Stock Market Highlights, April 9: Sensex drops 440 pts from record high, ends 59 pts down; Nifty below 22,650; RIL, TCS, Titan weigh

Stock market updates on Tuesday, April 09: Among sectors, the Nifty Media, and PSU Bank indices settled in the negative zone (down up to 1 per cent), while the Nifty Metal index added 1.1 per cent

3:48 PM

Comment :: 'Markets saw profit-booking in anticipation of tomorrow's key US inflation data'

The Indian market reached a fresh intraday peak before seeing profit-booking at higher levels in anticipation of tomorrow's key US inflation data, which carries weight in determining future rate cuts by the US Fed.

Concerns have emerged amidst recent better-than-anticipated US employment and manufacturing data, suggesting a potential shift in expectations regarding rate cuts this year.

Moreover, escalating geopolitical tensions in the Middle East, alongside supply concerns, have propelled crude prices upward, impacting overall market sentiment. In the near term, the focus will shift to Q4 earnings, which will kick off this weekend.

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

3:45 PM

Tech View :: Key levels to watch on Nifty, Bank Nifty

Nifty50
Nifty opened higher but struggled to withstand the selling pressure at elevated levels. On the hourly chart, the RSI (14) indicates bearish divergence, signaling a potential shift in price momentum towards the downside. Immediate support is observed at 22,600; a decisive drop below this level could drive the index towards 22,400. Conversely, resistance is evident at 22,770 on the higher end."

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


Bank Nifty
The Bank Nifty demonstrated resilience at higher levels by surpassing the 49,000 mark intraday. It finds support at 48,000, coinciding with significant open interest in put options. Sustained closure above 49,000 could propel the index towards 50,000. With a bullish undertone prevailing, downturns are seen as buying opportunities for the index.

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

3:40 PM

Broader markets :: MidCap index slips nearly half a per cent

3:39 PM

Sectoral trends :: Most indices end mixed on either side of flatline

3:37 PM

Sensex Heatmap :: Losers outnumber winners on index; Titan, RIL worst hit

3:35 PM

Closing Bell :: Nifty ends below 22,650

3:34 PM

Closing Bell :: Sensex gives up gains amid profit booking

3:28 PM

BSE PSU Index up 92% in past year: Decoding India's divestment opportunity

"This robust equity market has spurred a wave of activity in the capital markets, with 57 initial public offerings (IPOs) raising a total of Rs 53,000 cr in 2023 alone. The momentum has continued into 2024, with 13 more IPOs already hitting the market. In total, 2024 could see 60+ companies hitting the market and are likely to raise upwards of Rs 70,000 crore," said Ashish Gupta, CIO at Axis Asset Mamangement. READ MORE

3:18 PM

Market Check :: Sensex at day's low

3:03 PM

Global check:: US, UK stock futures exhibit mixed trend

2:52 PM

Castrol India soars 9%; hits seven-year high on heavy volumes

In past five months, Castrol has zoomed 66 per cent. Meanwhile, the company has guided margins to be in the range of 23-26 per cent and volume growth of 5 per cent in CY24. READ MORE

2:41 PM

India likely to see normal monsoon in 2024, says Skymet, promising respite

India is expected to see a normal monsoon in 2024, private weather forecasting agency Skymet said on Tuesday, promising some respite after a prediction of more-than-normal heat wave days in the summer preceding the June-September rainy season. READ MORE

The worry now is whether or not the levels can be sustained if the rains go for a break

2:28 PM

Maruti Suzuki expands Manesar plant's capacity by 100K units per annum

Maruti Suzuki India on Tuesday said it has expanded the production capacity of its Manesar facility by one lakh units per annum. The auto major has added a vehicle assembly line to the existing Plant-A of the three manufacturing plants functioning at Manesar, in Haryana. READ MORE

2:16 PM

'Main goal complete with foundational elements', says outgoing Wipro CEO

Thierry Delaporte, the outgoing chief executive officer of Wipro, in a four-page farewell mail to employees, has said his goal is complete with the information technology company’s foundational elements of transformation in place. READ MORE

2:06 PM

How an election-packed 2024 is shaping up for world markets, trade

In an election-packed year, markets have so far shrugged off results, with the focus squarely on the one contest that could reverberate across everything from international trade to emerging market debt: the United States presidential race in November. READ MORE

1:54 PM

ALERT:: Sensex slips into red; down over 350 pts from record high

1:43 PM

Auto ancillary stocks attractive on dips as sector holds momentum: Analysts

Shares of auto component manufacturers have corrected up to 10 per cent month to date till April 8, after clocking a sharp rally in the previous fiscal of 2023-24 (FY24). The correction in the stocks, analysts said, is a good buying opportunity as the auto story remains strong from a long term lens due to rising disposable income and a possibility of an interest rate cut in the future adding to the comforts of buyers. Read more

1:27 PM

Metal shares rally up to 10%; Hindustan Copper, SAIL hit over 12-year highs

Shares of metal companies were in demand and rallied up to 10 per cent on the BSE in Tuesday’s intra-day trade backed by heavy volumes on hopes of a healthy outlook.

