Share Market HIGHLIGHTS: Nifty gives up 17,650 as D-Street extends losses to 3rd day; ICICI Lombard drops 5%
Share Market HIGHLIGHTS: Indian equity benchmarks Nifty 50 and Sensex continued to fall for the third session in a row on Wednesday, amid mixed moves across stocks globally as investors weighed optimism about an imminent end to the current cycle of benchmark interest rates against weak quarterly numbers from US majors Johnson & Johnson and Goldman Sachs.
Back home, selling pressure in IT and FMCG shares weighed on the headline indices, though buying interest in metal stocks — boosted by rising global benchmarks — lent some support. Among heavyweights, losses in HCL Tech, Infosys, TCS and ICICI Bank posed maximum pressure on both Nifty 50 and Sensex, though gains in HDFC Bank, HDFC and Reliance Industries kept the downside in check.
Upstream oil company stocks such as ONGC and Oil India remained under pressure through the day, after the government reimposed a windfall tax on domestically-produced crude oil.
Broader indices Nifty Midcap 100 and Nifty Smallcap 100 edged 0.1 per cent lower for the day. Overall market breadth remained largely neutral, as 1,811 stocks rose and 1,701 fell at the close on BSE.
Investors await more of corporate earnings report from India Inc for cues, with HCL Tech due to announce its results on Thursday, April 20.
Here's a list of headlines that were in focus on Dalal Street on Wednesday:
- HCL Tech Q4 preview: Net profit likely to have contracted 6% sequentially
- Profit-booking in ICICI Lombard? General insurer's stock hits a speed bump after Q4 results
- BEML Land Assets debuts on bourses, in line with Anil Singhvi's estimate
- Piramal Pharma surges on closure of FDA inspection at firm's US facility
- Mphasis, Aurobindo Pharma, Granules India among analysts' top recommendations
Catch minute-by-minute updates of all the action in the Indian share market on April 19, 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 continued to fall for the third session in a row on Wednesday, amid mixed moves across stocks globally as investors weighed optimism about an imminent end to the current cycle of benchmark interest rates against weak quarterly numbers from US majors Johnson & Johnson and Goldman Sachs.
Back home, selling pressure in IT and FMCG shares weighed on the headline indices, though buying interest in metal stocks — boosted by rising global benchmarks — lent some support. Among heavyweights, losses in HCL Tech, Infosys, TCS and ICICI Bank posed maximum pressure on both Nifty 50 and Sensex, though gains in HDFC Bank, HDFC and Reliance Industries kept the downside in check.
Upstream oil company stocks such as ONGC and Oil India remained under pressure through the day, after the government reimposed a windfall tax on domestically-produced crude oil.
Broader indices Nifty Midcap 100 and Nifty Smallcap 100 edged 0.1 per cent lower for the day. Overall market breadth remained largely neutral, as 1,811 stocks rose and 1,701 fell at the close on BSE.
Investors await more of corporate earnings report from India Inc for cues, with HCL Tech due to announce its results on Thursday, April 20.
Here's a list of headlines that were in focus on Dalal Street on Wednesday:
- HCL Tech Q4 preview: Net profit likely to have contracted 6% sequentially
- Profit-booking in ICICI Lombard? General insurer's stock hits a speed bump after Q4 results
- BEML Land Assets debuts on bourses, in line with Anil Singhvi's estimate
- Piramal Pharma surges on closure of FDA inspection at firm's US facility
- Mphasis, Aurobindo Pharma, Granules India among analysts' top recommendations
Catch minute-by-minute updates of all the action in the Indian share market on April 19, 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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HCL Tech Q4 results preview | Net profit likely to have shrunk 6% vs previous quarter
HCL Technologies (HCLTECH), India's third largest IT services firm by market value after Tata Consultancy Services (TCS) and Infosys, is all set to report its financial results for the quarter ended March 2023 on Thursday, April 20. According to Zee Business research, HCL Tech is likely to report a net profit of Rs 3,850 crore for the final three months of the financial year gone by compared with the quarter ended March 2022, translating to a sequential decline of six per cent.
Its revenue is estimated to have declined 0.4 per cent sequentially to Rs 26,606 crore, according to the research. Revenue in dollar terms, however, is pegged at $3,257 million for the quarter ended March 2023, up 0.4 per cent compared with the previous three months.
HCL Tech shares finish the day with a loss of 2.4 per cent at Rs 1,038 apiece on BSE.
Read more on what to expect in HCL Tech Q4 results
Share Market Today | Nifty 50, Sensex extend losses to third day in a row amid weakness in IT, FMCG stocks
Both headline indices recover only a portion of their intraday losses by the closing bell. The Nifty 50 ends with a loss of 41.4 points or 0.2 per cent at 17,618.8, having broadly moved within the 17,550-17,700 band during the session.
The Sensex closes 159.2 points or 0.3 per cent lower for the day at 59,567.8, after falling 274.3 points at its weakest level of the day.
Here's how the two main gauges moved through the day:
Nifty 50
Sensex
Global Market LIVE | European equities begin the day in the red ahead of key March inflation reading
European shares start the day struggling below the flatline, as investors await a key monthly reading of inflation in the eurozone for more clues on the ECB’s path of monetary policy in the current cycle of rising benchmark interest rates. The pan-European STOXX 600 index is down 0.2 per cent at this hour, though not far from 14-month highs.
