Share Market HIGHLIGHTS: Sensex, Nifty end volatile session flat as IT stocks aid intraday recovery on Dalal Street
Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty 50 and Sensex finished a choppy session barely in the red as IT stocks aided an intraday recovery on Dalal Street. Catch all the highlights of the April 3 session on Dalal Street, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stock recommendations, and much more only on Zeebiz.coms blog.
Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty 50 and Sensex ended a volatile session barely in the red on Wednesday amid an IT stocks-led intraday recovery on Dalal Street. Gains in IT and financial stocks were offset by losses in oil & gas and FMCG counters in a session characterised by choppy moves.
While the Sensex gyrated in a 611-point range around the flatline in intraday trade, the 50-scrip gauge largely moved within the 22,350-22,500 band.
ALSO READ: Gold hits fresh peak; will it glitter further or consolidate?
Globally, investors remained on the back foot amid rising bond yields after a key macroeconomic reading in the world's largest economy highlighted strong labour demand that could delay an imminent reduction in benchmark interest rates by the Fed.
Back home, investors awaited the outcome of the first bi-monthly review by the RBI Governor-led MPC due on Friday for domestic cues.
Here are some of the stocks that made headlines:
- Cochin Shipyard, Mazagon Dock, other shipping stocks buzz in trade
- Vodafone Idea jumps after telecom operator's board approves Rs 20,000 crore fund-raise
- Nifty Auto jumps over 73% in a year; will the run continue?
- ICICI Direct report says Nifty 50 is likely to touch 23,400 mark ahead of poll results
- HCLTech stock gains after IT major rolls out strategic initiative with Google Cloud
- Bharti Hexacom IPO hits Street
Catch all the highlights of the April 3 session on Dalal Street, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stock recommendations, and much more only on Zeebiz.com's blog:
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Closing Bell | Sensex down 27 pts, Nifty at 22,435
Share Market Today LIVE | Cochin Shipyard, Mazagon Dock and other shipping stocks buzz in trade; here is why
Most shipping stocks, such as Mazagon Dock Shipbuilders, Garden Reach Shipping, SEAMEC, Dredging Corporation of India, Cochin Shipyard, and Shipping Corporation of India (SCI), buzzed in trade on Wednesday (April 3).
Individually, as of 12:58 p.m., Mazagon Dock Shipbuilders shares were up over 10 per cent, Cochin Shipyard shares were up nearly 7 per cent, Garden Reach Shipbuilders & Engineers shares were up over 7 per cent, SCI shares were up over 3 per cent, Dredging Corporation of India was up 3 per cent, and SEAMEC shares were up nearly 1 per cent.
Share Market Today LIVE | Vodafone Idea jumps after telecom operator's board approves Rs 20,000 cr fund raise
Vodafone Idea rose by over four per cent on BSE on Wednesday (April 3, 2024) on a day when its board approved a fund raise of Rs 20,000 crore.
The stock that opened at Rs 13.23 on Wednesday rose to the day's high of Rs 13.98, a 4.01 per cent rise from previous close of Rs 13.44.
Share Market Today LIVE | Nifty Auto jumps over 70% in 1 year; will the impressive run continue? PV, CV, 2W—which segment looks most promising?
Auto stocks have been in the fast lane over the past one year. The Nifty Auto index has vroomed more than 73 per cent in the past 12 months, with all its constituents delivering positive returns. Tata Motors DVR led the pack, with over 200 per cent returns. Next on the list were Bajaj Auto and Tata Motors, which rallied over 130 per cent in a year.
Share Market Today LIVE | NALCO hits 52-week high after PSU sets record in sales; achieves highest-ever aluminium and bauxite production
National Aluminium (NALCO) hit a 52-week high of Rs 176.20 on BSE Wednesday (April 3, 2024) after the PSU set a new record in production and sales to achieve the highest-ever aluminium and bauxite production in FY 23-24.
After previous close of Rs 166.15, the NALCO stock opened at Rs 167.20 on Wednesday and hit a 52-week high of Rs 176.20, a jump of 6.05 per cent from the closing price on Tuesday.
Share Market Today LIVE: ICICI Direct report says Nifty 50 is likely to touch 23,400 mark ahead of poll results
With voting for the 2024 Parliamentary elections set to begin on April 19, ICICI Direct has released a report, where it has estimated that the Nifty 50 would touch the mark of 23,400 before the election results are announced on June 4.
