Share Market HIGHLIGHTS: Nifty 50 reclaims 18,250, Sensex ends 710 pts higher as market rebounds; HDFC Bank gives Nifty Bank a big lift
Share Market HIGHLIGHTS: Indian equity benchmarks Nifty 50 and Sensex started the trading week on a positive note on May 8 tracking gains across a majority of markets globally, after positive data from the US eased concerns about a slowdown in the worlds largest economy. Investors back home awaited more of financial results from India Inc as the earnings momentum gathered steam. Catch minute-by-minute updates of all the action in the Indian share market, 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.
Share Market HIGHLIGHTS: Indian equity benchmarks Nifty 50 and Sensex started the trading week on a positive note on May 8 tracking gains across a majority of markets globally, after positive data from the US eased concerns about a slowdown in the world's largest economy. Investors back home awaited more of financial results from India Inc as the earnings momentum gathered steam.
Here are a few headlines that stayed in focus on Dalal Street on May 8:
- Bulls make a comeback on Dalal Street: Key factors that drove the market
- Canara Bank Q4 profit meets analysts' estimates; PSU lender's asset quality improves
- Dividend news: Canara Bank | UPL | Exide | Avadh Sugar
- Will Tata Motors announce its first dividend in nearly seven years soon?
- Investors cheer Paytm's narrowing loss; Goldman Sachs places target at Rs 1,150
- Go First crisis: DGCA issues show-cause notice to airline, demands response in 15 days
Catch minute-by-minute updates of all the action in the Indian share market on May 8, 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:
Latest Updates
Dividend News | Sugar maker's board recommends Rs 10/share payout
Avadh Sugar & Energy announces a payout of Rs 10 per share.
Share Market Today LIVE | Exide Industries announces Rs 2/share dividend
UPL Q4 Results | Net profit falls 42% to Rs 792 crore, misses analysts' estimates
Agrochemicals company UPL reports a consolidated net profit of Rs 792 crore for the January-March period, marking a fall of 41.8 per cent compared with the corresponding period a year ago. The company's profitability is affected by falling product prices and delays in the planting season.
UPL's revenue comes in four per cent higher on a year-on-year basis at Rs 16,569 crore.
According to Zee Business research, the company's quarterly net profit was pegged at Rs 1,940 crore and revenue at Rs 16,840 crore.
Dividend News | UPL board recommends payout of Rs 10 per share
That marks a dividend of 100 per cent given the face value of Rs 10 per share.
Dividend News | Canara Bank announces 120% dividend
Canara Bank meets Street forecasts with 90.5% jump in Q4 profit; asset quality improves
Canara Bank reports a net profit of Rs 3,174.7 crore for the quarter ended March 2023, marking a jump of 90.5 per cent compared with the corresponding period a year ago. The Bengaluru-based PSU lender's net profit is in line with analysts' expectations. Canara Bank shares only briefly recover their intraday losses after the earnings announcement, having struggled below the flatline for much of the session.
The lender's net interest income (NII) — the difference between interest earned and interest paid — grows 23 per cent on a year-on-year basis to Rs 8,616.8 crore, according to a regulatory filing. According to Zee Business research, Canara Bank's quarterly net profit was estimated at Rs 3,100 crore and NII at Rs 9,120 crore.
Nifty LIVE | Reliance, HDFC twins, ICICI Bank, Bajaj Finance, Tata Motors among top boosts for 50-scrip index
Image: Niftyindices.com
Share Market Today LIVE | Paytm shares stay in demand
Paytm shares are up by Rs 34.1 or 4.9 per cent at Rs 723.6 apiece on BSE, not far from their intraday high of Rs 729.4 apiece so far.
The renewed buying interest One97 shares comes on the back of the company's narrower loss for the quarter ended March 2023 compared with the corresponding period a year ago.
