Share Market Highlights: Sensex ends 463 pts higher; Nifty above 18,050, led by IT, FMCG shares

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Heatmap: Top gainers, losers at close

Market at close: Sensex, Nifty50 end higher

LIC gets new Chairman

Siddharth Mohanty was appointed as new LIC Chairman till June 29, 2024, and after that, he will be the Managing Director and Chief Executive Officer of a public sector insurance company until superannuation on June 7, 2025, according to Zee Business.

It should be noted that Mohanty was earlier this month appointed as interim Chairman on LIC from April 14, 2023.

LIC shares gained around 1 per cent to Rs 552 per share on the BSE during Friday’s session.  

Glenmark Life Sciences shares surge on strong Q4

Glenmark Life Sciences’ stock touched a 52-week high of Rs 524.75 per share, after gaining more than 10 per cent on the BSE during Friday’s session on the back of company's strong earnings for the March quarter of the financial year 2022-23 (Q4FY23).

The drugmaker's net profit came at Rs 146.30 crore, up 48.1 per cent in the January-March quarter of FY23 from Rs 98.80 crore a year ago quarter, while the revenue grew by 21 per cent year-on-year (YoY) to Rs 621.3 crore.

TCS shares surge – here’s why

TCS stock surged more than 1 per cent to hit an intraday high of Rs 3,227.20 per share on the BSE during Friday’s session, on the news that the TCS-Tejas Networks and BSNL deal may soon get approval from the Group of Ministers.

A mega order worth Rs 25,000 crore is expected to be placed within two months, according to a report by Zee Business' Executive Editor Swati Khandelwal. Read More

Axis Bank shares tumble

Axis Bank shares declined as much as 3 per cent to touch the day’s low level at Rs 853.75 per share on the BSE during Friday’s session after the private lender announced its Q4 earnings on Thursday.

Read More

Axis Bank reported a Rs 5,361 crore loss on a consolidated basis for the January-March period against a net profit of Rs 4,417 crore a year ago, impacted by the Rs 12,490 crore payout towards the Citi acquisition.

IT, PSU banks and Realty stocks surge

PI Industries shares zoom

Shares of PI Industries soared more than 11 per cent to Rs 3,412 apiece on the BSE during Friday's trade, following two acquisitions, to help the company foray into the pharma space.

The pesticides and agrochemicals company announced twin acquisitions into pharma API (Active Pharmaceutical Ingredient) & CDMO (Contract Development and Manufacturing Organization) space, PI Industries said in a regulatory filing on Thursday.

Godrej Cons, Raymond stocks under pressure

Shares of Godrej Consumer Products Limited and Raymond Limited were under pressure on the exchanges during Friday’s session. Godrej Consumer declined over 3 per cent, while Raymond tumbled around 6 per cent on the BSE. Read More

Godrej Consumer acquires FMCG business of Raymond for Rs 2,825 crore

The Gautam Singhania-led Raymond Group on Thursday announced its exit from the consumer care business by selling condom brands KamaSutra and Premium and deodorant brands Park Avenue and DS to the Godrej Group for Rs 2,825 crore in an all-cash deal.

Godrej Consumer Products Intraday Chart

Raymond Ltd Intraday Chart

LTIMindtree shares gain as much as 1 per cent to Rs 4,354 per share a day after the Indian software major announced the March quarter earnings for the financial year 2022-2023. The 6th largest IT services company also declared a dividend of Rs 40 per share to its shareholders on Thursday along with earnings. READ MORE

Rupee vs Dollar

The rupee gained 4 paise to 81.75 against the US dollar in early trade on Friday tracking a weak American currency and foreign fund inflows.

Forex traders said the rupee is trading in a narrow range as the support from crude oil prices below USD 80 a barrel was negated by muted domestic equities.

At the interbank foreign exchange, the domestic unit opened at 81.77 against the dollar and then rose to 81.75, registering a rise of 4 paise over its previous close.

Wipro top Nifty gainer

Shares of Wipro climbed nearly 4 per cent in morning trade on Friday after the company's board announced a share buyback of up to Rs 12,000 crore.

The stock jumped 3.64 per cent to Rs 388 on the BSE. At the NSE, it gained 3.63 per cent to Rs 388. It was the biggest gainer on both the Sensex and Nifty.

Analysis: Wipro shows some spark on buyback offer but what lies ahead?

IT major Wipro on Thursday posted a 0.4 per cent decline in its consolidated net profit to Rs 3,074.5 crore for the March 2023 quarter and guided for a 1-3 per cent sequential decline in revenue from IT services business in the June quarter amid a weak macro environment. READ MORE

Nifty50 Outlook

The Nifty has come out of a falling channel pattern and will attempt to test 18050-18200 as the index has resumed its upward trend on a daily time frame. Considering that prices are now moving in a higher high higher low structure, buying the index on each drop will be the preferred strategy.

 - Om Mehra, Equity Research Analyst, Choice Broking

Heatmap: Top gainers, losers in early session today

Wipro surged most in the early morning session on Friday, a day after the company announced its March quarter earnings on Thursday. Apollo Hospitals, UPL, and Sun Pharma among other stocks were also in the top gainers list today.

Market Open: Sensex, Nifty flat after positive start

Anil Singhvi Market Strategy April 28 

Ahead of the last session of April month, Zee Business Managing Editor Anil Singhvi sees support for the Nifty50 index at 17,550-17,750 levels and a strong buy zone at 17,775-17,850 levels on Friday, April 28.

For the Nifty Bank, he sees support emerging at 42,725-42,850 levels and a strong buy zone at 42,600-42,675 levels.

READ MORE

US Dollar Index Rises

The dollar rose on Thursday as weaker-than-expected U.S. economic growth in the first quarter is viewed as not likely to deter the Federal Reserve from raising interest rates next week.

The advance estimate of first-quarter gross domestic product (GDP) showed a 1.1% annualized rate during the period. The economy grew at a 2.6% pace in the fourth quarter. Economists polled by Reuters had forecast GDP rising at a 2.0% rate.

READ MORE

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