Share Market Highlights 19th April 2024: Sensex rallies 599 pts, Nifty settles at 22,147

Stock markets rebounded from early lows to close higher on Friday, snapping the four-day losing streak on heavy value buying in banking and auto shares.

Hindustan Construction Company has raised ₹350 crore through the rights issue. According to the company’s statement, the issue has been oversubscribed by 250 per cent, with the company receiving applications worth ₹877 crore (the balance being refunded to investors).

HCC stock closed at ₹35.20 on the NSE on Friday, down by 0.28 per cent.

Chemtech Industrial Valves supplied a DN 2400 MM Goggle Valve to a copper plant in India, designed for handling toxic fumes. The shares were up by 4.98% to ₹118.10 on the BSE.

Notwithstanding growing tensions in West Asia, BSE Sensex rose 599.34 pts, or 0.83%, to 73,088.33, while NSE Nifty50 gained 153.95 pts, or 0.7%, to close at 22,149.80, per provisional data. 

Puravankara Limited won the CIDC Vishwakarma Award for Social Development and Impact at the 15th Edition of the Vishwakarma Awards. The award recognizes Puravankara’s campaigns, including the “Million Wells for Bengaluru” initiative, which is to rejuvenate heritage wells in collaboration with the Biome Environmental Trust.

The shares were up by 0.38% to Rs 355.80 on the BSE.

A total of 3,890 stocks were actively traded, 1,698 advanced, 2,071 declined and 121 stocks remained unchanged. 171 stocks hit 52 week high and 19 stocks hit 52 week low on the BSE.

Major gainers on the NSE at 3.23 pm include- Bajaj Finance (3.23%), Mahindra and Mahindra (2.90%), HDFC Bank (2.58%), Maruti Suzuki (2.53%), JSW Steel (2.41%)

Major losers include- Bajaj Auto (-2.45%), HCL technologies (-1.35%), Divis Laboratories (-1.14%), Tata Consultancy services (-1.06%), Nestle India (-0.96%)

The Ministry of Consumer Affairs has written to the Food Safety and Standards Authority of India (FSSAI), raising concerns regarding the claims made by Swiss NGO Public Eye regarding “added sugar” in Nestle India’s infant cereals sold in India. 

In the letter written by Nidhi Khare, Secretary, Consumer Affairs Ministry and Chief Commissioner, Central Consumer Protection Authority, a copy of which was viewed by businessline, the ministry has requested FSSAI to initiate “appropriate actions” into the “practices of Nestle regarding the composition of Nestle Cerelac baby cereals sold in India.

The letter refers to the claims made by Public Eye in its report released on Wednesday. 

Nestle India’s share price declined 0.97% to ₹2,438.60 on NSE.

Cipla Ltd. received a penalty of Rs 1.83 crore from the GST Authority for claiming inadmissible transitional credit on education cess during the transition from the excise regime to the GST regime in FY 2017-18. The company plans to file an appeal. The shares were down by 0.01% to Rs 1347.50 on the BSE.

Hindustan Zinc Limited reported achieving a PAT of Rs 7,759 crore. The company reported annual silver production, up 5% year-on-year. the shares were down by 1.88% to Rs 397.15 on the BSE.

BSE Sensex rose 562.09 pts or 0.78 per cent to trade at 73,051.08 as of 2.08 pm, and Nifty 50 rose 176.35 pts or 0.8 per cent to trade at 22,172.20.

Sectoral indices traded in a mix. Nifty Private Bank was up 1.06 per cent to trade at 23,783.05, and nifty bank was up 0.96 per cent to trade at 47,522.40.

Prudent Corporate Advisory Services Limited disclosed receiving a show cause notice from the GST Department, Gujarat, for alleged GST violations during April 2019 to March 2020. The notice includes a tax demand of Rs. 16.39 lakh, interest of Rs. 14.06 lakh and a penalty of Rs. 1.79 lakh. The shares were up 1% to Rs 403 on the NSE.

he subsidiary of Deepak Fertilisers and Petrochemicals Corporation Ltd (DFPCL), Mahadhan Agritech Ltd (MAL), (also formerly known as Smartchem Technologies Limited (STL), has signed an agreement with Israel-based Haifa Group, a multinational corporation and global supplier of specialty plant nutrients for agricultural innovation.

China is widely expected to leave benchmark lending rates unchanged on Monday, a Reuters survey showed, as encouraging first quarter economic data reduces the urgency for further monetary stimulus to aid a fragile recovery.

A weakening yuan also continues to restrict the headroom available for Beijing to easy policy.

