testing & Commissioning of Infrastructure Works_Loss Reduction on turnkey basis under “Revamped Reforms-Linked Results-Based Distribution Sector Scheme.

>> The estimated order value is approximately Rs148.12 crore