Stock Market Highlights | Nifty 50 holds on to 22,000, Sensex rises 260 points, Midcap index outperforms

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“Indian markets largely remained positive; however, a trend of sell-on rally is emerging given domestic premium valuation and election jitters creeping in the minds of investors given lower voter turnout. Financials remained weak on account of signs of contraction in NIMs and the RBI’s regulatory actions. FIIs continue to remain sellers given delays in rate cuts, inflationary concerns, moderation in corporate earnings, and premium valuation. Apart from US consumer and inflation data, the possibility of US tariff actions on Chinese EV companies will attract market attention,” says Vinod Nair, Head of Research, Geojit Financial Services.

Market Snaps 2-week Gaining Streak, Records Biggest Wkly Fall In 2 Mths

Financials Drags Mkt This Week, Nifty Bank Records Biggest Fall In 4 Mths

Shriram Fin, Titan, DRL, L&T, Adani Ent Are Top Nifty Losers This Week

Hero Moto, Britannia, HUL, Kotak Bank & Tata Motors Are Top Nifty Gainers

Midcaps Relatively Outperform With Midcap Index Up 1% Vs 0.4% For Nifty

IT & Select Financials Drag Nifty While PSU Cos & Auto Support

Sensex Rises 260 Points To 72,664 & Nifty 98 Points To 22,055

Nifty Bank Slips 67 Points To 47,421 While Midcap Index Gains 423 Pts To 49,532

BPCL Outperforms OMC Peers On Earnings In Q4, Is Top Nifty Gainer, Up 4%

Asian Paints Sees Short Covering Following Mgmt Commentary, Rises Over 2%

Hero Moto Extends Thursday’s Gains On Strong Commentary Post Q4, Up 2%

Cipla Reports A Mixed Set Of Earnings In Q4, Ends 4% Off Highs

Bank Of Baroda Reports An Increase In Slippages, Stock Ends 3% Lower

Polycab Rises To Record High After Q4 Earnings Beat Estimates, Up 7%

Manappuram & Muthoot Rise 5% Each After Clarifying On RBI Advisory

Dr Lal’s Healthy Q4 Leads To A Healthy Gain, Gains More Than 5%

Market Breadth Favours Advances, Advance-Decline Ratio At 2:1

#4QWithCNBCTV18 | Bank of Baroda reports #Q4 earnings

➡️ Net profit at ₹4,886.5 cr vs CNBC-TV18 poll of ₹4,576.2 cr pic.twitter.com/8zuAYlA3tD

— CNBC-TV18 (@CNBCTV18Live) May 10, 2024

#4QWithCNBCTV18 | #Cipla reports #Q4 earnings

➡️Net profit at ₹939 cr vs CNBC-TV18 poll of ₹923.5 cr pic.twitter.com/N1YPjQHOOm

— CNBC-TV18 (@CNBCTV18Live) May 10, 2024

Net profit up 25.3% at ₹905 cr vs ₹722 cr (YoY)

Revenue up 2.8% at ₹1,497.3 cr vs ₹1,456 cr (YoY)

EBITDA up 10.6% at ₹936.8 cr vs ₹846.8 cr (YoY)

Margin at 62.6% vs 58.2% (YoY)

>>Net Profit at ₹23.9 cr Vs ₹9.8 cr (YoY)

>>Revenue up 13.8% at ₹495 cr vs ₹435 cr (YoY)

>>EBITDA up 25% at ₹48 cr Vs ₹38 cr (YoY)

>Margin at 9.7% Vs 8.8% (YoY)

>>Net Profit up 49% at ₹84.5 Cr Vs ₹56.7 cr (Yoy)

>>Revenue up 11% at ₹545.5 cr Vs ₹491 cr (YoY)

>>EBITDA up 25.2% at ₹144.7 cr Vs ₹115.6 cr (YoY)

>>Margin at 26.5% Vs 23.5% (YoY)

#4QWithCNBCTV18 | Dr Lal PathLabs reports its Q4 earnings 👇

>>Net Profit up 49% at ₹84.5 cr Vs ₹56.7 cr (YoY)

>>Revenue up 11% at ₹545.5 cr Vs ₹491 cr (YoY)

>>EBITDA up 25.2% at ₹144.7 cr Vs ₹115.6 cr (YoY)

