Share Market Highlights 16 April 2024: Sensex sheds 456 pts, Nifty slips below 21,450

The rupee depreciated 14 paise to close at 83.57 (provisional) against the US dollar on Tuesday, weighed down by a negative trend in domestic equities and a strong greenback against major crosses overseas amid geopolitical tensions.

Forex traders said a weak appetite for riskier assets and recent foreign capital outflows also dragged down the local unit.

At the interbank foreign exchange market, the local unit opened at 83.51 and finally settled at 83.57 (provisional), registering a loss of 14 paise from its previous close.

On Monday, the rupee declined 6 paise to settle at 83.44 against the US dollar.

Equity benchmark indices Sensex and Nifty continued to slump on Tuesday, dragged down by heavy selling in IT stocks amid weak global trends and fears of escalating tensions in West Asia.

The outflow of foreign funds also dented investors’ sentiment.

Continuing its downtrend for the third day running, the 30-share BSE Sensex tanked 456.10 points or 0.62 per cent to settle at 72,943.68. During the day, it slumped 714.75 points or 0.97 per cent to 72,685.03.

The NSE Nifty declined 124.60 points or 0.56 per cent to finish at 22,147.90.

The Outlook is Stable. Fitch has also affirmed BOI’s Viability Rating (VR) at ‘b+’. 

It further said, “At the same time, we have affirmed BOI’s Government Support Rating (GSR) of ‘bbb-’ and BOI NZ’s Shareholder Support Rating (SSR) of ‘bbb-’”

Bharti Airtel reports 5.9 million 5G customers in Tamil Nadu, with network coverage spanning all districts. The shares were down by 0.65% to Rs 1215 on the BSE.

A total of 3,908 stocks were actively traded, 2,167 advanced, while 1,621 declined and 120 stocks remained unchanged where 165 stocks hit a 52 week high and 17 stocks hit a 52 week low at 3.15 pm on Tuesday on BSE.

Major gainers on the NSE at 3.13 pm include Eicher Motors (3.24%), Divis Laboratories (1.44%), Oil and natural gas corporation (1.27%), Titan (1.15%), Hindustan Unilever (1.05%)

Major losers include- Infosys (-3.65%), IndusInd Bank (-3.25%), Ltimindtree (-3.22%), Bajaj Finserv (-2.38%), Wipro (-2.33%)

BSE Sensex was down by 0.75% or 531.48 points to 72,919 while NSE Nifty was at 22,136.75 down by 0.61% or 135.75 points at 3.10 pm

PHF Leasing Ltd, Metropolitan Stock Exchange listed, deposit accepting NBFC, headquartered in Jallandhar, Punjab, has raised $10 million via a mix of equity and debt. This includes around 60% equity and 40% debt. This money will be used to fund the aggressive growth that the company is witnessing in the segments that it operates in.

PHF Leasing is a category “A” Deposit accepting Non-Banking Financial Company registered with Reserve Bank of India since 1998. The company offers Mortgage loans against immovable property (LAP) and financing E-vehicles primarily E-rickshaws, E-loaders and EV – 2 wheelers.

NSE-listed Tembo Global Industries Ltd., a leading manufacturer and fabricator of metal products for industrial, commercial, utility, and OEM installations, has appointed Firdose Vandrevala as its Non-Executive director.

Kolkata-headquartered Nephro Care India Ltd. files DRHP with NSE Emerge

· IPO comprises a fresh issue of 45,84,000 equity shares with a face value of Rs. 10 each

· In December 2023, Nephro Care India Limited successfully closed the pre-IPO funding round, which saw the participation of banking veteran and former chairman of HDFC Ltd, Deepak Parekh, Chairman of HDFC Securities Bharat Shah, and Rajendra Agarwal, Founder and MD of Macleods Pharmaceuticals, among others.

· The Kolkata-headquartered healthcare provider is a one-stop treatment centre, that offers a wide range of clinical and lifestyle solutions and renal insufficiency treatment to patients

· NCIL intends to utilise net proceeds from the IPO to set up a multi-speciality hospital ‘Vivacity Multi Speciality Hospital’ at Madhyamgaram in Kolkata, West Bengal, and for general corporate purposes

· Nephro Care India Limited posted a revenue of Rs. 19.90 crore in the first nine months of FY2023-24, compared to a revenue of Rs. 17.09 crore in FY2022-23

· Corporate Capital Ventures is the Book Running Lead Manager, and Bigshare Services Private Limited is the Registrar for the issue

Fitch Ratings has affirmed State Bank of India’s (SBI) Long-Term Issuer Default Rating (IDR) at ‘BBB-’. The Outlook is Stable. Fitch has also affirmed the bank’s Viability Rating (VR) at ‘bb’ and Government Support Rating (GSR) of ‘bbb-’.

Thomas Cook Ltd.’s shares surge 10% to Rs 191.95 on the BSE. The company expanded its Foreign Exchange distribution with a new counter at its Laxmi Nagar Gold Circle Partner outlet, increasing consumer access to 12 locations across Delhi-NCR.

​Marksans Pharma Ltd.​’s shares were up by 11.63% to Rs 174.50 on the ​BSE​. MIT brought 66lk shares (1.45%) worth Rs 104 crore

Capacite Infra Ltd.’s shares were up by 2.09% to Rs 305.85 on the BSE. The company’s Valiant Mauritius Partners bought 5.72 Lk shares

Ramkrishna Forgings Ltd.’s shares were up by 2.21% to Rs 721.95 on the BSE. The company received Rs 270 crore order from consortium led by BHEL.

Gujarat Gas Ltd.’s shares were down by 2.56% to Rs 558 on the BSE. The company and IOCL have signed a non-binding MOU to broaden the scope and accessibility of energy solutions for consumers

Jio Financial Services Ltd.’s shares were up by 2.31% to Rs 362 on the BSE. The company and BlackRock in 50:50 JV for wealth management, brokerage business

Vedanta Ltd.’s shares were up by 1.25% to Rs 375.20 on the BSE. The company secured ₹3,900 crore loan from India’s Power Finance.

Atam Valves Limited achieved total revenues of ₹52.62 crore in FY24, with a focus on expanding market presence and obtaining API certification by Q2 FY25. The company’s Q4 FY24 highlights include total income of ₹17.27 crore, EBITDA of ₹4.01 crore, and a PAT of ₹2.68 crore. The shares were down by 1.17% to Rs 4751.15 on the NSE.

Fitch revises outlooks for Chinese state banks to negative from stable.

