Share Market HIGHLIGHTS: Nifty, Sensex end with minor cuts as L&T, RIL, ITC drag indices; HUL, Asian Paints, ICICI fight for bulls
Share Market HIGHLIGHTS: Indian shares ended Thursdays trade with minor gains with the benchmark 30-share BSE Sensex settling 35 points lower at 61,904. The broader 50-share NSE Nifty50 also ended the trade with just 18 points gain at 18,297. Among stocks, Asian Paints, HUL, NTPC were top gainers on Sensex, while L&T, ITC, Bharti Airtel were top laggards. Larsen and Toubro shares ended more than 5 per cent lower, while Asian Paints jumped more than 3 per cent on stellar March quarter results. Here are the top highlights from the stock markets today from Zeebiz.coms blog:
Share Market HIGHLIGHTS: Indian shares ended Thursday's trade with minor gains with the benchmark 30-share BSE Sensex settling 35 points lower at 61,904. The broader 50-share NSE Nifty50 also ended the trade with just 18 points gain at 18,297. Among stocks, Asian Paints, HUL, NTPC were top gainers on Sensex, while L&T, ITC, Bharti Airtel were top laggards. Larsen and Toubro shares ended more than 5 per cent lower, while Asian Paints jumped more than 3 per cent on stellar March quarter results.
Here are the top highlights from the stock markets today from Zeebiz.com's blog:
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That's all from our coverage of the stock markets today. Stay tuned on ZeeBiz.com for more stories.
Closing Bell: Nifty, Sensex end with minor cuts as L&T, RIL, ITC drag indices; HUL, Asian Paints, ICICI fight for bulls
Indian shares ended Thursday's trade with minor gains with the benchmark 30-share BSE Sensex settling 35 points lower at 61,904. The broader 50-share NSE Nifty50 also ended the trade with just 8.5 points gain at 18,306. Among stocks, Asian Paints, HUL, NTPC were top gainers on Sensex, while L&T, ITC, Bharti Airtel were top laggards. Larsen and Toubro shares ended more than 5 per cent lower, while Asian Paints jumped more than 3 per cent on stellar March quarter results.
Relaxo Footwears registers a 9.6% growth in revenue; shares rise over 3%
Relaxo Footwears share price: Shares of Relaxo Footwears jumped over 3 per cent on NSE on May 10 after the company reported a 9.6 per cent rise in revenue from operations to Rs 765 crore for the quarter that ended March 2023. At the time of writing this report, Relaxo Footwears scrip traded over 3 per cent higher on NSE at Rs 897 apiece, and on BSE, the stock quoted at Rs 895.8 apiece.
Gujarat Gas shares up 4% post-March quarter nos; here's what analysts say
Gujarat Gas share price: Shares of Gujarat Gas added over 4 per cent on NSE on May 11, a day after the company released its March quarter (Q4FY23) numbers. The company reported a 9 per cent quarter-on-quarter (QoQ) rise in revenue to Rs 4,074 crore for the January-March period. It reported a standalone profit of Rs 369 crore in Q4FY23 as compared to Rs 371 crore in the previous quarter but was better than the estimate of Rs 260 crore. Total expenses stood at Rs 3,628.97 crore.
Asian Paints Q4 Results: Profit grows 44% YoY to Rs 1,258 crore, beats analysts' estimates
Asian Paints on Thursday, May 11, 2023, reported stellar earnings for the January-March quarter of fiscal 2022-23 (Q4FY23) as both top and bottom lines grew in double-digit year-on-year during the quarter under review. The paint major’s net profit grew 44 per cent year-on-year to Rs 1,258.4 crore during the period as compared to Rs 874 crore registered in the same quarter a year ago, according to the regulatory filing. READ MORE
Asain Paints shares rise on better-than-estimated Q4 earnings
Asian Paints shares, which were mainly flat ahead of results, have jumped around 1.5 per cent to Rs 3086 per share on the BSE after the company announced better-than-estimated earnings for the March quarter of the previous fiscal.
Asian Paints' net profit grew 44 per cent year-on-year to Rs 1,258.4 crore in the quarter ended on March 31, 2023, as compared to Rs 874 crore in the same quarter a year ago, according to the regulatory filing. Read More
Top broader market gainers today
FMCG Gianers
- Parag Milk +5%
- ADF Foods +3.10%
- Tasty Bite +2.30%
- Godrej Cons +2%
Oil & Gas Gainers
- Gujarat Gas +5.40%
- GSPL +3.50%
- HOEC +2.40%
- MRPL +2%
Pharma Gainers
- Sanofi India +8.10%
- Novartis India +7%
- Orchid Pharma +5%
- IOL Chemical +4%
Railways Gainers
- Ircon Intl +6.40%
- RVNL +4.30%
- Texmaco Rail +2.10%
- Titagarh Wagons +2%
Telecom Gainers
- Vodafone Idea +6%
- ITI Ltd +4%
- MTNL +2.40%
- Universal Cab +1.20%
Nifty50 Technical Outlook
The Nifty50 Index has been continuing its upward momentum from April, surpassing the significant resistance level of 18200.
