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Stock Market Highlights: Sensex ends 33 pts higher, Nifty50 at 16,683 as market nearly all of day's gains

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Stock Market Highlights: Sensex ends 33 pts higher, Nifty50 at 16,683 as market nearly all of day's gains

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Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 finished a choppy session barely in the green on Thursday, even as the Fed's move to hike the key interest rate by an expected 50 bps soothed the nerves of global investors. Fed Chairman Jerome Powell ruled out a more aggressive tightening of policy going forward, boosting sentiment. Gains in IT, metal and auto stocks were offset by losses in FMCG, pharma and select financial names. Broader markets were a mixed bag, with the Nifty Midcap 100 edging up 0.1 percent but the Nifty Smallcap 100 declining 0.8 percent. On Wednesday, an out-of-cycle rate hike of 40 bps by the RBI along with an increase in the cash reserve ratio had caught Dalal Street by surprise, turning the bulls nervous.

Stock Market Highlights: Sensex ends 33 pts higher, Nifty50 at 16,683 as market nearly all of day's gains
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  • Tech stocks should continue to do reasonably well: Motilal Oswal Private Wealth Management's Sandeep J Shah 

    Sandeep J Shah, Associate Director at Motilal Oswal Private Wealth Management, expects IT stocks to continue to perform reasonably well. "The drivers for technology in terms of the strong demand environment should continue for the foreseeable future. In fact, some of these global agencies are still forecasting higher tech spends this year, and the growth rate to be higher this year compared to last year, in spite of the global issues. However, there are obvious supply-side issues and given their size, I think the supply-side constraints are hitting the bigger guys more than the smaller- and medium-sized companies who don't really nee 10s of 1,000s of people," he says. 

    "The kind of hiring that we are seeing in the top four has been humongous. But, of course, a lot of it is also going simply to replace the high attrition that they are seeing. We are already seeing some sort of de-rating in technology and we perhaps may not see the kind of earnings growth or the kind of price performance we have seen last year... Growth in some of the mid-sized companies continues to be quite strong, which really suggests that all of this is a supply-side issue," he adds. 

  • BoE hikes key interest rate to 1% from 0.75% 

    Stock Market Highlights: Sensex ends 33 pts higher, Nifty50 at 16,683 as market nearly all of day's gains
  • Tech Mahindra, Hero MotoCorp, Infosys top blue-chip gainers

    HCL Tech, Tata Steel, Wipro and ONGC are also among the top gainers. On the other hand, IndusInd, Britannia, Sun Pharmar, Tata Consumer, Nestle, UltraTech and Eicher are the worst hit among the 31 laggards in the Nifty50 basket. 

    Here's what the 30-scrip pack looks like:

    Stock Market Highlights: Sensex ends 33 pts higher, Nifty50 at 16,683 as market nearly all of day's gains
  • Stock Market Highlights: Sensex ends 33 pts higher, Nifty50 at 16,683 as market nearly all of day's gains
  • Rupee ends higher at 76.26 vs US dollar

    The rupee finished the day at 76.26 against the greenback. On Wednesday, it had settled at 76.41.

    Stock Market Highlights: Sensex ends 33 pts higher, Nifty50 at 16,683 as market nearly all of day's gains
  • Buy MCX crude oil May futures at Rs 7,850: Motilal Oswal Financial Services' Amit Sajeja

    Amit Sajeja, VP-Technical Commodities and Currencies Analyst, Commodities, Motilal Oswal Financial Services, recommends buying MCX futures for a target of Rs 8,400 with a stop loss below Rs 7,600. "MCX crude oil expectedly rallied from support close to Rs 7,300 to test a high around Rs 8,270 last week. Looking ahead, the price remains supported above Rs 7,650 and is likely to extend its move towards next major resistance at Rs 8,400," he tells CNBCTV18.com. 

    "Momentum indicator RSI is holding above the 50 mark, which indicates potential bullish momentum. Buying on dips is advised for the short term," he says. 

