Share Market Highlights 12 April 2024: Sensex drops 793 pts; Nifty settles below 22,550; Sun Pharma, Maruti slip over 3%

Benchmark equity indices Sensex and Nifty plunged by 1 per cent on Friday as investors booked profits after a recent record-breaking rally amid weak trends from Asian markets.

The 30-share BSE Sensex tanked 793.25 points or 1.06 per cent to settle at 74,244.90 with 27 of its components in the red. During the day, it dropped 848.84 points or 1.13 per cent to 74,189.31.

The NSE Nifty declined 234.40 points or 1.03 per cent to close at 22,519.40 with 45 of its constituents ending lower.

The rupee depreciated 13 paise to close at 83.44 against the US dollar on Friday, weighed down by a massive sell-off in domestic equities and a strong greenback against major crosses overseas.

TCS board of directors recommended a final dividend of ₹28 per equity share of ₹1 each of the company, which shall be paid/dispatched on the fourth day from the conclusion of the 29th Annual General Meeting, subject to shareholders’ approval.

BSE Sensex slumped 793.25 pts or 1.06% at 74,244.90 and NSE Nifty 50 fell 234.40 pts or 1.03% at 22,519.40.

Of the 3,943 stocks traded on the BSE, 2,365 stocks declined, and 1,475 advanced.

Subex has announced a deal win with a telecom operator in the APAC region.

Subex stock traded at ₹30.87 on the BSE, lower by 4.16%.

HP Adhesives has incorporated a wholly-owned subsidiary in the name of “Unitybond Solutions Private Limited.”

HP Adhesives stock trades at ₹102.25 on the NSE, down by 1.68%.

Happiest Minds Technologies Ltd’s shares were up by 1.12 per cent after the company announced a collaboration with ENERCON, a wind energy technology company, to drive sustainable wind energy solutions. Happiest Minds will serve as a long-term development partner for ENERCON’s onshore wind energy expansion efforts.

Lupin announced that the USFDA has completed a GMP Inspection of its API manufacturing facility located at Dabhasa, India. The inspection was conducted from April 8 to April 12, 2024, and concluded with no observations.

Lupin stock trades at ₹1,620.05 on the NSE, up 0.96%.

Kolte-Patil Developers Limited has reported an annual sales value of ₹2,822 crore during FY24, a growth of 26% y-o-y.

Shares trade at ₹558 on the NSE, up 1.18%.

Major gainers on the NSE at 3 pm:

Divi’s Lab (1.04%), Tata Consumers (0.69%), TCS (0.47%), Nestle India (0.43%), Tata Motors (0.41%)

Major losers:

Sun Pharma (-4.07%), Maruti (-2.84%), Power Grid (-2.58%), Titan (-2.41%), Cipla (-2.39%)

Stocks advanced on BSE at 3 pm on April 12, 2024, were 1,399 against 2,411 stocks that declined; 113 stocks remain unchanged. Total stocks traded were 3,923. The number of stocks that recorded a 52-week high was 186, and those that hit a 52-week low was 10. 

In addition, 275 stocks traded in upper circuit, while 287 hit the lower circuit.

Akzo Nobel India has received order from Deputy Commissioner (ST-IV), Tamil Nadu GST Department. 

The company informed that for the period from April 2020 to 2021 and April 2022 to September 2022 under the CGST/SGST Act, 2017, pertaining to disallowance of input tax credit (ITC) leading to tax liability of ₹46.02 crore (plus penalty), the Deputy Commissioner (ST)-IV, Tamil Nadu GST Department has issued orders (dated 08.04.2024), received by the Company on 11.04.2024, setting aside the aforesaid tax liability.

Akzo Nobel stock trades at ₹2,453.95 on the BSE, down by 0.36%.

Reliance Infrastructure slumps 13.50% on the BSE, trading at ₹196.70.

Major laggards on the NSE:

Sun Pharma (-3.94%), Maruti (-2.75%), Titan (-2.27%), ONGC (-2.22%), Cipla (-2.19%)

Nifty 50 declined 200.85 pts or 0.88% to trade at 22,552.95, and BSE Sensex dipped 703.58 pts or 0.94% to trade at 74,334.57 as of 2.20 pm.

NSE Nifty declined 0.78%, or 177.80 points, to 22,576, while the BSE Sensex was at 74,469, down by 0.76 per cent or 568 points

SBC Exports has acquired industrial land for its upcoming new export unit, situated at Ghaziabad, Uttar Pradesh, for a consideration of ₹18 crore.

Stock jumps 8.14% on the NSE, trading at ₹25.25.

NTPC stock has hit a 52-week high today at ₹374.50. Currently trades at ₹363.65, up 0.32% on the NSE.

HFCL Ltd, along with its material subsidiary, HTL Limited, has received purchase orders aggregating to ₹64.93 crore.

HFCL stock rises 2.23% on the NSE, trading at ₹98.65.

The stock hit the upper circuit at ₹136.25, higher by 19.99% on the NSE.

Datamatics Global Services has appointed Dinesh Kumar VK as Executive Vice President and Global Sales Head. He will be reporting to Rahul Kanodia - Vice Chairman & CEO of Datamatics.

Major losers of Nifty pharma stocks:

Sun Pharma (-3.85%)

Laurus Labs (-2.72%)

Gland Pharma (-2.14%)

Zydus Lifesciences (-2.01%)

All sectoral indices trade negative. Nifty pharma, healthcare index and media decline over 1% as of 12.44 pm.

BSE Sensex declines 687.73 pts or 0.92% to trade at 74,350.42 as of 12.43 am.

Lancor Holdings Ltd has signed a letter of intent for joint development of approximately 85,000 sq.ft of 48 residential apartments in Chennai. The implementation of this project will commence soon.

Stock declines 1.13% on the BSE, trading at ₹52.50.

Godfrey Phillips’ stock trades at ₹3,123.25 on the NSE, up 0.93%.

CAMS stock trades at ₹3,152.10 on the NSE, higher by 3.34%.

Deccan Gold Mine had approved fund raising to the tune of ₹58.70 crore.

The comany says the funds are sought to be primarily utilised / invested for development of the Jonnagiri gold project of its associate company and the Kyrgyzstan gold project of its subsidiary co.

