Share Market Highlights: Sensex ends above 75,000-level for the first time, Nifty settles at record high; Media stocks shine, Pharma drags, Reliance Infrastructure slumps 20% after SC order

Benchmark Sensex climbed 354 points to close above the record 75,000 mark for the first time while broader Nifty scaled a fresh lifetime high on Wednesday on gains in FMCG, energy, and metal shares.

The rupee appreciated 12 paise to close at 83.19 (provisional) against the US dollar on Wednesday, as equity benchmarks climbing to all-time high levels and a weak greenback against major currencies overseas boosted investor sentiment.

Oil India informed the stock exchange that an incident of leakage was reported at the X-Mass Tree of well no. BGN#24, located at Dighaltarang Tea Estate, Tinsukia District in Assam at around 11:30 pm on April 9, 2024.

Stock closed at ₹633.20 on the NSE, up 0.55%.

Cupid has signed a lucrative agreement to supply 5.9 million pieces of Female Condoms (FC) in Brazil. 

Stock closed at ₹133.60 on the NSE, down by 0.04%.

PT Aarvi Encon Services, Indonesia, Step-Down Subsidiary of Aarvi Encon Limited, received the work order for supplying manpower services in Indonesia.

Aarvi Encon stock closed at ₹136, higher by 1.99% on the NSE.

Infosys Topaz and Intel collaborate to accelerate enterprise growth and efficiency with Generative AI.

Infosys stock closed at ₹1,506.50 on the NSE, up 0.78%.

Power Grid Corporation of India has commissioned the project under transmission system for evacuation of power from 2X500MW Neyveli Lignite Corp. Ltd TS-1 (Replacement) (NNTPS) in Neyveli, Tamil Nadu.

Stock closed at ₹282.30 on the NSE, up 0.39%.

The BSE Sensex gained 354.45 points or 0.47% to close at 75,038.15 and the NSE Nifty rose 111.05 or 0.49% to settle at 22,753.80. 

Motilal Oswal Financial Services has filed a prospectus for public issuance of secured NCDs for an amount aggregating up to ₹500 crore with an option to retain over-subscription up to ₹500 crore (“Green Shoe Option”), aggregating to an amount up to ₹1,000 crore. Stock declines 2.09% on the NSE, trading at ₹2,053.60.

Robust Hotels has entered into a loan agreement with group company - Novak Hotels Pvt Ltd - to provide short-term loans/ advances to the extent of ₹175 crore. Stock rises 1.30% on the NSE, trading at ₹148.

Major gainers: Coal India (3.85%), BPCL (3.09%), Hindalco (2.69%), Kotak Bank(2.47%), ITC (2.44%)

Major losers: Cipla (-2%), HDFC Life (-2%), Maruti (-1.55%), Divi’s Lab (-1.47%), L&T (-0.82%)

A total of 1,964 stocks advanced on the BSE at 3 pm on April 10, against 1,837 stocks that declined; 103 stocks remained unchanged. Total stocks traded were 3,904. While 179 stocks recorded a 52-week high, 10 hit a 52-week low. 

In addition, 272 stocks traded in upper circuit, while 287 hit the lower circuit.

ICRA Ltd has upgraded the rating of Mytrah Vayu (Tungabhadra) Pvt Ltd, to ‘ICRA A-/Stable’. Mytrah is a step-down subsidiary of JSW Energy. The JSW Energy stock is up 1 per cent on the NSE, trading at ₹619.25

Fenesta, a part of DCM Shriram Ltd, has received order bookings of ₹1,000 crore in FY24 across multiple segments, include UPVC and aluminium windows and doors, solid panel doors and facades. 

The DCM Shriram stock rose 2.78% on the NSE, trading at ₹981

Reliance Infrastructure has said the Supreme Court’s order in the Delhi Metro case does not impose any liability on it and it has not received any money from DMRC / DAMEPL under the arbitral award. The Reliance Infra stock tanks 20% on the NSE, trading at ₹227.60

GP Petroleums has entered into a distributorship agreement with Omni Trade International, Nepal, to export, sell, supply or distribute the automotive product line of brand ‘REPSOL’ products. GP Petroleums stock rises 1.91% on the NSE, trading at ₹71.85.

Dynavision Ltd has approved the purchase of land in the name of the company through land aggregators Emind Management Consultants & Holdings Pvt Ltd, for setting up solar power generating facilities. The Dynavision stock fell 6.33% on the BSE, trading at ₹312.

Inflows into equity mutual fund schemes were down 16 per cent last month at Rs 22,633 crore, against Rs 26,865 crore logged in February on the back of high valuation concern.

For the first time in several months, small caps registered a net outflow of Rs 94 crore last month against an inflow of Rs 2,922 crore in the previous month, as the market regulator SEBI expressed serious concern over froth in the segment.

The stress test conducted on these small funds revealed the longer timeframe these funds would take if 25 per cent and 50 per cent of the investments come up for redemption. Moreover, the small-cap index fell sharply last month on profit-booking.

Mid-cap funds registered a lower inflow of Rs 1,018 crore against Rs 1,808 in February.

MCap: Rs 83.5bn; CMP: Rs 890; TP: Rs 1100; Upside: 24%; Rating: BUY

Why read this report:

1. Realisation/ tonne and ebitda/tonne trend – showing the impact of rising machining and exports on profitability of the company.

2. Our estimates are conservative vs the street due to base industry headwinds and there could be upside if the company outperforms.

Thesis:

~ We initiate coverage on Happy Forgings Ltd. (HFL) with TP of Rs.1100 (~24% upside) and a BUY rating.

~ A leader in the CV and high HP industrial crankshaft industry with 50% market share, HFL is slated to outperform amid weak industry prospects due to its continuous customer accretion, already proven initiatives to penetrate the PV industry and addition of components in the swiftly growing wind turbine and oil & gas industries. 

