Bull run enters 9th day for benchmarks; IT shares crack; AU SFB soars 17%

CLOSING BELL: IDBI Bank shares, too, surged 10 per cent after a Reuters report said the RBI has begun evaluating at least five potential bidders interested in picking up a majority stake in the lender

4:03 PM

TECHNICALS: Consolidation post 9-day gains highly probable

The Nifty continued with positive momentum and closed with gains for the ninth consecutive trading session. On the charts we can observe that the Nifty witnessed an intraday dip however the zone of 17750 – 17720 where support in the form of the 20-hour moving average was placed absorbed the selling pressure and restricted further slide.

On a weekly basis the Nifty has managed to close above the 20-week moving average (17789) which is a Bullish sign. The weekly momentum indicator has triggered a fresh positive crossover which is a buy signal. On a higher time, frame chart structure has turned in favour of bulls.

Considering the sharp run up in the previous nine trading sessions, a consolidation is highly probable however, it should be considered as a buying opportunity. In terms of levels, 17860 – 17900 is the immediate hurdle one while 17730 – 17700 shall act as a crucial support from short term perspective. On the upside we expect the nifty to target levels of 18000.

Views by Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

4:01 PM

MARKET COMMENT: Normal Monsoon IMD forecast to aid rural sales for FMCG cos

Forecast of a normal monsoon by IMD is positive news for the FMCG sector. A normal monsoon should aid rural revival specially where over a third of FMCG sales in India come from rural areas and this would help in overall rural demand improvement.

Views by Avniash Pathak, Research analyst at LKP Securities

 

The current reservoir levels are higher than usual, and El Nino conditions may only develop in the second half of the monsoon. This indicates that Kharif sowing may not be severely affected. However, the possibility of developing El Nino during the second half will have some negative impact on agriculture output, leading to an increase in food inflation. This, in turn, would be detrimental for FMCG companies as their costs would rise.

Views by Vincent KA, Research analyst at Geojit Financial Services

 

3:55 PM

National Standard cracks 9% on dismal Q4 performance

The company posted a profit of Rs 2.7 crore in Q4 versus Rs 10.27 crore a year ago. 

3:51 PM

IDBI Bank rallies 10%; RBI said to have begun evaluating 5 bidders for stake sale

As per a report by Reuters, the Reserve Bank of India (RBI) has begun evaluating at least five potential bidders interested in picking up a majority stake in the state-owned bank. 
 

Kotak Mahindra Bank, Prem Watsa-backed CSB Bank and Emirates NBD are said to be among those that have submitted expressions of interest, the report said quoting sources. 

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3:47 PM

Zee Ent sheds 1.6%; NCLT proceedings on Sony Merger underway

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3:44 PM

AU SFB soars 17% on RBI nod to reappoint Sanjay Agarwal as MD

3:42 PM

IT index drops 2%; Bank, PSB, Realty packs jump over 1%

3:39 PM

Smallcaps, Midcaps firmly outweigh benchmark gains

3:38 PM

IndusInd Bank, HDFC Life, Eicher Motor, Apollo claim top Nifty winning spots

3:36 PM

HEATMAP: Infy, Tech M, HCL Tech drop up to 3% on TCS Q4 drag

3:35 PM

CLOSING BELL: Nifty ends above 17,800; 29 stocks close higher

3:33 PM

CLOSING BELL: Sensex pares day's losses to clock 9th straight gain

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3:27 PM

Surya Roshni hits 52-week high on healthy outlook; zooms 53% so far in 2023

Thus far in CY23, the stock has outperformed the market on the expectation of a sustained healthy performance ahead, supported by a steady volume growth. READ

3:16 PM

ALERT :: Nifty Bank reclaims 42,000 amid late buying

2:57 PM

ALERT: Avantel surges 7%; reports Rs 9.7 crore Q4 PAT vs Rs 6.08 crore year ago

2:45 PM

India's exports rise 6% to $447 bn in 2022-23, imports up 16.5% at $714 bn

India's services exports too have increased by 27.16% to $323 billion in 2022-23 as compared to $254 billion in 2021-22. READ

 

2:36 PM

NTPC mulls fresh offers for stake in green unit after top bidder pulls out

The fiscal year ended in March was expected to be a significant milestone for NTPC Green, the face of transition for the country's biggest coal consumer. READ

2:24 PM

IndianOil, Adani-Total, Shell lap up Reliance's KG-D6 gas; IOC top bidder

Reliance-bp on Wednesday held an e-auction for sale of gas from the MJ field in their eastern offshore KG-D6 block after incorporating the government's new marketing rules. READ

2:13 PM

DLF rallies 19% in 9 days, nears 52-week high on hopes of healthy sales

Analysts anticipate residential sales momentum will remain healthy amid sustained demand and new launch offtake, despite rate hikes. READ

2:00 PM

EXPERT VIEW: Better crop output to increase demand for entry-level vehicles

An increase in purchasing power, due to better crop output, is likely to increase rural demand for entry-level vehicles. However, this segment has been struggling post-COVID, with a 35-40% increase in vehicle costs driven by changes in regulations and macroeconomic headwinds. During FY23, the entry-level 2W segment, which constitutes approximately 52% of the total volume (<125cc), has experienced a de-growth of 14% YoY. We believe that any positive triggers may support current valuations in the near term.

Views by Saji John, Senior Research analyst Geojit Financial Services.

1:45 PM

'RBI's proposal to regulate bank penal charges could dent lenders revenues'

"We believe there could be some negative revenue impact for banks," Morgan Stanley analysts wrote in a research note. READ

1:32 PM

Can a CEO change impact a company's stock performance? Some insights here

While the Covid-19 period saw CEO transitions take a back seat, Jefferies said that businesses are now dealing with changed macro / geopolitical situations. READ

1:19 PM

Nelco withdraws satcom permit application; may apply under New Space Policy

The company plans to apply for a relevant permit after going through the contours of the New Space Policy. READ

 

1:04 PM

Stock of this conductor manufacturer has zoomed 100% in 2.5 months

Apar Industries hit a new high today on the favourable medium-term demand outlook with increased demand from the end-users such as the power, infrastructure, railways, defence and marine sectors. READ

12:50 PM

Passenger vehicle sales up 26.7% in FY23 as chip shortages ease: SIAM

Buying ahead of implementation of new fuel emission norms, and strong demand during the festival season also drove sales towards the end of the year READ MORE

12:33 PM

India remains concerned about global economic outlook: FM Sitharaman

"The need of the hour is a people centric, equity driven, consensus-based, and collective approach to face global developmental challenges," Sitharaman said. READ

12:20 PM

Core inflation falls in March but health inflation remains steady, elevated

The crucial core inflation rate fell to a 10-month low of 6 per cent in March 2023, but health inflation remained steady at 6.59 per cent. This is significant in the time of rising Covid cases. READ

12:09 PM

ALERT :: Varun Beverages to consider stock split on May 2

11:58 AM

Renuka, EID Parry: Sugar stocks to sweeten as global prices hit 11 yr-high

Simbhaoli Sugars was the top gainer, closing over 14 per cent on Wednesday. The majority of sugar companies closed on strong note, surging in the range of 5 per cent to 2 per cent. Balrampur Chini Mills reached a 10th month high on Wednesday. READ MORE

11:42 AM

New orders should boost BHEL's prospects; analysts have mixed views

One of the sectors which saw large orders was the Railways with tenders for 200 Vande Bharat trains. A consortium of Bharat Heavy Electricals (BHEL) and Titagarh Wagons has received an order for 80 Vande Bharat trains, in one of the biggest awards under this tender, valued at more than Rs 23,000 crore. READ MORE