Basemetals weak

Russia considers cancelling gold export duty

Hubtown Limited alloted 20 Secured, Unlisted, Redeemable, and Non-Convertible Debentures (NCDs) of face value Rs. 10,00,000 each, out of the total 700 NCDs issued on January 25, 2024, following a Board resolution. The shares were up 0.31% to Rs 131.40 on the NSE.

CRISIL Limited reported its unaudited financial results for Q1 2024 show a 3.2% increase in income from operations and a 1.0% rise in profit before tax, with an interim dividend of Rs 7 per share declared. Total income for the quarter rose 3.6% to Rs 758.8 crore, while profit after tax decreased by 5.5% to Rs 137.7 crore compared to the same quarter last year. The shares were down by 2.63% to Rs 4707.85 on the BSE.

Coal India Limited reported that it increased its capital expenditure by 6.5% to Rs 19,840 crores in FY 2024. The company exceeded its capex target of Rs 16,500 crores, with a focus on strengthening coal transportation infrastructure and land acquisition for future production needs. Land acquisition and associated rehabilitation and resettlement costs have risen by 52.5% to Rs.5,135 crores in FY 2024. The shares were up by 0.10% to Rs 451.35 on the BSE.

Happy Forgings Limited secured a multi-year contract to supply Brake Flanges for US utility vehicles. The contract, valued at Rs. 60-70 crores annually and totaling approximately Rs. 500 crores until December 2034, is the company’s entry into the US Passenger Vehicles segment, the shares were up by4.79% to Rs 947.90 on the BSE

Aditya Birla Capital launched ABCD D2C platform to enhance its digital transformation, aiming to add 30 million new users in 3 years, and become a full-stack financial services provider. Shares were up by 3.07% to Rs 109 on the BSE.

BSE Sensex fell 424.03 pts or 0.58 per cent to trade at 72,975.75 as of 12.16 pm, and Nifty 50 traded at 22,166.85, down by 105.65 pts or 0.47 per cent.

Sectoral indices traded in a mix. Nifty IT and PSU bank stocks fell over 1 per cent as of 12.19 pm. Nifty bank declined by 0.65 per cent to 47,461.05.

The stocks that emerged as major gainers on the NSE as of 12.22 were Eicher Motors (3.46%), ONGC (2.16%), Titan (1.07%), Divi’s Laboratories (0.97%), and Hindustan Unilever (0.84%). Meanwhile, LTIMindtree (-2.71%), Infosys (-2.62%), IndusInd (-2.51%), Bajaj Finserv (-2.29%), and Bajaj Finance (-1.70%) were major laggards.

Dynacons Systems & Solutions Ltd has secured a five-year contract from National Bank for Agriculture and Rural Development (NABARD) for ₹233 crore.

As per the stock exchange filing, the project involves upgradation and migration of core banking solution (CBS) from Finacle 7.0 to Finacle 10.2.25, operating on the Application Service Provider (ASP) model., deployment of services, encompassing consultancy, implementation, customisation, and ongoing support and CBS upgrade, migration, and maintenance, alongside infrastructure and network enhancements from technology vendors such as HPE, Oracle, Fortinet, Array, and Versa. 

Dynacons Systems & Solutions Limited secured a contract from NABARD for upgrading and migrating Core Banking Solution (CBS) from Finacle 7.0 to Finacle 10.2.25, with services including consultancy, implementation, customization, and ongoing support. The project, valued at Rs. 233 crores, will cover 1391 branches of 38 State Coop Banks across 8 states on an OPEX basis for 5 years. The shares were up by 15.88% to Rs 1094.50 on the BSE.

A total of 2,471 stocks were actively traded, 1,631 advanced, while 752 declined and 88 stocks remained unchanged where 68 stocks hit a 52 week high and 17 stocks hit a 52 week low at 12.08 pm on Tuesday on NSE.

Major gainers on the NSE include- Eicher motors (3.34%), Oil and natural gas corporation (2.57%), Bharat petroleum corporation (0.93%), Titan company (0.87%), Hindustan Unilever (0.73%)

Major losers include- Ltimindtree (-2.68%), IndusInd Bank (-2.51%), Infosys (-2.47%), Bajaj Finserv (-2.23%), Bajaj Finance (-1.70%)

ITCONS E-Solutions Limited, under a Master Service Agreement with HCL Technologies, received a work order worth Rs 5.90 lakh to provide onsite support services for Airtel’s mend/data Centre locations with 11 employees deployed today. Shares were up by 0.73% to Rs 51.20 at 11.31 am on the BSE.

Bigbloc Construction Limited’s subsidiary, Bigbloc Building Elements Private Limited, announced the installation of a 625 KW rooftop solar power project. The shares were up by 0.85% to Rs 214.15 on the BSE.

Shares of Jio Financial Services rose 5% on Tuesday, a day after it entered into a new joint venture with BlackRock to set up a wealth management and broking business in the country.

The stock was last up 3.5% at ₹366.65, while the broader market was down 0.7%. The stock has jumped 40% since it was spun out of billionaire Mukesh Ambani-led Reliance Group last year. It had fallen 4.8% on Monday.

The sell-off in global equities continues to weigh on Indian benchmark indices. The Nifty 50 has fallen further and is now trading at 22,200, down 0.33 per cent. The advance-decline ratio is at 17:33, showing weakness. Unless the ratio improves in favour of advances, the index is likely to remain under pressure.

The rupee depreciated 9 paise to 83.53 against the US dollar in early trade on Tuesday, weighed down by a strong American currency and elevated crude oil prices.

Forex traders said a negative trend in domestic equities and sustained foreign fund outflows also dented investor sentiments.

Sterlite Technologies Ltd (STL) has raised ₹1000 crore through a qualified institutional placement (QIP).

According to the company’s stock exchange filing, it approved the issue and allotment of 8.84 crore equity shares to qualified institutional investors, including HDFC Mutual Fund, Nippon Life India, Goldman Sachs and Bandhan Mutual Fund, aggregating to ₹1,000 crore.

Bank Nifty April Futures (47,630)

The Bank Nifty index continues to fall. The index fell below the key level of 48,000 on Monday. That is keeping the index under pressure. It is currently trading at 47,510, down 0.55 per cent. The advance/decline ratio is at 1:11. This clearly indicates the inherent weakness in the index. So, the chances are looking high to see more fall during the day.

