Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed in negative territory on April 09. The NSE Nifty 50 dropped 24.55 points or 0.11% to settle at 22,641.75, while the BSE Sensex lost over 77 points or 0.10% to finish at 74,665.32. Bucking the trend, Nifty Bank gained 127 points or 0.26% to close at 48,708.35.
The Nifty 50 closed 0.11% lower at 22,641.75, while the BSE Sensex closed 0.10% lower at 74,665.32.
Apollo Hospitals, Hindalco, ICICI Bank, Eicher Motors, and Infosys were the top gainers in the Nifty 50. While Titan, Coal India, Hero MotoCorp, Reliance, and Asian Paints were the major losers in the Nifty 50 on April 09.
Shares of Castrol India rose 9% to hit a 52-week high of Rs 226.80 due to high volumes. The volume of the stock was up 5.3 times. The stock has an upper band of Rs 249.80.
Courtesy: NSE
Courtesy: NSE
Courtesy: NSE
Courtesy: NSE
According to a recent report by Morgan Stanley, multiple areas of re-rating are expected to take center stage for Reliance Industries. (RIL). As the company navigates through the current earnings upgrade cycle, the 13% year-to-date move seems to be well priced in.
With an “Overweight” call, Morgan Stanley maintains a target price of Rs 3,046 on the RIL stock price. Over the past year, Reliance Industries stock has surged by 35%, with a further 10% increase since the beginning of the year. Presently, the stock trades at 24 times price-to-earnings and 10 times EV/EBITDA based on the company’s FY26 earnings estimate.
Read More: Reliance Industries: Morgan Stanley Overweight, sees potential for multiple re-rating
Courtesy: NSE
Shares of Apollo Hospitals rose 3.4% to an intraday high of Rs 6,524.95. The stock was the top gainer in the Nifty 50. Share hit the 52-week high of Rs 6,874.45 on February 22. It touched its 52-week-low of Rs 4,187.30 on April 10, 2023.
Courtesy: NSE
Hind Copper, Godrej properties, Vedanta, SAIL, NALCO, Exide Industries, ICICI Bank, GAIL, Jindal Steel and power are the top stocks trading at their 52-week high.
Hindalco, Apollo Hospitals, Tata Steel, ICICI Bank, and Infosys were the top gainers in the Nifty 50. While Coal India, Hero MotoCorp, Tata Consumer Products, Reliance Industries, and BPCL were the key laggards in the Nifty 50 on April 09.
The Nifty 50 was up 80.20 or 0.35% at 22,746.50, while the-30 stock BSE Sensex was up 305 points or 0.41% at 75,047.27.
Courtesy: NSE
The stock of Hindustan Copper advanced 10% to hit a 52-week high of Rs 363.70. The stock has an upper band of Rs 364.45. It touched its 52-week low of Rs 97.60 on April 24, 2023.
The set floor price for the QIP stands at Rs 477.33 per share, as specified in the regulatory filing. Additionally, the company has authorized the opening of the issue on April 8. The share gains over 4% to intra-day high of Rs 530 on NSE.
The stock of Gland Pharma slipped 7% to an intraday low of Rs 1,735.05 after Dr Ravi Penmetsa, the former promoter of the company, launched a block deal of around $150 million with an upsize option to sell part stake in the drugmaker, Moneycontrol reported citing three persons in the know of the development.
Shares of Godrej Properties rose 8% to an intraday high of Rs 2,791.80 after the company’s sales booking in FY24 came in at over Rs 22,500 crore, a jump of 84% on year. Godrej Properties’ sales booking was on the back of higher volumes amid strong consumer demand for residential properties. The company has overtaken the sales booking numbers of Prestige Group, based out of Bengaluru.
Courtesy: BSE
“The hallmark of a bull market is its ability to set new record highs. This has been happening in the mother market US and also in the Indian market. An important feature of the recent rally in India is that it is led by fundamentally strong sectors like capital goods, automobiles, banking and metals. The robustness of the Indian economy, the sustained capital flows into mutual funds and the enthusiasm of domestic investors can support the rally. However, valuations of the Smallcap segment are elevated and unjustified,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said Nifty maintained its strength by staying above 22500 throughout the day. Additionally, it exceeded the previous all-time high of 22619. However, the index has reached near the upper band of the rising wedge, which might act as resistance in the short term. Over the short term, the index might consolidate within a range. On the lower end, support is placed at 22500, below which the index might fall back into consolidation.
Tata Motors, Shriram Finance, Infosys, Dr Reddy’s Laboratories, and Adani Ports were the top gainers in the Nifty 50. While Tata Consumer Products, Hindustan Unilever, Divi’s Lab, Kotak Mahindra Bank, and ONGC were the key laggards in the Nifty 50 on April 09.
“The Bank Nifty exhibited indecision in the market with the formation of a doji candle on the daily chart, indicating a standoff between buyers and sellers at current levels. However, the overall sentiment remains bullish, contingent upon the index maintaining support above 48,000, where substantial open interest in put options exists. To sustain the upward trajectory, the index must decisively breach the 48,700 mark, paving the way for further gains towards the 49,500 to 50,000 range,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
The NSE Nifty 50 opens up by 0.44% at 22,765.10, while the BSE Sensex gains 0.51% to 75,124.28 in the opening trade.
Commenting the pre-market outlook Prashanth Tapse, Senior VP (Research), Mehta Equities said that, In the current market landscape, the Nifty index stands at uncharted heights, propelled by several positive catalysts including robust Q4 corporate earnings expectations in India, strong US economic data, and easing oil prices. With Nifty options indicating a trading range between 21900 and 23000, investors eye key support and resistance levels.
Tapse also added his Preferred trades suggest buying Nifty and Bank Nifty at current levels, with potential targets at higher zones. Additionally, stocks like EICHER MOTORS, CANARA BANK, INDIGO, and M&M remain bullish, presenting buying opportunities amidst any corrective declines.
Shares in the Asia-Pacific region are trading in mixed territory on Tuesday morning. The Asia Dow is trading up by 0.38%, where as the Japan’s Nikkei 225 is trading in green, up by 0.69%, Hong Kong’s Hang Seng index is ended higher by 0.05% and the benchmark Chinese index Shanghai Composite is ended down by 0.72%.
The NSE has added Bandhan Bank, Sail, and Zee Entertainment Enterprise in F&O on April 9, 2024.
Foreign institutional investors (FII) offloaded shares worth net Rs 684.7 crore, while domestic institutional investors (DII) bought shares worth net Rs 3,470.5 crore on April 8, 2024, according to the provisional data available on the NSE.
On Tuesday morning, WTI crude prices are trading at $86.70, marking a decrease of 0.27%, whereas Brent crude prices are at $90.66, showing a decline of 0.56%.