Major gainers on the NSE at 12 noon:

Eicher Motors (1.29%), Tata Motors (1.25%), Divi’s Lab (1.21%), Bajaj Auto (1.06%), NTPC (1.01%)

Major losers:

Sun Pharma (-2.74%), Titan (-1.90%), Apollo Hospitals (-1.68%), Shriram Finance (-1.51%), Maruti (-1.47%)

Vodafone Idea announces FPO of ₹18,000 crore

Open: 18 Apr, 2024

Close: 22 Apr, 2024

FV : ₹10

Price : ₹10 - ₹11

Market Lot : 1,298 Shares

App Amt : ₹14,278

Size : ₹18,000 cr (approx)

Fresh : ₹18,000 cr (approx)

OFS : Nil

QIB : 50% (approx ₹9,000 cr )

HNI : 15% (approx 2,700 cr )

Retail : 35% (approx ₹6,300 Cr)

Total stocks traded were 3,792. The number of stocks that recorded a 52-week high was 165, and those that hit a 52-week low was 7. 

In addition, 227 stocks traded in upper circuit, while 259 hit the lower circuit.

Ashiana Housing (14.35%)

Ramco Systems (11.29%)

Concord Biotech (9.07%)

Nuvama Wealth management (4.07%)

IRCTC (3.62%)

Mid-cap pure-play on structural wireless ARPU growth story

Bharti Airtel (Bharti) is the promoter of Bharti Hexacom Ltd (BHL) and holds 70% stake; government-owned TCIL’s stake is now down to 15% while public investors own 15% post-IPO. BHL provides consumer wireless (mobile), fixed-line and broadband services in Rajasthan and North East (NE) circles under Bharti’s brand “Airtel”. Wireless business constitutes 97-98% of its revenue while the balance 2-3% is from broadband business. BHL is the market leader in NE with a revenue market share (RMS) of 52.7% in 9MFY24 (up from 42% in FY21), while it is second in Rajasthan with RMS of 40.4% (up from 32.7% in FY21). 

We expect BHL’s EBITDA margin to further improve to 51.4%/57.1% in FY26/FY30, after having risen to 49.3% in 9MFY24, driven by strong ARPU growth on account of tariff hikes, Bharti’s premiumisation strategy and cost optimisation via its ‘war on waste’ initiative. We expect BHL’s FY24-26/FY24-30 EBITDA CAGR to be higher at 17%/15% (vs. 15%/12% for Bharti’s India wireless business) due to ~2% subs CAGR and ~10% ARPU CAGR potential as Rajasthan/NE circle has relatively lower teledensity and lower penetration of high ARPU post-paid & data subs. We initiate coverage on BHL with a BUY rating and a TP of INR 790/share based on 10x FY26 EV/EBITDA (in line with implied valuation of Bharti’s India wireless business at CMP), implying ~39% upside. Though higher multiple can be argued for BHL given 2-3% higher EBITDA growth potential, we have used 10x multiple factoring in potential concentration risk due to BHL’s entire dependence on Rajasthan and NE circles and also on wireless business. The stock could potentially double in 3-4 years on the back of 15-17% EBITDA compounding story. We see BHL as a mid-cap pure-play on wireless ARPU growth story vis-à-vis Bharti (which sees 25-30% of its value coming from other than India wireless business). 

Key triggers: structural uptrend in ARPU via regular tariff hikes and upgrades/data monetisation.

Bharti Hexacom stock trades at ₹857.80 on the NSE, up 13.62%.

Sun Pharma stock falls 3.46% on the NSE, trading at ₹1,548.55. The company had informed that the USFDA conducted an inspection at company’s Dadra facility from December 4, 2023, to December 15, 2023. The authority has determined the inspection classification status as Official Action Indicated (OAI).

The Great Eastern Shipping Company Limited (G E Shipping) took delivery of a 2010 built Medium Range product tanker “Jag Priya” of about 49,999 dwt. The company had contracted to buy the vessel in Q4 FY24.

The stock trades at ₹975.70 on the NSE, down by 0.81%.

Major gainers on the BSE at 11 am:

Vakrangee (8.63%), Neuland Lab (7.45%), ISGEC (7.45%), Sona BLW (6.85%), Quess Corp (6.62%)

Major losers:

Reliance Infrastructure (-12.05%), Policy Bazaar (-4.88%), Vodafone Idea (-4.41%), La Opala (-3.99%), Paisalo (-3.43%)

Shree Cement: Upgrade to Overweight from Equal weight, Target raised to 30000 from 28500 (Positive)

ACC: Maintain Equalweight, Target raised to 2460 from 2400 (Positive)

Ambuja Cement: Downgrade to Equal weight from Overweight, Target raised to 625 from 600 (Neutral)

Grasim: Downgrade to Equal weight from Overweight, Target cut to 2560 from 2610 (Neutral)

UltraTech Cement: Maintain Overweight, Target cut to 11600 from 12000 (Neutral)

Dalmia Bharat: Maintain Overweight, Target cut to 2450 from 2750 (Neutral)

HFCL issued corporate guarantees in favour of SBICap Trustee Company Ltd to secure term loans worth ₹378.02 crore for its subsidiary.

ONGC stock trades at ₹271, down by 0.37%.

Ramco Systems recently announced engagement with Korean Air.

​Retail inflation based on Consumer Price Index (CPI) ​is expected to have come down below 5 per cent in March. Official announcement about the headline number and retail food inflation will be made public at 5.30 pm on Friday.

Inflation rate was 5.1 per cent in February. Now, if it comes below 5 per cent but above 4.9 per cent, it will be five months low. However, this is unlikely to prepone policy rate cut as headline number is still above median rate of targeted inflation range (2-6 per cent). 

Bharti Hexacom, the subsidiary of Bharti Airtel, defied pre-listing predictions of a modest debut and delivered a strong performance on the stock exchanges. The company is listed at ₹762 per share, translating to a significant 33% gain over its issue price of ₹570. This impressive listing surpasses pre-listing expectations, which were tempered by concerns about the company’s financial performance and valuation.

Bharti Hexacom leverages the established brand reputation of Bharti Airtel, fostering investor confidence. The company operates in high-growth markets, particularly fixed-line telephone and broadband services, which may have attracted investors seeking long-term value.

However, inconsistencies in financial performance, coupled with a recent decline in profits, warrant ongoing monitoring. Also, the telecom sector is intensely competitive, demanding strategic innovation to maintain market share.

While the listing exceeded expectations, the pre-identified risks remain relevant. Existing investors may consider holding their shares, while new investors should closely monitor the company’s performance and market conditions before making a fresh entry.