Nitta Gelatin India Limited’s subsidiary, Bamni Proteins Ltd., has been fined Rs 50,000 by the Central Ground Water Board-Nagpur for failing to maintain a log book of daily water withdrawal. The penalty was imposed due to missing records for Bore Well.

Caplin Steriles Limited, a subsidiary of Caplin Point Laboratories Limited, received final approval from the USFDA for its generic version of Ofloxacin Ophthalmic Solution USP 0.3%. This eye drop medication is used for treating eye infections like conjunctivitis and corneal ulcers, with US sales of about $52 million in 2023. The shares were up by 0.99% to Rs 1309.85 on the BSE.

PNC Infratech Limited received Rs 114.81 crore as part of a settlement agreement with NHAI, under the ‘Vivad Se Vishwas II’ scheme, resolving a contractual dispute regarding the Raebareli to Jaunpur NH-231 project. The shares were up by 2.24% to Rs 443.60 on the BSE.

Som Distilleries & Breweries Limited announced the commissioning of wraparound packaging equipment at their Bhopal canning facility, aiming to enhance production efficiency by 25%. The shares were up by 3.35% to Rs 308.20 on the BSE.

Sterlite Technologies’s shares were up by 6.71% to Rs142.25 on the BSE. The company raised Rs 1000 crore through QIP. The company’s paid-up equity share capital increased to Rs 97.5 crore post-allotment.

The finance ministry under Pranab Mukherjee and P Chidambaram used to pressurise the RBI to soften interest rates and present a rosier picture of growth to shore up sentiments, recalled former RBI Governor Duvvuri Subbarao in his memoir.

In his recent book ‘Just A Mercenary?: Notes from My Life and Career’, Subbarao also wrote that there is ‘little understanding and sensitivity’ in the government on the importance of the central bank’s autonomy.

“Having been both in the government and in the RBI, I can say with some authority that there is little understanding and sensitivity within the government on the importance of central bank autonomy,” he said in the book.

Infosys aids Team Global Express in completing a technology landscape separation program, utilizing Infosys Cobalt to drive hybrid cloud-powered innovation. The shares were down by 1.50% to ₹1446.30 on the BSE.

Welspun Tubular LLC, a subsidiary of Welspun Corporation, filed a lawsuit in the Superior Court of Delaware, USA, against SCS Carbon Transport LLC and Summit Carbon Solutions. The suit aims to recover $15 million in cancellation charges, raw material costs, and other expenses following the termination of a supply agreement for HFIW pipes.

Major gainers on the NSE at 10 am include- Oil and natural gas corporation (1.39%), Eicher motors (1.06%), Hero Motocorp (0.88%), Maruti Suzuki (0.81%), Nestle India (0.76%)

Major losers include- Ltimindtree (-2.89%), IndusInd Bank (-1.82%), Bajaj Finserv (-1.44%), Bajaj Finance (-1.42%), Infosys (-1.29%)

JM Financial Institutional Securities 

ASK Automotive (ASK) is the leading manufacturer of 2W brake shoe and drum braking systems with a combined ~50% market share. Despite being a late entrant, the company has emerged as a sizeable player in aluminium light-weighting components (ALP) and safety control cables (SCC) for the 2W segment, where it is gaining market share. This has been led by ASK’s a) in-house technical, design and engineering capabilities (using proprietary formulations) to develop new and customised solutions for its customers, and b) quality, cost and delivery focus given its close proximity to its customers. ASK has been consistently outperforming growth of the underlying 2W industry (by 10% CAGR over FY13-23) led by expansion in product portfolio, addition of new customers and increase in wallet share with existing customers. Backed by a) rising kit value in the ALP segment as the 2W/3W industry transitions to EVs, b) ramp-up of the 2W SCC business and c) expansion into PV and non-automotive segments by leveraging its capabilities, we believe ASK is well positioned to continue its healthy growth momentum. We expect ASK’s revenue / EPS to grow at 14% / 29% CAGR over FY24-26E primarily driven by increase in kit value from rising 2W/3W electrification further aided by strong momentum in non-auto exports and expansion into the PV segment. Healthy return ratios (Post-tax RoCE: ~20%) and strong FCF generation (INR 2.9bn during FY25-26E) provide comfort. We initiate coverage on ASK Automotive with a BUY rating and a TP of INR 375 (25x Mar’26E EPS), implying 23% upside. Any slowdown in electrification of domestic 2W/3W remains a key monitorable. High dependence on HMSI is a key risk.

Crude oil experienced significant price volatility and dropped following the Iranian missile attack on Israel, which ultimately caused less damage than initially feared. This decline was further compounded by the strength of the dollar index, which is currently trading at 5-month highs, surpassing the 106 mark once again and thereby limiting the upward movement of global commodities. Nevertheless, a statement from the Israeli army chief regarding potential retaliation against Iran provided some support for oil prices at lower levels. If tensions continue to escalate in the Middle East, it could certainly bolster crude oil prices. Expectations are for crude oil prices to maintain their volatility in today’s trading session. Support for crude oil is seen at $84.50–83.90, with resistance at $85.90-86.60 for today’s session. In terms of the INR, crude oil has support at Rs7,020-6,930 and resistance at Rs 7,210-7,290.

The prices of gold and silver underwent significant fluctuations and declines during the initial trading hours. However, escalating tensions in the Middle East sparked a surge in safe-haven demand for precious metals, leading gold and silver to rebound once again despite the dollar index showing strength. Heightened tensions between Israel and Iran instilled fear in global investors, prompting them to reduce positions in riskier assets and shift towards safe-haven assets. The negative sentiment in global equity markets further bolstered the appeal of gold and silver. Gold finds support at $2366-2348 with resistance at $2405-2422, while silver sees support at $28.40-28.20 and resistance at $28.90-29.12. In terms of INR, gold has support levels at Rs 71,980 and Rs 71,750, with resistance at Rs 72,480 and Rs 72,710. Silver’s support is pegged at Rs 83,140-82,380, with resistance at Rs 84,640 and Rs 85,280.

After better than expected jobs report and higher than expected inflation, US March Retail sales too best estimates. As a result, rate cut expectations have got pushed farther. It is not until November that the market expects one full rate cut. Market expects at most three 25bps cuts by the Fed in 2024. 

Risk sentiment remains on the edge as the threat of Israel retaliation to Iran’s attacks looms despite its allies including US urging restraint. 

China Q1 GDP came in better than expected at 5.3% yoy (exp 5%). March Industrial production and retail sales however missed estimates.

