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Economic Times | 24 Apr, 2023 | 11:44AM IST
Stock Market LIVE Updates: Sensex erases early gains, trades flat; Nifty above 17,600; Media and pharma stocks trade under pressure
Stock Market LIVE Updates: Indian shares opened higher on Monday as improved quarterly results from heavyweights Reliance Industries Ltd and ICICI Bank Ltd eased some concerns over a lacklustre start to the earnings season.
The Nifty 50 was up 0.13% at 17,646.90, as of 9:34 a.m. IST, while the S&P BSE Sensex added 0.12%.
Seven of the 13 major sectoral indexes advanced with high weightage financials rising 0.7%. The rise comes after private lender ICICI Bank posted a 30% jump in March quarter profit, helped by improved net interest income and loan growth. Analysts termed the earnings "flawless execution" led by robust asset quality. ICICI Bank climbed over 2% on Monday.
Meanwhile, Reliance Industries, India's most valuable company,
reported a 19% jump in fourth-quarter profit, aided by the strong performance in the oil-to-chemicals (O2C) segment, post-market hours on Friday. The stock rose over 1.3% in the early session.
The healthy earnings of the two companies, which account for nearly 20% of the total weightage in Nifty 50, could improve the sentiment soured by the weak results and outlook of top information technology companies, analysts added.
Among other stocks, Macrotech Developers Ltd advanced over 3% after posting a 39% year-on-year jump in profit to 7.44 billion rupees for the quarter ended March.
The Nifty 50 was up 0.13% at 17,646.90, as of 9:34 a.m. IST, while the S&P BSE Sensex added 0.12%.
Seven of the 13 major sectoral indexes advanced with high weightage financials rising 0.7%. The rise comes after private lender ICICI Bank posted a 30% jump in March quarter profit, helped by improved net interest income and loan growth. Analysts termed the earnings "flawless execution" led by robust asset quality. ICICI Bank climbed over 2% on Monday.
Meanwhile, Reliance Industries, India's most valuable company,
reported a 19% jump in fourth-quarter profit, aided by the strong performance in the oil-to-chemicals (O2C) segment, post-market hours on Friday. The stock rose over 1.3% in the early session.
The healthy earnings of the two companies, which account for nearly 20% of the total weightage in Nifty 50, could improve the sentiment soured by the weak results and outlook of top information technology companies, analysts added.
Among other stocks, Macrotech Developers Ltd advanced over 3% after posting a 39% year-on-year jump in profit to 7.44 billion rupees for the quarter ended March.
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Shares of Wipro rose nearly 3% to Rs 378 in Monday's trade after the company announced that it will consider a share buyback proposal on April 27 along with the release of its March quarter report card.
Price as on 24 Apr, 2023 11:44 AM, Click on company names for their live prices.
Solar Industries sings contract for supply of Loitering Munition with Ministry of Defense, Government of India worth Rs 212 crore.
Price as on 24 Apr, 2023 11:17 AM, Click on company names for their live prices.
Credit Suisse saw $68 billion in first-quarter outflows as it crumbled
Credit Suisse said on Monday it had 61 billion Swiss francs ($68 billion) in net asset outflows in the first quarter, adding that outflows were continuing even in the wake of the 167-year-old institution's state-engineered rescue by UBS.
"These outflows have moderated but have not yet reversed as of April 24, 2023," Credit Suisse said.
It also said it had experienced significant withdrawals of cash deposits as well as non-renewal of maturing time deposits. Customer deposits declined by 67 billion Swiss francs in the first quarter.
The bank reported results for what is likely to be the last time, as its shotgun marriage with rival Swiss bank UBS is expected to be completed soon.
"These outflows have moderated but have not yet reversed as of April 24, 2023," Credit Suisse said.
It also said it had experienced significant withdrawals of cash deposits as well as non-renewal of maturing time deposits. Customer deposits declined by 67 billion Swiss francs in the first quarter.
The bank reported results for what is likely to be the last time, as its shotgun marriage with rival Swiss bank UBS is expected to be completed soon.
Birla Estates acquires premium land for a luxury residential project at Walkeshwar, Malabar Hill.
Price as on 24 Apr, 2023 11:06 AM, Click on company names for their live prices.
Nifty Media tanks over 1%; check out the top losers from the pack
Price as on 24 Apr, 2023 10:33 AM, Click on company names for their live prices.
Shares of HDFC Life Insurance rallied 8% to Rs 554.6 in Monday's trade on BSE after the Reserve Bank of India (RBI) allowed HDFC Bank or HDFC to increase the shareholding in HDFC Life and HDFC ERGO to more than 50% prior to the effective date of the merger.
Price as on 24 Apr, 2023 10:21 AM, Click on company names for their live prices.
Brokerage View | Jefferies maintained its buy rating on RIL post March quarter results with a target price of Rs 3100.
Price as on 24 Apr, 2023 10:16 AM, Click on company names for their live prices.
Brokerage View | CLSA maintained its buy rating on ICICI Bank with a target price of Rs 1200. “The private sector bank recorded its highest earnings certainty over the next 3 years,” CLSA said.
Price as on 24 Apr, 2023 10:10 AM, Click on company names for their live prices.
Adani Ports starts $130 million buyback of debt securities
Adani Ports and Special Economic Zone, a group company of the beleaguered Adani Group, said on Monday it has started a buyback programme of certain debt securities to partly prepay near-term loans due in 2024.