Despite weakness in key international markets, IT major TCS is expected to report modest improvement in numbers in the March quarter of FY24, led by ramp up in large deal wins including the BSNL deal.

Experts expect TCS’ revenue growth to be in the low single digits quarter-on-quarter (q-o-q) in constant currency terms. EBIT margin may remain stable even as operational improvements and cost efficiencies would be offset by low margins in the Indian business.

The Nifty 50 April Futures (22,692) is down 0.5 per cent. The contract has a very crucial support at 22,670. Whether it breaks below this support or not will determine the next move.

A break below 22,670 will be bearish

Vodafone Idea said on Friday it would raise up to ₹18,000 crore later this month through a sale of new shares, in what will be the country’s biggest follow-on public offering (FPO).

The debt-laden company said in February it would raise up to Rs 20,000 crore through equity, which included financial support of Rs 2,000 crore from a top shareholder entity it did not name.

Manorama Industries stock surged 5.89% on the NSE, trading at ₹476.35.

Abbott India’s board has approved appointment of Murari Ranganathan as Commercial Director - Women’s Health, Metabolics and International Business effective May 2, 2024.

VBL (-1.65%)

ITC (-1.24%)

Godrej Consumer Products (-1%)

Hindustan Unilever (-0.67%)

Silver prices rose as global worries fueled demand for the safe-haven commodity. According to the minutes of the Federal Reserve’s March 19-20 meeting, policymakers were concerned last month that progress on inflation had stalled and that a longer period of tight monetary policy would be required to slow the pace of price increases. Policymakers maintained a baseline view of three interest rate cuts in 2024. U.S. consumer prices grew more than anticipated in March, with spikes in the costs of petrol and housing. 

GDP m/m from GBP zone

German Final CPI m/m

French Final CPI m/m from Euro Zone 

Prelim UoM Consumer Sentiment

Prelim UoM Inflation Expectations from the US Zone

Gold prices increased as geopolitical worries fueled demand for the safe-haven gold, despite robust economic data that failed to reduce bullion’s appeal. The number of Federal Reserve members who believe there is no urgency to decrease interest rates is growing, with US inflation still too high for comfort. The European Central Bank kept interest rates at a record high, but indicated that cuts might begin as early as June.

Nifty index has slowly and gradually surged ahead, making new highs, with the overall bias and sentiment maintained strong with the initial target of 22800 almost achieved. As mentioned earlier, with the positive uptrend maintained, we anticipate the index to achieve a further target of 23200 levels in the coming days. Sensex is making a new high and entering uncharted territory; some profit booking or consolidation cannot be ruled out, and any dip towards the support level will be a good buying opportunity for the day. The support for the day is seen at the 74500/22600 level, while the resistance would be seen at the 75500/22900 level. 

Nifty Bank created history by conquering the 49000 zone with a gradual rise witnessed and with improved bias is expected to surge ahead with next target of 49800 level achievable. Bankex has retraced 1.28% from recent correction, there is resistance near the 55500 zone which needs to be breached decisively for confirmation of further upward move towards 56400 level. Banknifty would have the daily range of 48600-49400 levels & for Bankex support at 55000 & resistance at 55600 level.

BSE Sensex fell 404.58 pts or 0.54% to trade at 74,633.57 as of 9.46 am, and Nifty 50 declined 110.10 pts or 0.48% to trade at 22,643.70.

Websol Energy System board has approved the issue upto 12,10,000 convertible warrants on preferential basis at a price of ₹530 per warrant to “Websol Green Projects Pvt Ltd” member of promoter group.

Websol Energy System stock inches up 0.72% on the NSE, trading at ₹577.05.

KVB will be inaugurating a new branch in Karambakkudi on April 15. 

Shares trade at ₹192.60 on the NSE, down by 0.03%.

Total Transport Systems’ board has approved to grant loan to Seedeer India E-Commerce Private Limited, associate company, for an amount of ₹30 lakh.

The company has also appointed Makarand Prabhakar Pradhan as Managing Director of the company w.e.f. May 21, 2024.

Stock trades at ₹104 on the NSE, down by 0.38%.

Vodafone Idea board has passed resolution for filing the red herring prospectus with the Registrar of Companies, Gujarat at Ahmedabad, in connection with the further public offering of equity shares, aggregating up to ₹18,000 crore.

Stock declines 2.32% on the NSE, trading at ₹12.65

Major gainers on the NSE at 9.30 am:

NTPC (2.90%), Tata Motors (0.84%), L&T (0.82%), Bajaj Auto (0.72%), Divi’s Lab (0.61%)

Major losers:

Sun Pharma (-1.65%), Grasim (-1.08%), Maruti (-1.05%), JSW Steel (-1%), Shriram Finance (-0.95%)

BULLION

“The gold price continues its upward trajectory, reaching historic record highs, while silver also experiences a multi-year high following the release of U.S. PPI data. Safe-haven buying further bolsters the prices of precious metals. March saw the U.S. PPI rise by 0.2%, falling short of the expected 0.3% and significantly lower than February’s 0.6%. This tempered increase, following hotter-than-expected U.S. CPI data, helped stabilize gold and silver prices at lower levels. The geopolitical tensions have spurred safe-haven demand, contributing to the upward trend in gold and silver prices. However, substantial gains in the dollar index and U.S. 10-year bond yields are acting as limiting factors. The dollar index has once again surpassed the 105 mark, propelled by hotter-than-anticipated U.S. inflation data and diminished expectations of Fed rate cuts in June. Gold finds support levels at $2366-2348, with resistance at $2405-2422. Silver, on the other hand, sees support at $28.55-28.40 and resistance at $29.10-29.32. In terms of the Indian Rupee (INR), gold is supported at Rs 71,480 and Rs 71,150, while resistance levels are at Rs 71,980 and Rs 72,350. For silver, support lies at Rs 82,440-81,780, with resistance at Rs 83,640 and Rs 84,380.”

CRUDE OIL

“Crude oil continued its descent amidst hotter-than-anticipated U.S. inflation figures and a strengthening dollar index. March witnessed a notable surge in U.S. inflation, dampening expectations for Federal Reserve rate cuts during the June monetary policy meetings. The dollar index breached the 105 threshold, exerting pressure on crude oil prices. Also, the U.S. crude oil inventories saw a significant uptick last week, as reported by the U.S. Energy Information Administration in its weekly inventory update released on Wednesday. Nonetheless, escalating tensions in the Middle East following Iran’s threat to retaliate against Israel could provide some support to crude oil prices at lower levels. With global supply already constrained due to OPEC+ output cuts, this geopolitical tension could further bolster prices. Today’s session is anticipated to witness volatile crude oil prices. Support for crude oil stands at $84.50–83.90, with resistance projected at $85.90-86.60. In Indian Rupees, crude oil is supported at Rs7,020-6,930, while resistance lies at Rs7,190-7,280.”