~ This is largely driven by its technology prowess both in highly automated heavy press forgings and machining capabilities: its industry-beating machining content and rising traction in profitable exports will support its leadership in margins, as well as credible margin expansion. 

~ Superior capital allocation, impressive return ratios despite equity raise and heavy capex, net cash balance sheet and robust growth can drive re-rating for HFL.

Detailed Report: https://bit.ly/hapIC

Disclaimer: https://bit.ly/39derdz

Thomas Cook (India) Limited and its group company, SOTC Travel, have partnered with the Uttarakhand Tourism Development Board to launch aerial darshans to Adi Kailash & Om Parvat (Dev Bhoomi). The 5-day spiritual helicopter tour has been launched at ₹90,000 – subsidised by Uttarakhand Tourism Development Board (UTDB). 

Infosys Foundation has signed a Memorandum of Understanding (MoU) with the Criminal Investigation Department (C.I.D) of Karnataka and Data Security Council of India (DSCI), to renew the collaboration for the Centre for Cyber Crime Investigation Training & Research (CCITR) at C.I.D Headquarters, Bengaluru. Infosys Foundation has committed a grant of over ₹33 crore to strengthen the cybercrime investigation capabilities of the Karnataka police.

Maruti Suzuki India announces price increase for Swift and selected variants of Grand Vitara.

Prices of Swift have been raised by up to ₹25,000 and Grand Vitara Sigma variant by ₹19,000.

Maruti Suzuki stock trades at 12,691.15 on the NSE, down by 1.53%.

Kajaria Ceramics’ stock declines 1.19% on the NSE, trading at ₹1,241.65

Kotak (2.35%), IDFC First Bank (1.89%), PNB (1.25%), Bank of Baroda (1.04%)

Engineers India’s stock trades at ₹223.70 on the NSE, up 0.70%.

Leading generic drug makers Lupin, Glenmark, and Natco Pharma are recalling products in the American market for manufacturing issues, according to the US health regulator, per a PTI report.

As per the latest Enforcement Report by the US Food and Drug Administration (USFDA), Lupin is recalling 26,352 bottles of Rifampin Capsules (300 mg), an antibiotic medication in the US market.

The affected lot has been produced by the drug firm at its Aurangabad-based facility and marketed in the American market by its Baltimore-based unit Lupin Pharmaceuticals, Inc, the report added.

Mahindra EPC Irrigation’s stock trades at ₹141.40 on the NSE, down by 4.04%.

Tata Motors’ global wholesales in Q4 FY24, including Jaguar Land Rover, were at 3,77,432 nos., higher by 8%, as compared to Q4 FY23. Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in Q4 FY24 were at 1,11,591 nos., lower by 6%, over Q4 FY23. 

Tata Motors stock traded at ₹1,013 on the NSE, up 0.45%.

Jash Engineering has received consolidated orders worth ₹45 crore in March 2024, of which orders worth ₹20 crore are for the Indian market and orders worth ₹25 crore for markets outside India. 

The stock inched up 0.67% on the NSE, trading at ₹1,751.

Automotive volumes (for coverage companies) grew in healthy double-digits during 4Q. This was driven by (a) revival in 2W replacement demand and surge in E2W vols. prior to subsidy reduction and (b) sustained premiumisation (SUVs) led by new launches in PV segment. Moderation in RM inflation is expected to be another key earnings driver for automotive companies in 4Q. We expect benefit of benign RM inflation to continue in 1QFY25. Auto stocks under our coverage are expected to report strong double-digit revenue and earnings growth for 4QFY24. This is expected to be led by (a) robust vol. growth (15% YoY ) driven by PVs and 2Ws, (b) mid-to-high single digit increase in ASPs due to richer product mix and price hikes, (c) moderating RM inflation and (d) positive operating leverage. PV and 2W oriented cos. are expected to witness healthy earnings momentum in the near-term as segments like CVs and Tractors remain muted. MSIL, HMCL, SAMIL, HAPPYFOR, SJS remain our top picks.

Automotive volumes (for coverage companies) grew in healthy double-digits during 4Q. This was driven by (a) revival in 2W replacement demand and surge in E2W vols. prior to subsidy reduction and (b) sustained premiumisation (SUVs) led by new launches in PV segment. Moderation in RM inflation is expected to be another key earnings driver for automotive companies in 4Q. We expect benefit of benign RM inflation to continue in 1QFY25. Auto stocks under our coverage are expected to report strong double-digit revenue and earnings growth for 4QFY24. This is expected to be led by (a) robust vol. growth (15% YoY ) driven by PVs and 2Ws, (b) mid-to-high single digit increase in ASPs due to richer product mix and price hikes, (c) moderating RM inflation and (d) positive operating leverage. PV and 2W oriented cos. are expected to witness healthy earnings momentum in the near-term as segments like CVs and Tractors remain muted. MSIL, HMCL, SAMIL, HAPPYFOR, SJS remain our top picks.

Bharti Airtel’s stock rose 1.50% on the NSE, trading at ₹1,222.55.

Major gainers on the NSE at 12 noon:

BPCL (3.19%), Coal India (2.64%), Kotak Bank (1.70%), Hindalco (1.57%), Bharti Airtel (1.49%)

Major losers:

Cipla (-1.81%), Divi’s Lab (-1.78%), HDFC Life (-1.77%), SBI Life (-1.36%), Maruti (-1.34%)

Total stocks traded were 3,771. The number of stocks that recorded a 52-week high was 154, and those that hit a 52-week low was 10. In addition, 221 stocks traded in upper circuit, while 243 hit the lower circuit.