Here's how brokerages rate Paytm after the digital payments firm's earnings announcement:
Brokerage Rating Target CLSA Buy Raised to Rs 850 from Rs 750 Morgan Stanley Equal-weight Rs 695 JPMorgan Overweight Rs 950 Citi Buy Raised to Rs 1,144 from Rs 1,103 Macquarie Outperform Rs 800 Goldman Sachs Buy Rs 1,150 Global Markets LIVE | European shares begin the week in the green led by energy, banking stocks
European equities register mild gains in the first hours of the day as caution persists ahead of a key inflation reading from the US due this week that could offer clues on the future course of interest rates in the world's largest economy. The pan-European Stoxx 600 index is up 0.4 per cent at 467.Here's what some of the key indices in the continent look like at this hour:- UK's FTSE 100: up 75.7 points or one per cent at 7,778.4
- France's CAC: up 16.7 points or 0.2 per cent at 7,449.6
- Germany's DAX: up 26.6 points or 0.2 per cent at 15,987.6
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Global Market Update | Dow Jones, S&P 500 suggest a mildly positive start ahead in US stock market today; tech stocks may play spoilsport
Here's what the futures contracts of the three main Wall Street indices suggest at this hour:
- Dow Jones futures: up 71 pts or 0.2 per cent at 33,810
- S&P 500 futures: up 6.5 pts or 0.2 per cent at 4,156.5
- Nasdaq Composite futures: flat at 13,317.8
The US share market will open at 9:30 am EST (7:00 pm in India).
Best day for Nifty Auto in over three months driven by Tata Motors, Mahindra & Mahindra, Maruti Suzuki
The Nifty Auto finishes 1.8 per cent higher — its biggest rise since January 31.
Share Market Today | Sensex ends 710 pts higher, Nifty reclaims 18,250 as bulls make a comeback after Friday's riot on D-Street
The Nifty gains 195.4 points or 1.1 per cent to end at 18,264.4 and the Sensex settles at 61,764.3, up 710 points or 1.2 per cent from its previous close. Buying interest across sectors pushes the headline indices higher, with financial, auto and oil & gas shares being the biggest movers.
Here's how the indices moved through the day:
Nifty 50
Share Market Tips LIVE | Investors can hold Lux Industries, stock may rise to Rs 1,700 in 2-3 months, says Astha Jain
Astha Jain of Hem Securities is of the view that Lux shares may continue to ride the momentum to Rs 1,600-odd levels in the near term and around Rs 1,700 over a period of 2-3 months.
Image: BSE
Lux Industries shares have grown by one-fifth in the last one month, sharply outperforming a 3.7 per cent rise in the Nifty benchmark index.
Share Market Today LIVE | Financial, auto shares top boosts for headline indices
Index Change NIFTY REALTY 2.2 NIFTY PRIVATE BANK 1.8 NIFTY AUTO 1.8 NIFTY FINANCIAL SERVICES 1.6 NIFTY FINANCIAL SERVICES 25/50 1.6 NIFTY BANK 1.5 NIFTY FMCG 0.7 NIFTY IT 0.7 NIFTY METAL 0.6 NIFTY OIL & GAS 0.5 NIFTY CONSUMER DURABLES 0.2 NIFTY HEALTHCARE INDEX 0.1 NIFTY PHARMA 0 NIFTY MEDIA -0.3 NIFTY PSU BANK -1.3 Share Market Today LIVE | Fear index VIX spikes
NSE's India VIX index — also known in market parlance as the fear or volatility gauge — is up 2.5 per cent at 12.6, having risen as much as five per cent to 12.9 earlier in the day.
Share Market Today LIVE | Paytm shares hold on to much of day's gains
Paytm shares are firmly in the green with a gain of Rs 30.1 or 4.4 per cent at Rs 719.5 apiece on BSE. As many as 3.6 lakh Paytm shares have changed hands for the day on the bourse as against a daily average of two lakh in the past two weeks, according to exchange data.
Image: BSE
Share Market Today LIVE | Paytm shares jump amid huge volumes
Paytm parent One97 Communications' shares rise by Rs 37.5 or 5.4 per cent to Rs 726.9 apiece on BSE at the strongest level of the day.
After market hours on Friday, Paytm reported 51.5 per cent growth in revenue to Rs 2,334.5 crore for the quarter ended March 2023 compared with the corresponding period a year ago, driven by an increase in gross merchandise value (GMV), higher merchant subscription sales and expansion in loan disbursals. Its earnings before interest, taxes, depreciation and ammortisation (EBITDA) loss came down to Rs 129.1 crore for the three-month period, from Rs 729 crore for the year-ago period.
The digital payments company's net loss reduced to Rs 168.4 crore for the quarter ended March 2023, from Rs 761.4 crore for the year-ago period.
