Nifty 50 closed at 22,488.65 (-216.1, -1.0%), BSE Sensex closed at 73,885.60 (-617.3, -0.8%) while the broader Nifty 500 closed at 21,038.55 (-217.8, -1.0%). Market breadth is highly negative. Of the 2,116 stocks traded today, 495 were on the uptrend, and 1,582 went down.
Indian indices extended the losses from the afternoon session and closed in the red. The volatility index, Nifty VIX, rose by 0.1% and closed at 24.2 points. Alembic Pharmaceuticals received US FDA approval for its Sacubitril and Valsartan tablets, used for cardiovascular disease. The tablets have an estimated market size of $ 5.3 billion in the US.
Nifty Midcap 100 closed and Nifty Smallcap 100 closed lower following the benchmark index. Nifty Media and Nifty Bank closed higher than Wednesday’s closing levels. According to Trendlyne’s sector dashboard, telecommunication equipment emerged as the top-performing sector of the day, with a rise of over 1.4%.
Most European indices trade in the green, except for Germany’s DAX and Switzerland’s SMI index trading lower. US indices futures trade lower, indicating a negative start. Fitch downgrades China's outlook to negative due to a steady rise in debt. The unemployment rate in the Eurozone for April increases by 6.4% YoY against estimates of 6.5% growth.
Money flow index (MFI) indicates that stocks like Sumitomo Chemical India, Jupiter Wagons, 3M India and Finolex Cables are in the overbought zone.
Metal stocks like Hindustan Zinc, Hindustan Copper, Tata Steel and APL Apollo Tubes fall more than 3% in trade. All constituents of the broader BSE Metal index are also trading in the red, causing it to plunge almost 3%.
Marksans Pharma plunges more than 10% as its net profit declines by 4.4% YoY to Rs 78.3 crore in Q4FY24 due to higher employee benefits and finance costs. However, revenue grows by 16% YoY to Rs 576.5 crore, helped by an improvement in the US & North American and UK & European markets. It appears in a screener of stocks with declining return on equity (RoE) over the past two years.
The Reserve Bank of India projects India’s GDP growth at 7% for FY25. The central bank highlights that the outlook for the Indian economy remains bright, driven by robust growth in the financial and corporate sectors.
KFIN Technologies plunges as General Atlantic Singapore reportedly sells up to 6.8% stake at an estimated price of Rs 712.5 per share, worth Rs 733 crore.
Lemon Tree Hotels is rising as its net profit surges by 52.3% YoY to Rs 67 crore in Q4FY24, helped by a deferred tax credit of Rs 13.7 crore. Revenue grows by 30% YoY to Rs 331.2 crore, on account of an improvement in occupancy rate and revenue per available room (RevPAR). It appears in a screener of stocks with rising net cash flow and cash from operating activities.
Avantel surges as it wins an order worth Rs 109.8 crore from Ministry of Defence for the supply of SATCOM equipment.
Reports suggest that 56 lakh shares (5% equity) of RR Kabel, worth approx. over Rs 950 crore, change hands in a large trade. TPG Asia is the likely seller in this transaction.
Alembic Pharmaceuticals receives US FDA approval for its Sacubitril and Valsartan tablets, used to reduce the risk of cardiovascular death and hospitalization for heart failure in adult patients with chronic heart failure. The tablets have an estimated market size of $ 5.3 billion in the US.
Emami surges to its 52-week high of Rs 619 per share as its net profit rises 3% YoY to Rs 148.9 crore in Q4FY24. Revenue grows 6.6% YoY to Rs 891 crore during the quarter. The company appears in a screener of stocks with new 52-week highs today.
KR Choksey downgrades Balkrishna Industries to 'Reduce' from 'Hold' with a higher target price of Rs 2,998 per share. This indicates a potential upside of 3.5%. The brokerage notes the company's top-line growth and efficient cost management strategies. However, it remains cautious on the stock due to geopolitical uncertainties and a surge in the stock price. It expects the company's revenue to grow at a CAGR of 15% over FY25-26.
Parmod Sagar, MD and CEO of RHI Magnesita, expects the company’s volumes to grow by more than 8% YoY, and margins of around 14-15% in FY25. He highlights that the firm’s exports growth was down to 10% in FY24, and expects it to improve by 20-23% in the next 2-3 years.
ISGEC Heavy Engineerings' net profit declines by 17.2% YoY to Rs 71.3 crore in Q4FY24. Revenue falls by 8.6% YoY to Rs 1,872 crore, impacted by the manufacturing and construction segments. The company features in a screener of stocks with falling quarterly revenue and net profit (YoY).
GMR Airports Infrastructure's net loss narrows by 72.6% YoY to Rs 121 crore in Q4FY24, driven by lower expenses. Its revenue rises 29.1% YoY to Rs 2,446.8 crore during the quarter. The company appears in a screener of stocks where mutual funds increased shareholding over the past two months.
Aditya Birla Capital invests Rs 300 crore on a rights basis in the equity shares of its arm, Aditya Birla Housing Finance.