Nifty outlook:

Though Wednesday saw Nifty continuing to remain upwardly bound despite hardly any momentum, the rejection trades after briefly penetrating Tuesday’s peak suggests that it might require deeper dips before buyers get more interested. Expect quick declines if unable to see above 22700. But, should we get back above 22610 after initial volatility, expect a quick resumption of 22850-23200 run. Meanwhile, 22530-400 look vulnerable should we slip beyond 22610, with eyes on 22050, but such a breakdown looks less likely. 

Derivative outlook:

Nifty weekly contract has highest open interest at 22750 for Calls and 22700 for Puts while monthly contracts have highest open interest at 23000 for Calls and 22500 for Puts. Highest new OI addition was seen at 22750 for Calls and 22750 for Puts in weekly and at 23500 for Calls and 21800 for Puts in monthly contracts. FIIs increased their future index long position holdings by 31.17%, decreased future index shorts by 4.44% and in index options by 55.67% decrease in Call longs, 52.65% decrease in Call short, 59.52% decrease in Put longs and 58.65% decrease in Put shorts.

Abhilash Pagaria, Nuvama Alternative & Quantitative Research

* IndiGo’s (Interglobe Aviation) weight in MSCI is set to increase today, with a boost of appx. $55 million, equivalent to 1.2 mn shares or a 0.8-day volume impact, according to Nuvama Alternative Research.

* Anticipate significant volume activity in the final 30 minutes of trade, although significant price movements are typically not observed during weight-up events.

* The ad-hoc weight up is driven by a notable increase in float resulting from Block sale by Rakesh Gangwal a few weeks back.

At 9.08 am on Friday, June Brent oil futures were at $90.28, up by 0.60 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $85.64, up by 0.73 per cent. April crude oil futures were trading at ₹7143 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday morning against the previous close of ₹7109, up by 0.48 per cent, and May futures were trading at ₹7102 against the previous close of ₹7068, up by 0.48 per cent.

CLSA on PVR: Maintain Buy on Company, target price at Rs 2280/sh (Positive)

GS on Credit Access: Initiate Buy on Company, target price at Rs 1788/sh (Positive)

Nomura on Lupin: Maintain Buy on Company, raise target price at Rs 1949/sh (Positive)

Macquarie on BEL: Maintain Buy on Company, target price at Rs 280/sh (Positive)

Macquarie on CUMMINS: Maintain Buy on Company, target price at Rs 3600/sh (Positive)

Macquarie on Larsen: Maintain Outperform on Company, target price at Rs 4400/sh (Positive)

Macquarie on Carborundum: Maintain Outperform on Company, target price at Rs 1500/sh (Positive)

Systematix on Inox Wind: Maintain Buy on Company, target price at Rs 724/sh (Positive)

JM Fin on Zomato: Maintain Buy on Company, raise target price at Rs 260/sh (Positive)

JM Fin on Bharti Hexacom: Initiate Buy on Company, target price at Rs 790/sh (Positive)

Jefferies on Entero Health: Initiate Buy on Company, target price at Rs 1510/sh (Positive)

Jefferies on Hindalco: Maintain Buy on Company, target price at Rs 700/sh (Positive)

GS on Syngene: Initiate Buy on Company, target price at Rs 875/Sh (Positive)

GS on Neuland Labs: Initiate Buy on Company, target price at Rs 9100/Sh (Positive)

MS on Phoenix Mills: Maintain Overweight on Company, target price at Rs 3000/sh (Neutral)

Macquarie on Siemens: Maintain Buy on Company, target price at Rs 5575/sh (Neutral)

Macquarie on ABB: Maintain Buy on Company, target price at Rs 6550/sh (Neutral)

Macquarie on BHEL: Maintain Underperform on Company, target price at Rs 200/sh (Neutral)

Macquarie on Thermax: Maintain Underperform on Company, target price at Rs 3550/sh (Neutral)

Incred on Navin Fluorine: Downgrade to Add on Company, raise target price at Rs 4050/sh (Neutral)

Investec on Indigo: Upgrade to Add on Company, cut target price at Rs 4080/sh (Neutral)

GS on Laurus Labs: Initiate Sell on Company, target price at Rs 350/Sh (Neutral)

Nomura on Chola Invest: Maintain Reduce on Company, target price at Rs 1000/Sh (Neutral)

Company: Route Mobile Ltd

Type of Offer: Acquisition

Acquirer: Proximus Opal

Issue of Public Announcement: 17-July-2023

Offer price ₹1,644.67 (Includes Interest of ₹18.27/-)

CMP: ₹1609.40

(%Prem.)/Disc.: 2.1%

Offer Size : ₹2698.14 Cr

Proposed Acq. No. of shares: 1.64 cr

Proposed Acq. : 26%

SCHEDULE OF ACTIVITY:

Tender Start Date: 27-March-2024

Tender End Date: 12-April-2024 (Today)

Obligation Date: 26-April-2024

Settlement Date: 29-April-2024

Indian markets could open lower, in line with mixed Asian markets today and despite mostly higher US markets on Apr 11.

US stocks fell sharply to a lower close on Wednesday after hotter-than-expected inflation data dampened hopes that the Federal Reserve would begin cutting interest rates as early as June. With rising costs for gasoline and shelter, the U.S. consumer price index rose 0.4% last month, in line with February, the Labor Department’s Bureau of Labor Statistics (BLS) said. This put the year-on-year increase at 3.5%. Economists polled by Reuters had estimated a gain of 0.3% on the month and 3.4% year-on-year. After the report traders pulled back on rate cut bets now reflecting a roughly 17% chance the Federal Reserve will cut rates in June, down from a roughly 62% chance a week ago. They also pushed bets for a July cut closer to 41% from around 76% last week according to CME Group’s FedWatch tool.

The benchmark indices witnessed buying on Wednesday as Nifty closed 92 points higher and Sensex was up by 355 points. The media, PSU bank and FMCG sectors gained over 1 per cent each, while select pharma stocks saw profit booking.

