Sensex, Nifty end flat; Dr Reddy's Labs drops 7%, L&T 5%, Adani Ent up 5%

CLOSING BELL: In the broader markets, the BSE SmallCap index outperformed the frontline indices with 0.68 per cent rise

Stock market highlights: Benchmark indices settled with minor losses on Thursday as selling in Larsen and Toubro (L&T), Reliance Industries, ITC, and Bharti Airtel capped upside.

The S&P BSE Sensex ended at 61,905, down 36 points or 0.06 per cent. The Nifty50, on the other hand, closed at 18,297, down 18 points or 0.1 per cent.

In the broader markets, the BSE SmallCap index outperformed the frontline indices with 0.68 per cent rise, while the BSE MidCap index added 0.35 per cent. 

Among sectoral indices, the Nifty Pharma index was the biggest dragger, down 1.3 per cent. On the upside, the Nifty Bank index was up 0.4 per cent.

4:11 PM

COMMENT:: Dip in US inflation reassured investors; select heavyweights disappointed

"The current market rally has been largely influenced by consistent FII inflows, driven by lower treasury yields and the weakness of the US Dollar. However, the gains in the domestic market were tempered by weak earnings reported by a few heavyweight companies. On the global front, markets remained positive as US inflation eased below 5%, providing reassurance to investors that the Fed's rate hike measures have been effective in managing inflation levels"

 

- Vinod Nair, Head of Research at Geojit Financial Services

4:10 PM

COMMENT:: Nifty likely to consolidate between 18,180 - 18,400

"The Nifty Index played out perfectly as per the OI data yesterday. The 18,300 short straddle almost went to zero as markets expired very close to this level. The trend for the next two weeks for the Index is sideways with a bullish bias. The derivative data currently indicates that the short straddle for this monthly expiry is at the 18,300 level with the highest number of call writers at the 18,500 call, which further corroborates this hypothesis. Momentum indicators are also showing signs of consolidation which is a very healthy sign for an ongoing rally. Expect Nifty to consolidate between 18,180 and 18,400 before it starts its next leg on the upside." 

 

- Rahul Ghose, Founder & CEO – Hedged, an algorithm-powered advisory platform

 

4:06 PM

Markets in consolidation phase; prudent to book profit now: Analysts

Thus far in fiscal 2023-24 (FY24), the S&P BSE Sensex has moved up around 5 per cent to nearly 62,000 levels. The Nifty50 index, on the other hand, has gained 5.5 per cent to 18,300 levels, data shows. READ MORE

4:03 PM

Larsen & Toubro dips 4% on profit booking post March quarter results

Shares of Larsen & Toubro (L&T) dipped 4 per cent to Rs 2,270 on the BSE in Thursday's intra-day trade on profit booking after the engineering behemoth reported a 10 per cent rise in its consolidated net profit to Rs 3,987 crore for the March quarter (Q4FY23) compared to a profit of Rs 3,621 crore in the year-ago period. Revenue grew 10 per cent year-on-year (YoY) to Rs 58,335 crore. READ MORE

  

4:01 PM

InterGlobe Aviation nears record high; stock surges 20% in one month

IndiGo remains well placed to benefit from strong systemic demand and its leading competitive positioning, analysts said. READ MORE

4:00 PM

Adani Group shares in focus on fund raising plan; Adani Enterprises gains 5%

The board will consider raising funds by way of issuance equity shares or other eligible securities through a private placement, a QIP, or a preferential issue, among others. READ MORE

3:58 PM

Gujarat Gas surges 6% on healthy Q4 results, turnaround in sales volume

The company's long-term volume growth prospects remain robust with the addition of new industrial units, and expansion of existing units, said Motilal Oswal Financial Services. READ MORE

3:56 PM

ONDC to test Zomato's dominance; valuation mark-down likely: Analysts

Zomato may have to compromise on the margins whenever ONDC scales up. Its valuation multiples may see up to 15 per cent correction, analysts said. READ MORE

3:55 PM

Dr Reddy's Labs sinks 7% on disappointing Q4 operating performance

In Q4, the company's North America's revenue declined 17 per cent QoQ to Rs 2,530 crore, due to fluctuations in demand for new launches. READ MORE

3:53 PM

HG Infra hits new high on strong Q4 earnings; zooms 58% thus far in 2023

Given its healthy project pipeline, ICRA expects HGIEL to maintain a healthy revenue growth of ~18-20%, steady operating margins (~16%) and comfortable leverage and coverage indicators in FY24. READ MORE

3:50 PM

Market Breadth was notably positive; Around 2,040 stocks advanced v/s 1,440 declining shares on the BSE

3:47 PM

BSE Smallcap Heatmap:: Neuland Labs, Kirloskar Bros hit 20% upper limit; DCW slumps 7%

3:45 PM

BSE Midcap Heatmap:: Gujarat Gas, Voda Idea, ACC shine; AB Capital, Laurus Labs whine

3:43 PM

Broader indices outperform benchmarks; India VIX up 1%

3:41 PM

Nifty 50 Losers:: Dr.Reddy's, L&T, Hindalco, Divis Lab drop over 3%