The loan prime rate (LPR) normally charged to banks’ best clients is calculated each month after 20 designated commercial banks submit proposed rates to the People’s Bank of China (PBOC). - Reuters

FCS Software Solutions Limited’s subsidiary Padget acquired a 54.94% stake in Bloom Healthcare and Hospitality Management Private Limited by converting preference shares into equity shares. This transaction increases FCS Software Solutions’ ownership in Bloom to 71.01%, making Bloom a subsidiary of the company. The shares were down by1.25% to Rs 3.95 on the BSE.

Dixon’s subsidiary, Padget Electronics partnered with Longcheer Mobile India Private Limited for the manufacturing and sale of smartphones. The shares were down by 1.69% to Rs 7,371 on the NSE.

Uravi T and Wedge Lamps Limited issued a corrigendum to its Postal Ballot Notice, correcting the offer price of equity share warrants to Rs. 330 from Rs. 300, and the aggregate consideration to Rs. 49.5 crore from Rs. 45 crore. The notice also revised details regarding the number of warrants, valuation, and the registered valuer. The shares were down by 0.30% to Rs 392.45 on the NSE.

Major gainers on the NSE at 12.05 pm include- Grasim industries (1.79%), Mahindra and Mahindra (1.48%), Oil and Natural Gas corporation (1.02%), ITC (0.85%), Maruti Suzuki India (0.69%)

Major losers include - Bajaj Auto (-3.12%), Axis Bank (-2.20%), Tata motors (-2.04%), HDFC life (-1.73%), Shriram finance (-1.62%)

BSE Sensex was down by 0.36% or 259 points to 72,229 while NSE Nifty was at 21,917 down by 0.35% or 77.95 points

A total of 3,723 stocks were actively traded, 1,250 advanced, while 2,337 declined and 136 stocks remained unchanged where 137 stocks hit a 52 week high and 16 stocks hit a 52 week low at 12.05 pm on BSE.

Aurionpro Solutions board has approved the acquisition of 67 per cent stake in Arya.ai, operated through the legal entity Lithasa Technologies Pvt Ltd (Lithasa).

According to the stock exchange filing, the aggregate transaction price amounts to ₹135.20 crore. The transaction is expected to close on May 15, 2024.

Indocount is listed company with market cap of 7300+ cr and they have acquired Wamsutta from Beyond which is listed in US for a dealsize USD 10.25 million

The Bank Nifty index opened with a wide gap-down below 47,000 and is trading lower. The index tumbled to a low of 46,579 and is trying to bounce back from there. It is currently trading at 46,840 down about 0.5 per cent. The advance/decline ratio is at 2:10. That leaves more room for fall during the day.

Ind-Swift Laboratories Ltd. announced the approval to incorporate a wholly owned subsidiary, “Ind-Swift (Dubai) Ltd.”, in the UAE, focusing on pharmaceutical and allied activities. The shares were down by 0.86% to Rs 115 on the BSE.

DJ Mediaprint & Logistics Limited secured a 5-year contract worth Rs 6 crore from Universal Sompo General Insurance Company Limited for printing, dispatch, and bulk scanning services domestically. The shares were up by 1.92% to Rs 235.85 on the BSE.

Mahindra Logistics inaugurates its ‘Community Centre of Excellence’ in Bhiwandi, to address the logistics sector’s skill shortage. Partnering with the Logistics Skill Council, the initiative plans to train over 500 individuals in warehousing and transportation, with another centre set to open in Guwahati in Q1FY25, the shares were down by 0.92% to Rs 443.80 on the BSE.

Aurionpro Solutions acquired Arya.ai, for enhancement of its enterprise fintech offerings. The majority stake acquisition of 67% brings expertise in AI, deep learning, and PaaS. The all-cash deal worth $16.5 MN USD aims to create a leading Enterprise AI platform for banks and insurers worldwide. The shares were up by 2.09% to Rs 2370 on the BSE.

Nifty 50 opened with a wide gap-down taking cues from the sell-off in the Asian markets. News on explosions reported in Iran is weighing on the sentiment. Nifty fell to a low of 21,777 and is attempting to bounce back. It is currently trading at 21,890, down about 0.5 per cent. The advance/decline ratio is at 9:41. This is bearish.

Mahindra & Mahindra Financial Services Ltd. disclosed receipt of a penalty order from Mumbai Central CGST office, alleging excess input tax credit utilization, totaling Rs 1,92,193. The company plans to appeal the order, stating it doesn’t foresee any financial impact on its operations. Additionally, it received fine notice from the Deputy Labour Commissioner, Gorakhpur, U.P. the shares were down by 2.34% to Rs 284 on the BSE.

