Share Market Highlights: Sensex, Nifty ends muted! Nifty settles above 22,450, Sensex near 73,900, Media and Metal stocks shine – Market News

UNO Minda received communication from Honda Motorcycle and Scooter India regarding a global recall of their bikes due to oil leakage observed from the engine. The issue was caused by the dislodgement of the sealing plug cone from the engine cover, which was supplied by UNO Minda’s plant located in Bawal, Haryana. The OEM has estimated that the recall will incur a cost of Rs 76 crore. The shares of UNO Minda trade marginally lower at Rs 690.85 on NSE.

The Indian Renewable Energy Development Agency’s shares surged by 5% to reach its upper circuit of Rs 149.50, as compared to its previous closing price of Rs 142.65 on the National Stock Exchange. The significant increase in the company’s stock price followed the announcement of a robust quarterly business update.

According to the renewable energy company, it reported loan sanctions totaling Rs 37,354 crore for FY24, marking a notable increase of 14.6% from the previous year’s figure of Rs 32,587 crore. The company disclosed in an exchange filing that it achieved its highest-ever loan sanctions.

Also Read: IREDA hits 5% upper circuit after reporting healthy loan book; Here are all other details

Commenting on the Dollar Rupee outlook Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas said, Indian Rupee appreciated marginally on Tuesday following the PMI data. India’s Manufacturing PMI rose to 59.1 in March 2024 vs 56.9 in February 2024, but trailed forecast of 59.3. However, strong US Dollar and weak domestic markets capped sharp gains. Surge in crude oil prices also weighed on Rupee at higher levels. US Dollar rose on better than expected ISM services PMI. US ISM manufacturing PMI expanded to 50.3 in Mach 2024 vs 47.8 in February 2024. This showed first expansion since September 2022 and trimmed rate cut expectations in June.

“We expect Rupee to trade with a slight negative bias on strong US Dollar and weak tone in domestic markets. Rising crude oil prices may also weigh on the domestic currency. Traders may take cues from JOLTS job opening factory orders and speeches by various US Federal Reserve officials. USDINR spot price is expected to trade in a range of Rs 83.20 to Rs 83.60,” added Choudhary.

Courtesy: NSE

BPCL, Bajaj Auto, Tata Consumer Products, M&M, and Divi’s Lab were the top gainers in the Nifty 50. While Hero MotoCorp, HCL Technologies, ICICI Bank, Kotak Bank, and L&T were the key laggards in the NIfty 50 on April 02.

Courtesy: NSE

Bharti Hexacom’s IPO is scheduled to open for retail bidding on April 3, with the company setting its price band in the range of Rs 542 to Rs 570 per equity share. The bidding will conclude on April 5.

The subsidiary of Bharti Airtel aims to raise Rs 4,275 crore by offering 75 million shares through an offer-for-sale.

The listing of Bharati Hexacom is anticipated to take place on April 12, with share allotment expected on April 8. The company’s shares will be listed on both the NSE and BSE.

Read More: Bharti Airtel’s arm Bharti Hexacom IPO to open on April 03; Key things to know before opening

Shares of IREDA hit the upper circuit of Rs 149.50 after rising 5%. Shares of the company rose after it posted a healthy loan book. The company’s loan sanctions rose 14.6% to Rs 37,354 crore in FY 23-24, the highest ever.

Courtesy: BSE

Commenting on the Derivative market outlook Anand James, Chief Market Strategist, Geojit Financial Services said Nifty weekly contract has highest open interest at 22500 for Calls and 22300 for Puts while monthly contracts have highest open interest at 22500 for Calls and 22000 for Puts. Highest new OI addition was seen at 22500 for Calls and 22500 for Puts in weekly and at 23500 for Calls and 22600 for Puts in monthly contracts.

“FIIs increased their future index long position holdings by 5.17%, increased future index shorts by 2.42% and in index options by 26.45% in Call longs, 14.75% in Call short, 35.18% in Put longs and 25.90% in Put shorts,” also added James.

The NSE Nifty 50 was down 42.55 or 0.19% at 22,419.45, while the 30-stock Sensex was trading down 190 points or 0.26% at 73,825.41.

Anand James, Chief Market Strategist at Geojit Financial Services, commented on the Nifty technical, stated, “We anticipate a period of consolidation at the start of the day, with the expectation that it will not fall below 22,450, followed by an upward movement towards 22,700. Conversely, if there is a strong rejection around the 22,530 mark, we can anticipate declines to 22,410-22,350. Support levels below are identified at 22,200 and 22,050, followed by 21,810, although a significant collapse is less probable.”