The brokerage has set a target of 24,700 for Nifty 50 for CY24.
Share Market Today LIVE: Buy JK Paper shares, says Vikas Sethi
Vikas Sethi of Sethi Finmart recommends buying JK Paper shares for a target of Rs 370 with a stop loss at Rs 340.
Share Market Today LIVE: Buy Share India Securities shares, says Vikas Sethi
Vikas Sethi of Sethi Finmart recommends buying Share India Securities shares for a target of Rs 1,800 with a stop loss at Rs 1,660.
Share Market Today LIVE | HCLTech stock gains as IT major rolls out strategic initiative with Google Cloud
HCLTech shares rose on Wednesday after the Noida-headquartered IT major announced an expanded partnership with Google Cloud to create industry solutions and drive business value with the US-based tech giant's multimodal large language AI model, Gemini. HCLTech shares rose by as much as Rs 30.4, or 2.0 per cent, to Rs 1,558.5 apiece on BSE after the news.
At 2:00 pm, HCLTech shares were left with half of their intraday gain, up 1.0 per cent for the day at Rs 1,543.4 apiece.
Share Market Today LIVE | SRM Contractors Listing: Shares list at 2.50% premium over issue price on NSE, at 7.14% premium on BSE
Shares of SRM Contractors got listed at Rs 215.25 on the NSE, a premium of 2.50 per cent, to the issue price of Rs 210. On BSE, the shares were listed at Rs 225, a premium of 7.14 per cent.
In the pre-opening session, shares of SRM Contractors settled at Rs 215.25 on NSE, a premium of 2.50 per cent to the issue price of Rs 210. While on BSE, it settled at Rs 225, a premium of 7.14 per cent to the issue price of Rs 210.
Share Market Today LIVE | Gopal Snacks shares hit fresh low after weak Q3 results
Recently-listed Gopal Snacks shares weakened to a fresh low on Wednesday after the ethnic snack company reported a weak set of financial results for the October-December period. The stock of the Gujarat-based company fell by as much as Rs 18.7, or 5.2 per cent, to Rs 340.9 apiece on BSE, sinking below an earlier low hit on its listing day in mid-March.
At the latest low, Gopal Snacks shares changed hands at a discount of 15 per cent to the upper end of the company’s IPO price band.
Share Market Today LIVE | IEX, Tata Power, Torrent Power: Power stocks in focus today; here is why
Shares of power companies such as IEX, Tata Power, Torrent Power, and NTPC were on investors' radar on Wednesday, April 3, after the government announced some major steps to meet the power demand during the summer season.
The Power Ministry has directed companies to review the undertaking of planned maintenance of 1.7 GW in April and 6 GW–9 GW in June. It has been decided that efforts are to be made to schedule or shift the planned outages of thermal units to the monsoon season, the government said in its press release on Tuesday.
Share Market Today LIVE | Bharti Hexacom IPO opens; check out price band, lot size, subscription status, other key details
Bharti Airtel subsidiary Bharti Hexacom's initial public offering (IPO) opened for subscription today, April 3, the first public offer of the new financial year. Bharti Hexacom IPO will be available for subscription for three trading days, till April 5. The initial share sale, worth Rs 4,275 crore, comprises an offer for sale (OFS) of 7.5 crore equity shares, representing a 15 per cent stake owned by Telecommunications Consultants India.
Share Market Today LIVE | JSW Energy shares hit all-time high as company launches QIP to raise Rs 5,000 crore
JSW Energy shares on Wednesday, April 3, clocked an all-time high as the JSW Group's energy arm's qualified institutional placement (QIP) opened today at a floor price of Rs 510.09, a nearly 6 per cent discount to the company's last closing price of Rs 541.95.
The Sajjan Jindal-led firm's board gave a nod to raising Rs 5,000 crore via QIP on Tuesday post-market hours.
Share Market Today LIVE | Dhanlaxmi Bank soars nearly 5% after lender reports strong Q4 YoY results
Dhanlaxmi Bank soared nearly five per cent in the morning session on BSE on Wednesday (April 3, 2024) on the back of good fourth-quarter Year-on-Year (YoY) results. The company, however, didn't perform well on a quarter-on-quarter (QoQ) basis.