At the moment, the key resistance level is at 18440, which represents a 78.6% retracement of the previous decline from 18888 to 16828.
It's possible that we may see some profit taking around this level, but if the Nifty manages to break above it, there could be further gains towards the 18630-18690 range.
On the downside, the immediate support level is at the 9-day moving average (DMA) of 18200, followed by the 20-DMA at 18000, and a cluster of 100 and 200-DMA at 17800.
- Santosh Meena, Head of Research, Swastika Investmart Ltd.
Bank, Financial, Auto shares gain
The Indian markets hours before the session end on Thursday were flat mainly dragged by pharma and healthcare stocks, led by Dr Reddy’s and other key counters.
On the contrary, the Nifty index was supported by Banking, Financial, and Auto indices which were up between 0.4-0.5 per cent on the NSE today.
Gujarat Gas shares rise
Gujarat Gas shares gained 6 per cent to Rs 492.55 on the BSE intraday during Thursday’s session a day after the company reported a smart recovery in its total gas sales volume in the March quarter.
According to the company’s regulatory filing, Gujarat Gas sold 8.86 mmscmd (million metric standard cubic meters per day) of volume as compared to 7.29 mmscmd registered in the preceding quarter, an increase of 22 per cent.
Asian Paints shares in green ahead of Q4 results
Shares of Asian Paints were in the green ahead of the company’s earnings for the March quarter of the last fiscal. The stock surged more than 0.5 per cent to Rs 3,061 per share at around 01:00 PM on the BSE intraday on Thursday.
According to Zee Business Research, the company is expected to report a 12 per cent year-on-year (YoY) rise in consolidated revenue at Rs 8,810 crore against Rs 7,893 crore registered in the year-ago period. Read More
Eicher shares flat ahead of Q4 earnings today
Shares of Eicher Motors — the parent company of Royal Enfield — were flat with a negative bias ahead of the auto company’s March quarter earnings for the previous fiscal. The stock quoted at Rs 3,400.05 per share, down Rs 15.45 or 0.45 per cent on the BSE intraday on Thursday.
According to Zee Business research, Eicher Motors is likely to report a 13.5 per cent increase in consolidated revenue to Rs 3,700 crore compared with the corresponding period a year ago. Read More
Top volume buzzers today
Stock to buy: MAS Financial
In a conversation with Zee Business Managing Editor Anil Singhvi, TradeSwift Director Sandeep Jain was upbeat on Mas Financial shares and gives a ‘buy’ rating on the stock with a target of Rs 830 per share as it being a fundamentally strong and quality company.
MAS Financial shares were up nearly 1 per cent to Rs 732.75 apiece on the BSE. The stock on Thursday hit the day’s high of Rs 749.5 per share, after opening near flatline at Rs 729 a share.
Major buzzing stocks today
Stocks such as Ratnamani Metals, Sanofi India, Ircon International, Quess Corp, and Gujarat Gas among others are gaining up to 8.5 per cent in an otherwise flat market on Thursday, May 11, 2023. These counters are buzzing mainly on the back of Q4 earnings and corporate actions.
Brokerages view on Dr Reddy's, L&T, Godrej Consumer
A day after their Q4 earnings, here's a look at what brokerages make of Dr Reddy’s Laboratories, Larsen and Toubro, Godrej Consumer, Gujarat Gas, and other shares that are on their radar today. Read More
Dr Reddy's Laboratories Brokerage New Rating New Target Old Target Goldman Sachs Neutral Rs 4,750 Rs 4,840 JP Morgan Underweight Rs 3,780 Rs 3,800 Jefferies Buy Rs 5,600 Rs 5,535 Nomura Buy Rs 5,161 Macquarie Outperform Rs 5,250 Larsen & Toubro Brokerage New Rating New Target Old Target Goldman Sachs Buy Rs 2,540 Rs 2,550 Nomura Buy Rs 2,770 Rs 2,540 Jefferies Buy Rs 2,900 Rs 2,650 Citi Buy Rs 2,722 Rs 2,630 CLSA Buy Rs 2,790 Morgan Stanley Overweight Rs 2,827 Bernstein Outperform Rs 2,452 Brokerage Rating Price Target Goldman Sachs Buy Raised to Rs 1,150 from Rs 1,100 Nomura Buy Rs 1,100 Morgan Stanley Overweight Rs 1,129 Jefferies Buy Rs 1,200 Macquarie Outperform Rs 1,000 JP Morgan Overweight Rs 990
Q4 results review
From good to bad and to ugly, market expert Varinder Bansal in a conversation with Zee Business Managing Editor Anil Singhvi decodes key results of companies such as Hindalco’s arm Novelis, Gujarat Gas, HG Infra, and others that were announced on May 10, Wednesday.
