Share Market Highlights: Nifty, Sensex end at over 4-month high; BFSI stocks top gainers
Stock Market Highlights: Benchmark indices - BSE Sensex and NSE Nifty50 - bucked the weak global cues trend and ended nearly a per cent higher after the US Federal Reserve announced another rate hike of 25 basis points (bps), leaving investors confused over its next move. . Catch minute-by-minute updates of all the action in the Indian share market on May 4, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and trade recommendations only on Zeebiz.coms blog.
Stock Market Highlights: Benchmark indices concluded Thursday’s session on a higher note as Nifty touched around a four-month high to end near the 18,250 level for the first time since January 03, 2023.
While the BSE Sensex rose more than 500 points, to close over 61,700 level for the first time since December 20, 2022.
The domestic markets bucked the weak global cues trend and rose nearly a per cent after the US Federal Reserve announced another rate hike of 25 basis points (bps), leaving investors confused over its next move.
Catch minute-by-minute updates of all the action in the Indian share market on May 4, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and trade recommendations only on Zeebiz.com's blog:
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Nifty breaks above 18,200 mark for the first time since January 03, 2023
HDFC shares rise after Q4 earnings
Mortgage lender Housing Development Finance Corporation (HDFC) shares rise after the non-banking finance company reported double-digit growth in its profit.
HDFC stock grew around 2.5 per cent to Rs 2,857.5 per share on the NSE.
The company’s profit grew by nearly 20 per cent to Rs 4,425.5 crore in the March quarter of FY23 as compared to Rs 3,700 crore in a year ago quarter.
Volume Buzzers
Commodities Check
Spot gold in global trade touched a 2020 record high close to $2,080 in the previous session. Hovering 14 months high near $2,060.
The dollar index continues to slide, near 2-week low below 101.
Heavy fall in crude oil continues, at 6-week low; Brent near $71, down nearly $10 in two days.
Small range trading in metals: LME Copper flat near $8500.
Global raw sugar futures, coffee, and cotton closed down in the last session.
Rane Engine shares 20% upper circuit on robust Q4
Shares of Rane Engine Valve – an auto part manufacturer – hit an upper circuit of 20 per cent to Rs 262.25 per share after the company reported stellar numbers for the March quarter of FY23.
Auto ancillary company’s profit before tax grew by 73 per cent, while revenue was up 25 per cent year-on-year during Q4.
The stock is mere Rs 20 away from its 52-week high of Rs 285 apiece on August previous year.
Tata Steel, NMDC and other metal stocks rise
Prominent metal stocks such as Tata Steel, NMDC, Hind Copper, Adani Ent and others are aiding the markets most as well as the Metal index during Thursday’s trade. Nifty Metal was a top contributor to Nifty’s surge as it gained almost 1 per cent today.
HPCL, BPCL, IOCL rise up to 4%
Oil marketing companies such as Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) shares were in demand during Thursday’s trade after global crude oil prices declined by around 9 per cent two days. Read More
Individually, HPCL shares surged almost 4 per cent, while BPCL and IOCL each rose by more than 2 per cent on the BSE during Thursday’s trade.
Market Update: BSE Sensex, Nifty50 inch higher
Petronet LNG shares crack 5% on weak Q4
Petronet LNG shares dipped as much as 5 per cent to Rs 224.25 on the BSE during Thursday’s trade amid weak January-March quarter results for FY23.
The Oil and Gas company’s profit dipped by 18 per cent year-on-year to Rs 614.3 crore, while revenue increased 24.3 per cent YoY to Rs 13,873.9 crore in the March quarter of the FY23.
Cholamandalam shares zoom
Cholamandalam Investment and Finance Company shares zoomed around 9 per cent to touch a new life high of Rs 970.2 per cent on the BSE during Thursday’s session after the company delivered best-ever disbursals, collections, and profitability in the January-March quarter of FY23.
Amid better results in Cholamandalam Investment and Finance, Cholamandalam Financial Holdings also jumped around 5 per cent on the BSE today.
Cholamandalam, ABB India, IndiaMart hit 52-week highs
Cholamandalam Investment, ABB India, and IndiaMart among other stocks from the broader market segment hit respective 52-week highs during Thursday's session on exchanges. Street queued to ‘buy’ these shares as they jumped up to 7.5 per cent today.
Image Source: Stockedge
Tyre maker MRF extends gain after good Q4
MRF shares climbed more than 2 per cent in morning trade on Thursday after the company's consolidated net profit surged over two-fold for the March quarter.
The stock of the tyre maker advanced 2.21 per cent to Rs 95,600 apiece on the BSE. At the NSE, it climbed 2.26 per cent to Rs 95,677.10 a share.
MRF on Wednesday said its consolidated net profit surged over two-fold to Rs 341 crore for the March quarter, riding on lower raw material costs. Read More
Titan shares in demand on good Q4
Titan shares in demand as Street likes Q4 earnings of jewellery and watch manufacturer. The stock rose 1.5 per cent to touch a day’s high of Rs 2693 per share on the BSE during Thursday’s session.
Tata Group firm on Wednesday reported a 40 per cent rise in consolidated net profit at Rs 736 crore in the fourth quarter ended March 2023. Read More.