“The USD-INR 26 April futures contract remained within a narrow range. According to the daily technical chart, the pair is currently positioned above its moving average trend-line support level of 83.36, with the RSI holding above the 50 mark. However, the MACD indicates negative divergence, signalling potential downward pressure, and the pair encounters significant resistance at higher levels. On the daily chart, support is evident at 83.30-83.05, while resistance is noted at 83.70-83.94. With the pair trading above its support level at 83.36, it is anticipated to fluctuate within the range of 82.74-84.10 for the remainder of the week.”

Nifty weekly contract has highest open interest at 22700 for Calls and 22000 for Puts while monthly contracts have highest open interest at 24000 for Calls and 22000 for Puts. Highest new OI addition was seen at 22500 for Calls and 22000 for Puts in weekly and at 22400 for Calls and 22000 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 12.53%, increased future index shorts by 14.89% and in index options by 29.14% increase in Call longs, 19.25% increase in Call short, 47.87% increase in Put longs and 33.36% increase in Put shorts. 

The 22110 objective that we had started with is one stretch away. Though the fact that yesterday’s opening low defended a repeat attack towards close, will encourage bargain buying today, but we will look for a push above 22350 for upside confirmation. Inability to do so, or a direct fall below 21800 could confirm a break of bullish structure that had 23200 in the horizon, and line up 20300 instead, as the first objective for the bear move

A total of 2,991 stocks were actively traded, 2,050 advanced, while 854 declined and 87 stocks remained unchanged where 69 stocks hit a 52 week high and 10 stocks hit a 52 week low at 9.45 am on Tuesday on BSE.

Indian benchmark indices, the Sensex and Nifty, started the day on a weak note on Tuesday amid global uncertainty fueled by geopolitical tensions. The 30-share BSE Sensex declined by 564.51 points to 72,835.27 in early trading, while the NSE Nifty dropped 153.35 points to 22,119.15.

Amit Goel, Co-Founder and Chief Global Strategist at Pace 360, said geopolitical uncertainty had triggered a sell-off across sectors, negatively impacting investor sentiment. 

“However, Iran attacking Israel was well anticipated and discounted by global markets. We believe this attack will not result in any significant escalations in the Middle East. Hence, we do not see that as a major factor that could play out in the global markets,” he added. 

However, as markets are overvalued and overstretched, valuations are rich. We advise investors to book their profits and refrain from investing, he advised investors due to a sizable correction in the markets. 

Meanwhile, India’s goods exports hit a 12-month high of $41.68 billion in March, though it constituted a 0.67% decline from the corresponding month’s tally last year, while imports dropped 6% to $57.3 billion last month. 

Aditi Nayar, Chief Economist, Head Research and Outreach, ICRA Ltd., on Trade Data, said: “Led by a larger YoY decline in merchandise imports vis-à-vis such exports, India’s merchandise trade deficit eased to an 11-month low of $15.6 billion in March 2024, while also trailing the levels seen in the year-ago month, amid a halving of gold imports and a fall in non-oil non-gold imports. This is expected to augur well for the current account number in Q4 FY2024, which may witness a small, transient surplus of ~$1-2 billion in the quarter.” 

According to domestic brokerage Asit C Mehta, from a technical perspective, the index is consolidating in a rising channel pattern on the daily scale, while on the weekly scale, it has formed a shooting star pattern. “The lower boundary of the channel pattern is situated around 22,000 levels, making it a significant support level. Overall, we anticipate the index to trade within the range of 22,000 to 23,000 ahead of Q4FY24 earnings, with an immediate hurdle at 22,500.” 

The Nifty Bank index closed the day in the negative zone, around 47,773 levels. Technically, the Bank Nifty index has formed a doji candlestick pattern on the weekly scale and maintained a position below the low of the doji candle, indicating short-term weakness. Short-term support levels for the Bank Nifty are observed at 47,000 and 46,400, with resistance levels at 48,000 and 49,060, it added. 

Foreign portfolio investors sold a net Rs 3,268 crore worth of stocks on Monday, while domestic institutional investors remained net buyers for the fifth consecutive session. The Nifty 50 and S&P BSE Sensex have each declined by about 2% over the past two sessions from their record highs.

Crude oil futures traded higher on Tuesday morning as the market awaited Israel’s response for the recent attacks by Iran. At 9.05 am on Tuesday, June Brent oil futures were at $90.63, up by 0.59 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $85.92, up by 0.60 per cent. April crude oil futures were trading at ₹7182 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday morning against the previous close of ₹7115, up by 0.94 per cent, and May futures were trading at ₹7151 against the previous close of ₹7085, up by 0.93 per cent.

16 April 2024 (Today)

Derivative Segment

Nil

Cash Segment

* CRISIL Ltd.

17 April 2024

Derivative Segment

* ICICI Lombard General Ins Co

* Tata Communications Ltd.

Cash Segment

* Angel One Ltd.

* Just Dial Ltd.

18 April 2024

Derivative Segment

* Bajaj Auto Ltd.

* HDFC Life Insurance Co 

* Infosys Ltd.

Cash Segment

* ICICI Securities Ltd.

* Mastek Ltd.

* Network 18 Media & Inv

* TV18 Broadcast Ltd.

19 April 2024

Derivative Segment

* HDFC AMC Ltd.

* Wipro Ltd.

Cash Segment

* Hindustan Zinc Ltd.

20 April 2024

Derivative Segment

* HDFC Bank Ltd.

Cash Segment

* Alok Industries Ltd.

* Sterling & Wilson Ren Energy 

21 April 2024

Derivative Segment

* Persistent Systems Ltd.

22 April 2024

Derivative Segment

Nil

Cash Segment

* Hatsun Agro Product Ltd.

* Tejas Networks Ltd.

23 April 2024

Derivative Segment

* ICICI Prudential Life Ins Co 

* M&M Financial Services Ltd.

* MCX India Ltd.

* Tata Consumer Products Ltd.

Cash Segment

* 360 One Wam Ltd.

* Tata Elxsi Ltd.

24 April 2024

Derivative Segment

* Dalmia Bharat Ltd.

* Hindustan Unilever Ltd.

* LTIMindtree Ltd.

* Syngene International Ltd.

Cash Segment

* Equitas Small Finance Bank Ltd.

* Maharashtra Scooters Ltd.

* Nippon Life India AMC

* Supreme Petrochem Ltd.

* Tata Investment Corp Ltd.

25 April 2024

Derivative Segment

* Bajaj Finance Ltd.

