|
The key equity indices ended with robust gains today, buoyed by positive global cues and sustained inflows from foreign institutional investors. The Nifty opened at 23,401.85 and marched higher as the session progressed to settle a tad above the 23,850 mark. Trading was volatile due to the weekly Nifty50 F&O series expiry today. All the sectoral indices on the NSE were in the green, with private bank, PSU bank, and oil & gas shares gaining the most. As per provisional closing, the barometer index, the S&P BSE Sensex, surged 1,508.91 points or 1.96% to 78,553.20. The Nifty 50 index jumped 414.45 points or 1.77%, to 23,851.65. In four consecutive trading sessions, the Sensex and Nifty jumped 6.37% and 6.48%, respectively. The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index advanced 0.56%, and the S&P BSE Small-Cap index rose 0.52%. The market breadth was strong. On the BSE, 2,425 shares rose and 1,524 shares fell. A total of 157 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 2.50% to 15.47. The stock market will remain closed on Friday, 18 April 2025, in observance of Good Friday. Buzzing Index: The Nifty Private Bank gained 2.23% to 27,149.75. The index rallied 8.59% in the past four consecutive trading sessions. ICICI Bank (up 3.71%), Kotak Mahindra Bank (up 3.05%), Axis Bank (up 2.54%), HDFC Bank (up 1.53%), Yes Bank (up 1.23%), IndusInd Bank (up 0.82%), RBL Bank (up 0.48%), and Bandhan Bank (up 0.24%) advanced. On the other hand, IDFC First Bank (down 0.51%) and Federal Bank (down 0.04%) edged lower. Stocks in Spotlight: Wipro dropped 4.28% after a domestic broker downgraded the stock to a 'Hold' and slashed its target price to Rs 260 from Rs 300. The brokerage flagged the IT major's weak Q4FY25 quarter, with IT services revenue falling short of expectations. It also pointed to subdued Q1FY26 revenue guidance, reflecting macro uncertainties from global tariffs. With limited visibility on FY26 growth, the brokerage said Wipro's turnaround thesis looks challenged. Another domestic broker also downgraded Wipro to 'Reduce,' with a target price of Rs 252. The brokerage expects a potential demand recovery later in Q1FY26, particularly if global tariff-related disputes are resolved. However, a weak start makes full-year positive growth a challenge. Margins are expected to remain under pressure due to a soft revenue environment, pricing constraints from cost takeout deals, and vendor consolidation, it added. The IT major announced that its consolidated net profit grew 6.43% to Rs 3,569.6 crore in Q4 FY25 as against Rs 3,353.8 crore posted in Q3 FY25. However, revenue from operations increased marginally to Rs 22,504.2 crore in Q4 FY25 as against Rs 22,318.8 crore reported in Q3 FY25. Angel One rose 0.16%. The company's consolidated net profit declined 48.7% to Rs 174.52 crore on a 22.1% fall in total revenue from operations to Rs 1,056.01 crore in Q4 FY25 over Q4 FY24. Waaree Renewable Technologies soared 8.15% after the company's consolidated net profit surged 82.72% to Rs 93.81 crore in Q4 FY25 as against Rs 51.34 crore posted in Q4 FY24. However, revenue from operations jumped 74.37% year-on-year (YoY) to Rs 476.58 crore in the quarter ended 31 March 2025. E2E Networks declined 5%. The company's standalone net profit surged 286.65% to Rs 13.61 crore in Q4 FY25 as compared with Rs 3.52 crore in Q4 FY24. Revenue from operations jumped 13.84% YoY to Rs 33.47 crore in Q4 FY25. Reliance Industrial Infrastructure shed 0.02%. The company's consolidated net profit gained 16.78% to Rs 32 crore in Q4 FY25 as against Rs 27.40 crore in Q3 FY25. Total income rose 1.82% to Rs 189.40 crore in Q4 FY25 over Q3 FY25. GTPL Hathway rose 0.04%. The company's consolidated net profit slipped 19.27% to Rs 10.64 crore in Q4 FY25, compared with Rs 13.18 crore in Q4 FY24. Revenue from operations increased 10.27% to Rs 890.99 crore in Q4 FY25, compared with Rs 807.98 crore posted in the corresponding quarter last year. Prestige Estates Projects rose 0.34%. The company said that its new sales for Q4 FY25 aggregated to Rs 6,957.4 crore, marking a 48% year-on-year (YoY) growth, driven by strong customer response to launches and premium offerings. Sales volume for the period under review stood at 4.49 million square feet, a 9% increase YoY, reflecting healthy absorption. The company sold 2,301 units in Q4 FY25. UltraTech Cement rose 1.52% after the company announced that it will acquire a 26% equity stake in AMPIN C&I Power Eight, a renewable energy generation and transmission company. The move, involving an investment of up to Rs 25.50 crore, is part of UltraTech's strategy to meet its green energy requirements, the company added. Gensol Engineering hit a lower limit of 5% as investor confidence continued to crumble in the wake of a major fraud exposure by the Securities and Exchange Board of India (SEBI). The meltdown follows a damning interim order issued by SEBI on 15 April 2025, which accused Gensol's promoters ' Anmol Singh Jaggi and Puneet Singh Jaggi ' of diverting massive funds meant for electric vehicle procurement. SEBI's probe, which was initiated after a complaint in June 2024, unearthed significant misuse of Rs 977.75 crore in loans secured from IREDA and PFC. These funds were meant to finance the purchase of 6,400 electric vehicles. However, only 4,704 EVs were actually acquired, leaving over Rs 207 crore unaccounted for. Global Markets: US Dow Jones index futures dropped 351 points, signaling a negative opening for Wall Street. European markets traded lower on Thursday as traders awaited the latest monetary policy decision from the European Central Bank. The European Central Bank is expected to make yet another interest rate cut today as global tariff turmoil has created widespread uncertainty and spurred fears about the eurozone's economic growth. Asian shares ended higher, supported by positive signals from U.S. equity futures, as investors turned their attention to the upcoming U.S.-Japan trade discussions. Japan is one of the first countries to enter direct trade talks with the U.S., making the outcome of these negotiations a key focal point for global markets. Data released by Japan's Ministry of Finance on Thursday showed that exports rose 3.9% year-on-year in March, marking the sixth consecutive month of growth. Imports increased by 2% over the same period, resulting in a trade surplus of 544.1 billion yen (approximately $3.84 billion). In contrast, U.S. markets declined sharply overnight. Federal Reserve Chair Jerome Powell cautioned that ongoing trade tensions could affect the central bank's ability to meet its inflation and employment targets. His comments contributed to broad-based selling in equities. The Dow Jones Industrial Average closed 1.7% lower, the S&P 500 fell 2.2%, and the NASDAQ Composite declined by 3.1%. Notable declines included Advanced Micro Devices (down over 7%), Intel Corporation (down 3%), and Broadcom Inc. (down 2.4%). Powell also indicated that the Federal Reserve is not inclined to cut interest rates in the near term, citing inflationary pressures and economic uncertainties linked to the implementation of new tariffs. He emphasized a cautious, wait-and-see approach in response to the evolving economic environment. Separately, U.S. retail sales data released Wednesday showed a 1.4% increase in March, following a revised 0.2% gain in February. The rise was driven in part by increased vehicle purchases, as consumers anticipated the impact of potential tariffs. Powered by Capital Market - Live News
|