Stock Market Today: Sensex, Nifty Close At A Seven Week High As HDFC Twins, Infosys, ICICI Bank Lead
Sensex closed 235 points or 0.39% at 60,392.77 while Nifty was higher by 90 points or 0.51% at 17,812.40.
KEY HIGHLIGHTS
FPIs Stay Net Buyers For The Ninth Straight Day
Overseas investors in Indian equities remained net buyers for the ninth day in a row on Wednesday.
Foreign portfolio investors mopped up stocks worth Rs 1,907.95 crore, according to data from the National Stock Exchange.
Domestic institutional investors were net sellers for the second straight day and offloaded stocks worth Rs 225.22 crore, the NSE data showed.
Foreign institutions invested in Indian equities have remained net sellers so far in 2023, offloading equities worth around Rs 45,819.76 crore.
Yield On The 10-Year Declines
The yield on the 10-year bond closed 2 bps lower at 7.19% on Wednesday. It closed at 7.21% on Tuesday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency appreciated by 4 paise to close at 82.09 against the greenback on Wednesday.
The rupee closed at 82.13 on Tuesday.
Source: Bloomberg
Senex, Nifty Advance For Eight Consecutive Day: Closing Bell
Indian equity benchmarks held on to steady gains through Wednesday to end higher for the eighth straight day in trade. Investors await the CPI and IIP data in India which is a key factor to determine the magnitude of rate hikes by the central bank. Pharma and healthcare stocks led the gains, whereas FMCG, Media and PSU banks were dragging the indices.
Consumer price index-based inflation rose to 6.44% in February in comparison to 6.52% in January, according to government data. A panel of 25 economists tracked by Bloomberg polled an estimate of 5.7% for March.
The headline indices closed at a seven-week high, since Feb. 21, 2023 as the S&P BSE Sensex closed at 60,672.72 and NSE Nifty 50 closed at 17,826.70 on the said date.
Most global markets were muted as investors awaited U.S. inflation data that may shed light on the Federal Reserve’s next policy move.
Gauges of U.S. futures, European and Asian equities were little changed, a sign of investors holding back on taking new positions ahead of the macroeconomic data release.
As per Bloomberg, U.S. headline inflation is expected to slow, with the core reading forecast to ease both on a monthly and yearly basis.
The S&P BSE Sensex Index closed 235 points or 0.39% at 60,392.77 while the NSE Nifty 50 Index was higher by 90 points or 0.51% at 17,812.40.
HDFC Bank Ltd., Infosys Ltd., ICICI Bank Ltd., Housing Development Finance Corp Ltd., and Divi's Laboratories Ltd. were the top gainers in the NSE Nifty 50 gauge.
ONGC Ltd., Power Grid Corp of India Ltd., IndusInd Bank Ltd., NTPC Ltd., and BPCL Ltd. were the top losers in the NSE Nifty 50 gauge.
Shares of Adani group company ended mixed in trade. While Ambuja Cements Ltd., Adani Enterprise Ltd., ACC Ltd., and Adani Ports and SEZ Ltd. rose in trade, the rest of the company stocks declined on Wednesday.
The broader market indices ended higher; S&P BSE MidCap Index was up by 0.57%, whereas S&P BSE SmallCap Index was higher by 0.41%.
Thirteen out of the 20 sectors compiled by BSE advanced, while S&P BSE Fast Moving Consumer Goods, S&P BSE Industrials, S&P BSE Telecommunication, S&P BSE Utilities, S&P BSE Capital Goods, and S&P BSE Power declined.
The market breadth was skewed in the favour of buyers. About 2,081 stocks rose 1,419 declined, and 115 remained unchanged on the BSE.
PSU Banking Companies Decline
Shares of PSU banking companies were trading lower on Wednesday as the NSE Nifty PSU Bank Index declined 0.88%, as compared to a 0.35% advance in the NSE Nifty 50.
All the 12 constituents compiled by the gauge declined.