Key points of ICRA’s report

• Share of CASA in total deposits to continue to decline
• High cost of term deposits to impact bank NIMs
• Internal capital generation expected to meet growth of banks in FY25
• Healthy profitability and low NNPAs to support banks’ solvency

• There is headroom for deposit rates to go up

Transformers and Rectifiers (India) Limited has informed obtained approvals for issuance of equity shares convertible into equity shares through Qualified Institutional Placement (QIP) or preferential allotment for an amount not exceeding ₹500 crore. 

Shares rose 3.07% on the NSE, trading at ₹513.50. 

The stock hit a 52-week high on the NSE today at ₹521.

In a major victory for the DMRC, the Supreme Court on Wednesday held that the PSU was not obliged to pay ₹8,000 crore to the Delhi Airport Metro Express Private Ltd, a Reliance Infrastructure firm, in pursuance of a 2017 arbitral award, per a PTI report.

A bench headed by Chief Justice D Y Chandrachud allowed the curative plea of the Delhi Metro Rail Corporation (DMRC) against the dismissal of its revision plea against the arbitral award.

The appeal and the review petitions of the DMRC, challenging the arbitral award asking it to pay ₹8,000 crore to DAMEPL, were dismissed by the top court which heard the curative petition and reserved the verdict, the report added.

The stock price of Reliance Infrastructure declined 20% to ₹227.60 on NSE.

Petronet (6.24%), Aegis (5.13%), Hindustan Petroleum (4.63%), BPCL (3.17%)

Shares of One97 Communications, Paytm’s brand owner, on Wednesday declined 4 per cent after Paytm Payments Bank’s Managing Director and CEO Surinder Chawla resigned from the company.

The stock dipped 4 per cent to ₹388 on both the BSE and NSE.

The company’s market valuation eroded ₹463.84 crore during the morning trade.

Chawla’s resignation comes amidst Paytm Payments Bank Ltd facing prohibitory action from banking regulator RBI.

Natural gas futures (April contract) on the Multi Commodity Exchange (MCX) have largely traded sideways over the past month. The boundaries are at ₹142 and ₹158. The 50-day moving average lies at ₹160, making the price region between ₹158 and ₹160 a resistance.

Emkay Global Financial (15.05%)

Dc Infotech And Communication (9.99%)

Arvee Laboratories (9.99%)

Vedanta (6.76%)

Petronet LNG (6.39%)

Over the past one year, IT index has underperformed the broader markets as the growth for the Indian IT sector growth has moderated over the past few quarters. This is due to the weak environment, as clients continue to restrict discretionary spending. This is also reflected in the sharp downtick in the growth rate of the global tech spending, which has moderated to 4.4% in 2023 from 8.2% in 2022 (Source: NASSCOM).

The slowdown in the current cycle has been more elongated than anticipated. However, we don’t see a structural risk in the sector. US macro is stabilizing (rate cut indications by FED), and we are at a cusp of a new technology cycle (AI) which we expect will drive demand.

Interestingly, the deal wins over the past few quarters have come through and the book-to-bill appears strong for most companies, as clients look for cost savings to fund transformation programs. Cost take-out programs are the dominant source of demand for Indian IT; however, the deal tenures have got longer limiting revenue accretion on an annual basis.

The improving macros in the developed markets and an impending rate cut are key catalyst to improve the discretionary spending environment. On the profitability front, companies continue to repair their cost structures, given the weak demand and moderating attrition and operating efficiencies, despite a lack of leverage from growth.

The Nifty 50 April futures (22,784) is up 0.21 per cent. Support is in the 22,700-22,670 region. Resistance is around 22,900.

Though an intraday dip to 22,700 cannot be ruled out, we expect the downside to be limited to 22,670. There is a good chance the contract will bounce back again from the 22,700-22,670 support zone and rise to 22,900 in the coming sessions.

Major gainers on the BSE at 11 am:

Tanla (10.16%), NMDC Steel (7.29%), GPIL (7.22%), Vedanta (7.16%), Petronet (6.54%)

Major losers:

Reliance Infra (-19.99%), Newgen (-3.50%), Allcargo (-3.50%), ACE (-3.37%), Motilal Oswal Financial Services (-3.34%)

L&T Finance has received an order in the name of L&T Infrastructure Finance Company Limited whereby the Central Goods & Service Tax Department, Government Of Delhi, has imposed a monetary penalty of ₹69,030 under Section 73 of the Central Goods and Services Tax Act, 2017. 

Stock trades at ₹167 on the NSE, up 0.21%.

Crude oil futures traded marginally higher on Wednesday morning despite the industry data showing increase in crude oil inventories in the US.

At 9.57 am on Wednesday, June Brent oil futures were at $89.43, up by 0.01 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $85.26, up by 0.04 per cent.

Gensol Engineering Limited’s stock rose 2.81% on the BSE, trading at ₹1,011.75.

R Systems International stock inches up 0.15% on the NSE, trading at ₹465.95.

The NSE Nifty was up by 0.25 per cent or 49.30 points to 22,692.05, while the BSE Sensex was at 74,847, up by 0.22 per cent or 163.41 points.

A total of 3,126 stocks were actively traded, 1,677 advanced, while 1,358 declined and 91 stocks remained unchanged, where 88 stocks hit a 52-week high and six stocks hit a 52-week low at 10 am on Wednesday.

Highly placed sources told businessline that Tesla is in talks with Reliance Industries for a possible joint venture to build a manufacturing facility in India.

The Indian rupee strengthened on Wednesday, buoyed by strength in its Asian peers and likely dollar inflows, while traders awaited U.S. consumer inflation data due later in the day.

The rupee was at 83.21 against the U.S. dollar as of 9:50 a.m. IST, up 0.1% compared with its close at 83.3150 on Monday. Indian currency and debt markets were shut on Tuesday for a local holiday.

The dollar index was little changed at 104.14 while most Asian currencies ticked up, with the Indonesian rupiah, up 0.3%, leading gains.

