Share Market Highlights: Nifty, Sensex end at over 4-month high; BFSI stocks top gainers
Stock Market Highlights: Benchmark indices concluded Thursday’s session on a higher note as Nifty touched around a four-month high to end near the 18,250 level for the first time since January 03, 2023.
While the BSE Sensex rose more than 500 points, to close over 61,700 level for the first time since December 20, 2022.
The domestic markets bucked the weak global cues trend and rose nearly a per cent after the US Federal Reserve announced another rate hike of 25 basis points (bps), leaving investors confused over its next move.
Catch minute-by-minute updates of all the action in the Indian share market on May 4, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and trade recommendations only on Zeebiz.com's blog:
Stock Market Highlights: Benchmark indices concluded Thursday’s session on a higher note as Nifty touched around a four-month high to end near the 18,250 level for the first time since January 03, 2023.
While the BSE Sensex rose more than 500 points, to close over 61,700 level for the first time since December 20, 2022.
The domestic markets bucked the weak global cues trend and rose nearly a per cent after the US Federal Reserve announced another rate hike of 25 basis points (bps), leaving investors confused over its next move.
Catch minute-by-minute updates of all the action in the Indian share market on May 4, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and trade recommendations only on Zeebiz.com's blog:
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Nifty breaks above 18,200 mark for the first time since January 03, 2023
HDFC shares rise after Q4 earnings
Mortgage lender Housing Development Finance Corporation (HDFC) shares rise after the non-banking finance company reported double-digit growth in its profit.
HDFC stock grew around 2.5 per cent to Rs 2,857.5 per share on the NSE.
The company’s profit grew by nearly 20 per cent to Rs 4,425.5 crore in the March quarter of FY23 as compared to Rs 3,700 crore in a year ago quarter.
Volume Buzzers
Commodities Check
Spot gold in global trade touched a 2020 record high close to $2,080 in the previous session. Hovering 14 months high near $2,060.
The dollar index continues to slide, near 2-week low below 101.
Heavy fall in crude oil continues, at 6-week low; Brent near $71, down nearly $10 in two days.
Small range trading in metals: LME Copper flat near $8500.
Global raw sugar futures, coffee, and cotton closed down in the last session.
Rane Engine shares 20% upper circuit on robust Q4
Shares of Rane Engine Valve – an auto part manufacturer – hit an upper circuit of 20 per cent to Rs 262.25 per share after the company reported stellar numbers for the March quarter of FY23.
Auto ancillary company’s profit before tax grew by 73 per cent, while revenue was up 25 per cent year-on-year during Q4.
The stock is mere Rs 20 away from its 52-week high of Rs 285 apiece on August previous year.
Tata Steel, NMDC and other metal stocks rise
Prominent metal stocks such as Tata Steel, NMDC, Hind Copper, Adani Ent and others are aiding the markets most as well as the Metal index during Thursday’s trade. Nifty Metal was a top contributor to Nifty’s surge as it gained almost 1 per cent today.
HPCL, BPCL, IOCL rise up to 4%
Oil marketing companies such as Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) shares were in demand during Thursday’s trade after global crude oil prices declined by around 9 per cent two days. Read More
Individually, HPCL shares surged almost 4 per cent, while BPCL and IOCL each rose by more than 2 per cent on the BSE during Thursday’s trade.
Market Update: BSE Sensex, Nifty50 inch higher
Petronet LNG shares crack 5% on weak Q4
Petronet LNG shares dipped as much as 5 per cent to Rs 224.25 on the BSE during Thursday’s trade amid weak January-March quarter results for FY23.
The Oil and Gas company’s profit dipped by 18 per cent year-on-year to Rs 614.3 crore, while revenue increased 24.3 per cent YoY to Rs 13,873.9 crore in the March quarter of the FY23.
Cholamandalam shares zoom
Cholamandalam Investment and Finance Company shares zoomed around 9 per cent to touch a new life high of Rs 970.2 per cent on the BSE during Thursday’s session after the company delivered best-ever disbursals, collections, and profitability in the January-March quarter of FY23.
Amid better results in Cholamandalam Investment and Finance, Cholamandalam Financial Holdings also jumped around 5 per cent on the BSE today.
Cholamandalam, ABB India, IndiaMart hit 52-week highs
Cholamandalam Investment, ABB India, and IndiaMart among other stocks from the broader market segment hit respective 52-week highs during Thursday's session on exchanges. Street queued to ‘buy’ these shares as they jumped up to 7.5 per cent today.
Image Source: Stockedge
Tyre maker MRF extends gain after good Q4
MRF shares climbed more than 2 per cent in morning trade on Thursday after the company's consolidated net profit surged over two-fold for the March quarter.
The stock of the tyre maker advanced 2.21 per cent to Rs 95,600 apiece on the BSE. At the NSE, it climbed 2.26 per cent to Rs 95,677.10 a share.
MRF on Wednesday said its consolidated net profit surged over two-fold to Rs 341 crore for the March quarter, riding on lower raw material costs. Read More
Titan shares in demand on good Q4
Titan shares in demand as Street likes Q4 earnings of jewellery and watch manufacturer. The stock rose 1.5 per cent to touch a day’s high of Rs 2693 per share on the BSE during Thursday’s session.
Tata Group firm on Wednesday reported a 40 per cent rise in consolidated net profit at Rs 736 crore in the fourth quarter ended March 2023. Read More.
OMCs surge on weak crude
Oil marketing companies such as Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL), and Indian Oil Corporation Limited (IOCL) rise up to 3 per cent during Thursday’s trade as global crude oil prices extend decline for the second day in a row.
Crude oil prices fell 4% on Wednesday, extending steep losses from the previous session after the U.S. Federal Reserve raised interest rates and as investors fretted about the economy.