Infosys stock declined by 1.95 per cent to trade at ₹1,391.55 as of 9.44 am on the NSE, after its Q4 FY24 results..

Man Industries Ltd has received approval from Shell Global for external, internal, and concrete coating of steel pipelines at Anjar, Gujarat. The stock rose 2.80 per cent to trade at ₹395 on the NSE as of 9.34 am.

Dmart stocks hit a 52-week high on the NSE at ₹4,836.70. The stock traded at ₹4,688.40 as of 9.40 am, higher by 1.32 per cent.

Inox Wind Limited (IWL) has bagged an order for the supply of 210 MW of Wind Turbine Generators (WTGs) from Hero Future Energies (HFE). Stock traded at ₹541.70, down by 0.48 per cent on the NSE.

Indo Count has announced the acquisition of US fashion brand WAMSUTTA from Beyond Inc. The stock inched up 0.66 per cent to trade at ₹375.10 as of 9.35 am on the NSE.

Dhanlaxmi Bank gets RBI nod for appointment of Ajith Kumar as the MD and CEO.

Dhanuka Agritech has announced the launch of two products- insecticide LaNevo and bio-fertiliser MYCORe Super. The stock traded at ₹1,273.65 on the NSE as of 9.36 am, up 0.65 per cent.

Happiest Minds Technologies has executed a share purchase agreement to acquire 100 per cent equity interest in Macmillan Learning India Pvt Ltd for a cash consideration of ₹4.5 crore. Happiest Minds stock traded at ₹801.95 as of 9.38 am on the NSE, down by 0.86 per cent.

Utkarsh Small Finance Bank Ltd. announced the deletion of a demand of Rs 51.97 crore by Income Tax authorities for FY 23-24, with a refund of Rs 2.30 crore determined receivable. The company reported, this action has no impact on the bank’s financial or operational activities. The shares were up by 0.10% to Rs 52.62 on the BSE.

Man Industries (India) Limited secured approval from Shell Global for coating steel pipelines at Anjar, Gujarat, the shares were up by 1.65% to Rs 391 on the BSE.

Happiest Mind Technologies Ltd. announces the acquisition of 100% equity in Macmillan Learning India, an IT firm with a current turnover of 9.25 crore. With a cash consideration of Rs 4.5 crore, the shares were up by 0.46% to Rs 813 on the BSE

Crude oil futures traded more than 2 per cent higher on Friday morning following the attack by Israeli missiles on a strategic facility in Iran.

At 9.54 am on Friday, June Brent oil futures were at $89.06, up by 2.24 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $84.67, up by 2.34 per cent.

April crude oil futures were trading at ₹7078 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday morning against the previous close of ₹6933, up by 2.09 per cent, and May futures were trading at ₹7033 against the previous close of ₹6896, up by 1.99 per cent.

Inox Wind secured a repeat order for 210 MW of 3 MW WTGs from Hero Future Energies, including equipment supply and post-commissioning O&M services. Delivery of WTGs to HFE is scheduled from Q3 FY25 onwards. The shares were down by 0.78% to Rs 538 on the BSE

Domestic market opened lower on Friday’s early trade. All sectoral indices traded in the negative territory. Nifty realty, PSU bank, IT, auto, and media declined over 1 per cent. 

BSE Sensex was down by 0.57% or 413 points to 72,075 while NSE Nifty was at 21,825 down by 0.55% or 120 points

A total of 2,975 stocks were actively traded, 828 advanced, while 2,053 declined and 94 stocks remained unchanged where 70 stocks hit a 52 week high and 12 stocks hit a 52 week low at 9.46 am on Friday on BSE.

Major Gainers on the NSE at 9.40 am include- Oil and natural gas corporation (1.71%), Apollo hospitals (1.40%), ITC (0.92%), Adani ports (0.77%), Adani Enterprises (0.52%)

Major losers include- Bharat petroleum corporation (-3.01%), Axis Bank (-2.42%), Bajaj Auto (-2.17%), Infosys (-2.13%), Ltimindtree (-1.94%)

IFA Global Research

Reports of an explosion near Iranian city of Isfahan have dampened risk sentiment this Asia morning. 

US and UK have imposed fresh sanctions on individuals and entities linked to Iran’s missile industries. 

Fed member Williams said that another hike was not his base case but if data indicated that higher interest rates were needed to achieve the Fed’s goals, then they would obviously want to do that

US weekly jobless claims continue to remain low at 212k, indicating a strong labor market. 

Price action across assets

US yields have hardened further after Fed member Williams’ comments. 2y is at 4.98% while 10y is at 4.62%

Dollar is stronger across majors on risk aversion

Rupee is likely to open around 83.68 and trade at 83.50-83.75 range with depreciation bias

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services:

“Reports of the feared escalation of the Iran-Israel tensions have spooked the markets. Distinct weakness in Asian markets and sharp cuts in US futures reflect heightened nervousness in equity markets.

