Stock Market Highlights, April 9: Sensex drops 440 pts from record high, ends 59 pts down; Nifty below 22,650; RIL, TCS, Titan weigh

Stock market updates on Tuesday, April 09: Among sectors, the Nifty Media, and PSU Bank indices settled in the negative zone (down up to 1 per cent), while the Nifty Metal index added 1.1 per cent

SI Reporter New Delhi

Photo: Bloomberg

9:10 AM

Pre-Open Session :: Nifty holds 22,550

9:09 AM

Pre-Open Session :: Sensex gains 381 points

9:03 AM

ALERT :: Currency markets are closed today on account of Gudhipadwa

8:54 AM

India's consumption story gets a facelift as rural demand shows promise

Consumer goods firms and auto companies are witnessing an upturn in rural demand, which had been lagging for most of FY24. Expectations of a bumper rabi crop harvest have helped turn the tide.

The Reserve Bank of India’s (RBI’s) Monetary Policy Committee kept the repo rate unchanged last week, noting that as rural demand catches up, consumption is expected to support economic growth in 2024-25.

8:48 AM

Credit growth, quality assets likely to spur bank profits in Q4 FY24

With high credit growth and healthy asset quality, listed commercial banks are expected to report steady growth in earnings during the fourth quarter ended March 2024 (Q4 FY24).

Profits are expected to grow at 9.6 per cent year-on-year (Y-o-Y) and net interest income (NII) by 8.7 per cent in Q4 FY24, according to Bloomberg analysts’ estimates. Read more

8:43 AM

Hyundai, Kia tie up with Exide for electric vehicle battery localisation

South Korean automotive majors Hyundai Motor Company and Kia Corporation on Monday announced a partnership with Exide Energy Solutions (EESL), a subsidiary of Kolkata-based battery manufacturer Exide Industries, to localise electric vehicle (EV) battery production in India. Read more

8:25 AM

Q4 results preview: Nifty cos' profit growth seen at slowest in 5 qtrs

The brokerage earnings estimate for the January-March 2024 quarter (Q4FY24) for Nifty 50 companies hints at a slowdown in corporate profit growth while revenue increase is likely to be in low single digits as in the previous two quarters.

According to various brokerage estimates, the companies’ combined net profits are expected to grow 3.1 per cent year-on-year (Y-o-Y) in Q4FY24, the slowest in the last five quarters. For comparison, the index companies’ combined net profits were up 8.2 per cent Y-o-Y in Q3FY24 and 3.4 per cent Y-o-Y in Q4FY23. Read more

8:09 AM

India's hottest stock index, Nifty Next 50, shows best earnings potential

The NSE Nifty Next 50 Index is emerging as the hottest stock gauge in India, as investors look for pockets of outperformance in a market that’s been hovering near record highs.

Earnings growth is proving to be a key metric. Made up of potential candidates for the benchmark Nifty 50, the gauge has seen its forward profit estimates climb 20 per cent so far this year, far outpacing the 3.5 per cent increase for the larger gauge. The Nifty Next’s biggest components feature industrial and materials firms directly benefiting from an economy expected to grow more than 7 per cent in 2024. Read more

8:05 AM

Nifty Fin Services signals underperformance on charts: Here's how to trade

Nifty Financial Services

The Nifty Financial Services Index, currently positioned at 21,604.50, has recently undergone a sharp rally, bringing it into close proximity to its resistance level of 21,700. In light of this development, traders are advised to exercise caution and consider initiating selling positions on any further upward movement in the index. Read more

8:01 AM

Stocks to Watch today: TaMo, Axis Bank, RIL, Muthoot Microfin, auto shares

In Asia this morning, Taiwan surged 1.4 per cent. Kospi and Nikkei advanced around 0.5 per cent each.

Meanwhile, here are the stocks that are likely to be in focus on Tuesday.

Axis Bank: Private equity firm Bain Capital to sell remaining holding in Axis Bank via block deal today, in the price range of Rs 1,071 - Rs 1,076 per share.

Tata Motors: The auto major’s Jaguar Land Rover (JLR) sales rose 11 per cent YoY in Q4 to 114,038 units, driven by increased production and sustained global demand. For the full year FY24, sales grew by 22 per cent to 431,733 units. Read more

7:56 AM

Gold up Rs 10, silver jumps Rs 100; yellow metal trading at Rs 71,630

The price of 24-carat gold saw a slight upctick of Rs 10 in early trade on Tuesday, with ten grams of the precious metal trading at Rs 71,630, according to the GoodReturns website. The price of silver rose Rs 100, with one kilogram of the precious metal selling at Rs 84,600.

The price of 22-carat gold rose Rs 10 with the yellow metal selling at Rs 65,660. Read more