Major gainers are

Vedanta (7.10%)

NMDC (5.02%)

Hindustan Zinc (2.94%)

National Aluminium (2.07%)

“Q4 FY24 Revenue and EBITDA of telecom companies in our coverage universe (Jio (unrated) + Bharti) is expected to increase by 2% QoQ and 3% QoQ to ₹64,660 crore and ₹34,060 crore, respectively led by healthy subscriber addition of 13.2mn, besides building gradual increase in ARPU growth (~1%QoQ). Due to falling competitive intensity, given weak financial position of peers, we maintain our positive stance on the sector. Maintain ‘Accumulate’ rating on Bharti with SOTP based TP of ₹1,269 as we incorporate minor changes in our assumptions.”

PB Fintech’s stock a 52-week high today at ₹1,400.35.

* Copper prices expected to trend higher to $10k/t by Q4 2024 and $12k/t in 2026.

* Base case assumes small cyclical demand growth increase in 2025 and 2026.

* Copper price revised to $9,700/t.

“Robust economic growth, decent corporate earnings, macroeconomic stability, expectations of political stability after elections, sustained capital flows, and retail investor enthusiasm will keep the market resilient despite rich valuations. A significant recent healthy trend in the market is the outperformance of the fundamentally strong largecaps over the mid and smallcaps. This trend is making the market healthier and, therefore, has the potential to continue. Largecap banking stocks are likely to be the leaders if the rally sustains.

The US CPI data to be published today is significant since that will determine the quantum of rate cuts by the Fed this year. The fact that US inflation has come down by two thirds is significant and positive from the market perspective, but the trajectory of inflation, going forward, will largely influence the direction of stock markets, globally.”

* Downgrades China’s outlook to negative due to rising public finance risks.

* Forecasts general government deficit to rise to 7.1% of GDP in 2024.

* Affirms China’s IDR rating at ‘A+’.

Aether stock rose 1.18% on the NSE, trading at ₹841.85.

TV Today Network’s stock trades at ₹231.60 on the NSE, down by 0.54%.

IRB Ahmedabad Vadodara Super Express Tollway Pvt. Ltd. (IRBAV, a subsidiary of IRB Infrastructure Developers) has received the Arbitral Award with respect to its claim on account of revenue losses due to emergence of the competing road running parallel to the project highway. Under the claim, IRBAV had contended that the Competing Road came into existence in 2015-16. Accordingly, compensation amounting to ₹1,032.61 crore plus interest was claimed from NHAI.

IRB stock declined 3.20 per cent on the NSE, trading at ₹68.15.

Lemon Tree Hotels’ unit based at Chennai has received an order for recovery of Service Tax/ GST and penalties from the Office of the Assistant Commissioner of CGST and Central Excise, Guindy Division, Chennai under Section 73 of CGST/ TNGST Act, 2017 and Section 20 of IGST Act, 2017. 

Stock rises 1.34% on the NSE, trading at ₹139.55.

Ramco Systems has tied up with Korean Air to implement its aviation software, Ramco Aviation Suite, at Korean Air’s Engine Maintenance Center. Shares rallied 14.06% on the NSE, trading at ₹324.05.

Major gainers: Bharti Airtel (1.76%), Hindalco (1.56%), BPCL (1.38%), Tata Steel (1.23%), Reliance (1.04%)

Major losers: Divi’s Lab (-1.31%), Sun Pharma (-0.56%), Eicher Motors (-0.50%), Adani Ports (-0.48%), HDFC Bank (-0.42%)

Silver prices edged closer to $28 per ounce on the back of higher consumer and industrial demand. Furthermore, robust manufacturing statistics from main buyer China, as well as expectations for increased solar installations, boosted the metal’s industrial outlook. According to a study, small-business confidence in the United States fell to its lowest level in more than 11 years in March, as inflation fears increased. Last quarter, eurozone banks dropped the limit on mortgage approvals for the first time in more than two years, but credit demand continued to plummet due to high borrowing rates and a stagnating economy, according to a European Central Bank.

Key economic data slated for release includes Core CPI m/m, CPI m/m, CPI y/y, FOMC Meeting Minutes from US Zone.

Gold prices fell as investors awaited minutes from the US Federal Reserve’s policy meeting and key inflation statistics to determine the timing and amount of interest rate decreases. According to Atlanta Fed President Raphael Bostic, if progress on inflation pauses and the economy continues to underperform, the Federal Reserve may not lower interest rates this year. Bank of America (BofA) anticipates gold prices to average $2,500 per ounce by the fourth quarter of this year, citing strong demand from central banks and Chinese retail consumers.

Key economic data slated for release includes Core CPI m/m, CPI m/m, CPI y/y, FOMC Meeting Minutes from US Zone.

On Tuesday, the benchmark indices hit a new all-time high of 22,768/75,124. However, it failed to sustain at higher levels due to weakness in BFSI and IT stocks. Among sectors, the Metals and Realty indices outperformed. Although the mid and small-cap indices remained unchanged, we saw a few stocks sliding to their crucial support levels. 

From a technical standpoint, Nifty/Sensex crossed the 22,660/74,650 resistance mark after a gap-up opening and accelerated positive momentum after the breakout. However, profit booking at higher levels turned the sentiment volatile. For trend-following traders, 22770/75125 would act as a trend-deciding level. Above that, the market can move towards 22850-22900-23000/75350-75500-75800. On the other hand, below 22660/74650, the market may retest 22550-22500/74300-74200 levels. It is advisable to take profits on long positions around 22900/75500 levels. Buying is recommended between 22600 and 22550 levels, with a stop loss at 22400 levels.