There are headwinds from the bond markets, too. The sharp spike in US bond yields triggered big FII selling which touched Rs 4260 crores yesterday. More FII selling can be expected in the near-term putting pressure on largecaps.

Investors may wait for clarity to emerge on the geopolitical front. Uncertainty is very high.”

Infosys Review:-

JPM

OW, TP Cut to Rs 1700

While headline remains unimpressive, cost-take out signings, cyclical recovery credentials & Div/Buyback yield support remain strong

CLSA

O-P, TP cut to Rs 1553

Weakness across key verticals

Cut FY25/26CL EPS est. by 4%

Jefferies

Buy, TP cut to Rs 1630

4Q missed est. 

Cut est. by 7-8% to factor miss

Strong deal wins provide comfort on our expectation of 9% EPS CAGR over FY24-27E.

CITI

Neutral, TP cut to Rs 1550

Lower EPS est. by 3% each for FY25/26E

Would buy dips (Rs1350 levels)

Nomura

Neutral, TP Rs 1400

Weaker-than-expected guidance for FY25F

No signs of discretionary demand revival

Lower our FY25-26F EPS by 2-3%

Bajaj Auto Review

JPM

OW, TP raised 10000

4Q 5% ahead of expectations.

Management commentary during 4Q remained buoyant

Raise FY25-26 EPS by 5-6%

Jefferies

Buy, TP Raised to Rs 10500

4Q EBITDA & PAT rose 34-35% YoY & inline

Raise FY25-26 EPS by 4%

Bernstein

OP, TP 10300

Beat on all fronts, with margin & vol strength emerging as key drivers

Management remained bullish on outlook for domestic biz & on EVs

CLSA

Sell, TP raised to Rs 6889

Believe stk is overvalued following recent rally

CITI

Sell, TP raised to Rs 6500

4Q ahead of estimates, driven by betterthan-expected realisations

Focus is on gaining market share in 125cc+ bikes, aided by new model launches

HDFC Life Review

HSBC

Buy, TP cut to Rs 750

4Q VNB margin weaker than we expected, impacted by change in product mix & rising competitive pressure

Cut FY25-27e VNB margins est. by c110/70/70bp

Nomura

Buy, TP cut to Rs 680 from Rs 740

In-line growth; margins a tad weak

Growth vs margin tradeoff intensifies

For FY25, management guided for APE growth to come at least in line with private peers’ at ~12-15%

MS

OW, TP cut to Rs 745 from Rs 780

VNB margin missed our forecasts largely owing to product mix.

Guidance for FY25 was healthy yet relatively conservative compared to past years. With this backdrop, trim forecasts

Jefferies

Buy, TP cut to Rs 750 from Rs 800

Trim VNB est. by 4-5%

Greed & fear newsletter by Christopher Wood, Global Head of Equity Strategy at Jefferies:

Impact of Fed status quo

Who will be the most impacted by the lack of a renewed Fed easing cycle? It is clear that it is not US-listed companies. The remarkable point is that net interest payments of the US corporate sector have declined in this monetary tightening cycle, a trend driven by both the large cash balances of the Big Tech companies combined with listed corporates’ refinancing of their long-term debt when bond yields were at all-time lows.

The real vulnerability in the US to a lack of Fed easing, let alone renewed tightening, would, in GREED & fear’s view, be the private equity industry. The longer it takes for monetary easing to commence the bigger the potential problem for this industry which was, after all, the biggest beneficiary of the zero-rate era. Meanwhile, the higher rates available to lenders are the reason for the continuing boom in private credit.

ECB rate cuts in June? 

GREED & fear’s base case has always been that the ECB will make any move on interest rates after the Fed, most likely one meeting after. Still that outcome is looking less likely in the sense that the macro situations look very different.

The decline in commercial bank loan growth in the Eurozone over the past 18 months or so had a much more marked impact on the Eurozone economy than has so far been the case in America. The Eurozone economy grew by just 0.1% YoY in 4Q23 compared with 3.1% YoY real GDP growth in the US.

From a monetary policy perspective, the ECB has only one mandate, namely inflation not, as is the case with the Fed, full employment. If growth prospects are improving in the Eurozone, the case for a ECB rate cut then depends on the outlook for inflation. On this point, while inflation in the Eurozone is clearly lower than in the US, it does not appear to be on the point of collapsing below the targeted 2%. Renewed deflationary concerns are also reduced by the fact that consumers’ real incomes are rising again, as is also the case in America.

