Sensex, Nifty end flat after choppy day; financials fall, Godrej Prop up 9%

CLOSING BELL: Bajaj Finance, Asian Paints, IndusInd Bank, ICICI Bank, Nestle India, HUL, Reliance Industries, HDFC Bank, Axis Bank, and SBI were the top laggards on the Sensex index

12:03 PM

MARKET VIEW: Volatility on account of sectoral churn away from Banks to Auto & Realty

Market has corrected from near record highs and has turned volatile. A healthy feature of the ongoing 3-month old rally is that it has been characterised by corrections which made ‘buy on dips’ strategy successful. 
 

Much of the ongoing volatility in the market is due to sectoral churning happening on a large scale. This has turned Bank Nifty weak and Nifty Auto and Nifty Realty strong.

It is important to understand this sectoral churn and diverse sectoral trends. While Nifty is up by 3% YTD, Nifty Bank is up by only 1%. In sharp contrast to this trend, Nifty Auto is up by 15.86% and Nifty Realty is up by 17% YTD.

Banking stocks are witnessing profit booking in spite of the sound fundamentals and part of this money is moving to autos and realty reflecting their improving prospects.

Views by V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

5:48 PM

COMMENT:: Global markets took a breather ahead of China rate decision, Fed testimony

"Indian equities shied away from closing at all-time high levels amid profit booking, primarily driven by private banks. Global markets also took a breather after a strong rally last week as investors looked forward to China's rate decision and the Fed chair's testimony. The Indian rupee has been exhibiting strength recently, supported by strong FII inflows and favourable domestic macroeconomic data."

 

- Vinod Nair, Head of Research at Geojit Financial Services

2:39 PM

ALERT:: IMD says favourable conditions of monsoon to advance

The met department says that the conditions are favourable for monsoon to advance over south Peninsular India, reports CNBC TV 18.
The met department says that the conditions are favourable for monsoon to advance over south Peninsular India, reports CNBC TV 18.

2:22 PM

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2:21 PM

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1:56 PM

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1:55 PM

Tiwtter Post

5:52 PM

Torrent Power soars 14% on inking MoU with Maha government for three projects

The company has signed a MoU with the Maharashtra government for setting up three Pumped Storage Hydro Projects of 5,700 MW capacity in Maharashtra, would entail an investment of about Rs 27,000 crore.

Air Fares

5:50 PM

VIEW:: Bank Nifty may see strong upside on breakout above 44,500

"The Bank Nifty remained sideways following a positive start. The undertone of the index is still bullish, maintaining the support of 44,000 in a spot where a decent amount of Put writing is seen and resistance is still intact at 44,500. After the central bank policy the Bank Nifty is expected to give a move on either side. Upon a decisive move 44,500 we might see strong directional upside moves."

- Rupak De, Senior Technical Analyst at LKP Securities

4:13 PM

Comment :: 'Inflation data will be crucial in determining the market trend'

Sentiments in the domestic market improved after the RBI’s decision to keep rates unchanged, coupled with positive revisions in GDP and inflation forecasts. The positive quarterly business updates from auto and real estate firms caused strong movements in their respective sectors, but the overall mood was slightly dampened by solid US job data, which raised fears of further rate hikes by the Fed. The release of inflation data in India and the US, along with the FOMC minutes, have now become crucial in determining the market trend.

Views by: Vinod Nair, Head of Research at Geojit Financial Services.

4:08 PM

Tech View :: Will Bank Nifty see short covering?

The BANK NIFTY index faced selling pressure from higher levels after a strong rally last week. The index, if it fails to sustain above the level of 41,200, can witness some profit booking towards 40,600-40,500 levels. The upper resistance, if taken out, will lead to further short covering towards the 42,000 level.

Views by: Kunal Shah, Senior Technical Analyst at LKP Securities

4:03 PM

Tech View :: 'Nifty is approaching consolidation phase in the immediate short term'

The Nifty continued with positive momentum and closed with gains for the sixth consecutive trading session. On the daily chart, we can observe that the Nifty has faced selling pressure from the zone of 17,680 – 17,700 where resistance in the form of the downward sloping trendline and the daily upper Bollinger band is placed.