From a technical perspective, the market remained positive throughout the day after a gap-up opening. For trend-following traders, 22500/74200 can be considered as a trend-deciding level. As long as the market is not trading below the level of 22500, the upside will remain intact. However, until the markets cross 22800, they would remain in a trading range. If Nifty moves above 22800, it could quickly move towards 23000. The recommended strategy is to buy between 22650 and 22600, with a stop loss at 22480.

For the Bank Nifty, support exists at 48650 and 48500 levels. It is advisable to buy if it forms a reversal formation after hitting these levels. On the higher side, 49000 and 49200 would be immediate hurdles.

PNB Housing Finance (PNBHF) plans to transform from a prime housing financier into a lender that offers a wide bouquet of mortgage products across cohorts of product and customer profiles. In addition to its existing affordable housing loans (Roshni) vertical, it will also enter the emerging market vertical from FY25.

- PNBHF has restructured its business model and prioritized the retail segment by reducing corporate loans in the overall loan mix to ~4% in Dec’23 from ~21% in Mar’20, through down-selling, recoveries, and ARC sales.

- All the three Credit Rating Agencies (CRA) - India Ratings, ICRA and CARE - have upgraded PNBHF to AA+ within the last three months. This credit rating upgrade can help PNBHF reduce its cost of borrowings by 20-25bp.

- PNBHF has made notable enhancements to its collection framework, including the introduction of digital channels to streamline the collection process. Improvements in GS3 should sustain, and we model credit costs of ~30bp each in FY25E/FY26E. It has a written-off pool of ~₹1700 crore and ~₹500 crore in corporate and retail, respectively.

- We expect PNBHF to deliver a PAT CAGR of ~26% over FY24-26 and an RoA/RoE of 2.5%/13.0% in FY26. Reiterate BUY with a TP of ₹1,000 (based on 1.4x FY26E P/BV).

“In Wednesday’s trading session, Nifty closed at 22669, marking a decline of 135 points from the previous close. Noteworthy was Sensex’s triumph, surpassing the historic 75,000 milestone, with Bank Nifty also hitting a record high at 49057. However, market sentiments were shaken by the US CPI inflation data, questioning the Fed’s rate-cut plans and prompting a bearish outlook on potential rate cuts for 2024. Despite this, hopes for robust Q4 corporate earnings and a pre-election rally remain positive catalysts, as reflected in net buying by both FIIs and DIIs. Nifty’s options data indicates a trading range of 21700-23000, with 23000 emerging as a crucial resistance zone. With India VIX favouring the bulls, strategic trades suggest buying opportunities for Nifty (22754) and Bank Nifty (48987), alongside bullish sentiments for stocks like APOLLO HOSPITALS, EICHER MOTORS, INDIGO, and BANK OF BARODA. Among these, APOLLO HOSPITALS stands out for its momentum play, offering potential targets of 6615/6721, with aggressive targets at 6875, under an intermonth strategy.”

12 April 2024 (Today)

Derivative Segment

* Tata Consultancy Services Ltd.

16 April 2024

Derivative Segment

Nil

Cash Segment

* CRISIL Ltd.

17 April 2024

Derivative Segment

* ICICI Lombard General Ins Co 

* Tata Communications Ltd.

Cash Segment

* Angel One Ltd.

18 April 2024

Derivative Segment

* Bajaj Auto Ltd.

* HDFC Life Ins Co Ltd.

* Infosys Ltd.

Cash Segment

* ICICI Securities Ltd.

* Mastek Ltd.

19 April 2024

Derivative Segment

* HDFC AMC Ltd.

* Wipro Ltd.

20 April 2024

Derivative Segment

* HDFC Bank Ltd.

21 April 2024

Derivative Segment

Cash Segment

* Hatsun Agro Product Ltd.

23 April 2024

Derivative Segment

* ICICI Prudential Life Ins Co Ltd.

* MCX India Ltd.

Cash Segment

* 360 One Wam Ltd.

* Tata Elxsi Ltd.

24 April 2024

Derivative Segment

* LTIMindtree Ltd.

* Syngene Int Ltd.

Cash Segment

* Equitas Small Fin Bank Ltd.

* Maharashtra Scooters Ltd.

* Nippon Life India AMC Ltd.

* Tata Investment Corp Ltd.

25 April 2024

Derivative Segment

* Bajaj Finance Ltd.

* L&T Tech Services Ltd.

* Mphasis Ltd.

* Nestle India Ltd.

* Tech Mahindra Ltd.

Cash Segment

* UTI AMC Ltd.

* Zensar Technologies Ltd.

26 April 2024

Derivative Segment

* Atul Ltd.

* Bajaj Finserv Ltd.

* HCL Technologies Ltd.

* Maruti Suzuki India Ltd.

* Shriram Finance Ltd.

Cash Segment

* Bajaj Holdings & Inv Ltd.

* CSB Bank Ltd.

* KSB Ltd.

* Mahindra Holidays & Resorts 

* Mahindra Lifespace Dev Ltd.

27 April 2024

Derivative Segment

* ICICI Bank Ltd.

* IDFC First Bank Ltd.

* L&T Finance Ltd.

Cash Segment

* Craftsman Automation Ltd.

* Yes Bank Ltd.

29 April 2024

Derivative Segment

* Ultratech Cement Ltd.

Cash Segment

* Gillette India Ltd.

* KPIT Tech Ltd.

* Poonawalla Fincorp Ltd.

30 April 2024

Derivative Segment

* Cholamandalam Inv & Fin Co 

* Exide Industries Ltd.

* Indian Oil Corporation Ltd.

Cash Segment

* Castrol India Ltd.

* Nuvoco Vistas Corporation Ltd.

* P&G Hygiene & Health Care Ltd.

* Star Health & Allied Ins Co Ltd.

01 May 2024

Derivative Segment

Nil

Cash Segment

* Orient Cement Ltd.

02 May 2024

Derivative Segment

* Coforge Ltd.

* Dabur India Ltd.

Cash Segment

* Blue Star Ltd.

* CIE Automotive India Ltd.

* P&G Health Ltd.

* Ugro Capital Ltd.

04 May 2024

Derivative Segment

Nil

Cash Segment

* Kansai Nerolac Paints Ltd.

06 May 2024

Derivative Segment

* Gujarat Gas Ltd.

07 May 2024

Derivative Segment

* Dr. Reddy’s Laboratories Ltd.

* Max Financial Services Ltd.

* Navin Fluorine International Ltd.

* Pidilite Industries Ltd.

Cash Segment

* Latent View Analytics Ltd.

