Share Market HIGHLIGHTS: Nifty 50 reclaims 18,250, Sensex ends 710 pts higher as market rebounds; HDFC Bank gives Nifty Bank a big lift
Share Market HIGHLIGHTS: Indian equity benchmarks Nifty 50 and Sensex started the trading week on a positive note on May 8 tracking gains across a majority of markets globally, after positive data from the US eased concerns about a slowdown in the world's largest economy. Investors back home awaited more of financial results from India Inc as the earnings momentum gathered steam.
Here are a few headlines that stayed in focus on Dalal Street on May 8:
- Bulls make a comeback on Dalal Street: Key factors that drove the market
- Canara Bank Q4 profit meets analysts' estimates; PSU lender's asset quality improves
- Dividend news: Canara Bank | UPL | Exide | Avadh Sugar
- Will Tata Motors announce its first dividend in nearly seven years soon?
- Investors cheer Paytm's narrowing loss; Goldman Sachs places target at Rs 1,150
- Go First crisis: DGCA issues show-cause notice to airline, demands response in 15 days
Catch minute-by-minute updates of all the action in the Indian share market on May 8, 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:
Share Market HIGHLIGHTS: Indian equity benchmarks Nifty 50 and Sensex started the trading week on a positive note on May 8 tracking gains across a majority of markets globally, after positive data from the US eased concerns about a slowdown in the world's largest economy. Investors back home awaited more of financial results from India Inc as the earnings momentum gathered steam.
Here are a few headlines that stayed in focus on Dalal Street on May 8:
- Bulls make a comeback on Dalal Street: Key factors that drove the market
- Canara Bank Q4 profit meets analysts' estimates; PSU lender's asset quality improves
- Dividend news: Canara Bank | UPL | Exide | Avadh Sugar
- Will Tata Motors announce its first dividend in nearly seven years soon?
- Investors cheer Paytm's narrowing loss; Goldman Sachs places target at Rs 1,150
- Go First crisis: DGCA issues show-cause notice to airline, demands response in 15 days
Catch minute-by-minute updates of all the action in the Indian share market on May 8, 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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Global Market Update | Dow Jones, S&P 500 suggest a mildly positive start ahead in US stock market today; tech stocks may play spoilsport
Here's what the futures contracts of the three main Wall Street indices suggest at this hour:
- Dow Jones futures: up 71 pts or 0.2 per cent at 33,810
- S&P 500 futures: up 6.5 pts or 0.2 per cent at 4,156.5
- Nasdaq Composite futures: flat at 13,317.8
The US share market will open at 9:30 am EST (7:00 pm in India).
Best day for Nifty Auto in over three months driven by Tata Motors, Mahindra & Mahindra, Maruti Suzuki
The Nifty Auto finishes 1.8 per cent higher — its biggest rise since January 31.
Share Market Today | Sensex ends 710 pts higher, Nifty reclaims 18,250 as bulls make a comeback after Friday's riot on D-Street
The Nifty gains 195.4 points or 1.1 per cent to end at 18,264.4 and the Sensex settles at 61,764.3, up 710 points or 1.2 per cent from its previous close. Buying interest across sectors pushes the headline indices higher, with financial, auto and oil & gas shares being the biggest movers.
Here's how the indices moved through the day:
Nifty 50
Sensex
Images: BSE, NSE
Dividend News | UPL board recommends payout of Rs 10 per share
That marks a dividend of 100 per cent given the face value of Rs 10 per share.
Dividend News | Sugar maker's board recommends Rs 10/share payout
Avadh Sugar & Energy announces a payout of Rs 10 per share.
Nifty LIVE | Reliance, HDFC twins, ICICI Bank, Bajaj Finance, Tata Motors among top boosts for 50-scrip index
Image: Niftyindices.com
Share Market Today LIVE | Paytm shares stay in demand
Paytm shares are up by Rs 34.1 or 4.9 per cent at Rs 723.6 apiece on BSE, not far from their intraday high of Rs 729.4 apiece so far.
The renewed buying interest One97 shares comes on the back of the company's narrower loss for the quarter ended March 2023 compared with the corresponding period a year ago.
Here's how brokerages rate Paytm after the digital payments firm's earnings announcement:
| Brokerage | Rating | Target |
| CLSA | Buy | Raised to Rs 850 from Rs 750 |
| Morgan Stanley | Equal-weight | Rs 695 |
| JPMorgan | Overweight | Rs 950 |
| Citi | Buy | Raised to Rs 1,144 from Rs 1,103 |
| Macquarie | Outperform | Rs 800 |
| Goldman Sachs | Buy | Rs 1,150 |
Global Markets LIVE | European shares begin the week in the green led by energy, banking stocks
European equities register mild gains in the first hours of the day as caution persists ahead of a key inflation reading from the US due this week that could offer clues on the future course of interest rates in the world's largest economy. The pan-European Stoxx 600 index is up 0.4 per cent at 467.
Here's what some of the key indices in the continent look like at this hour:
- UK's FTSE 100: up 75.7 points or one per cent at 7,778.4
- France's CAC: up 16.7 points or 0.2 per cent at 7,449.6
- Germany's DAX: up 26.6 points or 0.2 per cent at 15,987.6
UPL Q4 Results | Net profit falls 42% to Rs 792 crore, misses analysts' estimates
Agrochemicals company UPL reports a consolidated net profit of Rs 792 crore for the January-March period, marking a fall of 41.8 per cent compared with the corresponding period a year ago. The company's profitability is affected by falling product prices and delays in the planting season.
UPL's revenue comes in four per cent higher on a year-on-year basis at Rs 16,569 crore.
According to Zee Business research, the company's quarterly net profit was pegged at Rs 1,940 crore and revenue at Rs 16,840 crore.
Dividend News | Canara Bank announces 120% dividend
Share Market Today LIVE | Exide Industries announces Rs 2/share dividend
Canara Bank meets Street forecasts with 90.5% jump in Q4 profit; asset quality improves
Canara Bank reports a net profit of Rs 3,174.7 crore for the quarter ended March 2023, marking a jump of 90.5 per cent compared with the corresponding period a year ago. The Bengaluru-based PSU lender's net profit is in line with analysts' expectations. Canara Bank shares only briefly recover their intraday losses after the earnings announcement, having struggled below the flatline for much of the session.
The lender's net interest income (NII) — the difference between interest earned and interest paid — grows 23 per cent on a year-on-year basis to Rs 8,616.8 crore, according to a regulatory filing. According to Zee Business research, Canara Bank's quarterly net profit was estimated at Rs 3,100 crore and NII at Rs 9,120 crore.
Share Market Tips LIVE | Investors can hold Lux Industries, stock may rise to Rs 1,700 in 2-3 months, says Astha Jain
Astha Jain of Hem Securities is of the view that Lux shares may continue to ride the momentum to Rs 1,600-odd levels in the near term and around Rs 1,700 over a period of 2-3 months.
Image: BSE
Lux Industries shares have grown by one-fifth in the last one month, sharply outperforming a 3.7 per cent rise in the Nifty benchmark index.
Share Market Today LIVE | Fear index VIX spikes
NSE's India VIX index — also known in market parlance as the fear or volatility gauge — is up 2.5 per cent at 12.6, having risen as much as five per cent to 12.9 earlier in the day.