* L&T Tech Services Ltd.

* Mphasis Ltd.

* Nestle India Ltd.

* Tech Mahindra Ltd.

Cash Segment

* Aavas Financiers Ltd.

* Cyient Ltd.

* Embassy Office Parks REIT

* Schaeffler India Ltd.

* Tanla Platforms Ltd.

* UTI AMC Ltd.

* Zensar Technologies Ltd.

26 April 2024

Derivative Segment

* Atul Ltd.

* Bajaj Finserv Ltd.

* HCL Technologies Ltd.

* Maruti Suzuki India Ltd.

* SBI Life Ins Company Ltd.

* Shriram Finance Ltd.

* Supreme Industries Ltd.

Cash Segment

* Bajaj Holdings & Inv Ltd.

* CSB Bank Ltd.

* KSB Ltd.

* Mahindra Holidays & Resorts

* Mahindra Lifespace Dev Ltd.

27 April 2024

Derivative Segment

* ICICI Bank Ltd.

* IDFC First Bank Ltd.

* L&T Finance Ltd.

Cash Segment

* Craftsman Automation Ltd.

* Yes Bank Ltd.

29 April 2024

Derivative Segment

* Ultratech Cement Ltd.

Cash Segment

* Gillette India Ltd.

* KPIT Technologies Ltd.

* PNB Housing Fin Ltd.

* Poonawalla Fincorp Ltd.

30 April 2024

Derivative Segment

* Cholamandalam Inv & Fin Co

* Exide Industries Ltd.

* Indian Oil Corporation 

* Indus Towers Ltd.

Cash Segment

* Castrol India Ltd.

* Nuvoco Vistas Corp Ltd.

* P&G Hygiene & Health Care 

* Star Health & Allied Ins Co 

01 May 2024

Derivative Segment

Nil

Cash Segment

* Orient Cement Ltd.

02 May 2024

Derivative Segment

* Coforge Ltd.

* Dabur India Ltd.

Cash Segment

* Blue Star Ltd.

* CIE Automotive India Ltd.

* Procter & Gamble Health

* Ugro Capital Ltd.

04 May 2024

Derivative Segment

Nil

Cash Segment

* Kansai Nerolac Paints Ltd.

06 May 2024

Derivative Segment

* Gujarat Gas Ltd.

* Marico Ltd.

07 May 2024

Derivative Segment

* Dr. Reddy’s Laboratories Ltd.

* Max Financial Services Ltd.

* Navin Fluorine International Ltd.

* Pidilite Industries Ltd.

Cash Segment

* Latent View Analytics Ltd.

08 May 2024

Derivative Segment

Nil

Cash Segment

* Capri Global Capital Ltd.

* Gujarat State Petronet Ltd.

09 May 2024

Derivative Segment

* Asian Paints Ltd.

Cash Segment

* Alkyl Amines Chemicals Ltd.

* Computer Age Mgmt Services.

* Rain Industries Ltd.

10 May 2024

Derivative Segment

* ABB India Ltd.

* Cipla Ltd.

Cash Segment

* Cholamandalam Fin Hldgs 

* Kalyan Jewellers India Ltd.

* TCI Express Ltd.

14 May 2024

Derivative Segment

* Shree Cement Ltd.

Cash Segment

* BASF India Ltd.

16 May 2024

Derivative Segment

* Biocon Ltd.

Cash Segment

* Endurance Technologies Ltd.

* Motherson Sumi Wiring India Ltd.

17 May 2024

Derivative Segment

* JSW Steel Ltd.

22 May 2024

Derivative Segment

* Jubilant FoodWorks Ltd.

23 May 2024

Derivative Segment

Nil

Cash Segment

* Bikaji Foods Int Ltd.

* Esab India Ltd.

24 May 2024

Derivative Segment

* Bosch Ltd.

* Hindalco Industries Ltd.

Cash Segment

* HEG Ltd.

28 May 2024

Derivative Segment

Nil

Cash Segment

* Amara Raja Energy & Mobility 

* Medplus Health Services Ltd.

* TTK Prestige Ltd.

29 May 2024

Derivative Segment

* Cummins India Ltd.

The Gift Nifty at 22,137 indicates a further 220-point decline, following Nifty April futures closing at 22,357 on the NSE on Monday

Suratwwala Business Group Ltd

Stock Split Rs.10/- to Rs.1/-

Previous day Closing Price – Rs. 959.9

Ex - Stock Split 18 April 2024 (Thursday)

Last day trade for before split Today

Stovec Industries Ltd.

Dividend Per Share Rs.17

Previous day Closing Price – Rs. 2620.65

Ex-Dividend 18 April 2024 (Thursday)

Last date for Cum-Dividend Today

Silver climbed as US inflation remained stubbornly high and geopolitical uncertainties in the Middle East persisted. Beyond its traditional safe-haven reputation, silver had increasing physical demand, notably from China and India. The spotlight will now move to multiple Fed speakers this week for clues on the possible monetary policy path. Previously, sizzling economic data caused investors to lower their expectations for interest rate reduction by the regulator this year. 

Gold prices surged as demand for safe havens was spurred by Iran’s assault on Israel, but the dollar’s strength hindered large gains. The main source of support for gold prices was Iran’s drone and missile assault on Israel over the weekend, which was alleged reprisal for an attack on an Iranian embassy in Syria. Meanwhile, investors awaited insights from several Federal Reserve officials’ talks slated for the week, hoping to get clarity on future policy moves. Consistently strong economic signs, such as rising inflation and strong retail sales, encouraged markets to revise their expectations for the timing and magnitude of Fed interest rate decreases this year. 

Key economic data slated for release includes German WPI m/m, German ZEW Economic Sentiment from Euro Zone and Building Permits, Industrial Production m/m, Fed Chair Powell Speaks from US Zone.