08 May 2024

Derivative Segment

Nil

Cash Segment

* Capri Global Capital Ltd.

* Gujarat State Petronet Ltd.

09 May 2024

Derivative Segment

* Asian Paints Ltd.

Cash Segment

* Computer Age Mgmt Serv Ltd.

* Rain Industries Ltd.

10 May 2024

Derivative Segment

* ABB India Ltd.

* Cipla Ltd.

Cash Segment

* Cholamandalam Fin Hldgs Ltd.

* TCI Express Ltd.

14 May 2024

Derivative Segment

* Shree Cement Ltd.

Cash Segment

* BASF India Ltd.

16 May 2024

Derivative Segment

Nil

Cash Segment

* Endurance Technologies Ltd.

* Motherson Sumi Wiring India

17 May 2024

Derivative Segment

* JSW Steel Ltd.

22 May 2024

Derivative Segment

* Jubilant FoodWorks Ltd.

23 May 2024

Derivative Segment

Nil

Cash Segment

* Bikaji Foods Int Ltd.

* Esab India Ltd.

24 May 2024

Derivative Segment

* Bosch Ltd.

* Hindalco Industries Ltd.

Cash Segment

* HEG Ltd.

28 May 2024

Derivative Segment

Nil

Cash Segment

* Amara Raja Energy & Mobility 

* Medplus Health Services Ltd.

* TTK Prestige Ltd.

Goldman Sachs on Custom Research & Manufacturing Services (CRO/CDMO)

Initiate Buy on Syngene, TP ₹875

Initiate Buy on Neuland , TP ₹9100

Initiate Sell on Laurus Labs , TP ₹350

GS on Syngene

Initiate Buy , TP ₹875

Barring short-term macro challenges in CY24, see multiple catalysts 

(i) improving biotech funding environment,

(2) ramp-up of Mangalore API/ Stelis biologics plant in H2FY25/FY26

(3) new contract wins esp. in current anti-China environment.

While pharma R&D outsourcing TAM of $200bn is seeing healthy double-digit growth p.a, forecast India’s global market share to increase 30bps (in small molecule CDMO) & 70 bps (CRO) by FY28E in base case

GS on Neuland

Initiate Buy, TP ₹9100

Barring challenges to FY25 growth on a/c of a high base, see multiple catalysts

i)improving biotech funding environment,

2)new capacity at unit-3 coming online from FY25-end

3)commercialisation of large molecule in FY26/27

GS on Laurus Labs

Initiate Sell, TP ₹350

Risk-reward unfavourable

i)lack of catalysts for CDMO biz in CY24

2)mismatch in timelines for new capacity monetisation vs expectations

3)slower FY25 growth with risk on margin guidance vs expensive valuations

Trades @34x FY26E EPS

Nomura on Lupin

Buy Call, Target ₹1,949

Mgmt’s Comments Suggest Co Would Consolidating Its Presence Across Markets

Co To Consolidate Its Presence Through Improved Execution And Cost Control

As Per Management, Co Has Learned From Past Mistakes

Co Is Conservative On Inorganic Expansion & Would Not Pursue A Large Acquisition

Expansion In EBITDA Margin & Low Capex To Improve Free Cash Generation Over Next 2 Yrs

An Improved Balance Sheet, Earnings Could Surprise On Upside

GS on CreditAccess Grameen

Initiate Buy, Target ₹1,788

Co Has Demonstrated A Good Track Record Through The Cycles

Forecast A Healthy 21% Profit CAGR, Coverage At 15% Over FY24-FY26

Forecast A Healthy Profit CAGR On Strong Lending CAGR Of 24%

Forecast A Healthy Profit CAGR On Continued Superior Profitability With Avg RoAs Of 5.6%

Continued Superior Profitability On, Diversified Loan Book, Mkt Sh Gains From Geographies

Maintaining Competitive Edge On Ind-Leading Credit Costs & Operating Efficiency

Stock Currently Trades At 2.7x P/B & 12x P/E FY25

Jefferies on Entero Healthcare

Initiate Buy, Target ₹1,510

Co Is A Fast-Growing Healthcare Products Distributor In A Large & Fragmented Mkt

Co’s Wide Reach & Product Offering Should Lead To 20% Organic Rev CAGR For FY24-26

Co’s Strong Tech Platform, Should Lead To 20% Organic Revenue CAGR For FY24-26E

Co Should Gain From Industry Consolidation

Over FY24-26E, Est 44% Rev CAGR & 8x Rise In Adj Profit As Economies Of Scale Kick In

MS on Phoenix Mills

Overweight Call, Target ₹3,000

Co Reported 9% YoY Growth In Same Store Consumption In Q4, Up From 5% In Q3

Same Store Consumption Data Higher Than Consensus

Consensus Expressed Concerns About Decelerating Consumption Growth For Mature Malls

For Example, Palladium Mumbai Consumption Only Rose 1% YoY

Palladium Mumbai Consumption Only Rose 1% YoY Partly Due To Closure Of Lifestyle Section

Same Store Consumption, Ex-Indore Decelerated From Q3 FY24

InCred on Navin Fluorine

Upgrade To ADD, Target Cut To ₹4,080

Co’s FY24 EPS May Decline By 31% YoY, Driven Mainly By Agrochem Slowdown

Future Growth for EPS To Be Driven By Less Cyclical Pharma Products

Co Is Making Multiple Potential Intermediates For Cystic Fibrosis, Cancer & Pain Treatments

Correction In Its Stock Price Based On Cyclical Factors Is A Buying Opportunity

Macquarie on Industrials

BEL And Cummins India Are Our Preferred Picks

Target ₹280 For BEL

Target ₹3,600 For Cummins India

Outperform Call On L&T, Target ₹4,400

Outperform Call On Carborundum, Target ₹1,500

Neutral Call On ABB, Target ₹6,550

Target At ₹5,575 For Siemens

Underperform Call On BHEL, Target ₹200

Target At ₹3,550 For Thermax

India Looks Set For A Multi-Year Capex Upcycle With Multiple Themes At Play

Several Themes Are Still At Early/Mid-Cycle And Often Feed Into Each Other

Tailwinds Have Started To Bolster Order Backlogs

Indian IT companies are seen signing off FY24 on a subdued note with an uncertain global macroeconomic environment dragging tech demand and client spends, analysts said, forecasting modest commentary and cautious tone by the tech pack on FY25 outlook, per a PTI report.