Stocks To Watch Today | L&T, Dr Reddy's, Hindalco, Eicher Motors, Pricol, Relaxo in the spotlight
- L&T and Dr Reddy's reported weak set of Q4 results on Wednesday
- A string of corporates are scheduled to report their quarterly earnings on Thursday, including Asian Paints, Eicher Motors, Intellect Design and Dr Lal Pathlabs
Anil Singhvi Market Strategy | Buy Nifty 50 at 18,100-18,150 levels, strong support for Nifty Bank in 42,675-42,825 band
Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 18,215-18,265 levels and a strong buy zone at 18,100-18,150 levels today.
For the Nifty Bank, the market wizard sees support emerging at 43,000-43,125 levels and a strong base at 42,675-42,825 levels.
Read more on how Anil Singhvi views the Indian share market today and what he recommends
Share Market Today LIVE | How brokerages rate Dr Reddy's after pharma company's Q4 results
Brokerage Rating Target price Goldman Sachs Neutral Reduced to Rs 4,750 from Rs 4,840 JPMorgan Underweight Reduced to Rs 3,780 from Rs 3,800 Jefferies Buy Raised to Rs 5,600 from Rs 5,535 Nomura Buy Rs 5,161 Macquarie Outperform Rs 5,250 After market hours on Wednesday, Dr Reddy's Labs reported a set of adjusted quarterly numbers that looked weak on all parameters, with the company's US sales having dropped 17 per cent sequentially.
Here are some highlights:
- Net profit up 10-fold at Rs 960 crore on a year-on-year basis
- Revenue up 15 per cent at Rs 6,315 crore, down seven per cent sequentially
- Adjusted EBITDA at Rs 1,270 crore
- Margin at 24.3 per cent
According to Zee Business research, the drug maker was estimated to report a quarterly net profit of Rs 954 crore and revenue of Rs 6,174 crore, translating to a margin of 25 per cent.
The analysts had pegged the company's adjusted EBITDA at Rs 1,563 crore.
Share Market Today LIVE | Dr Reddy's Labs under pressure after drug maker's weak Q4 show
Dr Reddy's Labs shares decline by as much as Rs 323 or 6.6 per cent to Rs 4,545 apiece on BSE, after the pharma company reports a weak set of Q4 results.
Image: BSE
Nifty LIVE | Larsen & Toubro, Dr Reddy's Labs, ITC limit upside in headline index
Here's a look at the top movers and shakers in the Nifty 50 basket (by weight):
Image: Niftyindices.com
Share Market Today LIVE | Mankind Pharma shares fall to Rs 1,300-odd levels after news of I-T raids at company's New Delhi offices
Mankind Pharma shares drop to as low as Rs 1,306 apiece on BSE, having declined by Rs 124 from their peak of Rs 1,431, touched on Wednesday. Here's how the newly-listed Mankind Pharma stock has moved this morning:
Image: BSE
Share Market Today LIVE | Income tax raids in Mankind Pharma's New Delhi offices, say source; newly-listed stock 8% off peak
The Income Tax Department is conducting searches at Mankind Pharma's New Delhi offices, official sources told Zee Business. Zee Business's emails sent to Mankind Pharma and attempts to make calls to its top executives are yet to elicit response.
Mankind Pharma shares, which debuted on bourses BSE and NSE on May 9, fell as much as 4.8 per cent to Rs 1,315.2 apiece in morning deals, having retreated more than eight per cent from their peak.
Share Market Today LIVE | Sensex, Nifty 50 start day in the green led by financial, IT stocks
Headline indices Nifyt 50 and Sensex rise as much as 0.4 per cent within the first few minutes of trade. The Sensex gains 228 points to 62,168.2 at the strongest level of the day so far and the Nifty 50 climbs to as high as 18,389.7, up 74.6 points from its previous close.
Here's how the intraday chart is building up for Sensex:
Image: BSE
Share Market Today LIVE | Sensex up over 200 pts in pre-opening session
The Sensex settles with a gain of 217.9 points or 0.4 per cent at 62,158.1 in the pre-open market.
Share Market Today LIVE | Asian shares rise as investors cheer better-than-expected US inflation data
Equities in other major Asian markets are in the green as a better-than-expected US reading overnight eases concerns about more of aggressive hikes in benchmark interest rates. MSCI's broadest index of Asia Pacific shares outside Japan is up 0.2 per cent.
Japan's Nikkei 225 is also up 0.2 per cent.
Share Market Today LIVE | SGX Nifty futures indicate a positive start ahead on Dalal Street
Singapore Exchange (SGX) Nifty futures, an early indicator of the Nifty 50 index, are up 45.5 points or 0.3 per cent at 18,404 at this hour, having gained as much as 66.5 points to18,425 earlier in the day.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.
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