Emkay Global

TARGET PRICE (Rs) : 1,100

The Senco stock reacted positively (+18% intra-day) on the back of a significant beat to our estimates and its SSG outperformance vs. listed jewelry peers in Q4/FY24. Senco delivered 30% retail growth in Q4 (vs. our expectation of 21%), helped by a robust 23%/19% SSG in Q4/FY24. For full-FY24, Senco has delivered 28% topline growth compared with ~20%/34% for TTAN/Kalyan. Network expansion has also been solid and in line with our expectations of 21 jewelry stores (16 COCO/5 FOFO) in FY24. Even after the strong run-up, valuations are at a significant discount to listed jewelry peers (Exhibit 6), despite its resilient growth execution historically (16%/20% revenue/PAT CAGR over FY15-24E) and similar medium-term growth prospects. An increasing studded mix should add to our estimate of ~20% topline growth and help deliver 23/27% EBITDA/PAT CAGR over FY24-26E. We raise our TP by 19% to Rs1,100/share, on the back of the 2-3% EPS change and ~15% increase in our TP multiple to 29x FY26E EPS. Continued execution and traction in non-East geographies offer an added re-rating upside

Motilal Oswal Financial

Prime Minister Narendra Modi unveiled the Sankalpa Patra (Manifesto) of the Bhartiya Janata Party (BJP), titled “Modi ki Guarantee 2024” for the 2024 Loksabha Elections. As per various opinion polls, the BJP is expected to retain power for the third consecutive term with a full majority. In this note we look at the key sector-wise takeaways from the manifesto that promises policy continuity with an overarching aim of making India the world’s third-largest economy without taking eyes off macroeconomic balance or succumbing to the lures of competitive populism. The manifesto reflects the confidence of the current dispensation to return to power and thus refrains from any meaningful freebies, which would have extracted a fiscal cost.

Motilal Oswal Financial

- The conflict intensifies: The clash between Iran and Israel escalated significantly over the weekend, as Iran launched drone and rocket attacks on Israel. This conflict has, in turn, led to the expectation that crude oil, refining GRMs, and spot LNG prices could scale new highs in the near term. While our base case scenario remains that de-escalation efforts will likely control the crisis, in this note, we examine the implications for commodities and stocks if the crisis escalates further.

- The Strait of Hormuz (SoH) remains critical for oil, refined products, and LNG: About 15/6mnbopd of crude oil/refined products flow through the SoH (i.e., 15% and 8% of global crude and refined product consumption, respectively), which Iran has threatened to block. Further, we note that ~20% of the global LNG trade moves via SoH, including almost all LNG exports from Qatar and the UAE.

- Three key implications in the event of SoH blockade: 1) if Iran successfully enforces a complete or partial blockade of the SoH, we anticipate materially higher crude oil prices, refining GRM, and spot LNG prices; 2) while alternative routes do exist, they may only be able to accommodate a fraction (~7-8mnbopd of crude oil/refined products) of the volume currently passing through the SoH (~21mnbopd), and that too at elevated freight costs; 3) while investors focus on oil, we believe that spot LNG prices will witness even sharper escalation if the SoH is closed due to the absence of alternative routes

JP Morgan on HDFC AMC: Upgrades to Overweight on Company, raise target price at Rs 4450/sh from Rs 3500/Sh (Positive)

Nomura on Exide: Maintain Buy on Company, hike target price at Rs 485/sh (Positive)

Jefferies on IDFC First: Maintain Buy on Bank, target price at Rs 100/sh (Positive)

MS on VBL: Initiate Overweight on Company, target price at Rs 1701/sh (Positive)

Jefferies on Bharti Hexacom: Initiate Buy on Company, target price at Rs 1080/sh (Positive)

Nomura on DOMS: Initiate Buy on Company, target price at Rs 1944/sh (Positive)

Nomura on Flair: Initiate Buy on Company, target price at Rs 463/sh (Positive)

HSBC on Adani Ports: Maintain Buy on Company, target price at Rs 1560/sh (Positive)

Jefferies on HDFC Bank: Maintain Buy on Bank, target price at Rs 1800/sh (Positive)

MS on Apollo Tyre: Maintain Equal weight on Company, target price at Rs 475/sh (Neutral)

Macquarie on Jubilant Food: Maintain Sell on Company, cut target price at Rs 300/sh (Neutral)

Macquarie on Westlife Food: Maintain Sell on Company, cut target price at Rs 930/sh (Neutral)

(CELLO IN, Mkt Cap USD2.1b, CMP INR823, TP INR1100, 34% Upside, Buy)

Motilal Oswal Financial

Cello World (CELLO) is the most diversified consumerware company and one of the top players in majority of its business segments. In this report, we have analyzed CELLO’s position against key players in its fastest-growing business segment, glassware.

- Since its foray into the consumer glassware segment in 2017, CELLO has quickly scaled up this business to generate revenue of INR2.8b vs. a total addressable market (TAM) of INR35b in FY23. The segment will be a key growth driver (26% CAGR over FY23-26) for the company amid evolving applications, capacity expansions in opalware and soda lime glassware, increase in SKUs, and import substitution.

- Under the consumer glassware segment, opalware/soda lime glassware dominate, with TAM of ~INR14b/INR15b. While La Opala dominates the opalware category, CELLO is also catching up with recent capacity expansions in Daman. Moreover, CELLO is the only large branded player that is expanding in soda lime glassware (higher TAM), while other players are expanding in borosilicate glassware (TAM of ~INR4B).

- Currently, La Opala dominates in terms of revenue growth (CAGR of 46% over FY21-23) and margins (EBIT margin of 33% in FY23). CELLO is not far behind (36% revenue CAGR; 23% EBIT margins). With a ramp-up of its soda lime glass capacity and achieving economies of scale, CELLO will be able to narrow the gap going ahead.

- CELLO is currently trading at 34x FY26E EPS with RoE/RoCE of 32%/39% in FY26E. We believe that the company will be able to successfully scale up new businesses and expand SKUs and distribution reach in order to evolve as a leading brand in the respective segments. We reiterate our BUY rating with a TP of INR1,100 (premised on 45x FY26E EPS).

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Jio Financial Services: The company announced the formation of a 50:50 joint venture with BlackRock and BlackRock Advisors Singapore to undertake wealth management business in India. It will also incorporate a wealth management company and a brokerage company in India.

* Adani Energy Solutions:* The company’s transmission and smart metering business saw system availability of 99.6% in Q4 and added 174 ckms to the operational network during the quarter. The company’s distribution loss remained low at 5.09% in Q4 and maintained a supply reliability of more than 99.9%.

* TCS:* The company announced a new delivery centre in Brazil to transform their technology, with a focus on strategic areas such as digital transformation, artificial intelligence, and cognitive business operations.

* JSW Infra:* The company approved the re-appointment of Arun Maheshwari as CEO for three years, effective April 18.

* Cipla:* The company will acquire the cosmetics and personal care business undertaking of Ivia Beaute for Rs 130 crore.

* Allcargo Terminals:* The company’s March CFS volume of 54.7 ‘000 TEUs is up 1% YoY and up 8% month-on-month.

