Share Market HIGHLIGHTS: Sensex ends volatile day 179 pts higher, Nifty reclaims 18,300; Latent View plunges 10%
Share Market Today LIVE: Indian equity benchmarks Nifty 50 and Sensex gave up initial gains in a volatile session on Wednesday. Globally, investors remained on the back foot, as reflected in major markets, ahead of a key US inflation reading due later in the day that could offer more clarity on the future course of interest rates in the world's largest economy.
The last leg of the corporate earnings season remained in focus in the Indian share market, with Dr Reddy's Labs, Godrej Consumer Products, Larsen & Toubro, Bosch and Gujarat Gas slated to report their numbers later in the day.
Voting commenced for the Karnataka polls at 7 am — a state that may set the stage for the 2024 general elections. Historically, the state has never voted the incumbent party to power in almost four decades. The counting of votes will take place on May 13. Catch LIVE updates on Karnataka Assembly elections here
Catch minute-by-minute updates of all the action in the Indian share market on May 10, 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 Today LIVE: Indian equity benchmarks Nifty 50 and Sensex gave up initial gains in a volatile session on Wednesday. Globally, investors remained on the back foot, as reflected in major markets, ahead of a key US inflation reading due later in the day that could offer more clarity on the future course of interest rates in the world's largest economy.
The last leg of the corporate earnings season remained in focus in the Indian share market, with Dr Reddy's Labs, Godrej Consumer Products, Larsen & Toubro, Bosch and Gujarat Gas slated to report their numbers later in the day.
Voting commenced for the Karnataka polls at 7 am — a state that may set the stage for the 2024 general elections. Historically, the state has never voted the incumbent party to power in almost four decades. The counting of votes will take place on May 13. Catch LIVE updates on Karnataka Assembly elections here
Catch minute-by-minute updates of all the action in the Indian share market on May 10, 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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Share Market Today | Sensex ends volatile day 367 pts off day's low, Nifty 50 reclaims 18,300
Both headline indices finish the day 0.3 per cent higher. The Sensex ends with a gain of 178.9 points at 61,940.2, having recovered 367.3 points from its weakest level of the day. The Nifty 50 settles at 18,315.1, up 49.2 points from its previous close, after broadly moving in the 18,200-18,350 band during the session.
Here's how the gauges moved through the day:
Nifty 50
Sensex
Mankind Pharma IPO Listing | Manforce condom maker off listing high, but remains well among India's top 100 most valuable firms
Even as the newly-listed Mankind Pharma shares take a breather on Dalal Street, the pharma and healthcare products company remains well among the country's top 100 most valuable companies. Despite the correction, the stock of Mankind Pharma — whose popular products include Manforce condoms and Prega News pregnancy test kits — in fact keeps the company in the top 90 club.
Read more on Mankind Pharma shares
Shemaroo Entertainment shares hit upper circuit
Shemaroo Entertainment shares were locked in the upper circuit of 10 percent to Rs 129.70 per share during Wednesday’s trading session on the BSE post robust Q4 results.
The media company has reported a total income of Rs. 164.7 crores during the March quarter of FY23, as compared to Rs. 150.4 crores in the December quarter of the previous fiscal.
IndusInd Bank shares jump 3%
IndusInd Bank's share price jumped nearly 3 per cent to touch the day’s high level of Rs 1,174 per share on the BSE during Wednesday’s session after the global brokerage firm UBS Securities upgraded the private sector lender to 'buy' from 'neutral'.
The brokerage has also raised the target price on the stock to Rs 1,450 from Rs 1,250 apiece.
Zomato shares in focus as analyst says ONDC poses no immediate threat
Shares of Zomato – a food-delivering platform – hogging under the limelight amid the recent buzz regarding Open Network for Digital Commerce (ONDC). However, the analysts were of the view that the new digital platform poses no immediate threat at the current scale to food delivery aggregators.
Motilal Oswal believes that the risk posed by ONDC will only become significant once it scales up in multiple categories such as food, e-commerce, and grocery, which would give it the scale to override the delivery scale of the existing players. Read More
Minutes before closing, Zomato shares were up around 1 per cent to Rs 61.44 per share on the BSE.