Nifty LIVE | HDFC twins, ICICI Bank, Bajaj Finance top boosts for headline index
Here's a look at the heatmap in the 50-scrip index, by weight:
Image: Niftyindices.com
Share Market Today LIVE | Marico, Indigo Paints, Paytm among top gainers in BSE 500 universe
On the other hand, TCNS Brands, Gujarat Ambuja Exports, Bank of India and Adani Transmission are the worst hit among some 120 laggards in the 500-scrip basket. Here's a look at some of the stocks moving the most in the pack:
Image: BSE
Buy Britannia, target Rs 5,300: Centrum Broking
Britannia's topline growth of 13.3 per cent was driven by strong distribution efficiencies reflecting four per cent expansion in volumes, according to Centrum Broking. The brokerage also says that sharp prices increases ahead of competition helped the company improve its margin.
The brokerage's target price reflects a 46 times earnings per share multiple for the year ending March 2025.
Gold & Silver Rate Check | Yellow metal futures at Rs 60,880, white metal contract at Rs 77,265
- Gold: up 0.4 per cent
- Silver: up 0.3 per cent
- Crude oil: up 0.5 per cent at Rs 5,867
- Natural gas: up 1.9 per cent at Rs 179.6
- Copper: up 0.3 per cent at Rs 746.1
- Zinc: up 0.4 per cent at Rs 239.2
Share Market Today LIVE | Adani Transmission, Adani Total Gas shares slump as MSCI lowers free float; most group stocks under pressure
Adani Transmission and Adani Total Gas shares hit the five per cent lower circuit this morning, at Rs 949.3 apiece and Rs 872.4 apiece on BSE respectively.
Adani Transmission
Adani Total Gas
Images: BSE
Here's what the other stocks of the group look like one hour into the opening bell:
Stock CMP (rupees) Change (%) Adani Enterprises (ADANIENT) 1888.3 -1.7 Adani Ports (ADANIPORTS) 682.2 -0.3 Adani Power (ADANIPOWER) 236.55 -1.3 Adani Green Energy (ADANIGREEN) 916.9 -2.5 Adani Wilmar (AWL) 394.65 -0.6 ACC 1772.9 0.5 Ambuja (AMBUJACEM) 405.1 1.2 HDFC twin fundamentals stock: Geojit's VK Vijayakumar
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, points out that the heavy selling in HDFC Bank and HDFC shares last week was triggered by fears of outflows after the news of the merger due do MSCI's weighting update.
MSCI said it included the merged entity of the two companies in its large-cap index, but with an adjustment factor of 0.5 instead of the 1 widely expected by the market.
"Support from global markets and sustained FII buying can revive positive market sentiments... Cues from the mother US market indicate that the fears from the regional banking crisis are easing. The April US jobs data, which came in much better than expected, reflect a strong US economy, which may even avoid a recession," Vijayakumar adds.
Mankind Pharma shares to debut in secondary market at 10 am on Tuesday
Mankind Pharma is all set to be listed on stock exchanges BSE and NSE on May 9. Here's how the IPO, which was open for subscription from April 25 to April 27, fared:
Category Subscription (No. of times the shares reserved) Qualified Institutions 49.2 Non-Institutional Buyers 3.8 Retail Investors 0.9 Total 15.3 So, in about 24 hours, you will be able to trade in Mankind Pharma shares on the bourses.
Share Market Today LIVE | How brokerages view Britannia after FMCG firm's strong Q4 show
Brokerage Rating Target CLSA Buy Raised to Rs 4,390 from Rs 4,030 JPMorgan Neutral Raised to Rs 4,920 from Rs 4,780 Morgan Stanley Overweight Raised to Rs 5,184 from Rs 4,874 Jefferies Buy Raised to Rs 5,300 from Rs 5,200 Citi Buy Raised to Rs 5,400 from Rs 5,250 Nomura Buy Raised to Rs 5,425 from Rs 5,350 Goldman Sachs Neutral Raised to Rs 4,925 from Rs 4,750 Macquarie Neutral Rs 4,250 Q4 Results Effect | Britannia shares scale all-time high, boost Nifty FMCG to record high
Britannia shares are in high demand on Dalal Street this morning after the biscuit maker reported a strong set of Q4 earnings. The FMCG stock gains as much as 1.7 per cent to a record Rs 4,700.4 apiece on BSE.
