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

11:48 AM

Inflation may ease in March on softening food prices, says poll

Food inflation, which accounts for nearly half of the overall consumer price basket, is expected to have moderated due to falling vegetable prices, offset in part by surging cereal prices READ MORE

11:38 AM

ALERT :: Skymet expects below normal monsoon this year

>> Expect rainfall to be 94% of LPA

11:33 AM

Jio Platforms gets Rs 350 crore deal to run NIC's cloud services for 5 yrs

NIC, which falls under the Ministry of Electronics and Information Technology (MeitY), is the government of India's technology partner. Established in 1976, NIC's objective is to provide technology-driven solutions to Central and State Governments READ MORE

11:21 AM

Godrej Properties soars 8% on strong Q4 business update

The stock has bounced back 21 per cent from its 52-week low of Rs 1,005.70, touched on March 29, 2023. During FY23, Godrej Properties underperformed the market and fell 38 per cent, as compared to 3.4 per cent rise in the S&P BSE Sensex. READ MORE

11:10 AM

Home loan rates over Rs 75 lakh to get dearer as risk weight rises again

In October 2020, the Reserve Bank of India (RBI) rationalised the risk weighting by reducing it to 35 per cent for loan-to-value (LTV) ratio of less than 80 per cent. The relaxation was initially offered till March 31, 2022. In the April 2022 monetary policy review, the RBI extended the relaxation till March 2023. Risk weights were assigned irrespective of the loan amount. READ MORE

10:55 AM

Tata Motors surges 8% on better than expected JLR wholesales in Q4

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 READ MORE

10:42 AM

Weak demand, excess supply get tile makers walking on eggshells

The flint that will produce the spark will be the demand trajectory for the sector, given the sluggish sales trends. While volumes of the largest listed player in the sector — Kajaria Ceramics — were down 1 per cent due to an extended monsoon and the festival season, Somany Ceramics saw a 3.7 per cent growth (lower than estimates) due to weak demand and higher supply from Gujarat’s Morbi-based units. READ MORE

10:30 AM

Analysts play it safe; prefer safety of large-caps amid multiple headwinds

Analysts suggest that the overall market valuation has become attractive after the recent correction and investors can start buying large-cap stocks from a medium-to-long term perspective. READ MORE

10:21 AM

Mauritius down; Norway, Singapore gain as FPI destinations in FY23

Experts observe that the renegotiation of the India-Mauritius tax treaty and greater scrutiny of flows have dimmed the appeal of the island nation as a preferred destination for overseas capital flowing into India.
 

Norway and Singapore saw a 13 per cent and 5 per cent increase in AUC, respectively, during FY23 when the benchmark S&P BSE Sensex and the National Stock Exchange Nifty indices ended little changed. READ MORE

10:09 AM

BSE products to get nip-and tuck-treatment under Sundararaman Ramamurthy

Under the leadership of Sundararaman Ramamurthy, the exchange has lined up several changes in the cash market, equity derivatives, as well as currency derivatives.

 

Ramamurthy — an early architect of the rival National Stock Exchange — took charge as managing director and chief executive officer of BSE in January. READ MORE

9:57 AM

Comment :: 'It appears that the market is bracing for a rally'

The hawkish pause delivered by the MPC against the market expectation of a dovish hike indicates that the central bank is prioritising growth now. If the economy achieves GDP growth of 6.5 per cent, and CPI inflation of 5.2 per cent in FY24, that would be a huge positive from the market perspective. We will have to wait for the eventual outcome, given the uncertainty in the global economic environment. 

 

It appears that the market is bracing for a rally. The major positive is that FIIs have turned buyers having bought equity for Rs 4,740 crores during the last 6 trading sessions. Nifty has rallied 650 points from the March lows and with Bank Nifty batting for the bulls,  the rally can sustain, particularly since the Q4 results starting April 12 are expected to deliver good numbers for the leading banks.

 

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

9:46 AM

Buzzing stock :: Tata Motors vrooms nearly 8% on solid JLR sales

The Indian automaker posted an eight per cent year-on-year increase in group global wholesales, including that of Jaguar Land Rover (JLR), at 3.61 lakh units in the January to March quarter of FY23.

9:40 AM

Apollo Micro Systems leaps over 3% as co fixes record date for stock split

The company has fixed May 4 as the record date to split its shares in ratio of 1:10.

9:34 AM

Titan shines 2% after Q4 business update

The company’s revenue grew by 25 per cent YoY in the March quarter. It’s jewellery division also grew 23 per cent YoY. 

9:31 AM

L&T gains over 1% as company emerges as lowest bidder for redevelopment of New Delhi railway station

The engineering and infrastructure major emerged as the lowest bidder for the redevelopment of New Delhi railway station. L&T submitted a bid of Rs 8,740 crore for the mega project, which is over Rs 3000 crore higher than the Centre’s estimate