For such reasons GREED & fear would advise investors for now to keep an open mind on the outcome of the 6 June ECB meeting. Certainly, the statement following last week’s ECB meeting kept the central bank’s options open.

China GDP

China’s first quarter GDP data looks positive in the sense that real GDP growth accelerated to a better than expected 5.3% YoY. But the reality is much less positive since nominal GDP growth was weaker than real GDP growth for the fourth quarter in succession for the first time since 1999.

Monetary and credit data also continue to turn down reflecting the deflationary trend. This deleveraging trend is the consequence of the continuing high real interest rates which is also why the renminbi ten-year government bond yield remains near an all-time low.

Crude oil futures traded more than 2 per cent higher on Friday morning following the attack by Israeli missiles on Iranian facilities. At 9.12 am on Friday, June Brent oil futures were at $88.91, up by 2.07 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $84.53, up by 2.18 per cent. April crude oil futures were trading at ₹7083 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday morning against the previous close of ₹6933, up by 2.16 per cent, and May futures were trading at ₹7035 against the previous close of ₹6896, up by 2.02 per cent.

NIFTY 50: SPOT SUPPORT AT 21900 BELOW THIS 21800, RESISTANCE AT 22000 ABOVE THIS 22100

BANKNIFTY: SPOT SUPPORT AT 46800 BELOW THIS 46500, RESISTANCE AT 47300 ABOVE THIS 47500

NIFTY FIN SERVICE: SPOT SUPPORT AT 20800 BELOW THIS 20700, RESISTANCE AT 20900 ABOVE THIS 21000

BSE SENSEX: SPOT SUPPORT AT 72000 BELOW THIS 71800, RESISTANCE AT 72800 ABOVE THIS 73000

Securities in Ban For Trade Date 19-APR-2024:

1BALRAMCHIN

2BANDHANBNK

3EXIDEIND

4GNFC

5HINDCOPPER

6IDEA

7METROPOLIS

8NATIONALUM

9PEL

10SAIL

11ZEEL

“We believe the company’s meaningful dependency on discretionary spends is leading to execution challenges and affecting its near-term growth. The project re-scoping and negotiations have again created a knee-jerk reaction to its executions and deliverables. We believe the current macro environment is not favoring its service mix, leading to create near-term leakages, otherwise the long–term story remains intact. We are baking in revenue growth of 2% and 7% YoY CC with margin improvement of 30bps and 50bps for FY25e and FY26e, respectively. We estimate revenues/earnings CAGR of 4.3%/5.8% over FY24-FY26e. The stock is currently trading at 22x FY26e, we are assigning P/E of 21x to FY26e with a target price of INR 1,375. With that I assume coverage on Infosys with a “HOLD” rating,” said Prabhudas Lilladher. 

NIFTY-50 OUTLOOK

​NIFTY-50​ has failed to cross 22,300 levels and witnessed sharp profit booking across sectors and stocks to close at 3-week low. f It has broken on the downside from its key resistance and the 20-day SMA will be a key resistance and breakout from current levels while 21,900 will be support. f RSI and other technical indicators are oversold on hourly charts after a strong volatility with respect to the weekly expiry. f Highest call OI has moved lower to 22,300 strike while on the downside the highest put OI is at 22,000 for the monthly expiry 

BANK NIFTY OUTLOOK

​BANK NIFTY​ has led the sell-off from its resistance of 47,800 levels and witnessed a sell off 900 points in the second half of the session. The 100 day average support at 46,800 will act as strong support from current levels and break down below could witness a extended sell off. RSI and other key technical indicators are oversold on hourly charts and could see momentum if we cross the average line. Bank Nifty highest call OI has moved lower to 47,500 levels while on the downside put OI is at 46,800 levels for the monthly expiry

Market morning inputs by Shrikant Chouhan, Head Equity Research, Kotak Securities:

On Thursday, the Nifty and Sensex indices closed lower with a lot of volatility. The Media index rose, but FMCG and financial sectors saw profit-booking. The market slipped to the expected support zone, and fresh concerns between Iran and Israel could lead to a huge gap-down opening.

If the market trades below 21900/72200, it may slip to 21700-21500- 21300/71650-71100-70500. If it sustains above 21700/71600, it could lift back the market to 22000/72500 levels. Bank-Nifty may fall further to 46500, 46000, or 45500 (200 days SMA) levels if it falls below 47000.

For traders, it is advisable to trade short if the market bounces to 21900/22000 levels with a tight stop loss at 22100. It is advisable to buy select stocks between 21500-21300 levels for medium to long-term investment.