Bajaj Auto, BPCL, Adani Ports, IndusInd Bank, and Tata Motors were the top gainers in the Nifty 50. While Hero MotoCorp, ICICI Bank, L&T, Kotak Bank, and SBI Life Insurance were the key laggards in the Nifty 50 on April 02.

Courtesy: NSE

Shares of Spicejet rose 3% to an intraday high of Rs 63.40 after the company set to receive Q400 aircraft from NAC in a settlement agreement. The company will own six Q400 aircraft.

Shares of Bharat Dynamics plummeted by over 3% to an intra-day low of Rs 1,715, following reports that the company’s turnover for FY24 amounted to Rs 2,350 crore compared to Rs 2,489 crore in FY23. Additionally, its order book position stood at Rs 19,468 crore as of April 1.

The stock of Adani Power hit the upper band of 5% and rose to an intraday high of Rs 588.35 compared to its previous close of Rs 560.35. The surge in prices came after brokerage houses were seen bullish on the Adani Group Companies.

Shares of Tata Technologies advanced 7.4% to an intraday high of Rs 1,127 compared to the previous close of Rs 1,049.80. The uptick in its price can be attributed to the announcement of a joint venture with BMW. The company will be making software for the German automaker.

Courtesy: NSE

Shares of Aditya Birla Fashion and Retail rose 15% to an intraday high of Rs 243.45 after the company’s board approved the demerger of Madura Fashion & Lifestyle business.

Read More: Aditya Birla Fashion soars 15% on proposal for demerger of Madura Fashion

Zomato‘s stock experienced a decline of over 1%, reaching an intra-day low of Rs 181.40, following news that the online food delivery platform has been served with a GST demand of Rs 184.18 crore from the Commissioner, Adjudication, Central Tax, New Delhi. This demand is attributed to non-payment of service tax for the period spanning October 2014 to June 2017, concerning specific sales conducted by the company’s foreign subsidiaries and branches to customers outside of India.

Adani Ports, Bajaj Auto, BPCL, Adani Enterprises, and ONGC were the top gainers in the Nifty 50. While Cipla, ICICI Bank, JSW Steel, Wipro, and Hero MotoCorp were the major losers in the Nifty 50 on April 02.

Markets are likely to retreat in early trades after yesterday’s record high levels amid weakness in the Gift Nifty index despite buoyancy in other Asian indices. Profit-taking may come into play due to excessive optimism, subdued US market close in overnight trades, and FIIs turning net sellers in Monday’s positive session. The 10-year US benchmark yield hitting 4.323% could weigh on sentiment and prompt overseas investors to offload shares in emerging equities, including India. Local investors could exercise caution ahead of RBI policy later this week although it is more likely that interest rate may remain steady due to inflation above the comfort level, said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.

Bank Nifty has broken out of the sideways consolidation on the way up and is witnessing follow-through buying interest. It is likely to continue the momentum towards 47850 – 48000 from a short-term perspective. So the minor degree pullbacks should be used as a buying opportunity,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.

Hang Seng gained 2.5% during early trade hours as investors came back from the long weekend. Also, the shares of Xiaomi soared 15% as it started taking orders for its recently launched EV.

On Monday, Nifty opened gap up and traded with a narrow range thereafter. It registered a new all-time high of 22529.95. The Nifty has been witnessing a sharp upmove in the past couple of trading sessions and the momentum is expected to continue. The hourly momentum indicator has triggered a negative crossover which can lead to a consolidation and a dip towards 22400 – 22350 is possible, however, it should be used as a buying opportunity as the overall trend appears positive. “If Nifty manages to sustain above 22500 then there shall be a further upside till 22670 – 22740,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas. 

There are no stocks in the F&O ban list on Tuesday.

Foreign institutional investors (FII) sold shares net worth Rs 522.30 crore. Whereas, domestic institutional investors (DII) bought shares net worth Rs 1,208.42 crore on April 02, 2024, according to the provisional data available on the NSE.

WTI crude prices were trading at $84.04 up by 0.18%, while Brent crude prices were trading at $87.70 up by 0.07%, on Tuesday morning.

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded higher, 0.02% at 105.04.

The stocks on Wall Street closed on a mixed note as traders await fresh US inflation data. The Dow Jones Industrial Average closed 240.52 points or 0.6% lower at 39,566.85. The S&P 500 fell 0.2% to close at 5,243.77. However, the Nasdaq Composite added 0.11% closing at 16,396.83.