Bank of India, Punjab & Sind Bank, Union Bank of India, UCO Bank, Indian Bank, Indian Overseas Bank, Central Bank of India, Bank of Maharashtra, State Bank of India, Canara Bank, Bank of Baroda and Punjab National Bank declined in trade.
Source: NSE
Max Healthcare Institute Up As 1.79 Crore Shares Change Hands In Two Bunches
Shares of Max Healthcare Institute Ltd. rose 0.85% to Rs 454.75 apiece, as of 2:35 p.m., in trade on Monday compared to the advance in the benchmark, NSE Nifty 50 Index by 0.39%.
About 1.8% equity or 1.79 crore shares changed hands in two bunched.
The stock gained as much as 1.57% intraday. Total traded volume stood at 6.9 times its 30-day average. The relative strength index was at 56.2.
Out of the 10 analysts tracking the company, 30 maintain a 'buy' rating, 11 recommend a 'hold' and six suggest to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 12.6%.
Source: Bloomberg
Stocks In Focus: Pipe Cos, BHEL, Titagarh Wagons And More
Saurabh Mukherjea On Top Sectoral Bets: Talking Point
European Markets Open Higher
Stocks Hitting 52-Week High Intraday
Adani Transmission Unit Declares Having Surplus Cash Of Rs 800-Crore As Of Q4
Adani Electricity Mumbai, also funded a Capex of Rs 1,310-crore in FY23 without any debt incurrence.
Company's working capital loan was halved to Rs 500-crore in Q4 as compared to Rs 1,045 cr in Q3.
Converted $300-million (approx. Rs 2,461.56-crore) senior debt option contracts to fully hedged swaps.
Source: Exchange filing
Pipe Companies Surge After Ashish Kacholia Buys Four Lakh Prince Pipe Shares
Shares of pipe companies were trading higher on Wednesday, as compared to a 0.25% advance in the benchmark NSE Nifty 50.
Shares of Venus Pipes and Tubes Ltd. rose to a 52-week high intraday at Rs 867.6 apiece after Ashish Rameshchandra Kacholia bought 4 lakh shares (1.97%) at Rs 750 apiece, Nuvama Wealth Finance sold 1.38 lakh shares (0.68%) at 750.02 apiece.
Other listed pipe companies like HariOm Pipe Industries Ltd., Prince Pipes and Fittings Ltd., Finolex Industries Ltd., Texmo Pipes and Products Ltd., Apollo Pipes Ltd. also advanced in trade.
Source: NSE
Pharmaceutical Company Stocks Rise
Shares of pharmaceutical companies were trading higher on Wedbesday as the NSE Nifty Pharma Index rose 1.55%, as compared to a 0.26% advance in the NSE Nifty 50.
Fifteen out of the 20 constituents compiled by the gauge advanced in trade, whereas, five stocks declined.
Divi's Laboratories Ltd., Laurus Labs Ltd., Biocon Ltd., Grauels Ltd., Lupin Ltd., Pfizer Ltd., Gland Pharma Ltd., Dr. Reddy's Laboratories Ltd., Aurobindo Pharma Ltd., and Torrent Pharma Ltd., rose over 1% in trade.
Source: NSE
Sensex, Nifty Hold Gains As Pharma Stocks Gain: Midday Market Update
Indian equity benchmarks opened higher and held on to gains on Wednesday through midday as investors await the CPI and IIP data in India which is a key factor to determine the magnitude of rate hikes by the central bank. Pharma and healthcare stocks led the gains, whereas FMCG and PSU banks were dragging the indices.
Consumer price index-based inflation rose to 6.44% in February in comparison to 6.52% in January, according to government data. A panel of 25 economists tracked by Bloomberg polled an estimate of 5.7% for March.
Asian markets traded in tight ranges, however, Japanese stocks led gains in Asia, with sentiment boosted by Warren Buffett saying that he’s mulling buying more equities in the country. U.S. futures were little changed, a sign investors are holding back on taking new positions before the release of a data point seen as crucial for the next Federal Reserve policy decision.
