Stock Market Highlights, April 8: Sensex soars 494 pts, ends above 74,700 for 1st time; Nifty closes at 22,666; Maruti rises 3%, RIL 2%

Stock market updates on Monday, April 8, 2024: In the broader markets, the BSE MidCap and SmallCap indices closed mixed with the former up 0.26 per cent, but the latter down 0.06 per cent

3:47 PM

Tech View :: 'Nifty testing resistance zone; support placed at 22,500'

Nifty maintained its strength by staying above 22,500 throughout the day. Additionally, it exceeded the previous all-time high of 22619. However, the index has reached near the upper band of the rising wedge, which might act as resistance in the short term. Over the short term, the index might consolidate within a range. On the lower end, support is placed at 22,500, below which the index might fall back into consolidation.

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

3:46 PM

Tech View :: 'Bank Nifty forms Doji candle on daily chart'

The Bank Nifty exhibited indecision in the market with the formation of a Doji candle on the daily chart, indicating a standoff between buyers and sellers at current levels.

However, the overall sentiment remains bullish, contingent upon the index maintaining support above 48,000, where substantial open interest in put options exists.

To sustain the upward trajectory, the index must decisively breach the 48,700 mark, paving the way for further gains towards the 49,500 to 50,000 range.

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

3:45 PM

Comment :: What all happened in the markets today?

The buoyancy in sentiment continued, led by sectorial tailwinds and Q4 earnings growth expectations. The up-move was largely broad-based, with outperformance by auto, reality, oil & gas, and consumer discretionary, while IT was tepid owing to insipid Q4 growth expectations due to a slowdown in spending.

On the global front, after the release of robust US job data, investors are awaiting  the release of US CPI data, ECB policy, and UK GDP data this week.

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

3:43 PM

Commodity check :: Gold ends near Rs 71,000/10 gm

3:43 PM

Currency check :: Rupee weakens 2 paise vs US dollar

3:40 PM

Broader markets :: MidCap index holds gains, SmallCap down

3:39 PM

Sectoral trends :: Auto, Realty index shine on Monday, PSBs lag

3:38 PM

Sensex Heatmap :: Maruti, M&M lead gains on 30-share index; Wipro, Nestle, HDFC Bk slip

3:37 PM

Closing Bell :: Nifty ends at 22,666

3:36 PM

Closing Bell :: Sensex rallies nearly 500 pts aided by firm global cues

3:29 PM

ALERT :: Mazagon Dock Shipbuilders records Rs 9,400-cr turnover in FY24; stock gains 2%

>> Co recorded turnover of Rs 7.200 crore in FY23

3:22 PM

ALERT :: USFDA okays Daiichi Sankyo-AstraZeneca's Enhertu for solid tumours; AstraZeneca Pharma swings

>> The US Food and Drug Administration (USFDA) has approved Daiichi Sankyo and AstraZeneca’s Enhertu for adults with unresectable or metastatic human epidermal growth factor receptor 2 (HER2)-positive solid tumours.

>> This offers a HER2-directed antibody-drug conjugate (ADC) to patients who have exhausted other systemic treatments and lack satisfactory alternatives.

 

>> Discovered by Daiichi Sankyo, Enhertu is being co-developed in partnership with AstraZeneca.

 

Source: Bloomberg
 

3:11 PM

State-owned REC Ltd sanctioned record Rs 3.59 trillion loan in FY24

State-owned REC has made record loan sanctions worth Rs 3.59 trillion during 2023-24, posting a year-on-year rise of 33.66 per cent. READ MORE

3:03 PM

ALERT:: UK stock futures gain up to 0.7%; US flat

2:55 PM

Dabur India hits 52-week low in firm market on sluggish demand in Q4

In past three days, Dabur has 5.5 per cent after the company said its consolidated revenue in Q4 is expected to register mid-single digit growth. READ MORE

2:44 PM

Will China flood globe with EVs? Here's what's behind latest US-China fight

Concerns are growing not just in the US but also in Europe and Mexico that China will seek to bolster its own struggling economy with a wave of exports that could undercut factories overseas. READ MORE

2:34 PM

Gland Pharma soars 7% on USFDA approval for breast cancer drug

The Eribulin Mesylate injection is indicated for treating patients diagnosed with metastatic breast cancer (mBC) who have undergone at least two rounds of chemotherapy for managing metastatic disease. READ MORE

2:23 PM

Auto to realty: Tata Asset Management launches 6 Index funds targetting growth sectors

These index funds are meticulously designed to provide investors with exposure to key sectors having growth potential in the current economic landscape. READ MORE

2:11 PM

ALERT:: Popular Vehicles Dec qtr net jumps 135%; stock down 1%

Popular Vehicles & Services in an exchange filing today reported 2.3-fold jump in net profit at Rs 4.07 crore for the quarter ended December 2023 as against Rs 1.73 crore in the corresponding quarter a year ago. Total income grew marginally by 1.9 per cent to Rs 673.41 crore from Rs 660.74 crore.