The grand IT earnings season opens on Friday with results of Tata Consultancy Services (TCS), followed by Infosys scorecard on April 18 and Wipro on April 19. Tech Mahindra is scheduled to announce Q4 and full-year numbers on April 25, whereas HCL Technologies will declare its numbers on April 26.

Emkay in its quarterly preview recently said subpar growth should persist in Q4 as muted demand trends continue on account of weak discretionary spending and cautious behaviour by clients amid uncertain macros.

Zomato gained 1.85% to closed at ₹197.30 on NSE on Thursday.

Manjushree Technopack Limited (MTL) has entered into definitive agreements to acquire the plastics packaging business of Oricon Enterprises Limited for an enterprise value of ₹520 crore. 

Oriental Containers is one of the largest manufacturers of plastic caps and closures and preforms (intermediate form of PET bottles largely used in beverages) in India. 

The acquisition will also help augment capacity in the preforms segment, where MTL is already the market leader.

This transaction will double MTL’s current market share in the caps and closures segment, making it the market leader, with an installed capacity of nearly 1,500 crore pieces per annum. The acquisition includes two manufacturing plants in Goa and that will augment MTL’s existing production capacity.

NALCO: KABIL and CSIR-IMMT sign MoU for technical & knowledge cooperation for critical minerals.

Metropolis Healthcare: Company reported growth in overall revenue in Q4FY24 and core business revenue 

Thomas Cook: Company and SOTC launch aerial spiritual tours to Adi Kailash and Om Parvat. 

Phoenix Mills: Company reports 27 percent growth in Q4 total consumption.

Trident: Company commissions 1.1 MWp solar power project in Budhni, Madhya Pradesh 

PVR Inox: Company opens 9 screen multiplex at Forum Mall in Kochi, Kerala. PVR Inox launches 14-screen megaplex at Phoenix Mall of Asia, Bengaluru 

NTPC: NTPC Green picks four investment banks for proposed ₹10,000 crore IPO.

RBL Bank: Appoints former South Indian Bank MD Murali Ramakrishnan as Additional Non-Executive Director 

Interglobe Aviation: Company to see inflows of $60 million as weight in MSCI is expected to increase. 

Quick Heal: Company announced its membership in the US Artificial Intelligence Safety Institute Consortium 

Finolex Industries: CFO Niraj Kedia resigns effective June 30 

Bandhan Bank: Appoints Satish Kumar as Head–Wholesale Banking w.e.f. April 10, 2024.

Wipro: Company appoints Malay Joshi as Chief Executive Officer (CEO) for Americas 1 strategic market unit w.e.f. April 10 

Utkarsh SFB: Company pays SEBI ₹1.24 crore to settle norm breach probe. 

DCX Systems: Company appoints Diwakaraiah N J as CFO effective April 11

Varun Beverages: Company to invest up to 14% of equity of Huoban Energy 11 to supply solar power.

Vodafone Idea: Company to launch up to ₹18,000 crore FPO on April 18

Shalimar Paints: Company appoints C Venugopal as the Chief Operating Officer of the company. 

TIPS Industries: Shareholders pass special resolution approving a proposal to buyback up to 5.95 lakh equity shares at a price of ₹625 each.

Huemn has inked a unique collaboration with Eicher Motors’ Royal Enfield - creators of iconic motorcycles - to introduce ‘A Shot of Mumbai’ - a vibrant collection of apparel and helmets inspired by the Royal Enfield Hunter 350.

The Indian stock market has been a complete outperformer since the end of October 2023 and has continued its upward journey so far in 2024, with the Sensex touching the 75,000 milestone for the first time. The optimism is fueled by factors like positive corporate earnings, sustained inflows from domestic investors, and a stable growth trajectory. However, the closing being slightly lower suggests some profit-taking and price corrections after the highs. Since October, stocks have doubled or even tripled, giving multifold returns. With valuations being overstretched, we advise investors to hold off on making investments until there has been a sizable correction in the markets.

Time Technoplast appointed orient capital (a division of link Intime India Pvt Ltd) as the investor relations agency for providing investor relations advisory services with immediate effect.

Shalby Advanced Technologies Inc, USA, (step‐down subsidiary of Shalby Ltd) has incorporated its wholly‐owned subsidiary in India in the name and style of Shalby Advanced Technologies India Pvt Ltd

The Bharti Hexacom’s stock will be listed at the bourses today. The company has fixed the IPO price at ₹570. The ₹4,275-crore issue came out with a price band of ₹542-570 

Thanks to a strong response from institutional investors, the public issue of Bharti Hexacom was subscribed nearly 30 times. The portion allocated for QIBs was subscribed 48.57 times, while the respective quota for non-institutional investors and retail investors was subscribed 10.52 times and 2.83 times, respectively.

“While considering the current optimistic uptrend in the markets, along with healthy subscription demand from all sets of investors, we expect Bharti Hexacom to list a healthy 10-12 per cent higher to its issue price of ₹570,” Prashanth Tapse, Senior VP (Research), Mehta Equities, said.

Infosys and chip giant Intel on Wednesday announced expansion of their strategic collaboration to assist global enterprises in accelerating their AI journeys. The advanced artificial intelligence (AI) solutions offered as a part of this partnership will aim to help businesses become cost-effective and performance-driven while being responsible by design, according to a joint release.

TVS Supply Chain Solutions Ltd on Thursday said it has achieved supply of five lakh completely knocked down (CKD) kits to its major customer and two wheeler manufacturer TVS Motor Company. The milestone was achieved at its dedicated warehouse facility in Hosur, Tamil Nadu.

Dr Reddy’s Laboratories has launched drug-free non-invasive migraine management wearable device Nerivio in Germany through its step-down subsidiary betapharm. The launch marks the company’s entry into digital therapeutics in Europe. Nerivio is approved by the United States Food and Drug Administration (USFDA), and is CE-mark certified in Europe.

The US health regulator has pulled up Kilitch Healthcare India for manufacturing lapses, including packing drugs in insanitary conditions at its Maharashtra-based plant. In a warning letter to the company’s Managing Director Paresh Mehta, the US Food and Drug Administration (USFDA) pointed out various lapses at the Navi-Mumbai plant which produces finished pharmaceuticals.

Larsen & Toubro Ltd has completed the sale of its entire equity stake in L&T Infrastructure Development Projects Ltd (L&T IDPL) to Epic Concesiones Pvt Ltd., a joint venture between L&T and Canada Pension Plan Investment Board (CPP Investments) holding 51 per cent and 49 per cent shares, respectively.