The S&P 500 closed almost flat Tuesday, while the tech-heavy Nasdaq 100 fell for the fifth time in six days as investors assessed the likelihood of another rate increase in May.
As of 12:12 p.m., the S&P BSE Sensex Index was up 73 points or 0.12% at 60,230.58 while the NSE Nifty 50 Index was higher by 35 points or 0.20% at 17,757.65.
Divi's Laboratories Ltd., Bajaj Auto Ltd., Adani Enterprises Ltd., Dr. Reddy's Laboratories Ltd., and Coal India Ltd. were the top gainers in the NSE Nifty 50 gauge.
ONGC Ltd., Power Grid Corp of India Ltd., IndusInd Bank Ltd., NTPC Ltd., and BPCL Ltd. were the top losers in the NSE Nifty 50 gauge.
Adani Power Ltd., Adani Ports and SEZ Ltd., Adani Wilmar Ltd., and NDTV Ltd. declined, whereas the other group company stocks gained in trade on Wednesday.
The broader market indices opened higher; S&P BSE MidCap Index was up by 0.39%, whereas S&P BSE SmallCap Index was higher by 0.57%.
Fifteen out of the 20 sectors compiled by BSE advanced, while S&P BSE Fast Moving Consumer Goods, S&P BSE Utilities, S&P BSE Capital Goods, S&P BSE Consumer Goods, and S&P BSE Power declined.
The market breadth was skewed in the favour of buyers. About 2,067 stocks rose 1,242 declined, and 108 remained unchanged on the BSE.
Paras Defence Shares Gain As Unit Inks Pact With Spacekawa Explorations
Paras Defence and Space Technologies Ltd. shares gained in trade on Wednesday as its unit inked a pact with Spacekawa Explorations.
Paras Anti-drone Technologies, a subsidiary of the company, signed an MoU with Spacekawa Explorations for indigenous developments and deployment of space intelligence, surveillance, and reconnaissance payloads, including RF wideband software-defined radio.
Furthermore, as per the MOU, Paras Anti-drone Technologies Private Limited and Spacekawa Explorations Pvt, also known as, Kawa Space intend to develop technologies for space application that can address the challenges of a rapidly changing world.
Shares of Paras Defence and Space Technologies Ltd. rose 1.91% to Rs 528.25 apiece, as of 11:01 a.m., in trade on Monday compared to the advance in the benchmark, NSE Nifty 50 Index by 0.19%.
The stock gained as much as 3.40% intraday. Total traded volume stood at 3.7 times its 30-day average. The relative strength index was at 65.2.
Source: Bloomberg, Exchange filing
Time Technoplast Gains Over 5% After Securing Rs 54-Crore Order From Indraprastha Gas
Time Technoplast Ltd. shares rose the most in over a week as it won an order from Indraprastha Gas Ltd.
The company received an order worth Rs 54 crore from Indraprastha Gas for the supply of CNG cascades made from Type-lV composite cylinders.
Shares of Time Technoplast Ltd. rose 3.16% to Rs 83.15 apiece, as of 10:54 a.m., in trade on Monday compared to the advance in the benchmark, NSE Nifty 50 Index by 0.18%.
The stock gained as much as 5.09% intraday, the most in over a week since April 3, 2023.
Total traded volume stood at 2.9 times its 30-day average. The relative strength index was at 58.2.
One analysts tracking the company recommends a 'hold' on the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 14.4%.
Source: Bloomberg, Exchange filing
Ambuja Cements Up After Multiple Large Trades
Shares of Ambuja Cements Ltd. rose 2.13% to Rs 329.6 apiece, as of 10:32 a.m., in trade on Monday compared to the advance in the benchmark, NSE Nifty 50 Index by 0.12%.
As per data on Cogencis, about 1.72 lakh shares changed hands in four block deals at an approximate amount of Rs 6.78 crore.
The stock gained as much as 2.71% intraday, the most in over a week since April 3, 2023.