Image: BSE
Share Market Today LIVE | Market breadth extremely positive
Overall market breadth favours the bulls in a big way, with 2,002 stocks holding on to the green and 884 struggling below the flatline at this hour.
Nifty LIVE | IndusInd, Mahindra & Mahindra, Hindalco rise most among 42 gainers in blue-chip basket
Here's a glance at some of the stocks moving the most 15 minutes into the opening bell:
Top Nifty 50 gainers
Stock CMP Change (%) INDUSINDBK 1,128.7 5.2 M&M 1,235 2 HINDALCO 441.7 1.7 ONGC 162.4 1.3 TATAMOTORS 483.3 1.3
Top Nifty 50 losers
Stock CMP Change (%) COALINDIA 231.1 -2.7 ADANIENT 1,886 -1.8 SUNPHARMA 964.1 -0.7 DIVISLAB 3,280.5 -0.3 ADANIPORTS 682.2 -0.3 Share Market Today LIVE | Nifty 50 comes within eight pts of 18,200, Sensex rises over 450 pts led by financial, oil & gas, FMCG shares
The Nifty 50 gains as much as 123.5 points or 0.7 per cent to 18,192.5 within the first few minutes of trade as the market begins the week in the green. The Sensex rises to as high as 61,519.8, up 465.5 points or 0.8 per cent from its previous close.
Here's how their intraday charts are building up:
Nifty 50 LIVE
Sensex LIVE
Images: BSE, NSE
Share Market Today LIVE | Sensex up over 100 pts, Nifty above 18,100
In the pre-opening session, the Nifty 50 benchmark index is up 51.6 points or 0.3 per cent at 18,120.6, and the leaner Sensex at 61,166.1, up 111.8 points or 0.2 per cent from its previous close.
INR vs USD | Rupee edges higher at 81.75 against US dollar
The rupee begins the day at 81.75 against the US dollar. On Friday, it had settled at 81.80 against the greenback.
Traders' Diary | Buy, sell or hold strategy on Paytm, Britannia, Marico, PowerGrid, Aditya Birla Fashion, 15 other stocks today
- Ashish Chaturvedi recommends buying D-Link shares in the cash segment for a target of Rs 285 with a stop loss at Rs 270
- Arman Nahar suggests buying Equitas Small Finance Bank shares in the spot market for a target of Rs 76 with a stop loss at Rs 71
Earnings Today | Pidilite, Canara Bank, Birlasoft, UPL on the list
More than 50 companies are slated to report their financial results for the January-March period today, including Pidilite, Canara Bank, Birlasoft, MGL, UPL, Kansai Nerolac, Happiest Minds and VIP Industries.
Here's a list:
- AARTIIND
- ACGL
- ADIEXRE
- ALANKIT
- ALLSEC
- ANDHRAPAP
- APARINDS
- APOLLOPIPES
- ASALCBR
- AVADHSUGAR
- BALKRISHNA
- BIOGEN
- BSL
- CANOPYFIN
- CARBORUNIV
- CGPOWER
- CRAFTSMAN
- DANUBE
- DCI
- DIAMINESQ
- ESCORTSFIN
- EXIDEIND
- GOPAIST
- GUJTLRM
- HFCL
- HINDMOTORS
- INDINFR
- IRBINVIT
- ISHWATR
- JAMSHRI
- KALPATPOWR
- KANSAINER
- KBCGLOBAL
- LAFFANSQ
- NBFOOT
- NITTAGELA
- ODYSSEY
- OMAXAUTO
- RRIL
- SEATV
- SEPOWER
- SHRMFGC
- STERTOOLS
- TECHIN
- THINKINK
- UGARSUGAR
- VERTEX
- WARDINMOBI
Good morning! Welcome to Zeebiz.com's blog on the stock market today
Follow this space to catch minute-by-minute market action, the views of Zee Business Managing Editor Anil Singhvi and other experts, investment ideas, stock picks, brokerage calls and much more through the day.
Happy trading, and happy investing!
Anil Singhvi' Market Strategy | Nifty buy zone at 17,850-17,925, Nifty Bank base at 42,450-42,600
Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 18,000-18,050 levels today and a strong buy zone at 17,850-17,925 levels.
For the Nifty Bank — whose 12 constituents include HDFC Bank and SBI, he sees support emerging at 42,450-42,600 levels and a strong base at 42,275-42,375 levels.
How Anil Singhvi views the Indian share market today and what he recommends
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