    Stock Market Highlights: Sensex ends 33 pts higher, Nifty50 at 16,683 as market nearly all of day's gains
  • Closing Bell | Sensex up 33 pts, Nifty50 at 16,683 as market gives up nearly all of day's gains

    Both headline indices finish the day barely in the green. The Sensex is up 33.2 points at 55,702.2 and the Nifty50 settles at 16,682.7, up 5.1 points from its previous close. 

  • LIC IPO subscribed 90% so far on Day 2

  • 60% of corporate profits quite ring fenced: HDFC Securities' Unmesh Sharma

    Unmesh Sharma, Head-Institutional Equities at HDFC Securities, believes that to a large extent, 60 percent of corporate profits are quite ring fenced and solid despite all the challenges in the environment, including spaces like oil & gas, metal and BFSI. "These are spaces that we are constructive on at this point in time," he says.

    On the other hand, he is of the view that spaces such as cement, pharma, chemicals and FMCG continue to see some pressure. "I think that is something that will continue so while we have not changed our earnings that much, we believe in these four sectors you might see some cuts as we end the quarter and go into the next one," he adds. 

  • Buy Tech Mahindra, HBL Power Systems: Himanshu Gupta

    Here are two trading calls from Himanshu Gupta of Globe Capital: 

    --Buy Tech Mahindra for targets of Rs 1,280-1,285 and Rs 1,300 with a stop loss at Rs 1,240 

    --Buy HBL Power Systems for a target of Rs 90-95 with a stop loss at Rs 82 

  • Dabur Jan-Mar net profit at Rs 294.3 crore, misses Street estimates

    Analysts in a CNBC-TV8 poll had estimated the FMCG company's quarterly net profit at Rs 390 crore. 

    Dabur's revenue comes in at Rs 2,517.8 crore for the quarter ended March and volume growth at two percent, according to a regulatory filing. Analysts had pegged the company's revenue at Rs 2,523 crore and volume growth at 2-4 percent. 

    Dabur shares are down 0.6 percent at Rs 534.5 apiece on BSE. 

    Stock Market Highlights: Sensex ends 33 pts higher, Nifty50 at 16,683 as market nearly all of day's gains
  • Buy Kotak Mahindra Bank, sell Titan: Jay Thakkar

    Jay Thakkar of Marwadi Shares and Finance shares two trading calls: 

    --Buy Kotak Mahindra Bank for a target of Rs 1,865-1,880 with a stop loss at Rs 1,785 

    --Sell Titan for a target of Rs 2,200-2,160 with a stop loss at Rs 2,360 

  • Firstsource Solutions Q4 earnings | March quarter profit falls 2%

    Firstsource Solutions has posted 2.3 percent fall in its Q4 consolidated net profit at Rs 132.3 crore versus Rs 135.46 crore and revenue was up 5.4 percent at Rs 1,543.5 crore versus Rs 1,464 crore, QoQ. Earnings before interest, tax, depreciation and amortization (EBITDA) was up 2.6 percent at Rs 244.3 crore against Rs 238.1 crore and margin was at 15.8 percent versus 16.3 percent, QoQ.

  • Shree Cement falls sharply, stock now down 3% from day's high

  • LIC IPO subscribed 84% on Day 2 as strong demand from policyholders continue

    The blockbuster initial public offering (IPO) of the country’s largest life insurer Life Insurance Corporation of India (LIC) was subscribed by around 84 percent till 1 pm on the second day. The LIC IPO, which opened for subscription on Wednesday, May 4 will be available for public subscription till Monday, May 9, 2022.

  • TVS Motor shares gain 3% as Street expects higher revenue aided by price hikes

    The shares of TVS Motor Company Ltd, on Thursday, gained over 3 percent in early trade as the Street expects a positive set of numbers from the company for the quarter ended March 2022. The company is due to announce its fourth-quarter numbers later in the day.