Total traded volume stood at 0.7 times its 30-day average. The relative strength index was at 59.4.
Out of the 47 analysts tracking the company, 30 maintain a 'buy' rating, 11 recommend a 'hold' and six suggest to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 11.2%.
Source: Bloomberg, Cogencis
Sula Rises The Most In Three Weeks As Sales Jump 15% YoY In Q4
Shares of Sula Vineyards Ltd. rose in trade on Wednesday on the back of positive business updates from the quarter ended March 2023. The sales of company's own brands increased 15% year-on-year in the said quarter to Rs 104.3 crore.
Sula Vineyards: Business Updates for Q4 FY23 (YoY)
The sales of company’s own brands increased 15% to Rs 104.3 crore.
Wine tourism revenue increased 18% to Rs 12.4 crore.
Own brands sales volumes were more than one million cases.
Shares of Sula Vineyards Ltd. rose 5.48% to Rs 371.5 apiece, as of 10:06 a.m., in trade on Monday compared to the advance in the benchmark, NSE Nifty 50 Index by 0.21%.
The stock gained as much as 7.07% intraday, the most in three weeks since March 22, 2023.
Total traded volume stood at 11.3 times its 30-day average. The relative strength index was at 57.9.
Two analysts tracking the company maintain a 'buy' rating on the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 15.3%.
Source: Bloomberg, Exchange filing
Titagarh Wagons Hits 52-Week High, BHEL Up Over 3% As Consortium Wins Projects From Railway Ministry
Shares of Bharat Heavy Electricals Ltd. and Titagarh Wagons Ltd. advanced in trade as its consortium won an order from the Ministry of Railways.
The companies received an order from the ministry for the supply of 80 sleeper-class Vande Bharat trains at a cost of Rs 120 crore per train. The contract also entails upgrading government's manufacturing units and trainset depots.
The order has to be supplied within 72 months from the contract date and the companies are also expected to provide comprehensive maintenance of the said trains, which will extend up to 35 years.
Shares of Titagarh Wagons Ltd. rose 1.33% to Rs 292.4 apiece, as of 9:43 a.m., in trade on Monday compared to the advance in the benchmark, NSE Nifty 50 Index by 0.22%.
The stock gained as much as 5.23% intraday, to hit its 52-week high at Rs 303.65 apiece.
Total traded volume stood at 5 times its 30-day average. The relative strength index was at 75, implying that the stock maybe overbought.
One analyst tracking the company maintains a 'buy' rating on the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 17.9%.
Shares of Bharat Heavy Electricals Ltd. rose 1.88% to Rs 73.3 apiece, as of 9:43 a.m., in trade on Monday compared to the advance in the benchmark, NSE Nifty 50 Index by 0.22%.
The stock gained as much as 3.13% intraday, the most in a week since April 6, 2023.
Total traded volume stood at 3.8 times its 30-day average. The relative strength index was at 51.8.
Out of the 19 analysts tracking the company, two maintain a 'buy' rating, three recommend a 'hold' and 14 suggest to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential downside of 25.5%.
Source: Bloomberg, Exchange filing
Broader Markets Open Higher
The broader market indices opened higher; S&P BSE MidCap Index was up by 0.10%, whereas S&P BSE SmallCap Index was higher by 0.32%.
Seventeen out of the 20 sectors compiled by BSE advanced, while S&P BSE Fast Moving Consumer Goods, S&P BSE Telecommunication and S&P BSE Bankex declined.
The market breadth was skewed in the favour of buyers. About 1,746 stocks rose 88 declined, and 111 remained unchanged on the BSE.
Source: BSE
Top Mover On The Nifty 50 Index
Divi's Laboratories Ltd., Hindalco Industries Ltd., TCS Ltd., Tata Steel Ltd., and Bajaj Auto Ltd. were the top gainers in the NSE Nifty 50 gauge.
IndusInd Bank Ltd., Kotak Mahindra Bank Ltd., Nestle India Ltd., Power Grid Corp of India Ltd., and Bharti Airtel Ltd. were the top losers in the NSE Nifty 50 gauge.
