Nifty 50 closed at 22,147 (151.2, 0.7%), BSE Sensex closed at 73,088.33 (599.3, 0.8%) while the broader Nifty 500 closed at 20,385.20 (60.5, 0.3%). Of the 2,068 stocks traded today, 923 showed gains, and 1,104 showed losses.
Indian indices recovered from their day lows and closed in the green. The Indian volatility index, Nifty VIX, rose 3.2% and closed at 12.3 points. Infosys closed lower after its Q4FY24 revenue declined by 2.3% QoQ to Rs 37,923 crore, impacted by the financial services, retail, manufacturing, and life sciences segments.
Nifty Smallcap 100 closed flat while the Nifty Midcap 100 closed in the red, underperforming the benchmark index. Nifty Bank and Nifty Metal closed higher than their Thursday close. According to Trendlyne’s sector dashboard, Telecom Services emerged as the top-performing sector of the week, with a rise of 6.3%.
Major Asian indices closed in the red, except for India’s BSE Sensex index closing in the green. European indices traded in the red, amid weak global cues. US index futures traded lower, indicating a negative start to the trading session. Brent crude oil futures pared their gains from the early trading session and traded marginally lower on a volatile day of trade.
Syngene International sees a short buildup in its April 25 future series as its open interest rises 11.2% with a put-call ratio of 0.6.
Elecon Engineering rises as its Q4FY24 net profit increases 52.6% YoY to Rs 103.7 crore and revenue improves 33% YoY. This is attributed to the performance of the transmission equipment segment. The company appears in a screener for stocks with no debt.
Hindustan Zinc is falling as its Q4FY24 net profit declines 21.1% YoY to Rs 2,038 crore. Its revenue drops 12% YoY to Rs 7,285 crore on lower zinc and lead prices and a dip in lead volumes. The company features in a screener of stocks with high promoter pledges.
ICICI Securities' Q4FY24 net profit rises 104.4% YoY to Rs 535.4 crore. Revenue grows by 74% YoY to Rs 1,544.4 crore, driven by an increase in broking income from the cash segment and growth in the investment banking segment. The company appears in a screener for stocks with rising mutual fund holdings.
Indo Count acquires a home fashion brand Wamsutta from US-based Beyond for a cash consideration of $10.25 million. The company aims to strengthen its brand portfolio and enhance its position in the premium market segment through this acquisition.
Indus Towers hits a new 52-week high of Rs 359.5 after signing a memorandum of understanding (MoU) with NTPC Green Energy to explore joint development of grid-connected renewable energy-based power projects.
Vodafone Idea's Rs 18,000 crore IPO gets bids for 0.3X the available 1,260 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 0.1X the available 630 crore shares on offer.
Motilal Oswal Financial Services rises as it plans to consider a bonus issue of shares on April 26, pending shareholder approval.
Adani Group releases Rs 26,500 crore worth of pledged shares in FY24, with Adani Power benefiting the most, followed by Adani Ports & SEZ and Adani Green Energy. In March 2023, Adani Power pledged 72.7 crore promoter shares, which have since been reduced to 44.6 crore.
The Food Safety and Standards Authority of India to investigate public claims that Nestle India adds an average of 3 grams of sugar per serving to its Cerelac baby food products.
Foreign institutional investors sell Rs 14,438 crore in Indian equities in the past two weeks, according to Trendlyne's FII dashboard. Meanwhile, domestic institutional investors buy equities worth Rs 9,381.5 crore during the same period.
Anand Rathi gives a 'Buy' rating to Pricol with a target price of Rs 495 per share. This indicates a potential upside of 17.4%. The brokerage expects the company's revenue to surge on the back of demand for 2-wheelers, commercial vehicles, tractors and off-road vehicles. It expects the company's revenue to grow at a CAGR of 10.6% over FY23-25.
Citigroup maintains its 'Sell' rating on TVS Motors with an upgraded target price of Rs 1,450. The brokerage expects weak Q4FY24 results from the company. It notes that the increasingly competitive electric two-wheeler segment, combined with lower operating leverage, could impact TVS's performance in the quarter.
SJVN’s subsidiary, SJVN Green Energy, forms a joint venture (JV) company with Assam Power Distribution to engage in power generation from renewable sources, including hydropower, by setting up power plants.