* Gujarat Gas:* The company signed a non-binding MoU to broaden the scope and accessibility of energy solutions for consumers. The alliance between two major players in the energy sector is set to deliver an extensive range of products and services throughout GGL’s authorised areas.

* Manappuram Finance:* The company will consider a $500 million fund-raising proposal on April 19.

* General Insurance Corporation:* The company approved the appointment of V. Balkrishna as CFO

effective May 1.

* Thomas Cook:* The leading omnichannel forex service opened a counter at its franchise outlet in Delhi-NCR. This expands the company’s forex network in Delhi-NCR to 12 locations: 11 branches and 1 airport outlet.

* Sula Vineyards:* The company has acquired N D Wines, now holding 100% of its equity share capital, making it a wholly owned subsidiary.

* Insolation Energy:* The company’s unit bagged purchase orders worth Rs 55.71 crore to supply solar PV modules.

* Swan Energy:* The company completed the reconstitution of equity shareholdings of Reliance Naval and Engineering (RNEL) as per the NCLT Order.

* Life Insurance Corporation:* The company increases its stake in Hindustan Unilever to 5.01% from 4.99%.

* Brigade Enterprises:* The company approved the appointment of Jayant Bhalchandra Manmadkar as CFO and KMP of the company, effective April 18.

* Gokul Agro Resources:* The company’s unit entered into an agreement with the Government of Andhra Pradesh for the oil palm development programme in Andhra Pradesh.

Moved into short-term ASM framework: Hindustan Zinc, Ramco Systems. 

Ex/record AGM: Crisil. 

Moved out short-term ASM framework: Ramky Infrastructure, Shipping Corporation of India Land and Assets.

VST Industries: Radhakishan Shivkishan Damani bought 2.33 lakh shares (1.51%) at Rs 3689.96 apiece, while HDFC Mutual Fund offloaded 3.3 lakh shares (2.14%) at Rs 3,690 apiece. 

Eureka Forbes: NORTH STAR OPPORTUNITIES FUND bought 10 lakh shares (0.57%) at Rs 468 apiece. 

Agro Tech Foods: Ohm Enterprises bought 1.55 lakh shares (0.63%) at Rs 709.98 apiece.

Capacite Infraproject: Valiant Mauritius Partners bought 5.71 lakh shares (0.77%) at Rs 306.42 apiece. 

Marksans Pharma: The Massachusetts Institute of Technology bought 66 lakh shares (1.45%) at Rs 158 apiece.

FIIS F & O : RS. CRS. : 

TOTAL NET SELL : -33860 😭

INDEX FUT. : -3850 

INDEX OPT. : -31615

STOCK FUT. : +1209

STOCK OPT. : +396

🔹SEC. IN F&O BAN FOR, 16 APRIL, 2024 :

1. BALRAMCHIN 2. \u0009GNFC 3. HINDCOPPER 4.\u0009 EXIDEIND 5.\u0009 INDIACEM 6. METROPOLIS 7. \u0009ZEEL 8. NATIONALUM 9. PEL 10. SAIL 11. BANDHANBNK

ADDITION : SAIL, BANDHANBNK, EXIDEIND

DELETION : IDEA

🔹INSTL. INVEST. EQUITY CASH PROV. TRADES AS ON : 15-APRIL-2024 : 

FIIS : SELL -3,268 (10,443-13,711) 😥

DIIS : BUY +4,763 (13,578-8,815) 😃

BSE SENSEX : -845 (73,400)🔽 

NSE NIFTY : -247 (22,273)🔽

BSE MIDCAP. : -615 (40,294)🔽

BSE SMLCAP. : -705 (45,167)🔽

B. CRUDE : $ 89.42 🔽😊

GOLD: $ 2,344=INR 72,100(10gr)🔽😭

SILVER : RS. 86,000 (kg)(5pm)🔽😩

FOREX : RS. $ 83.45 🔽 ☺️

7.10% NEW GOI ‘34 : 7.1358% (99.7450)🔽🙂

7.18% GOI ‘33: 7.1779%(100.00)↔️😳

7.18% GOI ‘37: 7.2042% (99.78)🔼☺️

HAPPY FORGINGS

Company has obtained an order from a leading global Tier 1 manufacturer of automobile driveline components and systems.

Supply of brake flanges for passenger vehicles 

Order Size: Rs 60 – 70 Cr. p.a. 

(approximately Rs 500 crores for entire period)

Buzzing Stocks: Zee, IDBI Bank, VST Ind, Vedanta, HCL Tech, HUL, Jio Financial, Aster DM Healthcare, CIpla, Transformers & Rectifiers

* BALRAMPUR 

* BANDHANBK 

* EXIDEIND 

* GNFC 

* HINDCOPPER 

* INDIACEM 

* METROPOLIS 

* NALCO 

* PEL 

* SAIL 

* ZEEL

Copper prices will likely gain further in 2024 on fears of production cuts in China and increasing demand, particularly for green energy transition, after having gained about 10 per cent since the beginning of 2024. They are currently ruling at highs not seen since June 2022. 

The red metal prices have averaged $8,558/tonne year-to-date as of April 2 2024. Prices have been on a steady upward trend since the start of the year, surging to $9,089/tonne on March 18 on the back of possible production cuts in China, said research agency BMI, a unit of Fitch Solutions. 

Printing of fake notes or counterfeit notes is declining fast, especially since demonetisation in 2016. Data from the Reserve Bank of India (RBI) show that approximately ₹7.98 crore worth of counterfeit notes were detected in FY23. This is 70 per cent lower than ₹24.84 crore of fake notes found in FY14.

Counterfeit currency refers to imitation or fraudulent money created with the intent to deceive the system. Its presence can significantly impact the economy by devaluing legitimate currency and contributing to inflation.

We initiate a bullish Buy rating on Puravankara Ltd (PURVA) based on the following factors: Presales to grow at 20%CAGR over FY23-26E, debt and debt coverage well under control, strong execution track record over the decade, Strong P&L recognition expected in next 5-7 years, paradigm shift in focus following onboarding of new CEO.

PNB Housing Finance plans to transform from a prime housing financier into a lender that offers a wide bouquet of mortgage products across cohorts of product and customer profiles. In addition to its existing affordable housing loans (Roshni) vertical, it will also enter the emerging market vertical from FY25.

Mahindra Group has announced that it will develop a 150-MW hybrid RE (solar + wind) project at a total project cost of about ₹1,200 crore. The project will be developed by Mahindra Susten, part of Mahindra Group, with marquee global investor Ontario Teachers’ Pension Plan Board as a strategic partner.