Source: Bloomberg
Adani Group Company Stocks Open Mixed
While, Adani Green Energy Ltd., Adani Transmission Ltd., Adani Total Gas Ltd., ACC Ltd. and NDTC Ltd. advanced while all the other group company stocks declined in trade.
Source: Bloomberg
Sensex, Nifty Open Higher As Investors Await CPI Data For March 2023
Indian equity benchmarks opened higher as investors await the CPI and IIP data in India which is a key factor to determine the magnitude of rate hikes by the central bank.
Consumer price index-based inflation rose to 6.44% in February in comparison to 6.52% in January, according to government data. A panel of 25 economists tracked by Bloomberg polled an estimate of 5.7% for March.
On Tuesday, the headline indices advanced for the seventh consecutive session, with the S&P BSE Sensex Index above 60,000 level, whereas NSE Nifty 50 Index above 17,700 mark.
Asian stocks gave up much of their gains after openingb higher on Wednesday morning as traders weigh the potential for U.S. inflation data due Wednesday to spur volatility across global markets.
U.S. futures were flat, while Japanese stocks led gains in Asia, with sentiment boosted by Warren Buffett saying that he’s mulling buying more equities in the country.
The S&P 500 closed almost flat Tuesday, while the tech-heavy Nasdaq 100 fell for the fifth time in six days as investors assessed the likelihood of another rate increase in May.
At pre-open, the S&P BSE Sensex Index was up 25 points or 0.04% at 60,183.07 while the NSE Nifty 50 Index was higher by 27 points or 0.21% at 17,759.55.
Sensex, Nifty Gain At Pre-Open
At pre-open, the S&P BSE Sensex Index was up 25 points or 0.04% at 60,183.07 while the NSE Nifty 50 Index was higher by 27 points or 0.21% at 17,759.55.
Source: Bloomberg
Yield On The 10-Year Bond Flat
The 10-year bond yield opened flat at 7.22% on Wednesday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened about 5 paise to open at 82.08 against the greenback on Wednesday.
It closed at 82.13 on Tuesday.
Source: Bloomberg
Highest Call Addition Is At 17,700 Strike: Trade Setup
Global Cues
U.S. Dollar Index at 102
U.S. 10-year bond yield at 3.42%
Brent crude down 0.06% to $85.56 per barrel
Nymex crude down 0.10% to $81.45 per barrel
Dow Jones Futures up 0.06% at 33,874
S&P 500 Futures up 0.02% at 4,137.50
Nasdaq Futures down 0.01% at 13,073.25
SGX Nifty up 0.08% at 17,800.5 as of 8:05 a.m.
Bitcoin up 0.01% at $30,194.27
Trading Tweaks
Ex-Date Final Dividend: Varun Beverages
Record Date Final Dividend: Varun Beverages
Move Into Short-Term ASM Framework: Black Box
Move Out Short-Term ASM Framework: Shivalik Bimetal Control
Block Deals
Sagar Cements: ICICI Prudential Mutual Fund bought 60.4 lakh shares (4.62%), PGIM India Mutual Fund sold 60.4 lakh shares (4.62%) at Rs 183.1 apiece.
Bulk Deals
Delhivery: Internet Fund III sold 1.18 crore shares (1.61%) at Rs 330 apiece.
Venus Pipes: Ashish Rameshchandra Kacholia bought 4 lakh shares (1.97%) at Rs 750 apiece, Nuvama Wealth Finance sold 1.38 lakh shares (0.68%) at 750.02 apiece.
SPEC: Vikram Jain bought 3 lakh shares (0.02%), State Bank of India sold 8.19 lakh shares (0.05%) at Rs 0.55 apiece.
Q4 Results Today
The first major company to declare its financial results for the quarter ended March will be Tata Consultancy Services Ltd. Along with it, Anand Rathi Wealth Ltd. and National Standard (India) Ltd. will announce their earnings for the last quarter of fiscal 2023 on Wednesday.