Hindustan Copper, Hindustan Zinc, MOIL and Steel Authority of India (SAIL) surged between 5 per cent and 10 per cent. Hindalco Industries, Vedanta, Tata Steel, Jindal Steel and Power (JSPL), NMDC and JSW Steel were up in the range of 1 per cent to 3 per cent. Most of these stocks were trading at their record or multi-year highs. Read more

1:14 PM

Actively managed or index funds: Where should you park your money?

A significant portion of actively managed mutual funds failed to outperform their benchmark indexes in 2023, , according to SPIVA Year-End 2023 report.A whopping 74 per cent of actively managed mid and small-cap funds underperformed their benchmarks. This means that the majority of these funds failed to deliver returns that beat the average performance of the specific stocks they invest in (represented by the index). Read more

1:00 PM

Hinduja Group firm gets Sebi nod for Reliance Wealth ownership change

Hinduja Group's Aasia Enterprises has got the market regulator’s approval for a change of control in Reliance Wealth Management, under rules governing investment advisers and portfolio managers.

The Securities and Exchange Board of India also approved an application for a proposed change in control at Reliance Securities under regulations governing research analysts and investment advisors. Read more

12:38 PM

Sensex hits 75K in pre-election rally; on track to hit 81,000, charts say

The S&P BSE Sensex, on Tuesday, crossed the 75,000-mark for the first time ever, hitting a new all-time intraday high at 75,124. It took barely four months to rally from 70,000 levels to the 75,000 mark. The last 10,000 points have come in little over nine months.

The main catalyst behind the current uptrend, analysts said, is the hope of stronger-than-expected corporate earnings for the March 2024 quarter (Q4-FY24) and a pre-election rally, which is fueling the momentum over the past one week. Read more

12:27 PM

Nifty SmallCap up 16% in 1 month; Key levels to watch on overbought stocks

As bulls continue to roar on the Dalal Street, apart from the benchmark indices scaling new summits, the broader indices too have registered new life-time highs in recent days.

The NSE Nifty SmallCap index has hit a new peak of 15,374 in trades on Monday surpassing its earlier high of 15,489 hit on February 07. In the interim period, the index had tumbled to a low of 13,284 on March 14 - down over 14 per cent from its then peak - amid Sebi's clampdown on the smallcap segment. Read more

12:18 PM

This Madhuri Kela-owned stock has surged 59% in 12 days; up 729% in 1 year

In February 2024, TRIL was awarded orders worth Rs 232 crore from Power Grid Corporation of India to be completed in 21 months. The scope of order included designing, engineering, manufacture, testing at Manufacturers works and supply of 5 Nos of 500 MVA, 400/220/33kV, 3- Phase ICT, 5 Nos of 500 MVA 400/220/33kV, 3-Phase Auto Transformers along with all fitting, accessories for complete execution and Local Transportation, In Transit Insurance, Loading and uploading & Installation Services. READ MORE

11:57 AM

ALERT :: Maruti Suzuki in focus

11:48 AM

Demand from central bank propels safe-haven gold to new record peak

"The market is pricing rate cuts by June despite strong economic data. But, if we continue to see strong data, which indicates that Federal Reserve is in no hurry to cut rates, then gold will not be able to sustain the gains," said Bart Melek, head of commodity strategies at TD Securities. READ MORE

11:29 AM

India's hottest stock index, Nifty Next 50, shows best earnings potential

The Next 50 measure is expected to deliver earnings growth of 39 per cent over the coming year, according to estimates compiled by Bloomberg. That’s likely to help extend its 65 per cent rally seen over the past year despite the challenges facing the broader market. The gauge just notched its best quarter since 2009 versus the larger benchmark NSE Nifty 50 Index. READ MORE

11:15 AM

Titan, Kalyan Jewellers' Q4 business updates point to bright prospects

Titan said revenues grew 17 per cent on the back of 19 per cent growth in domestic jewellery with 7 per cent growth in Helios (Watches & Wearables or W&W) and the international portfolio, although eye care revenues declined 1 per cent on a year on year (Y-o-Y) basis. Titan also said emerging business grew 24 per cent with 37 per cent growth in Taneira and 12 per cent in Fashion & Fragrances. CaratLane grew 30 per cent Y-o-Y. READ MORE

11:03 AM

Gland Pharma slips 7% after over 5% equity changes hands via block deal

As on December 31, 2023, RP Advisory Services Private Limited held 6.17 million shares (3.74 per cent stake) and Nicomac Machinery Private Limited held 1.96 million shares (1.19 per cent stake) in Gland Pharma, shareholding pattern data shows. READ MORE

10:51 AM

ALERT :: Aurionpro Solutions raises Rs 337 crore via QIP

Check details here

10:41 AM

ALERT :: Strides Pharma receives USFDA approval for Fluoxetine tablets

>> Strides Pharma Science Limited's step‐down wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for Fluoxetine Tabs 10 mg and 20 mg, from the United States Food & Drug Administration (USFDA).

>> Fluoxetine is an antidepressant of the Selective Serotonin Reuptake Inhibitor (SSRI) class.

>> Fluoxetine tablets has a market size of $23.9 million as per IMS

>> The company has 260 cumulative ANDA filings (including the recently acquired portfolio from Endo at Chestnut Ridge) with USFDA, of which 245 ANDAs have been approved.

>> The company has set a target to launch ~ 60 new products over three years in the US.