Adani Ports said in an exchange filing that it has floated a tender of up to $130 million in outstanding debt, as it tries to boost investor confidence after the group's shares were pummelled earlier this year by a U.S. short-seller's report.
Led by billionaire businessman Gautam Adani, the group's seven-listed stocks have lost about $114 billion in market value since a Jan. 24 report by Hindenburg Research accused it of improper use of offshore tax havens and stock manipulation. The group denied all allegations.
Adani Ports said in an exchange filing that it has floated a tender of up to $130 million in outstanding debt, as it tries to boost investor confidence after the group's shares were pummelled earlier this year by a U.S. short-seller's report.
Led by billionaire businessman Gautam Adani, the group's seven-listed stocks have lost about $114 billion in market value since a Jan. 24 report by Hindenburg Research accused it of improper use of offshore tax havens and stock manipulation. The group denied all allegations.
Earnings Impact | Reliance Industries on Friday reported a 19% year-on-year (YoY) rise in consolidated net profit for the quarter ended March 2023 to Rs 19,299 crore. Consolidated revenue for the quarter under review grew 2% on year to Rs 2.16 lakh crore.
Price as on 24 Apr, 2023 09:27 AM, Click on company names for their live prices.
Morning view on the market by Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The market is poised for a positive breakout from the recent narrow range of 17600-17800. Three factors have the potential to facilitate this breakout: one, excellent Q4 results from ICICI Bank, two, better-than-expected Q4 results from Reliance and three, RBI’s approval for merger of HDFC in HDFC Bank - granting some of their important requests - thereby facilitating the merger by July. These four stocks accounting for 33.2 %weightage in Nifty will impart resilience to the market.
However, this is not sufficient to push the market into a new bull orbit. That will have to wait for favourable global cues, particularly the US inflation print and the Fed’s response.
Meanwhile investors can use the subdued market trend, particularly days of market correction, to buy the high quality potential winners for impressive returns when the market eventually rallies.
However, this is not sufficient to push the market into a new bull orbit. That will have to wait for favourable global cues, particularly the US inflation print and the Fed’s response.
Meanwhile investors can use the subdued market trend, particularly days of market correction, to buy the high quality potential winners for impressive returns when the market eventually rallies.
Rupee falls 2 paise to 82.08 against US dollar in early trade.
JM Financial says Jm Financial Home Loans and Indostar Capital Finance to explore potential strategic options.
Price as on 24 Apr, 2023 09:22 AM, Click on company names for their live prices.
Top movers in morning trade
Price as on 24 Apr, 2023 09:21 AM, Click on company names for their live prices.
Opening Bell: Sensex jumps over 150 pts, Nifty above 17,650; ICICI Bank rises 2%; Yes Bank sheds 3%
Earnings Today
IndusInd Bank, Bank of Maharashtra, Persistent Systems and a slew of other companies will announce their quarterly results today.
Oil falls on uncertain global economic outlook
Oil prices slipped on Monday as concerns about rising interest rates, the global economy and the outlook for fuel demand outweighed support from the prospect of tighter supplies on OPEC+ supply cuts.
Brent crude slipped 48 cents, or 0.6%, to $81.18 a barrel by 0045 GMT while U.S. West Texas Intermediate crude was at $77.39 a barrel, down 48 cents, also 0.6% lower.
Brent crude slipped 48 cents, or 0.6%, to $81.18 a barrel by 0045 GMT while U.S. West Texas Intermediate crude was at $77.39 a barrel, down 48 cents, also 0.6% lower.
Dollar on track for 2nd straight monthly loss
The dollar began the last trading week of the month on the back foot, with traders awaiting a slew of central bank meetings in May for clues on when the steepest global monetary policy tightening campaign in years might come to a halt. The U.S. dollar dipped against most major currencies in early Asia trade, with the euro and sterling rising 0.05% to $1.0994 and 0.02% to $1.2447, respectively.
- Euro was little changed at $1.0987
- Japanese yen rose 0.2% to 133.91 per dollar
- Offshore yuan was little changed at 6.8963 per dollar
- Australian dollar was little changed at $0.6686
Asia stocks off to slow start
Asian shares started cautiously on Monday in a week packed with economic data and central bank meetings, along with earnings from the tech giants that have kept the S&P 500 afloat so far this year. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1%. S&P 500 futures and Nasdaq futures both eased 0.2% ahead of a busy week of earnings.
- Japan’s Topix index rose 0.1%
- Australia’s S&P/ASX 200 Index fell 0.2%
- Hong Kong’s Hang Seng futures were little changed
Stocks in F&O ban today
No stocks are under the F&O ban today. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
Rupee Watch
The rupee gained 11 paise to close at 82.06 against the US dollar on Friday, supported by softening crude oil prices in the international markets.
FII/DII action
Foreign portfolio investors (FPIs) were net sellers on Friday at Rs 2,116 crore. DIIs too sold shares worth Rs 1,632 crore.
Sensex, Nifty settle flat on Friday
Amid weak global cues, Indian equity indices closed flat on Friday as gains from IT and FMCG stocks were offset by losses in banking and auto stocks. The BSE Sensex index ended 22 points or 0.04% higher at 59,655, while Nifty50 ended above the 17,600 level.
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