Stock Market Highlights, April 19: Sensex zooms 599 pts, Nifty nears 22,150; Financials surge

Stock market highlights on Friday, April 19, 2024: Equity markets shrugged off concerns around the Middle East tensions after Iran said it won't consider "immediate" retaliation against Israel

3:50 PM

Tech View :: Check key levels on Nifty Bank

The Bank Nifty Index displayed strong bullish momentum as it formed a bullish piercing candlestick pattern from the support level of 46,500. The immediate resistance for the index is located at 48,000, where there is a significant buildup of open interest on the call side, indicating a potential hurdle.

The index has established immediate support between 47,200 and 47,000. Any pullbacks towards this support zone are seen as buying opportunities, suggesting continued bullish sentiment if these levels hold.

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

3:50 PM

Tech View :: Topping 22,300 may drive Nifty towards 22,600

On the daily chart, a piercing line pattern has formed, often indicating a bullish reversal following a correction. Additionally, the indicator has surpassed the 55EMA, a short-term moving average. A close above this moving average signifies a positive short-term trend.

Looking ahead, bulls may drive the Nifty's recovery towards 22,300. Furthermore, a decisive breakthrough above 22,300 could trigger a sustained rally towards 22,600. On the downside, support on a closing basis is situated at 22,000.

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

3:48 PM

Comment :: What all happened in the markets today?

Despite global weakness, Indian markets staged a strong recovery driven by large-cap stocks, buoyed by the expectation of limited prospects of escalation following Israel's actions against Iran. However, fragility persists with elevated oil prices, posing inflation risks. Gold prices were rising on account of safe heaven demand. FIIs continued to remain risk-averse, a trend seen since last week. Global sentiment remains subdued due to a robust US economy and persistent inflation, dampening hopes of a near-term Fed rate cut. Mid & small caps saw weakness as Q4 earnings expectations remained muted.

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

 

3:45 PM

Currency check :: Rupee ends higher after hitting record low earlier Friday

3:42 PM

Broader markets :: Indices end lower despite solid gains in benchmarks

3:40 PM

Sensex Heatmap :: HDFC Bank, Bajaj Finance, Maruti lead recovery

3:39 PM

Closing Bell :: Nifty ends near 22,150

3:38 PM

Closing Bell :: Sensex surges nearly 600 pts

3:31 PM

ALERT :: RVNL wins order worth Rs 440 crore

Click here for details

3:18 PM

ALERT :: Hindustan Zinc drops over 1% after Q4 results

3:06 PM

ALERT:: Elecon Engg Q2 net jumps over 52%; stock zooms nearly 10%

Elecon Engineering today posted a 52.5 per cent YoY growth in Q4FY24 consolidated net at Rs 103.65 crore as against Rs 67.94 crore in Q4FY23. Revenue from operations grew by 33 per cent YoY to Rs 564.62 crore form Rs 424.54 crore in the same period.

2:56 PM

Corporate bond market booms: Record high mobilization despite tax changes

India's corporate bond market has witnessed a phenomenal year, recording an all-time high of Rs 9,97,804 crore (approximately $1.2 trillion) mobilized through private placements in fiscal 2024. READ MORE

Illustration: Ajay Mohanty

2:47 PM

ALERT:: RVNL emerges lowest bidder for Southern Railway project; stock down 1%

Rail Vikas Nigam Limited (RVNL) in an exchange filing today said the company emerged as the Lowest Bidder (L1) from South Central Railway for “Engineering, Procurement and Construction (EPC) tender related to double tracking work on the Aurangabad-Ankai route. 

2:35 PM

Russia squeezes Mideast, OPEC shares in India's oil mkt to historic lows

Russia is an ally of the Organization of Petroleum Exporting Countries (OPEC) but it has eaten into the share of India's crude diet from key OPEC producers in the Middle East. READ MORE

2:24 PM

ALERT:: Hindustan Zinc Q2 net drops 21%; stock slips 2%

Hindustan Zinc today reported a 21.1 per cent decline in Q4 consolidated net profit at Rs 2,038 crore for the quarter ended March 2024 when compared with Rs 2,583 crore in the corresponding quarter a year ago. Revenue from operations was down 12 per cent YoY at Rs 7,285 crore from Rs 8,281 crore.