- UK's FTSE 100: down 0.4 per cent
- France's CAC: down 0.1 per cent
- Germany's DAX: down 0.1 per cent
Gold Rate Today | MCX June 5 futures below Rs 60,150 per 10 grams
MCX near-month futures are down by Rs 344 or 0.6 per cent at Rs 60,144 per 10 grams. At this level, the yellow metal is about two per cent below an all-time high of Rs 61,371 per 10 grams touched this month.
Share Market Today LIVE | Gland Pharma holds on to much of day's gains after 20% surge
Gland Pharma shares are up 16 per cent at Rs 1,428.4 apiece on BSE, nor far from their highest level of the day so far. Earlier on Wednesday, the pharma stock zoomed by as much as Rs 243.8 or 19.8 per cent to RS 1,475 apiece, trading in huge volumes.
As the Street enters the last hour of the day's trade, as many as 1.4 lakh Gland Pharma shares have changed hands on the bourse in intraday deals, as against a daily average of 8,886 in the past two weeks, according to provisional exchange data.
Share Market Tips LIVE | Hold PNB shares, says Shivangi Sarda
Shivangi Sarda of Motilal Oswal Financial Services suggests holding on to Punjab National Bank shares for a target of Rs 52.
She recommends placing a stop loss at Rs 47.
Share Market Today LIVE | Sensex, Nifty off day's lows as Reliance, HDFC twins, ITC aid intraday recovery
Here's a look at the top movers and shakers in the 30-scrip basket:
| Stock | CMP | Contribution (in points) |
| Infosys (INFY) | 1,242.5 | -58.7 |
| ICICI Bank (ICICIBANK) | 888.7 | -47.5 |
| Tata Consultancy Services (TCS) | 3,111 | -18.3 |
| HCL Tech (HCLTECH) | 1,046.5 | -15.8 |
| Asian Paints (ASIANPAINT) | 2,827.5 | -11.9 |
| HUL (HINDUNILVR) | 2,528.2 | -10.6 |
| IndusInd Bank (INDUSINDBK) | 1,129.5 | -9.9 |
| Kotak Mahindra Bank (KOTAKBANK) | 1,880.5 | -9.5 |
| NTPC | 168 | -8.1 |
| State Bank of India (SBIN) | 543.7 | -6.9 |
| Tata Steel (TATASTEEL) | 109 | 9.6 |
| ITC | 401 | 19.4 |
| HDFC Bank (HDFCBANK) | 1,668 | 37.8 |
| HDFC | 2,746.4 | 38.6 |
| RELIANCE | 2,355 | 45.2 |
Global Market Update | Dow Jones futures down 88 pts, Nasdaq futures down 59 pts, suggest a weak start ahead on Wall Street
Here's what the futures contracts of the three main US stock market indices — the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite — indicate:
- Dow futures: down 88 points — or 0.3 per cent — at 34,036
- S&P 500 futures: down 11.8 points — or 0.3 per cent — at 4,168.3
- Nasdaq Composite futures: down 58.8 points — or 0.5 per cent — at 13,134.3
Jindal Steel, SAIL, Nalco: Metals dazzle in trade; what's driving the rally
Metal stocks rally in an otherwise flat market, with Tata Steel and JSW Steel leading the gains in the basket. Firm metal prices and encouraging auto production data from China are among the key factors behind the rise in metal shares.
New Kid on the Block | BMEL Land Assets locked in lower circuit at Rs 275.7 per share
The stock of BMEL Land Assets (BLAL) — the BMEL subsidiary whose shares debuted on the bourses this morning — remains frozen at Rs 275.7 apiece on BSE.
Image: BSE
Share Market Today LIVE | Infosys, TCS, HCL Tech, LTIMindtree pull Nifty IT lower
Share Market Tips LIVE | Mphasis, Aurobindo Pharma, Granules India among analysts' top recommendations in 'Pick of the Day'
- Sumeet Bagadia suggests buying Max Financial shares for targets of Rs 670 and Rs 680 with a stop loss at Rs 632
- Rakesh Bansal has a 'buy' recommendation on Granules India for a target price of Rs 313 with a stop loss at Rs 293
- Kunal Saraogi likes Aurobindo Pharma for targets of Rs 590 and Rs 610 with a stop loss at Rs 566
New listing | BEML Land Assets (BLAL) debut at Rs 290/share on BSE, Rs 287/share on NSE, in line with market expectations
BEML Land Assets begins trading under the symbol BLAL on bourses. The stock begins its journey at Rs 290.2 apiece on BSE and Rs 287 apiece on NSE, in line with market expectations.
Zee Business Managing Editor Anil Singhvi had predicted BEML's non-core assets to list at Rs 270-300 per share.
Share Market Today LIVE | Sensex drops over 150 pts, Nifty 50 below 17,650
Both headline indices decline as much as 0.3 per cent within the first few minutes of trade. The Nifty 50 sheds 48.4 points to 17,611.8 at the weakest level of the day so far, and the Sensex slips to as low as 59,558.1, 168.9 points below its previous close.
Here's how their intraday charts are building up:
Nifty 50 LIVE
Image: NSE
Sensex LIVE
Image: BSE