The Bank-Nifty managed to surpass an all-time high level at 48,650. Above 48,650, it could move to 49200/49500 with minor resistance at 49000 levels. Buying the dips should be the strategy, with support existing at 48500 and 48400. Over the past few weeks, we have been seeing a lot of traction for commodities, they could be smart performers of the current bullish trend.

Crude oil futures traded marginally higher on Wednesday morning despite the industry data showing an increase in crude oil inventories in the US. At 9.08 am on Wednesday, June Brent oil futures were at $89.47, up by 0.06 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $85.31, up by 0.09 per cent. April crude oil futures were trading at ₹7,098 on the Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday morning, against the previous close of ₹7,102, down by 0.06 per cent, and May futures were trading at ₹7,060 against the previous close of ₹7,049, up by 0.16 per cent.

This week, stock markets will be closed on Thursday, April 11th, for Eid Celebrations, leading to a truncated trading period. Volatility is expected in today’s trading due to significant US events, including the release of March US CPI and the minutes of the Fed’s March FOMC meeting. Positive factors such as expectations of robust Q4 corporate earnings and a pre-election rally are supporting the market. Bank Nifty’s inclusion in rising sectoral indices reflects anticipation of healthy Q4 earnings from banks. Technically, Nifty’s support is at 22369, with options data suggesting a trading range of 21700-23000. TCS officially kicks off the Q4 earning season on April 12th. Preferred trade strategies include buying opportunities for Nifty and Bank Nifty within specific price zones. The chart of the day is bullish on stocks like APOLLO HOSPITAL, EICHER MOTORS, INDIGO, and M&M. The top stock pick is APOLLO HOSPITALS, with a recommended buy at CMP and specific target levels, driven by momentum play.

On Tuesday, the benchmark indices hit a new all-time high of 22768/75124. However, it failed to sustain at higher levels due to weakness in BFSI and IT stocks. Among sectors, the Metals and Realty indices outperformed. Although the mid and small-cap indices remained unchanged, we saw a few stocks sliding to their crucial support levels. 

From a technical standpoint, Nifty/Sensex crossed the 22660/74650 resistance mark after a gap-up opening and accelerated positive momentum after the breakout. However, profit booking at higher levels turned the sentiment volatile. For trend-following traders, 22770/75125 would act as a trend-deciding level. Above that, the market can move towards 22850-22900-23000/75350-75500-75800. On the other hand, below 22660/74650, the market may retest 22550-22500/74300-74200 levels. It is advisable to take profits on long positions around 22900/75500 levels. Buying is recommended between 22600 and 22550 levels, with a stop loss at 22400 levels.

The Bank-Nifty managed to surpass an all-time high level at 48650. Above 48650, it could move to 49200/49500 with minor resistance at 49000 levels. Buying the dips should be the strategy, with support existing at 48500 and 48400. Over the past few weeks, we have been seeing a lot of traction for commodities, they could be smart performers of the current bullish trend.

Dividend

10-Apr-24

DCMSRIND: Interim Dividend - ₹2.00

VESUVIUS: Final Dividend - ₹12.75

12-Apr-24

MOLDTECH: Interim Dividend - ₹2.00

SHK: Interim Dividend - ₹0.75

MOLDTKPAC: Interim Dividend - ₹2.00

GOODLUCK: Interim Dividend - ₹2.00

16-Apr-24

FORTISMLR: Interim Dividend

Buyback

Tips Industries: Ex-Date: 22-Apr-24

Freshtrop Fruits: Open: 08-Apr-24; Close: 16-Apr-24

Bonus

Grauer & Weil (India): Bonus Issue 1:1; Ex-Date: 10-Apr-24

Integrated Industries: Bonus Issue 1:1; Ex-Date: 16-Apr-24

Anup Engineering: Bonus Issue 1:1; Ex-Date: 23-Apr-24

Stock Split

Sprayking Agro : Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 12-Apr-24

Suratwwala Business : Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 18-Apr-24

Bharat Bijlee: Stock Split From Rs. 10/- to Rs. 5/-; Ex-Date: 24-Apr-24

Right Issue

Tierra Agrotech: Open: 28-Mar-24; Close: 10-Apr-24

Sawaca Business Machines: Open: 02-Apr-24; Close: 12-Apr-24

Balkrishna Paper Mills: Open: 02-Apr-24; Close: 15-Apr-24

Mishtann Foods: Open: 02-Apr-24; Close: 17-Apr-24

Spectrum Foods: Open: 08-Apr-24; Close: 22-Apr-24

Shiva Cement: Open: 22-Apr-24; Close: 06-May-24

Aa Plus Tradelink: Open: 22-Apr-24; Close: 06-May-24

Open Offer

Route Mobile: Open: 27-Mar-24; Close: 12-Apr-24

CLSA on Vedanta: Upgrade to Buy on Company, raise target price at ₹390/sh (Positive) 

Jefferies on Godrej Prop: Maintain Buy on Company, raise target price at ₹3175/sh (Positive) 

MOSL on MCX: Upgrade to Buy on Company, raise target price at ₹4300/sh (Positive) 

Emkay on Shriram Pistons: Maintain Buy on Company, target price at ₹2450/sh (Positive) 

Antique on Bharti Airtel: Initiate Buy on Company, target price at ₹1505/sh (Positive) 

MOSL on Kolte Patil: Initiate Buy on Company, target price at ₹700/sh (Positive) 

Jefferies on Coal India: Maintain Buy on Company, target price at ₹520/sh (Positive) 

Jefferies on JSW Steel: Maintain Hold on Company, raise target price at ₹900/sh (Positive) 

Jefferies on Tata Steel: Maintain Buy on Company, raise target price at ₹200/sh (Positive) 

Jefferies on Hindalco: Maintain Buy on Company, raise target price at ₹700/sh (Positive) 

CLSA on Vodafone Idea: Maintain Sell on Company, target price at ₹5/Sh (Neutral) 

Jefferies on Indus Tower: Maintain Underperform on Company, target price at ₹250/Sh (Neutral)

Price Band changes from 10% to 5%: Paisalo Digital. 