The installation will include 101-MW wind capacity and 52-MW solar capacity and is expected to generate 460 million kWh of energy leading to expected abatement of 420,000 tonnes of CO ₂ emissions.

Basmati exports have hit a new record both in volume and value during fiscal 2024. As per latest data, shipments during April-Feb crossed the $5.2 billion with volumes touching a new high exceeding 4.67 million tonnes.

While the exports for FY24 will create a new record after incorporating the figures for March, the prevailing geopolitical tensions in the Middle East are likely to weigh on shipments in current fiscal. The trade is worried about the emerging situation in Middle East, which accounts for over 70 per cent of the basmati exports.

Cipla Health Limited has signed a business transfer agreement for the purchase of distribution and marketing undertakings of Ivia Beaute Private Ltd’s (India) cosmetics and personal care business.

The cost of acquisition is ₹130 crores on closing, the company said, adding that “₹110 crores was contingent upon achievement of certain financial parameters (milestones) for next three years as outlined in the agreement.” The acquisition included IVIA’s brands Astaberry, Ikin and Bhimsaini on a global level, the company said.

Money power is showing its ugly might this poll season. The Election Commission of India (ECI) on Monday said it anticipates the highest ever “seizures of inducements” recorded in the 75-year history of Lok Sabha elections.

“Enforcement agencies have made a record seizure of over ₹4,650 crore in ECI’s resolute fight against money power even before the first phase of polling for the 18th Lok Sabha elections commences on Friday. This marks a sharp increase over the ₹3,475 crore seized during the entire Lok Sabha election in 2019,” the ECI said in a statement on Monday.

The BJP manifesto, bearing the unmistakeable imprimatur of Prime Minister Narendra Modi, has an undertone of quiet confidence running through it. It focuses more on economy and governance issues than ideologically contentious ones, which is very welcome. The assurance is of ‘hitting the road up and running’ on winning a third term. The manifesto does not unveil extravagant plans that could compromise the fisc, perhaps because it feels they are not electorally necessary.

07:30 CHINA GDP y/y (Expected: 4.8% versus Previous: 5.2%) 

07:30 CHINA Industrial Production y/y (Expected: 6.0% versus Previous: 7.0%) 

11:30 U.K. Claimant Count Change (Expected: 17.2k versus Previous: 16.8K)

18:00 U.S. Building Permits (Expected: 1.51M versus Previous: 1.52M)

18:45 U.S. Industrial Production m/m (Expected: 0.4% versus Previous: 0.1%)

22:30 U.K. BOE Gov Bailey Speaks

22:45 U.S. Fed Chair Powell Speaks

Economic Calendar - 17.04.2024 

Indian Equity Markets @ Holiday

11:30 U.K. CPI y/y (Expected: 3.1% versus Previous: 3.4%) 

14:30 EURO CPI y/y (Expected: 2.4% versus Previous: 2.4%) 

21:30 U.K. BOE Gov Bailey Speaks

UnitedHealth Group Incorporated (Pre market) (Sector- Healthcare)

Johnson & Johnson (Pre market) (Sector- Healthcare)

Bank of America Corporation (Pre market) (Sector- Financial)

Morgan Stanley (Pre market) (Sector- Financial)

PNC Financial Services Group, Inc. (Pre market) (Sector- Financial)

The Bank Of New York Mellon Corporation (Pre market) (Sector- Financial)

Northern Trust Corporation (Pre market) (Sector- Financial)

Ericsson (Pre market) (Sector- Technology)

J.B. Hunt Transport Services, Inc. (Post market) (Sector- Logistics) 

Omnicom Group Inc. (Post market) (Sector- Media)

United Airlines Holdings, Inc. (Post market) (Sector- Aviation)

Interactive Brokers Group, Inc. (Post market) (Sector- Financial)

Major U.S. listed stocks result calendar 17.04.2024 

ASML Holding N.V. (Pre market) (Sector- Technology)

Abbott Laboratories (Pre market) (Sector- Healthcare)

Prologis, Inc. (Pre market) (Sector- Realty)

U.S. Bancorp (Pre market) (Sector- Financial)

The Travelers Companies, Inc. (Pre market) (Sector -Financial)

Citizens Financial Group, Inc. (Pre market) (Sector- Financial)

VinFast Auto Ltd. (Pre market) (Sector- Automobile)

CSX Corporation (Post market) (Sector- Logistics)

Crown Castle Inc. (Post market) (Sector- Realty)

Kinder Morgan, Inc. (Post market) (Sector- Energy)

Las Vegas Sands Corp. (Post market) (Sector- Hotel)

Equifax, Inc. (Post market) (Sector- Miscellaneous)

Discover Financial Services (Post market) (Sector- Financial)

Rexford Industrial Realty, Inc. (Post market) (Sector- Realty)

Turnover: (NSE + BSE)

Cash Volume: 104736.68 + 8833.96 Total : 113570.64

F&O Volume: 644855.22 + 8735015.64 Total : 9379870.86

Provisional Cash Rs. In Crs.

FII/FPI: NET SELL: -3268 

(10443.55 - 13711.55) 

DII: NET BUY: +4762.93 

(13578.59 - 8815.66)

Closing Bell:

* Sensex: 73399.78(-845.12) 

* Nifty 50: 22272.50(-246.90)

* Nifty bank: 47773.25 (-791.30)

Nifty top 5 Gainers: 

* ONGC: 279.85 (+14.15)

* Hindalco: 612.70 (+14.05)

* Maruti Suzuki: 12,422.85 (+156.30)

* Nestle: 2,553.65 (+17.45)

* Britannia: 4,761.90 (+10.15)

Nifty top 5 losers:

* Shri Ram finance : 2,414.65 (-70.95)

* Bajaj Finserv: 1,656.85(-41.80 )

* Wipro : 459.35( -11.40 )

* ICICI Bank: 1,078.35( -26.05)

* Larsen: 3,600.80 (-78.45)

Here’s an interesting stock idea: The stock idea that we have for you today is Bandhan Bank. The stock has been in downtrend since the beginning of this year. The downtrend is intact, and the stock price can fall more from here. Check out the latest episode of Today’s Pick to learn more.

Bandhan Bank share price has been in a strong downtrend since the beginning of the year. The downtrend is intact. There is room for the share price to fall more from current levels. Resistance is around ₹182. 

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS, and SBI