>>Margin at 26.5% Vs 23.5% (YoY) pic.twitter.com/83Hikf0J5a

— CNBC-TV18 (@CNBCTV18Live) May 10, 2024

Indian Coast Guard (ICG) and #Hindalco Ind sign (MoU) in New Delhi for the manufacturing and supply of indigenous marine-grade aluminium to Indian public and private shipyards for the construction of ships

– Net profit up 32.8% at ₹33.5 cr vs ₹25.2 cr (YoY)

– Revenue down 14.2% at ₹895.9 cr vs ₹1,044.5 cr (YoY)

– EBITDA up 38.5% at ₹50 cr vs ₹36 cr (YoY)

– Margin at 5.6% vs 3.5% (YoY)

The street expects that PAT may be down 7.7% year-on-year due to higher finance cost and depreciation.

Chemicals and packaging made up over 90% of the SRF’s annual consolidated revenue in March 2024. Both segments have been struggling with intense competition and pricing pressure. But is the worst over? See what experts say.

Read more here

– Sevelamer Carbonate helps prevent Hypocalcemia
caused by Elevated Phosphorus

– Sevelamer Carbonate Tablets, 800 mg has a market
size of $181 m as per IMS

Shares of Intellect Design Arena plunged more than 15% on Friday, May 10, a day after the company posted disappointing earnings for the three months ended March 2024.

The fintech firm recorded a decline in net profit to ₹85 crore in the January-March quarter of the financial year 2023-24 (FY24) down from ₹91 crore in the same quarter of the previous year.

Read more here

Here are a couple of stock recommendations by Shrikant Chouhan, Kotak Securities:

– Buy Hero MotoCorp at a target of Rs 5,000 with a stop loss of Rs 4,650
– Buy TCS at a target of Rs 4050-Rs 4,075 with a stop loss of Rs 3,900

Polycab India, the wires and cables manufacturer, on Friday reported a 29% year-on-year (YoY) rise in consolidated net profit at ₹553 crore, compared to ₹428 crore in the year-ago period.

The company’s revenue from operations also jumped 29% YoY to ₹5,592 crore as against 4,324 crore in the corresponding period of last fiscal.

Read more here

Shares of Tata Power Company Ltd. were trading with losses after foreign brokerage firm HSBC downgraded the stock to ‘Reduce’ but raised its target price to ₹300 per share. This suggests a further downside of 28% from the stock’s closing level on Thursday.

The global broking firm said that Tata Power’s fourth quarter earnings have missed consensus estimates but exceptional other income have supported profitability.

Read more here

#4QWithCNBCTV18 | #Polycab reports its Q4 earnings

>>Net profit at ₹553.4 cr Vs CNBC-TV18 Poll of ₹480 cr pic.twitter.com/9HxB8S7kyc

— CNBC-TV18 (@CNBCTV18Live) May 10, 2024

Here are a couple of stock recommendations by Manas Jaiswal, manasjaiswal.com:

– Buy Ashok Leyland at a target of Rs 210 with a stop loss of Rs 194
– Sell Birlasoft at a target of Rs 570 with a stop loss of Rs 599

The IT index is the top loser among sectoral indices, down 0.76%.

Barring Coforge, the remaining nine stocks in the index are trading with losses.

Abott India shares are up over 2% after reporting its fourth quarter results on Thursday.

The  companu’s net profit is up 24.1% to ₹287.1 crore. Revenue up 7.1% to ₹1,438.6 crore. EBITDA up 17.6% to ₹329.5 crore. EBITDA margin at 22.9% from 20.9%. Board approves final dividend of ₹410 per share. July 19, 2024 fixed as the record date.

The stock has gained 22.1% in the past year.

The street expects a mixed bag this quarter. Strong JLR volumes also likely to aid numbers this quarter.

Shares of Tata Power Company Ltd. declined over 2% in Thursday’s opening trade after global brokerage firm Goldman Sachs said it expects the stock to fall as much as 45% over the next 12 months.

The brokerage has a ‘Sell’ rating on the Tata Power stock and a price target of ₹240 per share, suggesting a potential downside of 45% from the stock’s closing level on Wednesday. The price target is also a lot lower than the consensus estimate on the Street.

Read more here

The Nifty FMCG is the top gainer among sectoral indices, up 1.26%.