Tata Motors shares hit 52-week high ahead of Q4 results on Friday
Ahead of Q4 earnings on Friday, May 12, 2023, Tata Motors' share price has touched a fresh 52-week high of Rs 513 per share, after surging around 2 per cent on the BSE during Wednesday’s session.
The stock gained on expectations of strong earnings for the January-March quarter of the last fiscal (Q4FY24), mainly due to better earnings from the overall auto segment.
In a special edition of SPL Midcap Stocks, Jay Thakkar, an analyst at Sharekhan in a chat with Zee Business Managing Editor Anil Singhvi said he was bullish on three companies:
- Short Term- Sundaram Finance
- Positional Term- Jubilant Pharma
- Long Term- Bharat Wire
Speaking with the market guru, Thakkar explained why he thinks investors should buy these stocks for good returns.
शॉर्ट, पोजीशनल और लॉन्ग टर्म के लिए शेयरखान के जय ठक्कर से 3 बेहतरीन #MidcapStocks
Short Term- Sundaram Finance
Positional Term- Jubilant Pharma
Long Term- Bharat Wire@AnilSinghvi_ @JayThakkar22 #StockToBuy pic.twitter.com/Nw5FnXdDgJ
— Zee Business (@ZeeBusiness) May 10, 2023
New Kid on the Block | Mankind Pharma is 86th largest company by market value
Mankind Pharma — the manufacturer of Manforce condoms that made a stellar debut on the bourses on Tuesday — is the 86th largest company in India by market value. At this current market price of Rs 1,424.1, Mankind Pharma — whose popular products include Prega News pregnancy test kits — stands at Rs 57,045.8 crore, according to provisional exchange data.
At the current level, Mankind Pharma exceeds the following companies in market value:
| Company | Market value (in crore rupees) |
| Bosch | 56,709 |
| Torrent Pharma | 55,819 |
| PNB | 55,374.4 |
| Canara Bank | 54,931.9 |
| ICICI Lombard General Insurance Company | 53,933.7 |
| Indian Hotels | 53,151.4 |
| Zydus Lifesciences | 53,110.4 |
| UPL | 53,070.6 |
| Tube Investments of India | 52,612 |
| PI Industries | 52,483.1 |
| Zomato | 52,281.6 |
| Hero MotoCorp | 51,793.5 |
| Samvardhana Motherson International Ltd | 51,445.6 |
| Trent | 50,904 |
Share Market Today LIVE | SBI, PNB continue to weigh on Nifty Bank
The Nifty Bank — whose constituents include the country's top lenders including SBI and HDFC Bank — is up 56.7 points or 0.1 per cent at 43,254.9, having recovered more than 400 pts from its lowest level of the day.
While HDFC Bank, IndusInd Bank and Axis Bank continue to support the banking index, stocks such as SBI, PNB and Bank of Baroda weigh on the gauge.
Share Market Today LIVE | Nifty Bank recovers day's losses
Here's how the various sectors look like at this hour:
E-sports an opportunity in India: Nazara Tech management to Zee Business
Nazara Tech Founder and CEO Nitish Mittersain tells Zee Business that the company has registered good growth across segments and sees room for expansion.
E-sports is an opportunity in India, reflected in the company's fast-growing business, he says.
Share Market Today LIVE | Nazara Tech shares struggle below flatline after weak Q4 results
Nazara Tech shares drop 3.7 per cent to Rs 567.3 apiece at the lowest level of the day on BSE.
On Tuesday, the gaming and sports media platform reported a 53.2 per cent fall in net profit to Rs 9.4 crore sequentially for the quarter ended March 2023. Its revenue shrank 8.1 per cent to Rs 289.3 crore though margin remained steady at 9.4 per cent.
Share Market Today LIVE | Fear index VIX jumps as market makes a U-turn
NSE's India VIX index — also known as the volatility or fear index — is up 2.6 per cent at 13, having jumped as much as 4.8 per cent earlier in the day.
Share Market Today LIVE | Latent View shares plunge after weak Q4 results
Latent View Tech shares slump as much as 9.6 per cent to Rs 337.1 apiece on BSE, a day after the company — whose stock hit the Street in November 2021 — reported a weak set of Q4 results.
Latent View;s net profit fell 35 per cent to Rs 34 crore for the quarter ended March 2023 and revenue contacted 2.8 per cent to Rs 141 crore.
The data analytics company's margin shrank by 790 basis points to 21.3 per cent.