  • Tata Steel at intra-day's high

  • Market Watch | Buy ITC, Power Grid; Sell HDFC Bank, says Rahul Mohindar, viratechindia.com

    Sell HDFC Bank with a stop loss of Rs 1,383 and a target of Rs 1,340

    Buy ITC with a stop loss of Rs 257 and a target of Rs 270-278

    Buy Power Grid with a stop loss of Rs 233 and a target of Rs 245

  • Market Watch | Unmesh Sharma, Head-Institutional Equities, HDFC Securities (fundamental) on earnings

    To a large extent, what we see is 60 percent of corporate profits are quite ring fenced and solid, despite all the challenges that you see in the environment, which includes things like oil and gas, metals and BFSI, these are spaces that we are constructive on at this point in time. Cement, pharma chemicals, FMCG, we continue to see some pressure, I think that is something that will continue so while we have not changed our earnings that much, at the same point in time, we believe on these four sectors, you might see some cuts as we end the quarter and go into the next one.

  • ABB India shares jump nearly 10% post-earnings

    Shares of ABB India on Thursday rallied 9.69 percent to Rs 2,209 on the BSE. At the NSE, it jumped 9.64 percent to Rs 2,208.80. ABB India on Wednesday posted over a two-fold jump in net profit at Rs 370 crore for the March quarter compared to the year-ago period mainly on the back of higher revenue.

  • LIC IPO subscription update: Day 2 sees total subscriptions of 0.75x

    LIC India sees total subscriptions of 0.75x with employees subscribing 1.47x and policyholders subscribing 2.27x till 11 am on day 2.

  • Matrimony.com up 6%; board mulls share buyback proposal

    Shares of Matrimony.com traded were up 6 percent at Rs 733 on the BSE during Thursday’s trade. The rise in stock comes after the company announced that the board will consider a share buyback proposal on May 12, 2022.

  • Market Watch | Buy ONGC, Power Grid: Manish Hathiramani, Deen Dayal Investments

    - Buy Oil and Natural Gas Corporation (ONGC) with a stop loss of Rs 162 and a target of Rs 172

    - Buy Power Grid with a stop loss of Rs 234 and a target of Rs 250

  • Gold prices rise over 1% after Fed rules out aggressive rate hikes

    Gold prices climbed more than 1 percent on Thursday after the US Federal Reserve Chair Jerome Powell ruled out large, aggressive interest rate hikes for the year as the central bank seeks to contain inflation without triggering an economic recession. Spot gold was up 1.1 percent at $1,901.56 per ounce, as of 0330 GMT, after rising to its highest since April 29 earlier in the session. US gold futures gained 1.8 percent to $1,902.

  • Stock Market Highlights: Sensex ends 33 pts higher, Nifty50 at 16,683 as market nearly all of day's gains
  • Is RBI’s repo rate hike bad for LIC IPO? 

    LIC is offering over 22 crore shares for a 3.5 percent stake, as it aims to raise over Rs 21,000 crore. Retail investors will be allotted 35 percent of the total shares in the offer and will be given a discount of Rs 45 from the IPO price.

    CNBC-TV18 spoke to Nilesh Sathe, Former Member of IRDAI, and Jigar Mistry, Co-Founder of Buoyant Capital, to get their thoughts. (Read more)

    Stock Market Highlights: Sensex ends 33 pts higher, Nifty50 at 16,683 as market nearly all of day's gains
  • Brokerage Views | Kotak Mahindra Bank, Tata Consumer in the spotlight

    --CLSA | Buy | Target price: Rs 2,200

    --Morgan Stanley | Overweight | Target: Rs 886

    (Check out the complete list of brokerage calls)

    Stock Market Highlights: Sensex ends 33 pts higher, Nifty50 at 16,683 as market nearly all of day's gains
Stock Market Highlights
: Indian equity benchmarks BSE Sensex and NSE Nifty50 finished a choppy session barely in the green on Thursday, even as the Fed's move to hike the key interest rate by an expected 50 bps soothed the nerves of global investors. Fed Chairman Jerome Powell ruled out a more aggressive tightening of policy going forward, boosting sentiment. Gains in IT, metal and auto stocks were offset by losses in FMCG, pharma and select financial names. Broader markets were a mixed bag, with the Nifty Midcap 100 edging up 0.1 percent but the Nifty Smallcap 100 declining 0.8 percent. On Wednesday, an out-of-cycle rate hike of 40 bps by the RBI along with an increase in the cash reserve ratio had caught Dalal Street by surprise, turning the bulls nervous.

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