OMCs surge on weak crude
Oil marketing companies such as Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL), and Indian Oil Corporation Limited (IOCL) rise up to 3 per cent during Thursday’s trade as global crude oil prices extend decline for the second day in a row.
Crude oil prices fell 4% on Wednesday, extending steep losses from the previous session after the U.S. Federal Reserve raised interest rates and as investors fretted about the economy.
Heatmap: Top gainers, losers on BSE, NSE
Opening Bell: Sensex, Nifty open in green
Sensex opens at 61,258, Nifty slightly lower at 18,081; L&T, TCS, Bajaj Fin, RIL fight for bulls, ICICI Bank, ITC drag
The benchmark 30-share BSE Sensex opened at 61,258, higher from its previous close of 61,193. The broader opened marginally lower at 18,081 from its previous close of 18,089. On Sensex, L&T, TCS, Bajaj Finance, RIL were trading in the positive zone, while ICICI Bank, and ITC traded lower. Titan traded positive a day after the Tata Group company posted largely inline results.
Anil Singhvi shares trading strategy: Key levels to watch out for in Nifty 50, Nifty Bank
Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 17,975-18,035 levels and a strong buy zone at 17,850-17,925 levels on Thursday, May 4. For the Nifty Bank — whose 12 constituents include HDFC Bank, SBI and Axis Bank, he sees support emerging at 43,000-43,075 levels and a strong buy zone at 43,700-43,850 levels. READ MORE
Oil-linked stocks, Titan Co, Dabur, HDFC, and HeroMoto Corp, among key stocks that may remain in focus today
Titan - the Tata Group company - reported a standalone net profit of Rs 734 crore for the March 2023 quarter, up 49 per cent from the year-ago period. Revenue from operations stood at Rs 8,553 crore, up 26.7 per cent against Rs 6,749 crore reported in the corresponding quarter of the previous fiscal. Total income came in at Rs 9,808 crore, up 33.4 per cent against Rs 7,352 crore logged in Q4FY22. Meanwhile, as many as 41 companies are scheduled to announce their March quarter earnings later in the day. The list includes names such as Dabur, CEAT Ltd, HDFC, Hero MotoCorp, and IDFC, among others. READ MORE
Dividend Stocks, Stock split today, May 4: CRISIL, Castrol India, Apollo Micro Systems among 4 shares to trade ex-date
Dividend Stocks Today, May 4: CRISIL, Castrol India and Embassy Office Parks REIT will go ex-dividend and Apollo Micro Systems will go ex-stock split date on Thursday, May 3, according to the NSE website. Typically, the price of a stock is adjusted when a company distributes dividend and splits equity shares. READ MORE
(Disclaimer: The stock recommendations given here are by brokerage(s). These are not the views of Zee Business. Please consult a professional advisor before making an investment decision.)
100% jump in 20 days! Did you miss the boat?
This Indian Railways public sector undertaking (PSU) stock has been on a roll in recent days, posting a 100 per cent gain in 20 days. READ MORE
As Fed raises the rate by a quarter point, will it impact credit card debt and auto loans?
As expected, the Federal Reserve has raised its key interest rate yet again in its drive to cool inflation, a move that will directly affect most Americas. On Wednesday, the central bank boosted its benchmark rate by a quarter-point to 5.1 per cent.
READ TO KNOW MORE
Will you pay less for petrol-diesel as Brent crude oil falls 4% - Check what triggered the drop in oil futures
Brent futures settled $2.99 lower, or 4%, to $72.33 a barrel, the global benchmark's lowest close since December 2021. Brent hit a session low of $71.70 a barrel, its lowest since March 20. READ MORE
USD holds losses FOMC hikes interest rate
The greenback dropped on Wednesday after the US Federal Reserve increased interest rates by 25 bps, while also signaling a pause in further increases. The dollar index was last down 0.42% on the day at 101.42, after hitting 101.05, the lowest since April 26. The euro gained 0.46% at $1.1047 after reaching $1.1093. It is holding just below a 13-month high of $1.1096 reached last week. The dollar also fell 1.02% against the Japanese yen to 135.15.
READ MORE ON WHAT MAY IMPACT TRADING IN USD THIS WEEK
Hang Seng gains slightly, Kospi down as Asian markets track weak global cues
Most Asian stocks were mixed tracking the negative sentiment from US markets during the early morning session on Thursday. Hong Kong’s Hang Seng was up over 0.4 per cent, while South Korea’s Kospi was down 0.6 per cent today.
READ MORE CUES BEFORE THE MARKET OPENS TODAY
Wall Street indices end lower as Fed rate stance remains uncertain
Key indices on Wall Street ended lower on overnight trade on Wednesday, giving up gains after Fed chair Jerome Powell kept investors uncertain on the US central bank's future stance o interest rate hikes. Powell-led FOMC hiked interest rates by a quarter of a percentage point. READ MORE
Good morning readers and welcome to ZeeBiz.com's stock markets live blog. First up, The Indian benchmark indices Nifty50 and Sensex are expected to open in the red on Thursday tracking weak global cues after the US Fed announced another rate hike of 25 basis points. The Singapore Exchange (SGX) Nifty — an early indicator of the Nifty 50 index – is down by 0.3 per cent in the morning session today. Stay tuned for live updates through the day and more
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