Moved into short-term ASM framework: Automotive Stampings and Assemblies, Best Agrolife. 

Ex/record dividend: Vesuvius India, DCM Shriram Industries.

Ex/record AGM: SpiceJet. 

Moved out short-term ASM framework: Dynacons Systems and Solutions, Emami Realty.

Astec LifeSciences: Ajay Kumar Aggarwal bought 1.2 lakh shares (0.61%) at ₹1,254.07 apiece. 

Five-Star Business Finance: TPG Asia VII Sf Pte Ltd sold 56.54 lakh shares (1.93%) at ₹752.02 apiece. 

Gland Pharma: Lakumi Trust sold 61.65 lakh shares (3.74%) at ₹1,739.1 apiece, while Nicomac Machinery sold 19.55 lakh shares (1.18%) at ₹1,735.31 apiece. 

Route Mobile: Rajasthan Global Securities bought 4 lakh shares (0.63%) at ₹1,610 apiece. 

Edelweiss Financial Services: Pabrai Investment Fund 3 sold 53.24 lakh shares (0.56%), while CLSA Global Markets PTE bought 53.24 lakh shares (0.56%) at ₹74.5 apiece. 

NIRLON: Sadafuli Finvest sold 9.07 lakh shares (1%), while ICICI Prudential Mutual Fund bought 9.07 lakh shares (1%) at ₹430 apiece.

Oricon: Company approved sale of co’s manufacturing, trading and sale of plastic closures and preforms business in Goa, Odisha

GPIL: Company says 8 mw bio mass power plant resumed ops with full capacity

Coal India: Coal ministry wants to get 20 new mines operational by the end of the year. 

BEL: Company is likely to get contract worth Rs 6000 - 6200 cr: media sources 

Inox Wind: Company raises its execution target to 800 megawatts for the current financial year. 

JSW Energy: Company aims to reach 20GW capacity ahead of its 2030 target

Axis Bank: Morgan Stanley, Bank of America, Goldman, CoptHall, Société Generale were major buyers in bock deal 

SJVN: Company’s arm signs JV agreement with Assam Power Distribution Company.

Paisalo: AUM up 32% at ₹4,622 cr as of March 31, 2024, vs ₹3,492 Cr, Disbursements up 38% at ₹3,588 cr as of March 31, 2024, vs ₹2,599 cr YoY. 

Blue Star: Company expects up to 25% growth in sale of residential ACs in the June quarter.

IndiGo: Company expands Airbus fleet with order of 10 A320 NEO aircraft in March. 

Maruti Suzuki: Company to produce both petrol and CNG variants of Ertiga at its new Manesar plant.

ICICI Prudential: Company gets GST order worth Rs 20.5 crore from Gujarat tax authorities for FY2019.

Aditya Birla Fashion: Company incorporates new company ‘Aditya Birla Lifestyle Brands’

Welspun Living: NCLT, Ahmedabad approves amalgamation of 5 wholly-owned subsidiaries

Shivalik Rasayan: US FDA inspection of Dahej-based API facility of the company ends with 7 observations.

Gateway Distiparks: Sikander Yadav, Chief Financial Officer (Key Managerial Personnel) of the Company has tendered his resignation.

Avenue Supermarts: The company opened a new store in Bengaluru. The total number of stores as on date stands at 366.

Insolation Energy: The company reported FY24 consolidated revenue up 164% YoY at ₹738.8 crore.

Shoppers Stop: The company has collaborated with EaseMyTrip for sponsored holidays.

Q4 preview: Muted ARPU improvement; flattish margin

Bharti Airtel (India Mobile) and Jio would register QoQ revenue growth of 1.5-2.8% in Q4FY24, in our view. RJio is set to benefit from industry-leading subscriber addition in Q4 (10.5mn) aided by competitive pricing of its plans, while Airtel would be backed by the mix of subscriber addition and conversion of 2G subscribers (to 4G). Vi is likely to lose subscribers and witness sequential decline in revenue. Bharti’s focus on rural and 5G rollout is likely to aid Indus’s tower/tenancy addition. For Indus Towers, the trajectory of receivables/ provisioning remains the key monitorable. For Vi, Company’s plans for fund-raising and 5G rollout will be keenly watched. Tata Communications (TCom) is likely to maintain revenue growth in data. We reckon Tejas would see improvement in revenue and margin, as it continues to ramp up shipment of 4G wireless equipment to BSNL. We roll forward our estimates by a quarter to Q4FY26 for our coverage companies, while our FY25/FY26 estimates remain largely unchanged. We continue to favor Bharti Airtel and RJio among wireless players.

EV forays combined with a steady core; retain BUY

TARGET PRICE: ₹1,350

“We reiterate our positive stance on GOLI, led by steady core volume growth (7% core volume CAGR over FY24-26E, >2x of the industry growth), and a 13-14% EBITDA margin profile supported by input cost management, strategic pricing, and marketing efforts. GOLI has acquired stakes in EV-related businesses, including a 51% controlling stake in Tirex (a DC fast-charger manufacturer in India) for ~Rs1bn, potentially yielding ~₹600 crore in value (~₹100/sh upside). GOLI’s tie-ups with EV OEMs has resulted in traction for its EV fluids, however revenue contribution remains in low-single digit. We assign 16.5x target P/E multiple (~20% discount to Castrol’s 1-yr fwd consensus P/E) vs. 15.0x earlier, and raise our Mar-25E TP by 13% to ₹1,350/sh. We affirm BUY rating on GOLI

* BANDHANBANK

* EXIDE

* HINDCOPPER

* IDEA

* INDIACEM

* SAIL

* ZEEL

● From Price Action Perspective:

Post a positive opening closer to 22750, minor profit booking from a higher level was visible, led by selling pressure in Reliance and IT Stocks. 

