Stock Market Highlights, April 19: Sensex zooms 599 pts, Nifty nears 22,150; Financials surge

Stock market highlights on Friday, April 19, 2024: Equity markets shrugged off concerns around the Middle East tensions after Iran said it won't consider "immediate" retaliation against Israel

9:06 AM

ALERT :: 10-year bond yield hits highest level since Jan 8

9:05 AM

ALERT :: Rupee opens at a record low of 83.55/$

8:59 AM

Brokerage Call :: Infosys' modest FY25 guidance to weigh on near-term returns

Infosys | Buy | TP: Rs 1,650

>> INFO’s FY25 revenue growth guidance came in significantly below our estimate, although deal wins should support the medium-term growth outlook.

>> It has maintained its margin guidance but continues to see upside potential in the medium term, which we see as encouraging.

>> We expect FY25 revenue growth to be near the upper band of the guidance, at 2.5% YoY CC.

>> Despite near-term weakness, we expect INFO to be a key beneficiary of the acceleration in IT spending in the medium term. Based on our revised estimates, the stock is currently trading at 19x FY26E EPS. We value the stock at 22x FY26E EPS, implying a TP of INR1,650.

Source: Motilal Oswal Financial

8:56 AM

ALERT :: Iran's nuclear site at Isfahan safe

8:52 AM

ALERT :: Iran earlier destroyed 3 drones

8:50 AM

Brokerage Call :: Infosys' Q4 was a 'disappointing quarter'; muted FY25 guidance

Infosys | Buy | TP: Rs 1,750

>> Infosys reported a disappointing operating performance in Q4.

>> Revenue declined 2.2% QoQ in CC terms, falling short of our expectations. Weakness was on account of persistent muted discretionary spending, along with a one-time impact of ~100bps due to re-scoping & re-negotiation with a large BFSI client.

>> EBITM declined by 40bps QoQ to 20.1%, while adjusted for one-off impact from rescoping of a large BFSI contract,

>> Company has guided for revenue growth of 1-3% cc in FY25 (implying CQGR of 1.1-1.9%), with EBITM of 20-22%.

>> Even after lowering revenue growth guidance through FY24, Infosys missed its implied Q4 guidance which raises concerns on growth predictability.

>> We cut FY25-26E EPS by 6-6.5%, building in the Q4 miss, lower guidance, and higher ETR.

>> Continual performance miss is likely to weigh on the stock, but valuation is not demanding (~5% FCF yield). We retain BUY with TP now at Rs1,750, on 25x Mar-26E EPS.

Source: Emkay Global

8:47 AM

ALERT :: Inox Wind secures repeat order for 210 MW

>> Inox Wind has bagged an order for the supply of 210 MW of Wind Turbine Generators (WTGs) from Hero Future Energies (HFE)

>> The order is for IWL’s state-ofthe-art 3 MW Wind Turbine Generators (WTGs), and the scope comprises of equipment supply with certain add-on services.

>> Additionally, Inox Wind will also provide post commissioning multi-year operations & maintenance (O&M) services.

>> The WTGs will be supplied to HFE from Q3 FY25 onwards and will be installed in South India. 

8:44 AM

NSE to launch derivatives on Nifty Next 50 Index starting April 24

The Nifty Next 50 index consists of 50 companies from the Nifty 100, excluding the ones on the Nifty 50 index. Making it to the Next 50 index is seen as a precursor to entering the sought-after and widely-tracked Nifty 50 index. READ MORE

8:41 AM

Vodafone Idea FPO subscribed 26%; BSE warns investors against fake videos

Vodafone Idea’s follow-on public offering (FPO) was subscribed 26 per cent on Thursday, the opening day of the issue. The institutional investor portion of the FPO was subscribed 61 per cent, with bulk of the bids coming from overseas funds. READ MORE

8:38 AM

Stocks to Watch: Infy, Bajaj Auto, HDFC Life, ICICI Sec, ITC, SpiceJet

HDFC Life: Q4FY24 net profit rose 14.7 per cent YoY Rs 411.66 crore as against Rs 358.66 crore in Q4FY23. During the reported quarter, the Value of New Business (VNB) Margin contracted to 26.10 per cent from 29.30 per cent to the high base effect after the removal of tax benefits on high-value life insurance policies.
 

ICICI Securities: Reported a two-fold jump in profit after tax to Rs 537 crore for Q4FY24 when compared with Rs 263 crore in Q4FY23. Total revenue soared 74 per cent YoY to Rs 1,544 crore from Rs 885 crore. READ MORE

8:35 AM

Guide to trade in Nifty Pharma, FMCG indices; check what charts suggest

In the near term, the Nifty Pharma index is approaching a critical support level at 18,325, which traders should closely monitor. A breach below this level could trigger panic selling, potentially leading to further downside momentum. If this support level is breached, the next significant support on the charts is expected around 17,750. READ MORE

8:32 AM

F&O strategy: HDFC Securities recommends Bear Spread on Bank Nifty

>> Short build up is seen in the BANK NIFTY Futures, where Open Interest rose by 10 per cent (Prov) with Bank Nifty falling by 0.87 per cent.  

>> Short term trend of the Bank Nifty is weak as it has placed below its 11 and 20-day EMA. READ MORE

8:29 AM

Lok Sabha elections: EC, India Inc team up to encourage people to vote

The companies that have joined the bandwagon to woo the voters include Tata Group, Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL), all public and private sector banks through the Indian Banks’ Association (IBA), Indian Premier League teams through BCCI, aviation companies like Indigo, ride-hailing service Rapido, Spotify India, and several others. READ MORE

8:25 AM

ALERT :: Battleground 2024: Polls begin today, Gadkari to Sonowal on the ballot

Five years ago, of the 102 seats, the Bharatiya Janata Party (BJP) had won 40 seats and its then allies another eight. The AIADMK, which won one seat, was then a constituent of the BJP-led National Democratic Alliance (NDA). READ MORE

8:20 AM

ALERT : Air sirens sounded in Israel