Sensex up 123 pts, Nifty holds 18,300 ahead of CPI data; banks lend support

CLOSING BELL: Eicher Motors, M&M, IndusInd Bank, Axis Bank, HUL, Tata Motors, HDFC Bank, SBI, Hero MotoCorp, Bajaj Finance and ICICI Bank were the top gainers of the day

Stock market highlights: Buying in auto and financial shares, in the second half of the session, pulled benchmark indices back to the positive zone on Friday. The S&P BSE Sensex surged 450 points from the day's low to settle at 62,028, up 123 points or 0.2 per cent over Thursday's close. 

The Nifty50, meanwhile, shut shop at 18,315, up 18 points or 0.1 per cent lifted by Eicher Motors, M&M, IndusInd Bank, Axis Bank, HUL, Tata Motors, HDFC Bank, SBI, Hero MotoCorp, Bajaj Finance, and ICICI Bank. 

The broader markets, on the other hand, reversed their outperformance and ended lower. The S&P BSE MidCap index closed 0.33 per cent lower, while the BSE SmallCap index slipped 0.08 per cent.

4:25 PM

COMMENT:: Markets recovered on hopes of dip in retail inflation

"A slew of weak economic data points from the US and China hinting towards a slower pace of economic growth disturbed the mood of the Asian market. The risk of a recession in the US escalated as US jobless claims rose to their highest level since October 2021 while producer prices rose at a modest pace. Consequently, US Treasury yields reacted, indicating a potential halt in central bank rate hikes. The domestic market recovered in the second half as investors back home awaited the release of Indian inflation data that is expected to cool down below 5 per cent."

 

- Vinod Nair, Head of Research at Geojit Financial Services
 

4:23 PM

Above 44,000 - Bank Nifty can rally to new all-time high

"The BANK NIFTY bulls continued to hold their long positions and the intraday dip was utilized to maintain strength. The immediate resistance for the index is at 44,000 and the downside support is at 43,500. Karnataka polls will be crucial for the markets which will decide the direction in the next week. If the index surpasses the level of 44,000 it will touch an all-time high level."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities
 

4:20 PM

Nifty Outlook: Charts indicate key support at 18,200; resistance at 18,400

"On Friday, the Nifty index began the trading session on a weak note and experienced volatility throughout the day. However, an important technical indicator, the Relative Strength Index (RSI), showed a bullish crossover, indicating potential upward momentum in the market.

 

Closing above the significant level of 18,200, the Nifty sustained its position, which is considered a positive sign for the market. As long as the index remains above this level, the overall trend is expected to remain positive.

 

Looking ahead, it is important to keep an eye on the resistance level at 18,400. If the Nifty manages to surpass this level, it could further reinforce the positive trend. However, if the index falls below the support at 18,200, it may signal a potential weakness in sentiment and raise concerns about the ongoing bullish outlook."

 

- Rupak De, Senior Technical Analyst at LKP Securities

 

4:18 PM

Tata Motors Q4 Preview: Solid volumes, ASP may aid Q4 profit, margin expansion

Analysts see double-digit revenue and profit growth on the back of strong growth across India and JLR business. READ MORE

4:17 PM

Mankind Pharma bounces back as co clarifies on I-T raid

"The officials of the company and its subsidiaries are cooperating with the officials of the Income Tax Department and are responding to the queries raised by them. This has had no impact on our operational performance," it said in an exchange filing. READ MORE

4:15 PM

Key driver of returns is asset allocation, not market timing: Ajit Deshmukh

US markets have seen significant corrections in the last 18 months and 10-15% allocation to US equities in a staggered way can be a prudent diversification, says Ajit Deshmukh, Equirus Wealth MD. READ MORE

4:13 PM

Zensar Technologies soars 10%; hits 52-week high on strong Q4 results

For the entire fiscal year (FY22-23), operating revenues jumped 14.2 per cent YoY to Rs 4,848 crore for the IT company, whereas gross profit gained 2 per cent to Rs 1,348 crore. READ MORE

4:11 PM

Cera Sanitaryware zooms 5% as company logs highest-ever sales revenue in Q4

The management said it focused on driving an improved product mix with new products comprising products to aid revenue growth. READ MORE

4:09 PM

Eicher Motors soars 7% on solid Q4 perforance

The company reported a 48% jump in Q4 net profit, backed by highest-ever revenue from operations at Rs 3,804 crore. READ MORE

4:07 PM

South Indian Bank jumps 8% after it clocked robust March quarter results

Shares of South Indian Bank garnered strong investor interest as it soared 12.5 per cent to Rs 18.20 per share in intra-day deals, after the private sector lender registered a 23 per cent year-on-year (YoY) rise in net profit to Rs 334 crore in the January-March quarter of FY23 (Q4FY23). READ MORE

4:05 PM

MSCI rejig impact: Adani Total Gas, Adani Transmission dip up to 4%; Max Healthcare jumps 3%

Among the new additions to the MSCI Small Cap index, KFIN Technologies, Syrma SGS Technology and Ujjivan Small Finance Bank logged notable gains. READ MORE

4:02 PM

Intellect Design Arena hits Rs 2,000-cr revenue mark in FY23; stock soars 14%

For Q4FY23, total revenue stood at Rs 621 crore, up 24 per cent year-on-year, from Rs 500 crore logged in Q4FY22. READ MORE

3:59 PM

Siemens hits record high; gains 2.5% on posting 39% jump in Q4 net

The company reported 38.7 per cent YoY growth in Q4FY23 net profit at Rs 471.80 crore, backed by 28.6 per cent rise in revenue at Rs 4,974.40 crore. READ MORE

3:58 PM

Caplin Point ends 4% higher after arm gets USFDA nod for anti-inflammatory drug

Shares of Caplin Point advanced over 10 per cent to Rs 709 per share in Friday's intra-day trade, after the United States Food and Drug Administration (USFDA) granted final approval to subsidiary Caplin Steriles' abbreviated new drug application (ANDA) for ketorolac tromethamine injection, an anti-inflammatory drug used to cure moderate-to-severe acute pain. READ MORE

3:54 PM

Nifty Metal index slumps 1.8%; JSL drops 7%; Hindalco, Hind Copper slip around 3%