Good afternoon!
Equity benchmarks started the week on a negative note on Monday, falling for the second straight session amid weak global cues. Sensex fell 617 points to 56,579 and Nifty ended 218 points lower at 16,953.
What's next? Here are the latest updates!
3:37 pm: Sensex rises 776 points to 57,356 and Nifty end 246 points higher at 17,200.
3:12 pm: Expert take
Vjay Dhanotiya, Lead of Technical Research, Capitalvia Global Research said, "We witnessed a lackluster movement in the market after a positive start and an attempt to sustain above the levels of 17,150. We expect the 17,150-17,200 level to act as a support zone from the short-term perspective. If the market sustains above the support levels, we expect the market to stay positive till the level of 17600. We have observed momentum indicators like RSI and MACD indicating positive side momentum in the market."
2:11 pm: Market update
Sensex rises 584 points to 57,164 and Nifty gains 187 points to 17,141.
1:30 pm: IndiaMart InterMesh stock rises 7%
Shares of IndiaMart InterMesh rose up to 7 per cent after the firm said its board will consider a share buyback on April 28. IndiaMart InterMesh stock gained 6.98 per cent to Rs 5144.95 today against the previous close of Rs 4809.20 on BSE. Shares of IndiaMart InterMesh are trading higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.
12:50 pm: Net NPA ratio to reach decadal lows by FY24E, says Motilal Oswal Financial Services
According to the Financial reports from Motilal Oswal Financial Services Limited, the slippage ratio is expected to moderate to a 15-year low of 1.8% by FY24E. The banking system asset quality has witnessed significant improvement over recent years with GNPA/NNPA ratio declining to 6.9%/2.3% as on Sep-21. The fall in Net NPAs has been sharper with banks remaining focused on cleaning up the balance sheet. PCR ratio for system thus improved ~2,000bp over FY18-Sep'21 to 68% vs 48% in FY18.
12:25 PM: Sensex rises 630 points to 57,210 and Nifty zooms 200 points to 17,154 in the afternoon session.
12:15 pm: Edible oil stocks rise up to 10% after Indonesia bans export of palm oil
Stocks of edible oil manufacturers zoomed in early trade today after Indonesia, the world's largest exporter of palm oil, announced a ban on its export from April 28. The ban on palm oil exports by Indonesia will push the prices of edible oils higher, which have already been on the boil due to the ongoing Russia-Ukraine war.
The rise in prices is likely to lift margins for edible oil producers at home, which will positively affect sentiment in their stocks. READ MORE
11:58 am: Market check
Sensex zoomed over 700 points to 57,275 and Nifty jumped 220 points to 17,175.
M&M and IndusInd Bank were the top gainers on Sensex.
11:30 am: What should investors do with Hindustan Zinc shares post Q4 results?
Shares of mining firm Hindustan Zinc tanked seven per cent after the company posted its Q4 results on Monday. The stock closed 6.35 per cent lower at Rs 323 against the previous close of Rs 344.90.
The company reported a rise of 18 per cent year-on-year (YoY) on its consolidated net profit at Rs 2,928 crore for the quarter ended March 31, 2022 mainly driven by higher volumes and higher metal prices. The Vedanta Group-owned company had reported a net profit of Rs 2,481 crore in the year-ago period.
Revenue from operations jumped 26.6 per cent to Rs 8,797 crore in the said quarter from Rs 6,947 crore in the same quarter last fiscal led by higher zinc volumes and zinc LME prices, as well as favourable exchange rates while partially offset by lower lead and silver volumes.
11:00 am: Borosil Renewables stock rises 5% after board clears acquisition of two solar firms
Shares of Borosil Renewables rose over 5 per cent today after the firm announced that its board has cleared buying of 100 per cent stake in Interfloat Group, Europe's largest manufacturer of solar glass and GMB Glasmanufaktur Brandenbur. Both companies are engaged in the business of solar glass.
Borosil Renewables stock gained 5.14 per cent to Rs 774.15 against the previous close of Rs 736.30 on BSE. Borosil Renewables stock is trading higher than 5-day, 20-day, 50-day, 100 day and 200 day moving averages.
The stock opened 2.54 per cent higher at Rs 751 on BSE.
The share has gained 20.11 per cent in 2022 and risen 221 per cent in a year. Total 0.53 lakh shares of the firm changed hands amounting to a turnover of Rs 4.05 crore.