The quarterly earnings for TCS will be seen in the light of a global banking crisis and a possible recession in the U.S. and Europe. The BFSI segment has been one of the major revenue earners for Indian I.T. bellwethers, whereas the western markets make up a lion's share of their business.
Q4 Earnings Results
Delta Corp Q4 FY23 (Consolidated, YoY)
Revenues up 4.05% at Rs 227.16 crore
Ebitda down 12.78% at Rs 60.18 crore
Ebitda margin at 26.5% vs 31.6%
Net profit up 6.36% at Rs 51.17 crore
Stocks To Watch: TCS, Sula, HDFC Bank, Paras Defence, Adani In Focus
Sula Vineyards: Business Updates for Q4 FY23 (YoY)
The sales of company’s own brands increased 15% to Rs 104.3 crore.
Wine tourism revenue increased 18% to Rs 12.4 crore.
Own brands sales volumes were more than one million cases.
Bharat Heavy Electricals/Titagarh Wagons: The BHEL-Titagarh Waggons consortium has received an order from the Ministry of Railways for the supply of 80 sleeper-class Vande Bharat trains at a cost of Rs 120 crore per train, their comprehensive maintenance for 35 years, and the upgrade of government manufacturing units and trainset depots.
Time Technoplast: The company received an order worth Rs 54 crore from Indraprastha Gas for the supply of CNG cascades made from Type-lV composite cylinders.
Paras Defence and Space Technologies: Paras Anti-drone Technologies, a subsidiary of the company, signed an MoU with Spacekawa Explorations for indigenous developments and deployment of space intelligence, surveillance, and reconnaissance payloads, including RF wideband software-defined radio.
Canara Bank: The bank will increase lending rates on six-month and one-year loans by five basis points, with effect from April 12.
Adani Enterprises: The company incorporated a wholly owned subsidiary, Pelma Collieries, which will develop, build, and operate coal washeries, including coal handling systems.
Sanofi India: The price of the company’s insulin glargine brand Lantus has been reduced 21% on a weighted average basis after the National Pharmaceutical Pricing Authority fixed the ceiling price for the cost to buyers. While it will impact sales, there will be no impact on profitability, the company said.
Lumax Industries: The board approved Vineet Sahni’s resignation from the positions of chief executive officer and senior executive director of the company with effect from the close of business on April 14.
HDFC Bank: The board of the bank will meet on April 15 to consider raising Rs 50,000 crore during the fiscal 2024 through perpetual debt instruments (part of AT1 capital), Tier II capital bonds, and long-term bonds on a private placement basis.
Spandana Sphoorty Financial: The board of the company will meet on April 14 to consider and approve raising funds via privately placed non-convertible debentures.
SGX Nifty Hints At A Positive Open For Benchmarks
Asian markets advanced ahead of U.S. inflation data that may signal whether the Federal Reserve will keep raising interest rates.
Futures for equity benchmarks in Australia and Japan rose, while contracts for Hong Kong were little changed. U.S. futures were marginally higher in early Asian trade.
The S&P 500 closed almost flat Tuesday, while the tech-heavy Nasdaq 100 fell for the fifth time in six days as investors assessed the likelihood of another rate increase in May.
The yield on the 10-year U.S. Treasury note was trading at 3.42%. Crude oil prices trade around the $85 mark, while Bitcoin rose to the $30,000 level.
At 8:05 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.08% at 17,800.5.
Indian benchmark indices—Sensex and Nifty—closed higher for the seventh consecutive day, logging their best stretch of gains in four months.
The Indian rupee depreciated beyond the 82-mark against the U.S. dollar amid importers' dollar demand.
Overseas investors in Indian equities remained net buyers for the eighth day in a row on Tuesday. Foreign portfolio investors mopped up stocks worth Rs 342.8 crore, while domestic institutional investors turned net sellers after a day and sold stocks worth Rs 264 crore, the NSE data showed.