It was not a terrible Tuesday but definitely, a volatile one as Sensex lost nearly 100 points while the Nifty50 saw a cut of about 18 points but held on to its support of 11550.
Well, the bounce back seen on D-Street was short lived as bears took control in the second half of the trading session.
The final tally on D-Street – the S&P BSE Sensex dropped 80 points to close at 38,564 while the Nifty50 ended at 11,575, down 18 points.
Broader market outperforms as the S&P BSE Mid-cap index rose 0.15 percent while the S&P BSE Smallcap index slipped 0.07 percent.
In terms of sectors, banking stocks led the fall. The Nifty Bank plunged 177 points led by losses in Yes Bank, IndusInd Bank, SBI, and RBL Bank.
Specialty chemical maker Neogen Chemicals will open its initial public offer for subscription on April 24. It would be the fourth company coming out with a public issue in the financial year 2019-20, after Rail Vikas Nigam, Polycab India, and Metropolis Healthcare.
The rupee on April 23 recovered from the day's lows to close higher by 5 paise at 69.62 against the US dollar on some dollar selling by banks and exporters.
On the institutional front, FPIs were net sellers in Indian markets for Rs 237 crore while DIIs were net buyers in Indian markets for Rs 198 crore, provisional data showed.
Big News:
On the earnings front, as many as 15 companies will declare their results for March quarter which include names like Hexaware Technologies, Bharti Infratel, M&M Financial Services, Shriram City Union, Syngene International, Tata Elxi and UltraTech Cements.
Hexaware Technologies: PAT likely to rise by 7% YoY to Rs 144 cr
Bharti Infratel: PAT likely to grow by 11% YoY to Rs 706 crore
UltraTech Cement: PAT likely to remain flat around Rs 720 crore
(All estimates are from Motilal Oswal)
Technical Views:
Nifty formed a bearish candle on daily charts. It was the third consecutive day of decline from the top of 11,856.
Traders should remain neutral on indices till some signs of stability and strength are visible, suggest experts
Three levels: 11550, 11645, 11760
Max Call OI: 11700, 12000
Max Put OI: 11500, 11000
Stocks in news:
Tata Global Beverages (TGBL) on April 23 reported 49.70 percent fall in consolidated net profit at Rs 35.99 crore for the March quarter of the 2018-19 financial year.
Pan-India cement company ACC reported a 38.2 percent year-on-year (YoY) growth in first quarter consolidated profit at Rs 346 crore, driven by a tax refund that was partially included in other income.
Optical fiber maker Sterlite Technologies on April 23 posted about 47 percent rise in consolidated net profit to Rs 165.17 crore for the quarter ended March 2019.
Technical Recommendations:
We spoke to SMC Global Securities and here’s what they have to recommend:
Hindustan Unilever: Buy| Target: Rs 1850| Stop Loss: Rs 1675| Upside 6%
City Union Bank: Buy| Target: Rs 1821| Stop Loss: Rs 1580| Upside 9%
Supreme Industries: Buy| Target: Rs 1290| Stop Loss: Rs 1085| Upside 11%
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