Dixon Technologies' arm Padget Electronics inks an agreement with Longcheer Mobile India for the manufacture and sale of smartphones for global brands, leveraging Longcheer's design and technology.
Aurionpro Solution rises as it plans to acquire a majority stake (67%) in Arya.ai for $16.5 million to bring in products and expertise in artificial intelligence, deep learning, intelligent automation, etc.
Nuvama expects 12 Indian stocks to be included and one high-conviction stock to be excluded during the MSCI's May 2024 rejig of its Emerging Markets Index. Expected inclusions are Indus Towers, NHPC, and Canara Bank, while Berger Paints will be excluded. The brokerage predicts that India's weight in the MSCI Emerging Markets Index will increase to nearly 20% from the current 18.2%.
ITC is rising as its arm ITC Infotech acquires a 100% stake in cloud services company Blazeclan Tech for Rs 485 crore.
Bajaj Auto is falling as its net profit misses Forecaster estimates by 2.6%, despite an 18% YoY rise to Rs 2,011.4 crore in Q4FY24. Revenue increases by 29.4% YoY, helped by improvements in the automotive and investment segments. It features in a screener of stocks with high promoter pledges.
The RBI approves the appointment of Ajith Kumar KK as the Managing Director and Chief Executive Officer of Dhanlaxmi Bank.
Tata Motors reportedly plans to import its high-end electric Jaguar Land Rover (JLR) vehicles, aiming to benefit from the recent government policy introduced in March. This policy offers reduced import duties to businesses agreeing to set up local manufacturing facilities and invest a minimum of $500 million within three years.
Anil Kumar Goel buys a 0.3% stake in Magadh Sugar & Energy in Q4FY24. He now holds a 4% stake in the company.
Rakesh Jhunjhunwala's portfolio sells a 0.4% stake in Federal Bank in Q4FY24. It now holds a 2.6% stake in the company.
Gokaldas Exports' board approves raising Rs 600 crore through a qualified institutional placement (QIP), with the floor price set at Rs 790 per share.
Infosys is falling as its Q4FY24 revenue declines by 2.3% QoQ to Rs 37,923 crore, impacted by the financial services, retail, manufacturing, and life sciences segments. However, its net profit rises by 30.5% QoQ to Rs 7,969 crore, helped by a tax refund of Rs 1,934 crore received during the quarter. It appears in a screener for stocks that have underperformed their industry’s price change over the past quarter.
Riding High:
Largecap and midcap gainers today include Bajaj Finance Ltd. (7,119.50, 3.3%), Bayer Cropscience Ltd. (5,716.90, 3.0%) and Escorts Kubota Ltd. (3,106.70, 2.9%).
Downers:
Largecap and midcap losers today include Tata Communications Ltd. (1,755.20, -5.3%), Supreme Industries Ltd. (4,067.55, -3.1%) and Lupin Ltd. (1,547.55, -2.9%).
Crowd Puller Stocks
8 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Motilal Oswal Financial Services Ltd. (2,232, 7.0%), Raymond Ltd. (2,011.95, 5.3%) and Chalet Hotels Ltd. (879.65, 4.0%).
Top high volume losers on BSE were Tata Communications Ltd. (1,755.20, -5.3%) and Timken India Ltd. (3,043.30, 0.0%).
TTK Prestige Ltd. (694.85, 1.3%) was trading at 3.7 times of weekly average. KSB Ltd. (4,656.45, 3.3%) and ICICI Securities Ltd. (710.65, 1.0%) were trading with volumes 3.7 and 3.1 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
16 stocks made 52-week highs, while 4 stocks were underachievers and hit their 52-week lows.
Stocks touching their year highs included - Bharti Airtel Ltd. (1,289, 1.8%), Indus Towers Ltd. (351.40, 2.0%) and JSW Energy Ltd. (626.70, -0.3%).
Stocks making new 52 weeks lows included - Asian Paints Ltd. (2,808.55, 0.0%) and Bata India Ltd. (1,320.40, -1.7%).
8 stocks climbed above their 200 day SMA including Bajaj Finserv Ltd. (1,619, 1.6%) and Aavas Financiers Ltd. (1,548.35, 1.3%). 20 stocks slipped below their 200 SMA including Tata Communications Ltd. (1,755.20, -5.3%) and Supreme Industries Ltd. (4,067.55, -3.1%).