The hourly momentum indicator has a negative crossover along with a negative divergence which indicates loss of momentum on the upside. Considering that prices have reached a minor resistance and with the momentum also not supportive can lead to a consolidation in the immediate short term.

Crucial support is placed at 17,550 – 17,500 while immediate hurdle is placed at 17,680 – 17,700. Overall, the uptrend is still intact and we expect Nifty to target levels of 17,800 from short term perspective.

Views by: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas 

3:59 PM

Tech View :: Nifty suitable for 'buy-on-dip' above this level

Nifty remained volatile within a narrow range before closing on a muted note. On the daily chart, the index has maintained its position above the breakout zone. The momentum oscillator RSI is in bullish crossover and rising. The market continues to remain buy-on-dips as long as it sustains above 17,500. On the higher end, immediate resistance is visible at 17,700; above which the index may move up towards higher levels.

Views by: Rupak De, Senior Technical Analyst at LKP Securities

 

3:57 PM

Currency check :: Rupee ends at 81.98/$ against Thursday's close of 81.89/$

3:54 PM

Buzzing stock :: Rossari Biotech spurts 19% in fag-end buying

3:52 PM

Buzzing stock :: All 10 Adani stocks end in green after group issues clarification on offshore funding

Adani Group said that the transactions that have been inquired about in the report have been publicly disclosed.

 

"In fact, as publicly disclosed on January 18, 2021, and January 23, 2021, the Adani Group's promoters raised $2 bn through the sale of a 20 per cent stake in Adani Green Energy Ltd (AGEL) to TotalEnergies of France (then Total Renewables SAS), a fact the Financial Times contemporaneously reported but chose to ignore completely in the 22 March 2023 story," the company said.

 

3:48 PM

Buzzing stock :: Tata Motors hits 6-month high in intra-day trade

Tata Motors' wholesales of 107,386 units at JLR for Q4FY23, comes as a positive development as, during the last call, the company had guided for wholesales at over 80,000 units

3:46 PM

Buzzing stock :: Godrej Properties leaps 9% on best-ever quarterly sales in Q4

Godrej Properties soared 9 per cent after the company reported highest-ever quarterly and annual sales. The company reported total bookings of Rs 4,051 crore in January-March quarter (Q4 FY23). In entire FY23, booking value grew by 56 per cent year-on-year (YoY) to Rs 12,232 crore.

 

3:43 PM

Broader markets :: Sea of green even as frontline indices end flat; Midcaps lead

3:41 PM

Nifty 50 Losers:: Bajaj Finance, HUL, Tata Consumer, Asian Paints slip over 1%

3:40 PM

Nifty 50 Gainers:: Tata Motors soars 5%; ONGC, Adani Enterprises also shine

3:38 PM

Sectoral check :: Realty index outshine for second day

3:36 PM

Sensex Heatmap :: Financials, FMCG, RIL cap gains on the index

3:34 PM

CLOSING BELL:: NSE Nifty50 settles 25 pts higher at 17,624

3:33 PM

CLOSING BELL:: S&P BSE Sensex edges 14 pts up, ends at 59,847

3:29 PM

United Breweries hits 52-week low; dips 17% in 3 months on margin concerns

In the October-December quarter (Q3FY23), UBL's Ebitda (earnings before interest, taxes, depreciation, and amortization) was at 4.5 per cent, dragged down by steep rise in material costs, the impact of weak state mix, route to market change in Tamil Nadu (TN), and the impact of a change in excise policy in Delhi. READ MORE

3:21 PM

ALERT :: Zydus Lifesciences receives final approval from US FDA for Azithromycin tablets

3:09 PM

Global Check:: UK stock futures rally up to 1%; US flat

Source: Investing.com

2:56 PM

Adani Green, Adani Enterprises shares jump after group issues clarification

The share price of Adani Green Energy and Adani Enterprises jumped after the group issued a clarification on an earlier report by the Financial Times (FT). The FT report stated that half of all the foreign direct investment (FDI) into the conglomerate came from offshore entities linked to Gautam Adani's family.  READ MORE

2:44 PM

Market Check:: Realty index up over 3.5%; Godrej Properties, DLF lead