Bank Nifty witnessed a continuation of the positive momentum visible since the past week with strong momentum visible in ICICIBANK yesterday and HDFCBANK consolidating closer to its resistance zone at 200 DMA zone of 1560. 

Sectoral indices such as Realty, Metal, Auto, Financial Services, Infra, and Banking are displaying superior relative strength where we expect momentum to continue while IT, Media, and FMCG are expected to continue their underperformance going forward. 

● From the Global Market perspective:

Dollar Index, is currently stable around 104.15 and is a short-term positive. 

US10 year yields too have been trading around elevated levels of 4.40% since the past few sessions. 

Brent Crude Oil prices, currently trading closer to $91 a barrel, could be a real cause of worry from an Indian perspective. 

US CPI data scheduled tonight will be extremely crucial as that would be a key determinant of the Fed Policy Action going forward. 

A softer inflation would mean Fed could start cutting rates soon, while a hot inflation number above 3.4% would mean Fed deffering its Rate cut plan by a few more months until inflation is under an acceptable level. 

● Key Nifty levels:

While Indices are in an overall uptrend, it’s important to be cognizant of the fact that Election dates are now approaching closer, and with Brent Crude oil prices, steadily inching up warrants some caution. 

Going forward, hence one should keep trailing their long positions with key support levels in mind. Strong support lies around 22480-22500, which is the swing high of March 2024 & and until this zone holds, the upmove could extend upto 22830-22870 levels on the upside. Any sustainable move above the level of 22870 will lead to an extension of the rally towards 22980-23030 in the short term. 

If in case index slips below 22480, it will lead to further selling pressure in the index upto the 22350-22280 level. 

● OI data Interpretation

Nifty PCR is currently around 1.05 levels, implying strength in the indices. 

Meaningful call writing is witnessed across 22700-22800 strikes, while Significant Put writing was witnessed in 22600-22500 strikes. 

The overall range for the coming few sessions could be 22850 on the upside & 22500 on the downside.

● Key Bank Nifty Levels:

With HDFCBANK, ICICIBANK, and Indusindbk displaying volatility, the sentiments have been quite buoyant for the Banking Index, and texture has changed to buy on dips. Also, in the last 5 days, Index has witnessed the formation of Higher Top Higher Bottom pattern. 

Till Index holds above its crucial supports placed at 48300-48400, which is Jan 2024 swing high, the current positive momentum could extend towards the zone of 49100-49250. 

If the index slips below 48250, it will lead to further selling pressure in the index upto the 47950-47800 level. 

From the Open Interest perspective, 

With Banknifty PCR currently above 1.15 and significant call writing seen at 48800-49000 strikes and 48600 puts, it implies a range of 48400 and 49200 for the next few days.

● Sectors & stocks in Momentum:

From the broader market,

IciciBank, Apollo Hospital, Bajaj Finserv, BEL, AB Capital, Eicher Motors, Hind Copper, Nalco, Grasim, HAL, Icici Lombard, Policybzr, BEML, Castrol, MCX, Sail, Tata Power & Zomato look good based on technical parameters as well as on the Relative Strength chart.

● FII - DII Data Synopsis:

In Cash Market,

FIIs have been sellers to the tune of 593 cr while DIIs bought to the tune of 2257 Cr. 

FIIs’ Long short ratio of index futures improved to 51% as on a net basis, they bought 27659 index futures. 

On the stock futures front, FIIs have bought to the tune of 13637 contracts, while on the Options Front, FIIs bought 167901 call contracts and 162395 Put Option contracts.

Turnover: (NSE + BSE)

Cash Volume: 89282.31 + 10297.27 Total : 99579.58

F&O Volume: 467185.87 + 270009.2 Total : 737195.07

Provisional Cash Rs. In Crs.

FII/FPI: NET SELL: -593.2 

(13964.84 - 14558.04) 

DII: NET BUY: +2257.18 

(11130.49 - 8873.31)

Closing Bell:

Sensex: 74683.70(-58.80) 

Nifty 50: 22642.75 (-23.55)

Nifty bank: 48730.55 (+148.85)

Nifty top 5 Gainers:

Apollo Hospitals: 6,505.05 (+197.30)

Hindalco: 588.60 (+11.80)

ICICI Bank: 1,107.05(+19.90)

Bajaj Finserv: 1,710.40 (+21.25)

Infosys: 1,494.85 (+18.15)

Nifty top 5 losers:

Titan: 3,679.35 (-69.55 )

Coal India: 439.85 (-7.55 )

Hero MotoCorp: 4,521.70 (-73.40 )

Reliance Industries: 2,927.30 (-44.65 )

Asian Paints: 2,857.15 (-34.85)

IIFL Wealth managed 360 ONE Funds is planning to sell up to 21.5 lakh shares in Protean eGov Technologies via block deal, say reports. 

The deal size is pegged at about ₹245 crore, including green shoe option.

Delta Air Lines, Inc. (Pre market) (Sector- Aviation)

18:00 US CPI y/y (Expected: 0.3% versus Previous: 0.4%)

22:15 US FOMC Member Barkin Speaks

23:30 US FOMC Meeting Minutes

The BSE Sensex crossed the 75,000 milestone on April 09, 2024, a few days ahead of the start of the general elections to the Lok Sabha. It would be worth recollecting that the Sensex had crossed the 25,000 milestone 10 years back on May 16, 2014, the exact day the 2014 general elections results were announced. Here’s a closed look at the journey of Sensex in the last 10 years.