1:57 PM

Swiss govt's 'too big to fail' list could saddle UBS with rougher rules

At around $1.7 trillion, UBS's balance sheet is double the size of annual Swiss economic output, giving the bank an exceptional weight for a major economy. READ MORE

1:45 PM

Godrej Prop up 8% as it sells over 1K homes in Gurugram for Rs 3,000 crore

Shares of Godrej Properties sprinted 7.5 per cent to Rs 2,692 per share on the BSE in Monday's intraday trade after the real estate player sold over 1,050 homes worth over Rs 3,000 crore within three days of launch of its new project at Gurugram, Haryana. Godrej Zenith, the company said, is GPL's largest residential development in Gurugram. Read more

1:31 PM

Exide zooms 15%, hits new all-time high on heavy volumes; here's why

Shares of Exide Industries zoomed 15 per cent to Rs 369.95, also its record high on the BSE in Monday’s intra-day trade backed by heavy volumes on reports of Hyundai, Kia partnering with Exide Energy for electric vehicle (EV) battery localisation in India. Read more

1:19 PM

Overnight swaps suggest RBI likely to hold interest rates through 2024

Indian overnight indexed swap (OIS) rates have moved higher since the Reserve Bank of India's latest policy meeting on Friday, suggesting investors now expect a rate cut only in early 2025 as opposed to the last quarter of 2024 earlier.

The one-year OIS rate, the most commonly used indicator to gauge interest rate expectations, was at 6.82 per cent by 0700 GMT, its highest since December 13. The five-year rate was at 6.48 per cent, also its highest in four months. Read more

1:08 PM

Keystone Realtors sales up 41% to Rs 2,266 cr on strong housing demand

Keystone Realtors Ltd, which sells properties under 'Rustomjee brand', on Monday reported a 41 per cent growth in sales bookings to Rs 2,266 crore in financial year 2023-24, driven by strong housing demand.

Its sales bookings stood at Rs 1,604 crore in the 2022-23 fiscal year. Read more

12:57 PM

Muthoot Microfin's AUM rose 32% YoY in Q4, loan disbursement highest ever

Kochi-based microfinance institution, Muthoot Microfin’s assets under management (AUM) posted a 32 per cent year-on-year (YoY) growth in the quarter ended on March 31, 2024.

The AUM in the March quarter soared to Rs 12,194 crore as compared to Rs 9,208 crore during the same period a year ago. Read more

12:42 PM

Voltas stock up 11% on strong sales growth in FY24; surpasses previous high

Shares of Voltas hit a record high of Rs 1,373.20 as they surged 11 per cent on the BSE in Monday's intra-day trade after the company achieved highest-ever air conditioner (AC) sales of over 2 million AC units in the financial year 2023-24 (FY24), becoming the first company in the domestic market to cross this landmark. Read more

12:31 PM

Biocon leads India's push into anti-obesity drugs as patents lapse

Biocon Ltd. is pivoting to anti-obesity therapies as patents for the blockbuster medications start to expire, unleashing a wave of generic supply for the market that’s expected to touch $100 billion by 2030. Read more

12:24 PM

3 SME public issues, 6 listings to hit Dalal Street this week: Details here

DCG Cables and Wires IPO

DCG Cables and Wires IPO will be open for subscription on April 8 and will close on April 10. The company aims to raise Rs 49.99 crore via the offering, which is entirely a fresh issue of 4.999 million shares. The price band has been fixed at Rs 100 per share. READ MORE

12:11 PM

Pidilite, Nestle: Select stks in Rahul Gandhi's portfolio can dip up to 12%

Pidilite Industries

Downside Risk: 5%

 

Pidilite Industries is likely to consolidate in the near-term as key momentum oscillators have entered overbought territory following a near 35 per cent rally in the stock price in less than 5 months. READ MORE

11:54 AM

Mcap of BSE-listed firms hit Rs 400 trn milestone after rally in equities

The market capitalisation of BSE-listed firms had hit the Rs 300 trillion mark in July last year. From the Sensex basket, Mahindra & Mahindra, Maruti, Tata Steel, Bajaj Finserv, Power Grid, Reliance Industries, Axis Bank and JSW Steel were the major gainers. READ MORE