The stock that opened at Rs 44.91 on Wednesday rose to the day's high of Rs 46.91, a 4.99 per cent jump from its previous close of Rs 44.68.
Share Market Today LIVE | TCS, HCL Tech, Tech Mahindra: CLSA upgrades IT counters; here's what it suggests
Global brokerage CLSA, in its latest report, notes that amid uncertain macro setups, IT companies would guide conservatively. The global brokerage keeps an unchanged outlook for key verticals such as banking, retail, hi-tech, and telecom.
The analysts at the brokerage expect Tata Consultancy Services (TCS), among large Indian IT firms, to top the charts in terms of revenue growth in constant currency (CC) terms on a quarter-on-quarter (QoQ) basis. According to CLSA, Infosys, Wipro, LTIMindtree, and Tech Mahindra could report a decline in their revenue.
Share Market Today LIVE | Anupam Rasayan shares jump up to 7% in early trade; here is why
Shares of Anupam Rasayan India jumped as much as 6.93 per cent to Rs 945.05 apiece on the BSE on Wednesday, April 3. The stock rallied after the company signed a letter of intent (LOI) with a prominent Japanese multinational worth Rs 743 crore.
As of 9:38 a.m., shares of Anupam Rasayan traded 2.97 per cent or Rs 26.25 higher, at Rs 910 apiece on the BSE. The market capitalisation of the company at around the same time stood at Rs 9,990.52 crore.
Share Market Today LIVE | Yellow metal hits record high on MCX; white metal rallies nearly Rs 1000
Domestic yellow metal futures shined on Wednesday as they scripted a new record high around Rs 69,400, and domestic white metal futures were up nearly Rs 1000 on MCX as two Federal Reserve officials said they still expect the US central bank to cut rates three times in 2024, buoying the outlook for the precious metals.
Last seen, MCX gold futures (Jun 5) rose Rs 443 or 0.64 per cent at Rs 69,371 per 10 grams at the last count, having traded between Rs 69,309 and Rs 69,400 earlier in the day. MCX Silver futures (May 5) were up Rs 921 or 1.2 per cent bias at Rs 77,957 per kg.
Stocks to Buy | Nestle India, IOCL, Marico among analysts' top picks
In conversation with Zee Business Managing Editor Anil Singhvi, market experts Vishvesh Chauhan, Kunal Saraogi, Ambareesh Baliga, Sumeet Bagadia and Jay Thakkar share their top stock recommendations in this special segment, Pick of the Day.
On the top analysts' 'buy' list are stocks such as Nestle India, Indian Oil Corporation Ltd (IOCL), Marico, IndiaMART-InterMESH and Vinati Organics. Read more
Share Market Today LIVE | Nifty Bank turns flat, recovers from day's low
Source: NSE
Share Market Today LIVE | JSW Energy hits all-time high as QIP opens to raise Rs 5,000 crore
JSW Energy shares hit an all-time high as the JSW Group's energy arm's qualified institutional placement (QIP) opened today at a floor price of Rs 510.09, a nearly 6 per cent discount to the company's last closing price of Rs 541.95.
The energy stock rise as much as 2.95 per cent to clock its all-time high of Rs 557.95, surpassing the earlier peak of Rs 543.8 touched in the previous session on the BSE. The Sajjan Jindal-led firm's board gave a nod to raising Rs 5,000 crore via QIP on Tuesday post-market hours. Read more
Share Market Today LIVE | Should you buy Asian Paints, TCS, ICICI Lombard, Jubilant FoodWorks, other stocks today? Here is what brokerages recommend
Brokerages have several stocks on their watchlists. Here's what Jefferies, CLSA, JPMorgan, Morgan Stanley, HSBC, and Nomura make of stocks such as Asian Paints, Tata Consultancy Services (TCS), ICICI Lombard, Jubilant Foodworks, and Mahindra & Mahindra Financial Services:
Asian Paints
HSBC has maintained a 'buy' call on the Asian Paints stock with a target of Rs 3,750
TCS, HCL Tech, Tech Mahindra
With a positive outlook for the IT industry, CLSA upgraded Tata Consultancy Services (TCS) and HCL Technologies from 'sell' to 'underperform' with targets of Rs 4,043 and Rs 1,553, respectively. The brokerage has a 'buy' call on Tech Mahindra with a target of Rs 1,508 per share.