The Reserve Bank of India has approved the appointment of Ajith Kumar K.K as the Managing Director & CEO of Dhanlaxmi Bank for three years with effect from the date of taking charge. 

Presently, Ajith Kumar is the Chief Human Resources Officer in Federal Bank in the cadre of President. 

The private sector bank, in a regulatory filing, said a meeting of its Board of Directors will be convened in due course to approve the aforementioned appointment. Approval of the shareholders will be obtained thereafter as per the regulatory provisions. 

Ajith Kumar has over 36 years of experience with the Federal Bank in various facets of banking including Credit, Human Resources, Business, Branch Banking etc.

Motilal Oswal Financial Services:

- INFO reported muted revenue of USD4.56b in 4QFY24, down 2.2% QoQ CC (below estimates), partially due to a 100bp one-off hit from re-scoping for a large BFSI client. FY24 revenue growth stood at 1.4% YoY, missing its guided growth band of 1.5%-2.0% YoY CC. 4Q deal TCV was strong at USD4.5b (up 2.1x YoY).

- The management continues to see a good pipeline of large deals but expects a weak demand environment. INFO provided FY25 USD CC revenue growth guidance of 1%-3% YoY, meaningfully below MOFSLe. We see INFO’s highest-ever deal TCV of USD17.6b in FY24 as positive, although a drag from discretionary slowdown will impact growth in the near term.

- INFO should deliver FY25E USD CC revenue growth of 2.5% YoY and EBIT margin of 21.1% before improving to double-digit growth in FY26E.

In a recent social media uproar, popular health influencer Revant Himatsingka, also known as Food Pharmer, sparked controversy with his review of the food served onboard IndiGo flights. Himatsingka’s viral video raised concerns about the sodium content in certain pre-packaged meals offered by the airline.

Responding to the viral video, IndiGo issued a statement reaffirming its commitment to providing safe and nutritious food options to passengers. The airline stressed that all food served onboard adheres to strict quality standards and carries detailed nutritional information as per FSSAI regulations.

Tracking Asian markets, Indian benchmark indices Sensex and Nifty opened significantly lower due to escalating geopolitical tensions in the Middle East. The 30-share BSE Sensex dropped 583.09 points to 71,905.91, while the NSE Nifty declined 181.35 points to 21,814.50 in early trade. 

MSCI’s broadest index of Asia-Pacific shares slipped more than 2% and U.S. stock futures also pointed 1.3% lower following media reports that Israeli missiles had hit a site in Iran.

Indian markets fell for a fourth straight session on Thursday, their longest daily losing streak in six months. The benchmark Nifty 50 and S&P BSE Sensex have lost about 3.3% each in the last four sessions.

Foreign portfolio investors (FPIs) sold a net Rs 4,260 crore worth of Indian stocks on Thursday. They offloaded Rs 15,763 crore in the previous three sessions.

Domestic institutional investors have been net buyers for seven sessions in a row.

Volatility in domestic equities rose to a one-month high on Thursday. Analysts expect volatility to remain elevated ahead of national elections, starting on Friday. The results of the elections will be announced on June 4.

“Nifty bears are seizing the opportunity amid Middle East tensions. However, for a sustained rally at Dalal Street, positive surprises in inflation, geo-political developments, or Q4 earnings are crucial. Wall Street experienced volatile trading on Thursday, driven by corporate earnings and Fed commentary hinting at reduced rate cut expectations. Minneapolis Fed President Neel Kashkari advocated patience, suggesting policy adjustments might not occur until 2025. With INFY’s ADR shares dropping 2%, Nifty faces downward pressure. Amid concerns about US inflation, Nifty’s immediate downside is pegged at 21710. FIIs were net sellers while DIIs bought. Nifty’s trading range is projected between 21700-22200, with 22000 as crucial resistance. Long story short: caution and agility are advised. Preferred trades: Buy Nifty on dips between 21750-21800 with targets at 22250/22500, and Bank Nifty between 46500-46600 with targets at 48371/49101.”

U.S. stocks closed mixed on Thursday in another nervous day of trade, as investors focused on rising bond yields and uncertain oil prices. U.S. stocks closed near the unchanged mark on Thursday, as investors scrutinised the latest corporate earnings, while economic data and comments from Federal Reserve officials suggested the central bank was unlikely to cut interest rates in the near future. Asian shares sank on Friday while the dollar, yen, oil and gold surged after reports of a sharp escalation in Middle East hostilities. Israeli missiles have hit a site in Iran, ABC News reported late on Thursday, citing a U.S. official. An explosion was heard at an airport in the Iranian city of Isafahan but the cause was not immediately known. Several Iranian nuclear sites are located in Isfahan province, including Natanz, centerpiece of Iran’s uranium enrichment program.