Domestic equities are expected to open on a weak-to-flat note on Wednesday. Profit taking amid valuation concerns will keep domestic markets under pressure, said analysts. Asian stocks are mixed ahead of key inflation data in the US, which will give some cues about Federal Reserve’s next steps on inflation rate. Australian shares edged higher even as Japanese stocks are down. Despite stiff valuation, Indian stocks will continue the gaining momentum, say analysts. Reliance Industries is likely to be in focus today. Highly placed sources told businessline that Tesla is in talks with the company for a possible joint venture to build a manufacturing facility in India.

Reliance Industries is likely to be in focus today. Highly placed sources told businessline that Tesla is in talks with Reliance Industries for a possible joint venture to build a manufacturing facility in India. “Talks are at initial stages and have been ongoing for over a month,” said a person aware of the development. The source said the move shouldn’t be construed as RIL’s entry into the automobile space. RIL’s objective in the joint venture is to build capacities for electric vehicles in India.

Nearly a year after announcing an upgrade to YONO, State Bank of India’s super app, Dinesh Khara, Chairman, SBI, revealed that YONO 2.0 should hit the ground in a few months. “We’ll start having some early outcomes on YONO 2.0 from June – July,” he affirmed. In an exclusive interview with businessline, Khara said that with YONO 2.0, SBI aims to create a modular computing structure with more than two core transactions running at a fast pace. 

Surinder Chawla, MD & CEO of Paytm Payments Bank, subsidiary of One97 Communications, has resigned citing personal reasons and better career prospects. Meanwhile, shareholding pattern disclosed by Paytm has revealed that foreign portfolio investors increased their stake to 20.64 per cent from 18.64 per cent in the December FY24 quarter and MFs to 6.15 percent from 4.99 per cent.

IndusInd International Holdings (IIHL), promoter entity of IndusInd Bank, has signed a definitive agreement with Invesco India Asset Management to form a joint venture. IIHL will acquire a 60 per cent shareholding in Invesco India Asset Management, while Invesco Limited will retain a 40 per cent stake in the newly formed joint venture. Both IIHL and Invesco will have sponsor status.

Shyam Metalics has announced foray into stainless steel flat products. The new facility will have a capacity of 0.3 tpa and will specialise in the production of 200 and 400 series stainless steel hot rolled coils. The company has also applied to acquire a new 20-acre land parcel at the newly acquired Mittal Corp. The expansion includes plans to establish a stainless steel bright bars capacity of 25,000 tpa and a stainless steel wires division with a capacity of 18,000 tpa. The project is likely to be commissioned by mid-financial year 2027 and the estimated capex outlay for the project is slated to be in the range of ₹650 crore-₹750 crore.

Drug major Lupin has launched first generic version of Oracea in the US, which is used in the treatment of inflammatory lesions of rosacea in adult patients. The capsules had annual sales of $128 million in the US, per the IQVIA MAT data for February 2024.

Exide Industries said it will iinvest ₹5.34 crore to acquire 26 per cent stake in Clean Max Arcadia Pvt. Ltd., a special purpose vehicle by Clean Max Enviro Energy Solutions Pvt. Ltd.

PB Fintech, owner of Policybazaar, incorporates a wholly owned subsidiary PB Pay Pvt. Ltd.

Shivalik Rasayan said that US drug regulator USFDA has completed inspection of Dahej-based API facility of the company with seven observations. The facility was inspected between April 1 and April 9, 2024. These observations are procedural in nature, according to the company.

RattanIndia Power has informed the exchanges that Ankur Mitra has resigned as Chief Financial Officer (CFO) and key managerial personnel of the company, with effect from April 9. The board has appointed Manish Ratnakar Chitnis as Chief Financial Officer of the company as of the same date. Further, Gaurav Toshkhani is appointed as Company Secretary (CS) and key managerial personnel of the company with immediate effect, in place of Lalit Narayan Mathpati.

Gold exchange traded fund has been gaining traction among both investors and physical gold jewellery buyers even as the prices have been increasing steadily.

The asset under management of gold ETF has gone up 33 per cent to ₹28,530 crore as of February against ₹21,400 crore in February, 2023.

The AUM of Nippon Gold BeeS has increased 24 per cent as of February to ₹8,929 crore against ₹7,203 crore in same period last year while ICICI MF and HDFC Gold ETF assets were up at ₹4,946 crore (₹3,152 crore) and ₹4,118 crore (₹3,353 crore).

The short-term outlook is bullish for Petronet LNG. The stock price has been moving up since the last week of March. A resistance coming up at ₹293, which can be tested this week.

However, the price action on the chart indicates a high chance of this resistance being broken. Such a break can boost the bullish momentum. Petronet LNG stock price can surge to ₹315 over the next two to three weeks.

Here are the key intraday supports and resistances to watch out for ​Nifty Futures, RIL, ONGC, TCS, Infosys, HDFC Bank, SBI, and ITC​

Tesla may be scouting for a local partner to set up its operations in India. Highly placed sources say the US electric vehicles major is in talks with Reliance Industries for a possible joint venture to build the manufacturing facility in the country.

“Talks are at initial stages and have been ongoing for over a month,” said a person aware of the development. The source further said the move shouldn’t be construed as RIL’s entry into the automobile space. RIL’s objective in the joint venture is to build capacities for electric vehicles in India. Click here to read the complete report on Reliance’s JV with plan with Tesla.

Asian stocks traded cautiously ahead of key inflation data that will help shape the outlook for the Federal Reserve’s next steps, per a Bloomberg report.

Australian shares edged higher as did futures for the Hong Kong equity benchmark. Japanese stocks declined, with trading in the region likely to be muted by holidays in countries including Singapore. Contracts for US equities were steady after the S&P 500 fell as much as 0.8% before finishing 0.1% higher. Treasuries levelled in early Asian trading after advancing Tuesday, with 10-year yields dropping from the highest levels this year, the report added.