According to the brokerage, these major Indian IT companies will top the charts in terms of revenue growth in constant currency terms on a sequential basis. Read more
SRM Contractors IPO Listing | Shares list at 2.5% premium over issue price on NSE, at 7.14% premium on BSE
Shares of SRM Contractors list at Rs 215.25 on NSE, a premium of 2.5 per cent, to the issue price of Rs 210. On BSE, the shares debut at Rs 225, a premium of 7.14 per cent.
Here is a pre-listing view of SRM Contractors from Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.
"SRM Contractors Limited, a construction company specializing in infrastructure projects across Jammu & Kashmir and Ladakh, is gearing up for a promising stock market debut. The IPO has generated significant investor interest, receiving a healthy subscription of 86.57 times, and currently boasts a high grey market premium (GMP) of ₹95, translating to a premium of 45.24% over the issue price. These factors suggest a strong listing for SRM contractors." Read more
Share Market Today LIVE | Anupam Rasayan shares jump up to 7% in early trade; here is why
Shares of Anupam Rasayan India jump as much as 6.93 per cent to Rs 945.05 apiece on the BSE after the company signed a LOI with a prominent Japanese multinational worth Rs 743 crore.
"Anupam Rasayan, one of India’s leading customs synthesis and specialty chemical players, has signed a Letter of Intent worth revenue of ~$90 million (Rs 743 crore)," the filing read. Read more
Currency Update | Rupee rises 6 paise to 83.36 against US dollar in early trade
Share Market Today LIVE | Nifty below 22,400, Sensex drops over 300 pts in opening deals
Nifty 50
Source: NSESensex
Source: BSE
Morning Outlook | Indian markets could open lower, says Deepak Jasani
"Indian markets could open lower, in line with mostly lower Asian markets today and negative US markets on April 2," says Deepak Jasani, Head of Retail Research, HDFC Securities.
"Nifty formed a doji on April 2 suggesting indecision at higher levels. Nifty seems to be facing difficulty in building on gains beyond 22500. The 22204-22529 band stays valid for the time being for the Nifty. A breach of this band could decide the future direction of Nifty," he adds.
Stocks to Watch | IEX, HZL, JSW Energy, PNC Infra, Credo Brands
Here are some stocks that will be in focus on Wednesday, April 3:
IEX, Tata Power, and Adani Power are expected to be in focus today as the government has taken some big steps to meet the power demand during the summer. The planned maintenance of power plants will be shifted during monsoons. Further, surplus power will be presented in energy exchanges for sale.
Bharat Forge, RK Forging, GNA Axles, Samvardhan Motherson: Shares are expected to hog the limelight as the sale of Class-8 trucks in March slipped 4.2 per cent YoY. On a month-on-month (MoM) basis, it has declined 29 per cent.
Indiabulls Real Estate: The company's board will consider fundraising in a meeting on April 5.
Hindustan Zinc: The company released its production numbers for the fourth quarter and year ended March 31, 2024.
JSW Energy: The company will raise up to Rs 5,000 crore via QIP in one or more tranches. Read more
Anil Singhvi Market Strategy | Important levels to track in Nifty50, Nifty Bank today
Zee Business Managing Editor Anil Singhvi sees support emerging at 22,325-22,375 levels and a strong buy zone at 22,175-22,250 levels for the headline Nifty50 index on Wednesday, April 3. For the Nifty Bank, he expects support to come in at 47,025-47,175 levels and a stronger support zone at 46,800-46,950 levels.
Read more on how Anil Singhvi views the Indian share market today and what he recommends
RBI MPC April 2024 Meeting | Status quo likely on policy rate; MPC expected to focus on liquidity smoothening
The Reserve Bank of India’s bi-monthly monetary policy committee (MPC) meeting for the new FY25 will kick off today, April 3, and the outcome will be known on April 5, after the three-day deliberation. Analysts largely expect the central bank to maintain the status quo on key policy rates, and if done, it will be the seventh consecutive time the RBI will leave policy rates unchanged. Read more
Share Market Today LIVE | GIFT Nifty futures indicate a gap-down start ahead on Dalal Street
GIFT Nifty futures — an early indicator of the Nifty 50 index — are down 125.5 points or 0.56 per cent at 22,452 ahead of the opening bell on Dalal Street.
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