Nifty erased intraday gains to extend its losing streak to fourth session on April 18, thus recording the worst losing streak since Oct 26, 2023. Investors were fraught with uncertainty as they grapple with geopolitical uncertainty in the Middle-East, elevated bond yields, and corporate earnings season. At close, Nifty was down 0.69% or 152.1 points at 21995.9. Nifty showed considerable intra day volatility on April 18 before closing lower. A long bear candle was formed negating the minor bullishness of the previous session. In the process the downgap formed on April 16 was filled by the intraday bounce making way for a further downmove. It could now head towards 21905 and later 21710 on the downside, while 22148-22214 band could offer resistance in the near term.

Buzzing Stocks: Infosys, ITC, Gokaldas Exports, Axiscades Technologies, Mahindra Lifespace Developers, and Rail Vikas Nigam Ltd

Inox Wind: Co secures repeat order FOR 210 MW for its 3 MW WTGs from Hero Future Energies. Project to be executed in South India.

Hinduja Global Solutions: Co unit entered into agreement to acquire 51% shareholding of Seven Star Balaji Broadband || Total consideration of 183.6M rupees.

The Indian rupee is expected to open at a lifetime low against the U.S. dollar on Friday, in the wake of a jump in oil prices and risk aversion following a media report that Israeli missiles struck Iran.

Non-deliverable forwards indicate rupee will open at 83.62-83.64 to the dollar, compared with its previous close of 83.5375.

Israeli missiles have hit a site in Iran, ABC News reported, citing a U.S. official. This comes days after Iran’s drone strike on Israel in response to an attack at the Iranian embassy in Syria.

Iran’s Fars news agency said an explosion were heard at an airport in the Iranian city of Isafahan, but the cause was not immediately known.

Brent crude climbed more 4% to climb past $90 a barrel, U.S. equity futures and Asian shares slumped, while safe haven demand propped up the dollar and U.S. Treasuries.

Oil prices jumped $3 a barrel on Friday in reaction to reports that Israeli missiles had struck a site in Iran, sparking concerns that Middle East oil supply could be disrupted.

The benchmark contracts surged more than $3 then eased slightly. At 0200 GMT, Brent futures were up $2.63, or 3%, to $89.74 a barrel. The most active U.S. West Texas Intermediate contract climbed $2.56, or 3.1%, to $84.66 per barrel.

U.S. news outlet ABC News cited a U.S. official as saying that Israeli missiles had hit a site in Iran.

Iran’s Fars news agency said explosions were heard at an airport in the Iranian city of Isafahan but the cause was not immediately known. Several flights were diverted over Iranian airspace, CNN reported. - Reuters

1-OIL 3% UP

2-ISFAHAN(IRAN CITY) BIG EXPLOSION

3-DOW future DOWN 400

4--NASDAQ future 300 DOWN 

5-JAPAN 1250 DOWN 

6-GIFT NIFTY DOWN 300

Iran’s Fars news agency said on Friday that explosions were heard near the airport at the country’s central Isfahan city, but the reason was unknown. “The cause of these sounds is still unknown, and investigations continue until the exact details of the incident are determined,” the semi-official Fars news agency said. 

Japan’s JERA to Jointly Develop Green Ammonia Production Project in Odisha, India with Clean Energy Company Renew || Under the Agreement, JERA and Renew Will Study Supply of Green Ammonia from the Project to Japan About 100,000 Tonnes Annually

4:00 PM HindZinc

(Press Release )

Dial: +91 22 6280 1340

Weblink: https://tinyurl.com/3tmfubxt

5:00 PM Mastek

(Press Release )

Dial: +91 22 6280 1107

Weblink: https://tinyurl.com/45czaytw

5:45 PM CRISIL

(Results, Press Release )

Dial: 7195 0000

Weblink: https://tinyurl.com/dxjt64nh

6:00 PM HDFC AMC

Dial: +91226280 1551 

Weblink: https://tinyurl.com/2hm78cty

7:00 PM Jio Financial

Weblink: https://tinyurl.com/mty5885a

7:00 PM Wipro

(Press Release )

Dial: +91 22 6280 1120 

HDFC life Insur : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298514

ATAM VALVES : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298491

Rajoo Engineers : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298489

Angel One : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298490

ICICIGI : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298459

GTPL Hathway : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298456

Anand Rathi Wealth : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298403

TCS : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298347

Transformers : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298244

3i Infotech : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298214

Results today …

https://www.researchbytes.com/Default.aspx?cc=result

Recent interviews …

https://www.researchbytes.com/Default.aspx?cc=interview

Replays available at www.researchbytes.com

Torrent Power: Company Enters into Share Purchase Agreement for Acquisition of 100% Share Capital of SPV from MSEB Solar Agro Power

