Nifty Trades in Range-Bound Zone with Negative Bias
Today’s Action in indian markets.
Nifty, -0.94%; BSE, -0.94%; Nifty Mid 100, -0.86%; Nifty Sml 100, -0.61%; Model Portfolio, -1.19%.
Share Market Review for today
Nifty opened on a negative note and remained in negative territory throughout the day. The index is facing resistance near its 200-DMA which is acting as an immediate resistance. Today, it formed a bearish candle with a lower-high and lower-low price structure on the daily chart. The momentum indicator RSI is trading downward with a negative slope along with a negative crossover on MACD. The index traded in the range of 17,111–16,958 and closed at 17,038. On the sectoral front, except Nifty Media (+0.07%), all sectors closed in the red. Nifty Financial Services (-1.47%), Nifty Consumer Durables (-1.14%), and Nifty Oil and Gas (-1.02%) lost the most. Of the 2,123 stocks traded, 584 advanced, 1,473 declined, and the rest remained unchanged. As the index fell more than 0.2% on volume higher than the previous session.
Today, Nifty gapped down nearly 130 points tracking global cues and, in the process, breached its 50-DMA. The index made an intraday high of 17,110 but failed to hold the gains. However, it managed to close above 17,000. In Nifty, 78% of the stock closed lower, with Bajaj Finance (-7.2%) and Bajaj Finserv (-3.8%) being the major losers.
On the sectoral front, all indices closed lower except Media. Nifty Financial Services and Bank were the top losers as they declined 1.5% and 1%, respectively. Of the 2,123 stocks traded, 584 advanced, 1473 declined, and the remaining closed flat.
Stocks in News
Swaraj Engines Q4 FY22 revenue declined 20.5% y/y to Rs. 242.4 crore. EBITDA declined 32.7% y/y to Rs. 31.1 crore and EBITDA margin contracted 230bps y/y to 12.8%. PAT decreased 32.9% y/y to Rs. 21.9 crore.
Kpit Technologies Limited’s Q4 FY22 revenue increased 4.7% q/q to Rs. 651.8 crore. EBITDA increased 5.6% q/q to 121.4 crore and EBITDA margin expanded 10bps q/q to 18.6%. PAT increased 12.6% q/q to Rs. 78.8 crore. For FY23, the company guided for CC revenue of 18–21%, volume growth of 25%, and EBITDA margin of 18–19%.
Bharti Airtel acquired a strategic minority stake in cloud-based networking solutions provider Cnergee Tech.
Dilip Buildcon bagged an order worth Rs, 976 crore in Jharkhand.
Hindustan Unilever | CMP: Rs 2,140.50 | The share ended in the red on April 27. Net profit of the FMCG major grew 8.6% at Rs 2,327 crore against Rs 2,143 crore (YoY). Revenue was up 11% at Rs 13,462 crore against Rs 12,132 crore (YoY). EBITDA rose 9.7% at Rs 3,245 crore against Rs 2,957 crore (YoY). EBITDA margin came in at 24.1% against 24.4% (YoY).
Bajaj Finance | CMP: Rs 6,716 | The stock price fell over 7 percent on April 27. Bajaj Finance on April 26 reported a 79.7 percent YoY rise in consolidated net profit to Rs 2,420 crore due to higher net interest income and lower provisions. Bajaj Finance's net interest income (NII) surged 30 percent y-o-y to Rs 6,068 crore in the March quarter. Broking house CLSA has kept the 'sell' rating on the stock and cut the target price to Rs 6,000 per share and also cut FY23/24 EPS by 8 percent/9 percent.
HDFC Life Insurance | CMP: Rs 547.70 | The scrip ended in the red on April 27. HDFC Life Insurance Company reported a net profit of Rs 357.52 crore in March quarter, up 12.4 percent from a year ago. The net profit came on the back of 11 percent growth in net premium income, which stood at Rs 14,289.6 crore. Expenses of management rose 15 percent even as net commissions fell by 3.88 percent to Rs 620.7 crore for the quarter. Macquarie has kept an outperform rating on the stock with a target of Rs 850. CLSA has maintained a buy rating on the stock but cut the target price to Rs 700.
VST Industries | CMP: Rs 3,210 | The share price shed a percent on April 27. The company reported a 20 percent year-on-year growth in Q4FY22 profit at Rs 87.2 crore, driven by higher other income and operating income. Revenue during the quarter increased by 4.6 percent to Rs 400.22 crore compared to year-ago period.
Tata Coffee | CMP: Rs 218.30 | The scrip was down over 2 percent on April 27. The company reported a 12 percent year-on-year growth in consolidated profit at Rs 64.28 crore in the quarter ended in March 2022, supported by topline as well as operating performance. Revenue increased 11 percent to Rs 656.26 crore compared to year-ago period.
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