Share Market Live: Sensex, Nifty Hold Opening Gains; Thermax Surges On Q4 Optimism
A man looks at a screen displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai. (Photo: Bloomberg)

Share Market Live: Sensex, Nifty Hold Opening Gains; Thermax Surges On Q4 Optimism

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Thermax Surges After Q4 Shows Normalcy in Business Ops

Shares of the Pune-based maker of energy-conservation equipment rose as much as 8.6% in Mumbai, in their biggest single-day gain since April 7, after its fourth-quarter earnings.

Thermax’s order inflows have seen a broad-based recovery across various sectors from cement, steel, food & beverages, with the company witnessing normalcy returning to its operations, ICICI Securities Ltd. said in a note.

  • Q4 Ebitda more than doubled to Rs 140 crore on a YoY basis but dropped 5.4% on a QoQ basis; the year-on-year Ebitda rise was aided by cost control measures and better execution in key business segments through higher raw material costs weighed on the numbers
  • The company won contracts valued Rs 1500 crore in during the quarter, taking its order book to Rs 5220 crore, flat on YoY basis
  • Order inflows and order book continue to remain the key concerns for analysts of the company, given private capex is muted, ICICI Securities said.

Dish TV Surges 15% To Highest Since November 2019

Shares of the Indian direct-to-home television services provider rallied as much as 15% before paring gains to 9.1%. This follows their 20% surge on Tuesday.

  • Stock trading volume is 379% of 3-month avg
  • Stock has surged about 82% so far in May after losing 31% in the first four months of the year

Opening Bell: Sensex, Nifty Open Higher Amid Steady Asia Trade

Indian equity benchmarks opened with marginal gains amid steady trade in Asia led by real estate and drugmakers while metal and power companies falter.

The S&P BSE Sensex rose as much as 0.5% to 50,901 as of 10:30 a.m. in Mumbai. The benchmark gauge has entered a bearish death cross pattern, with its 50-day moving average crossing below the 100-day average for the first time since March 2020, when global equities saw the worst impact from the pandemic.

“We don’t expect the negative crossover to result in a sharp market decline like what we saw in March last year,” said Ruchit Jain, a technical analyst at Angel Broking Ltd. “In that instance, the Sensex was in a down trend due to the lockdown and rising cases, while now the market has already undergone a correction by trading in a range after touching a record high in February,” he said.

The NSE Nifty 50 Index also advanced by a similar magnitude. The key equities index is about 0.5% away from surpassing its record high touched in February. Fourteen of the 19 sector sub-indexes compiled by BSE Ltd. climbed, led by a gauge of realty companies.

In earnings, 22 of the 38 Nifty 50 companies that have posted quarterly results have missed analysts’ estimates, while 14 have beaten or met them.

SGX Nifty Dips Amid Steady Asia Trade

Asian stocks were largely steady Wednesday after softer economic data weighed on U.S. equities. Treasuries trimmed a rally spurred by Federal Reserve officials again predicting transitory price pressures.

Shares fluctuated in Japan and climbed in Hong Kong. Chinese equities edged up after surging the most since July on Tuesday. U.S. equity contracts rose and Nasdaq 100 futures outperformed, after the S&P 500 slipped and the tech-heavy gauge made a small gain.

India’s SGX Nifty 50 Index futures for May delivery fell 0.3% to 15,199.50, while MSCI Asia Pacific Index +0.2%. The NSE Nifty 50 Index added 0.1% Tuesday to 15,208.45.

Treasury yields remain below this year’s peaks, with more Fed officials joining a chorus downplaying price pressures. A dollar gauge touched the lowest level since early January.

Oil was steady and gold erased 2021 losses. Bitcoin climbed toward $40,000 in a partial recovery from last week’s crypto rout.

Back home, Thermax, AstraZeneca, Bayer Crop, Godawari Power, VIP may react as the companies reported quarterly results after the market closed Tuesday. BPCL, Berger Paints, Cummins, Manappuram, V-Guard, Pfizer are among the companies scheduled to report earnings Wednesday. Foreign investors bought net Rs 1,120 crore of stocks on Monday, according to NSDL website.