APL Apollo Tubes: Madras HC Sets Aside State Tax Officer’s Order, Orders Reconsideration of Rs 18.39 Crore Tax Assessment

Indus Towers: Co signs MoU with NTPC Green Energy || To address the need for pacing green energy objectives and the GOI’s efforts towards carbon neutral economy

Bharti Airtel’s stock saw a fresh breakout on Thursday. It also marked a record high of ₹1,281.40 before ending the session a bit lower at ₹1,267.20. The chart indicates that the stock is likely to hit further highs in the coming sessions.

In the near future, Bharti Airtel’s stock can be expected to touch ₹1,400.

Here’s an interesting stock idea: This stock has been in a long-term uptrend and on Thursday, it saw a fresh breakout and hit a record high. Check out the latest episode of bl.Today’s Pick to learn more.

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

Infosys, HDFC Life, Oriental Hotels, Bajaj Auto, Angel One, Just Dial, ICICI Lombard and TCS

Infosys 3QFY24 Earnings

Financial Results

Link: https://www.infosys.com/investors/reports-filings/quarterly-results/2023-2024/q4/documents/q4-and-12m-fy24-financial-results-auditorsreports.pdf

Press Release

Link: https://www.infosys.com/investors/reports-filings/quarterly-results/2023-2024/q4/documents/ifrs-inr-press-release.pdf

Fact Sheet

Link: https://www.infosys.com/investors/reports-filings/quarterly-results/2023-2024/q4/documents/fact-sheet.pdf

HDFC Life 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/900d7aca-e73f-493c-a011-a814b4df9c18.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/ddf0c247-b733-4d7f-a527-0fafb3704e82.pdf

Oriental Hotels 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/83b4f590-b8f9-4a8a-90c9-9b5deed3aaf5.pdf

Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/f6209771-8df0-4518-8632-d602662ab475.pdf

Bajaj Auto 3QFY24 Earnings

Financial Result and Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/2d299516-08b7-427d-9ce1-8692c1c86fcf.pdf

Angel One 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/c4414e1a-1ff4-4bd1-a734-026e661948b1.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/22fb4db9-1502-4f89-b3f2-fa60561f5abf.pdf

Just Dial 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/b0146042-3ae2-4a63-9eda-b2158f53b025.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/aaf155c8-d501-413a-998b-36fbc96f3b1b.pdf

ICICI Lombard 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/b0caa686-b833-4c92-8ac7-124a38598723.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/3f703d30-f36d-493a-bcf5-85e150221112.pdf

TCS 4QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/28481708-ddff-4f4b-82b3-0e5b36a642dc.pdf

Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/b80f5406-a858-41a2-8ed5-315c09d4a7b6.pdf

Presentation

Link: https://www.tcs.com/content/dam/tcs/investor-relations/financial-statements/2023-24/q4/Presentations/Q4%202023-24%20Fact%20Sheet.pdf 

📌 Market Levels

BSE Sensex: 72488.99 (-454.69)

Nifty 50: 21995.85 (-152.05)

NIFTY MID CAP 100: 48995.70 (-240.95)

NIFTY SMALL CAP 100: 16286.35 (-46.45)

📌 Index PE & PBV

SENSEX PE / PBV : 24.79 / 3.69

NIFTY 50 PE / PBV : 

22.53 / 3.86

NIFTY MIDCAP 100 PE / PBV : 33.50 / 4.30

NIFTY SMALLCAP 100 PE / PBV : 27.22 / 3.90

📌 Inflow/Outflow (Daily/MTD) 

FII / FPI Activity: (4260.33 crs) / (22358.68 Crs)

DII Activity: 2285.52 crs / 21321.46 crs

📌 Volatility Index

India VIX - 13.04

📌 Commodities

Brent Crude: $86.65

Gold USD Oz/10 gm: $2384.61 = INR 72693

Silver: INR 83583

📌 Currency

Rs/$: 83.54

US Dollar Index (DXY) - 105.86

📌 10 Year Yield

7.18% GOI 2033: 7.19% (New)

US 10 Yr Yield - 4.60%

Turnover: (NSE + BSE)

Cash Volume: 118491.27 + 7394.65 Total: 125885.92

F&O Volume: 732082.44 +1482021.86 Total: 2214104.3

Provisional Cash Rs. In Crs.

FII/FPI: NET SELL: -4260.33 

(18231.3 - 22491.63) 

DII: NET BUY: +2285.52 

(14273.71 - 11988.19)