Awfis Space Solutions’ shares debut on the bourses at a 13.6% premium to the issue price of Rs 383. The Rs 598.9 crore IPO has received bids for 108.6 times the total shares on offer.
Rahul Mithal, CMD of Rites, highlights the company’s target to increase revenue contribution from exports to 20-25% by FY26. He states that Rites is bidding for tenders for rolling stock supplies, consultancy operations, and quality assurance businesses across Southeast Asia, Africa, West Asia, and Latin America.
Ahluwalia Contracts' net profit surges by 176.9% YoY to Rs 199.8 crore in Q4FY24, helped by an exceptional gain of Rs 195 crore. Revenue grows by 34.9% YoY to Rs 1,176 crore owing to an improvement in the contract work segment. It features in a screener of stocks with improving return on equity (RoE) over the past two years.
Hero MotoCorp's associate company, Hero FinCorp, approves an initial public offering comprising a fresh issue of equity shares aggregating up to Rs 4,000 crore and an offer for sale by certain existing and eligible shareholders.
Edelweiss Financial Services plunges more than 10% as the Reserve Bank of India (RBI) orders the company to cease operations of its subsidiaries, ECL Finance and Edelweiss Asset Reconstruction. The RBI instructs ECL Finance to stop any structured transactions related to its wholesale exposures, while Edelweiss Asset Reconstruction is ordered to stop acquiring financial assets.
Jefferies maintains its ‘Underperform’ rating on Alkem Laboratories, and lowers the target price to Rs 4,200. The brokerage highlights that the company's Q4 results missed estimates, with sales declining across all major regions. It notes Alkem’s plans for M&As in India, compared to the earlier focus on organic growth.
SJVN falls sharply as its revenue misses Forecaster estimates by 12% after falling 1.6% YoY to Rs 573.2 crore in Q4FY24. However, net profit surges by 3.6x YoY to Rs 61.1 crore, helped by an exceptional gain of Rs 103.8 crore during the quarter. It shows up in a screener of stocks underperforming their industries over the last quarter.
IRB Infrastructure Developers falls as reports suggest promoters are likely to sell a 4% stake in the company to raise Rs 1,512 crore.
Welspun Corp's Saudi Arabia-based arm East Pipes signs a contract worth Rs 316 crore with Alrawaf Contracting for the coating and supply of steel pipes.
Tata Steel is falling as its net profit plunges 64.1% YoY to Rs 611.5 crore in Q4FY24 due to higher employee benefits and finance costs. Revenue declines by 6.8% YoY to Rs 58,863.2 crore, caused by a decrease in the Indian, European, and Asian markets. The company's board also approves plans to invest up to Rs 17,407.5 crore in its subsidiary, T Steel Holdings Pte, to repay the external debt at offshore entities and to support restructuring costs at Tata Steel UK.
Nifty 50 was trading at 22,670.30 (-34.4, -0.2%), BSE Sensex was trading at 74,365.88 (-137.0, -0.2%) while the broader Nifty 500 was trading at 21,241.30 (-15, -0.1%).
Market breadth is in the green. Of the 1,875 stocks traded today, 1,018 were on the uptrend, and 794 went down.
Riding High:
Largecap and midcap gainers today include Linde India Ltd. (9,144.85, 8.7%), One97 Communications Ltd. (377.40, 5.0%) and Page Industries Ltd. (37,964.75, 4.1%).
Downers:
Largecap and midcap losers today include Hindustan Zinc Ltd. (666.50, -6.4%), Cummins India Ltd. (3,596.80, -6.2%) and Alkem Laboratories Ltd. (4,946.80, -6%).
Volume Shockers
21 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Emami Ltd. (611.85, 16.8%), RHI Magnesita India Ltd. (736.35, 10.6%) and Linde India Ltd. (9,144.85, 8.7%).
Top high volume losers on BSE were IRB Infrastructure Developers Ltd. (65.20, -10.3%), Cummins India Ltd. (3,596.80, -6.2%) and Alkem Laboratories Ltd. (4,946.80, -6%).
KNR Constructions Ltd. (302.60, 8.1%) was trading at 18.7 times of weekly average. Bata India Ltd. (1,372.20, -0.1%) and Poly Medicure Ltd. (1,778.35, -3.0%) were trading with volumes 8.8 and 7.4 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
14 stocks hit their 52 week highs, while 6 stocks tanked below their 52 week lows.
Stocks touching their year highs included - Coromandel International Ltd. (1,300.20, 1.0%), Cummins India Ltd. (3,596.80, -6.2%) and EID Parry (India) Ltd. (676.75, -1.5%).
Stocks making new 52 weeks lows included - Atul Ltd. (5,711, -2.7%) and Berger Paints (India) Ltd. (477.55, -3.1%).
9 stocks climbed above their 200 day SMA including RHI Magnesita India Ltd. (736.35, 10.6%) and Page Industries Ltd. (37,964.75, 4.1%). 25 stocks slipped below their 200 SMA including Max Financial Services Ltd. (926.70, -4.6%) and APL Apollo Tubes Ltd. (1,533.25, -4.1%).