The National Company Law Appellate Tribunal (NCLAT) has dismissed the plea filed by four unit buyers of Parsvnath Landmark Developers to initiate insolvency proceedings against the subsidiary of Parsvnath Developer. The appellate tribunal upheld the orders of the Principal Bench of the National Company Law Tribunal (NCLT), which on October 17, 2023, rejected their plea on technical grounds as the number of petitioners was only four, while the total number of allottees by Parsvnath Landmark is 488.

Uno Minda (formerly known as Minda Industries), a leading manufacturer and supplier of proprietary automotive solutions and systems to original equipment manufacturers, has marked a significant milestone with the ground-breaking ceremony for its upcoming greenfield passenger vehicle alloy wheel plant with a capacity of 120,000 wheels per month at IMT Kharkhoda, Haryana. The plant with a capital outlay of ₹542 crore will be set up in a phased manner over the next 5 years with phase-1 commissioning in Q2 FY26.

360 One WAM (formerly IIFL Wealth Management) on Wednesday divested a 5.3 per cent stake in Protean eGov Technologies for ₹241 crore through open market transactions. 360 One Group through its affiliates, 360 One Special Opportunities Fund Series 5, IIFL Special Opportunities Fund Series 5 and 360 One Special Opportunities Fund Series 4 sold 21,48,841 shares or 5.3 per cent stake in Protean eGov Technologies through separate bulk deals on the BSE, per the data on the exchange.

Computer Age Management Service has received RBI authorisation to operate as an online payment aggregator.

Maharashtra Seamless has won order worth ₹674 crore from ONGC for supply of casing seamless pipes. Gradual dispatches of the order will be done within a period of 44 weeks, it said in a release to the exchanges.

Sequent Scientific has provided guarantee and pledged 99.99 per cent equity shares of its Indian subsidiary Alivira Animal Health Ltd. (India) and 100 per cent equity shares of its overseas subsidiary Alivira Animal Health Ltd. (Ireland) in favour of Catalyst Trusteeship Ltd. to secure a term loan facility of ₹150 crore to be availed by the Indian subsidiary and a term loan facility worth up to $25 million to be availed by the Ireland unit. Both loans will be availed from Barclays Bank Plc. The move is pursuant to its debt restructuring process and in accordance with shareholder approval obtained via postal ballot, the company said.

HFCL has issued corporate guarantees in favour of SBICap Trustee Company Ltd to secure term loans worth ₹378.02 crore for its subsidiary.

Zaggle Prepaid has entered into an agreement with Yokohama India Pvt. ltd. for its Zaggle Save offering. The contract is for a period of two years.

Cavite Biofuel Producers Inc., Philippines, a step-down subsidiary of Isgec Heavy Engineering, has commenced commercial operations at its new ethanol plant in the Philippines.

Oil India Ltd (OIL) said an incident of leakage was reported at the X-Mass Tree of well No. BGN#24 located at the Dighaltarang Tea Estate in Assam’s Tinsukia district. An internal enquiry is being conducted for a thorough investigation and OIL reassures that the well is in completely controlled & closed condition. An on-site assessment team of OIL is formed to assess the affected areas immediately. The OIL team is taking up measures for remediation of the affected area.

* BALRAMPUR

* EXIDE

* HINDCOPPER

* IDEA

* INDIACEM

* NALCO

* SAIL

* ZEEL

Closing Bell:

* Sensex: 75038.15(+354.45) 

* Nifty 50: 22753.80 (+111.05)

* Nifty bank: 48986.60 (+256.05)

Nifty top 5 Gainers: 

* Coal India: 456.35 (+16.50)

* BPCL: 604.75 (+19.00)

•Kotak Mahindra: 1,825.95 (+45.35)

* ITC: 436.95 (+10.60)

* Hindalco: 603.05 (+14.45)

Nifty top 5 losers:

* HDFC life: 621.50( -12.45 )

* Cipla: 1,422.95 (-27.35 )

* Divis Labs: 3,739.10 (-65.85 )

* Maruti Suzuki: 12,682.75 (-205.25)

* Shriram Finance: 2,528.05 (-22.35)

Instl. Investors EQUITY Cash Trades PROV. - 10/04/2024 (In ₹ cr) 

FIIS : BUY +2,778 (13,345-10,567)

DIIS : BUY +163 (12,342-12,179)

J P Morgan Chase & Co (Pre market) (Sector- Financial)

Wells Fargo & Company (Pre market) (Sector- Financial)

Progressive Corporation (Pre market) (Sector- Financial)

BlackRock, Inc. (Pre market) (Sector- Financial)

Citigroup Inc. (Pre market) (Sector- Financial)

State Street Corporation (Pre market) (Sector- Financial)

11:30 UK GDP m/m (Expected: 0.1% versus Previous: 0.2%)

17:30 India CPI Inflation Rate y/y (Expected: 5.0% versus Previous: 5.09%)

17:30 India Industrial Production y/y (Expected: 3.6% versus Previous: 3.8%) 

19:30 US Prelim UoM Consumer Sentiment (Expected: 79.0 versus Previous: 79.4)

The short-term outlook is bullish for NMDC Steel. The up move in the stock is gaining momentum. The stock surged over 8 per cent on Wednesday and has closed strongly. This has taken the share price well above the key intermediate resistance level of ₹63.

This level of ₹63 will now act as a good support. Moving average cross-overs on the daily chart also strengthens the bullish case. 

Veteran banker Uday Kotak took to platform X on Thursday to warn investors of possible global turbulence, citing several factors.

The former MD and CEO of Kotak Mahindra Bank hinted that the US Fed may postpone rate cuts to later, possibly closer to the US Presidential elections, given higher-than-expected inflation.

Kotak also spoke about the possibility of the Chinese economy imploding economically. The collapse of the property bubble has weakened the Chinese economy and deepened the unemployment crisis, leading overseas investors to pull out money from the Chinese stock market.

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS, and SBI

India’s equity benchmarks BSE Sensex and NSE Nifty are likely to open lower on Friday, tracking negative global cues. Nifty futures at Gift City (6.42 a.m. IST) is hovering around 22,680 against Nifty futures at 22,812 on the NSE. The US March inflation data came in hotter than expected, with a 3.5% increase in consumer prices for the year to March. This has raised the probability of the US Federal Reserve maintaining a status quo in June, keeping interest rates higher for longer, and resorting to two rate cuts instead of three this year. Japanese stocks rose while Australian shares were little changed and Hong Kong equity futures fell.