2:10 PM

Sensex 30 Heatmap: Bajaj Finance, HDFC Bank, Airtel lead market bounce

1:56 PM

NBCC planning to set up its own NBFC to help save over $100 million

The construction and real estate developer estimates the move will help it save $108 million in interest costs over the next two years, said the sources, who did not want to be named as the discussions are private. READ MORE

1:46 PM

ALERT :: CCPA asks FSSAI to probe claim of Nestle adding sugar to baby products

Consumer protection regulator CCPA has asked Food Safety and Standards Authority (FSSAI) to look into the claim of a Swiss NGO, Public Eye and International Baby Food Action Network, that Nestle was selling baby products with higher sugar content in less developed countries like India. READ MORE

1:35 PM

ALERT :: Deepak Fertilisers-arm, Israel-based Haifa Group partner to promote Agri innovation in India

>> Mahadhan Agritech Limited (MAL), formerly known as Smartchem Technologies Limited (STL) and a subsidiary of Deepak Fertilisers and Petrochemicals Corporation Limited (DFPCL), and Israel-based Haifa Group have entered into an understanding to promote high performing Specialty fertilizers to improve quality and productivity of crops in India and other countries.

1:23 PM

Expensive valuations leave limited upside in Bajaj Auto, caution analysts

On Thursday, Bajaj Auto reported a 35 per cent year-on-year (Y-o-Y) rise in profit after tax (PAT) to Rs 1,936 crore, and a 29 per cent growth in revenue from operations at Rs 11,485 crore in the fourth quarter of Financial Year 2023-24 (Q4 FY24). The results were largely in line with Bloomberg estimates of a 29.6 per cent jump in adjusted net income Y-o-Y and 28.7 per cent growth in revenue from operations. READ MORE

1:11 PM

Motilal Oswal Financial bonus issue plan buzz: Stock up 5%, hits record high

The board of directors of MOFSL is scheduled to meet on April 26, 2024 to consider and approve audited financial results of the company for the quarter and year ended March 31, 2024. The company also said they will consider and approve a proposal for declaration of bonus shares, if any, subject to approval of the shareholders of the company. READ MORE

12:56 PM

Market Check :: Sensex at day's high, rises nearly 200 pts

12:50 PM

ALERT :: Iran dismisses counter retaliation for now

12:36 PM

Bandhan Bank stock hits 4-year low; Ghosh's retirement plan weighs

In the past two weeks, the stock of private sector lender slipped 14 per cent after Chandra Shekhar Ghosh, Managing Director and Chief Executive Officer (MD and CEO) of the bank on April 5 said would retire after the completion of his current tenure on July 9. Ghosh has led the bank since July 10, 2015. READ MORE

12:20 PM

Bitcoin falls heavily as Israel strikes Iran, slides below $60,000

Cryptocurrencies fell heavily and bitcoin broke below $60,000 on Friday in a rush out of risky assets following reports of an Israeli missile strike on Iran. Bitcoin slid more than 5.5 per cent to $59,961 in the Asia session as the US dollar rose broadly. Ether fell by a similar margin, dropping below the $3,000 barrier to $2,895. Read more

12:07 PM

Asian markets update

11:47 AM

Lok Sabha Elections Update :: Over 7.30% polling registered in 4 Lok Sabha constituencies in Bihar till 9 am

>> 9% turnout till 9:00 AM in Arunachal Pradesh

>> 14.12% turnout till 9:00 am across six seats in Madhya Pradesh

>> Mizoram records 10.27% voter turnout till 9:00 am

>> Over 15% votes polled till 9 am in 3 Bengal LS seats

11:31 AM

How will Israel's attack on Iran impact the stock market, crude oil, gold?

Reports of Irsael's attack on Iran, in early hours of Friday, sent most Asian markets into a correction mode. The S&P BSE Sensex slipped nearly 1 per cent, or 599 points to hit a low of 71,816 levels - down sharply from its 52-week high of 75,124.28 hit on April 09.

In the broader markets, the BSE midcap and smallcap indices fell 1 per cent each in Friday’s intraday trade following the Israel and Iran’s conflict. Read more

11:07 AM

OMCs like IOC, BPCL, HPCL down up to 4% as tensions flare up in Iran-Israel

Shares of Bharat Petroleum Corporation Ltd (BPCL) were down by 4.2 per cent at Rs 560.20 intraday on Friday. Similarly, other oil and marketing companies (OMCs) such as Indian Oil Corporation and Hindustan Petroleum Corporation Ltd (HPCL) slumped 4.1 per cent each at Rs 162.20 and Rs 457, respectively in intraday deals. Read more

10:49 AM

Indus Towers hits over 6-yr high; zooms 51% in 1 month on improved outlook

Shares of Indus Towers hit an over six-year high of Rs 359.60 as they rallied 4 per cent on the BSE in Friday's intraday trade in an otherwise weak market. The stock of the telecom infrastructure company continued at its northward movement, having surged 51 per cent in the past one month, on improved business outlook. Since November 2023, it has more-than-doubled, zooming 108 per cent during the period. Read more