Stock Market Highlights, April 27: Benchmarks snap 5-day winning run; Sensex tanks 609 pts

Stock Market Highlights on April 26: Bajaj Finance and Bajaj Finserv shed up to 8 per cent, dragging the benchmarks

10:16 AM

L&T Technology Services slumps 8% on muted Q4 results and FY25 outlook

Shares of L&T Technology Services were down 8.5 per cent at Rs 4,689 a piece on BSE in Friday’s intraday trade. This comes after the company reported its quarter four earnings for financial year 2023-24 (FY24) and outlook for FY25 on Thursday. The brokerages were unimpressed by the company's growth guidance and cut in margins for FY25. READ MORE

 

9:46 AM

HCLTech shares surge ahead of Q4 results

Shares of IT firm HCL Technologies (HCLTech) rose as much as 1.52 per cent to hit an intraday high of Rs 1,526.55, ahead of Q4 results

 

9:41 AM

Tech Mahindra shares zooms after Q4 profit rises sequentially

Shares of Tech Mahindra zoomed 12.42 per cent to hit an intraday high of Rs 1,338, on Friday. The surge came after the IT major Tech Mahindra announced its fourth quarter of the financial year 2024 (Q4FY24) results on Thursday, April 25. 

 

9:28 AM

Opening bell: Tech Mahindra, Tata Steel were among the top gainers on 30-share index

Tech Mahindra, Tata Steel were among the top gainers on 30-share Sensex while Bajaj Finance and Bajaj Finserv were among the top losers.

9:23 AM

Broader markets open higher, Nifty SmallCap was up 0.48%

In the broader markets, Nifty SmallCap was up 0.48 per cent while Nifty MidCap was up 0.28 per cent.

 

9:21 AM

Nifty opens higher, trading above 22,600-mark

Benchmark index Nifty opened higher. The index was trading with gains of 0.14 per cent at 22,603 levels.

9:19 AM

Benchmark index Sensex opens higher

Benchmark index Sensex opened with gains. The index was trading 0.15 pe rcent higher at 74,453.04 levels

9:15 AM

Rupee opens at 83.33 against US Dollar

Rupee opens at 83.30/$ against Thursday’s close of 83.33/$

 

9:11 AM

Nifty was trading above 22,600-mark

NSE's Nifty50 was trading 0.2 per cent higher at 22,614.45 levels.

9:09 AM

Sensex was trading 0.35% higher in pre-opening

S&P BSE Sensex was trading 0.35 per cent higher at 74,596.77 levels.

9:00 AM

Explained: 17,000 ICICI Bank credit cards blocked after data breach

ICICI Bank, India's second-largest private lender, on Thursday admitted a data glitch that affected nearly 17,000 newly issued credit cards. These cards were mistakenly linked to the wrong users in the bank's digital channels. The bank, however, has assured customers that the error has been rectified and there have been no reported instances of misuse. They've also promised to compensate any user who experiences financial loss due to the mistake. Read more

8:42 AM

Lok Sabha elections outcome: This sector has gained every time since 2004

Election fever is running high in India with the voting for 2024 Lok Sabha polls starting earlier in April.

A pre-election rally, meanwhile, took the benchmark S&P BSE Sensex, and the Nifty50 indices to fresh record highs above 75,000-mark and 22,750 level, respectively, on April 9. Read more

8:37 AM

Stocks to Watch, April 26: Bajaj Fin, IndusInd, Maruti, IndiGo, HCL Tech

Here is a list of stocks to watch today:

 

Bajaj Finance: Bajaj Finance's March quarter net profit jumped 21 per cent year-on-year (Y-o-Y) to Rs 3,825 crore, beating estimates. The NBFC's assets under management (AUM) grew by 34 per cent to Rs 3.31 trillion.

IndusInd Bank: IndusInd Bank reported a higher-than-expected growth in net profit of 15 per cent Y-o-Y to Rs 2,347 crore in Q4FY24. Its net interest income orose 13.9 per cent to Rs 5,376 crore, while NIM came at 4.26 per cent (vs 4.28 per cent Q-o-Q).

Tech M: Tech Mahindra reported a 40.86 per cent Y-o-Y slide in consolidated net profit at Rs 661 crore in Q4FY24. Sequentially, however, the profit surged nearly 30 per cent. The company's revenue from operations decreased by 6.17 per cent on year to Rs 12,871 crore. Read more

8:27 AM

HCLTech Q4 preview: Here's what brokerages expect from IT major

Here’s what brokerages said:

HSBC Global Research

Analysts at HSBC Global Research expect HCLTech’s revenue to grow 1.7 per cent Q-o-Q in constant currency (CC), but margins to decline Q-o-Q 200 bps as Q3 benefited from product seasonality.

Key focus area will be the company's guidance, which could be 6-8 per cent due to better exit rate for financial year 2024 (FY24). Furthermore, the outlook on specific deal ramp-downs in the first quarter will be critical.

Therefore, HSBC expects HCLTech to post $revenue at 3,473 million, earnings before interest, taxes (EBIT) at Rs 5,098.1 crore, EBIT margin at 17.7 per cent, and net profit at Rs 4060.2 crore

Nomura

Those at Nomura expect CC growth of 0.2 per cent sequentially, which includes one month revenue contribution from the Verizon deal. This would be partly negated by a seasonally weak quarter in product business. Read more

8:22 AM

Global economy to continue solid momentum for rest of the year: Survey

The global economy is likely to carry its solid momentum for the rest of the year and into 2025, defying earlier expectations of a slowdown, according to a Reuters poll of economists who said stronger growth than forecast was more likely than weakness.

That shift in the growth outlook brings its own set of challenges for central banks, which raised rates in quick succession to try and drive inflation down to target but now may have to wait even longer before considering rate reductions. Read more