Market cap of firm rose to Rs 9,821.62 crore in early trade. The stock hit a 52-week high of Rs 833 on April 25, 2022 and a 52-week low of Rs 228.25 on May 3, 2021.
10:00 am: Adani Wilmar crosses Rs 1 lakh crore m-cap for the first time
Shares of the country's largest commodity company Adani Wilmar zoomed over 5 per cent to hit an all-time high of Rs 802.80 in early trade on Tuesday. Market cap of the firm rose to Rs 1,04,299.21 crore.
On Monday, the share price jumped over 5 per cent to hit an intraday high of Rs 764.6 on BSE after Indonesia announced to ban palm oil exports. The market cap of the firm rose to Rs 99,373.43 crore.
Indonesia, which is the world's largest producer of palm oil and meets nearly 50 per cent of the total palm oil requirement in India annually, had announced to ban exports till further notice apparently to contain edible oil prices in their domestic market.
9:16 am: Market opening
Equity benchmark Sensex opened 576 points higher at 57,156.07 and Nifty jumped over 185 points to 17,139.85.
HUL was the top gainer, followed by IndusInd Bank, M&M, Bajaj Finance and Maruti Suzuki.
9:00 am: LIC IPO likely to open on May 4
The much-awaited initial public offering (IPO) of Life Insurance Corporation (LIC) is likely to open on May 4 and close on May 9, 2022, sources told Business Today on Monday.
LIC Board will be meeting tomorrow to give an in principal approval to the above dates.
Government will be filing the RHP on Wednesday morning with key details on issue price, discounts, and reservation.
The LIC IPO issue size is likely to be Rs 21,000 crore, around 22.14 crore shares. Read more
8:45 am: FII and DII action
Foreign institutional investors (FIIs) sold shares worth Rs 3,302.85 crore on April 25, and domestic institutional investors (DIIs) bought shares worth Rs 1,870.45 crore, as per provisional data available on NSE.
8:30 am: Global updates
Wall Street rose on Monday, with the Nasdaq ending sharply higher after Twitter agreed to be bought by billionaire Elon Musk, sparking a late day rally in growth stocks.
Twitter ended up 5.6 percent after announcing it would be bought by Musk in a deal that will shift control of the social media giant to the world's richest person.
The Dow Jones Industrial Average rose 0.7 percent to end at 34,049.46 points, while the S&P 500 gained 0.57 percent to 4,296.12. The Nasdaq Composite climbed 1.29 percent to 13,004.85.
Markets in Asia-Pacific traded mixed on Tuesday morning as investors are set to closely watch market reaction to COVID fears in China as Beijing expands mass testing.
Japan's Nikkei 225 rose 0.17 percent, while the Topix was flat. South Korea's Kospi rose 0.55 percent. Australian stocks however fell as trading resumed from a holiday on Monday. The S&P/ASX 200 plummeted 2.34 percent in early trade.
8:25 am: Elon Musk buys Twitter
It's official! Billionaire entrepreneur and crypto enthusiast Elon Musk now owns Twitter. Musk paid $44 billion for it.
Twitter announced on Monday late night that it has entered into a "definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at $44 billion."
Twitter will be a “privately held company” soon after the transaction is over. Musk says in the official Twitter press release announcing his takeover of the platform, “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated.” Read more
8:20 am: SGX Nifty
The Indian equity market is likely to open on a positive note today as SGX Nifty was trading 124 points higher at 17,119.
The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.
8:15 am: Market on Monday
Equity benchmarks started the week on a negative note on Monday, falling for the second straight session amid weak global cues. Sensex fell 617 points to 56,579 and Nifty ended 218 points lower at 16,953. Tata Steel, Tech Mahindra and NTPC were the top Sensex losers, falling up to 4.47 per cent.
HDFC Bank, ICICI Bank and HDFC were the top Sensex gainers, rising up to 0.75 per cent.
Of 30 Sensex stocks, 22 ended in the red. Market cap of BSE-listed firms fell to Rs 269.64 lakh crore. BSE mid-cap and small-cap indices slumped 459 points and 548 points, respectively.
The market breadth was negative with 1042 shares ending higher against 2487 stocks falling in the red. 145 shares were unchanged.
Metal and consumer durables shares were the top sectoral losers with their BSE indices falling 826 points and 719 points, respectively.