Eicher Motors, Maruti Suzuki, M&M, JSW Steel, and SBI Life Insurance were the top gainers in the Nifty 50. While Adani Ports, Nestle India, Apollo Hospitals, Wipro, and LTIMindtree were the key losers in the Nifty 50 on April 08.

Shares of AstraZeneca advanced 8.7% to an intraday high of Rs 5,595.85 after the company and Daichi Sankyo’s Enhertu became the first drug to be granted the approval to treat tumors anywhere in the body if patients test positive for a protein known to speed up cancer growth.

Commenting on the dollar and rupee outlook Rahul Kalantri, VP Commodities, Mehta Equities said that the USD-INR 26 April futures contract retreated from its recent highs last week. According to the weekly technical chart, the pair is currently trading above its moving average trend-line support level of 83.10, with the RSI above the 50 level mark.

Kalantri also said that Despite the positive divergence indicated by the MACD, the pair has declined from its recent highs. As per the weekly technical chart, support for the pair is seen at 83.15-82.94, while resistance is positioned at 83.60-83.88.

Info Edge India’s stock surged 9.05% to reach an intra-day high of Rs 6,191.25 following the announcement that the company’s standalone billings for the fiscal year ending March 31, 2024, stood at Rs 2,495.9 crore compared to Rs 2,366.3 crore in the corresponding year-ago period.

After the launch of Bharti Hexacom’s mega IPO, the mainboard IPO market is set for a brief respite with no new offerings scheduled for the week. 

However, activity in the small and medium enterprises (SMEs) segment will continue, as three new public issues are poised to debut in the primary market.

Although there are no new IPO launches scheduled for this week on the mainboard, investors can anticipate the listing of Bharti Hexacom and the commencement of trading for three IPOs: Teerth Gopicon, Greenhitech Ventures, and DCG Cables & Wires.

Also Read: Teerth Gopicon, DCG Cables & Wires – 3 IPOs to open this week

Courtesy: BSE

Nifty Bank hits record high. The banking index was up 170 points or over 0.30% to 48.666.10.

Tourism Finance Corporation of India (TFCIL) announced that Koppara Sanjeeve Thomas and GD Mundra, both representing the former promoter group on the TFCIL board, stepped down as Directors on March 28 and April 5 respectively. The TFCIL board approved the allotment of 22,23,000 equity shares to Aditya Kumar Halwasiya at Rs 225 per equity share on April 5. This increases Aditya Kumar Halwasiya’s shareholding in TFCIL to 15.50%.

Halwasiya is also the promoter of Cupid Limited. Earlier on March 23, Cupid had announced, in an exchange filing, that company decided to withdraw its plans to invest in TFCIL as such an investment is not aligned with Cupid’s objectives and long-term vision.

Eicher Motors, Maruti Suzuki, M&M, Shriram Finance, and Reliance Industries were the top gainers in the Nifty 50. While Adani Ports and SEZ, Apollo Hospitals, Nestle India, Adani Enterprises, and HDFC Bank were the major losers in the Nifty 50 on April 08.

The stock of private sector lender Bandhan Bank saw a sharp decline of nearly 9% at the opening bell today following the announcement of the retirement of its Managing Director and CEO, Chandra Shekhar Ghosh, effective July 9, 2024. Ghosh, who has led the bank since July 10, 2015, will step down after nearly nine years at the helm.

Also Read: Bandhan Bank shares plunge over 9% after CEO Chandra Shekhar Ghosh decides to exit in July

The NSE Nifty was up 132 points or 0.60% at 22,646 while the 30-stock Sensex was up 450 points or 0.61% at 74,698.19.

Courtesy: NSE

Exide share jumps over 9% to intra day high of Rs 354 on the following news that Hyundai Motor Company (Hyundai Motor) and Kia Corporation (Kia) signed a Memorandum of Understanding (MOU) for strategic cooperation with Exide Energy Solutions Ltd. (Exide Energy), a leading Indian battery company, as part of their electric vehicle (EV) expansion

Shares of M&M advanced 3.6% to hit its 52-week high of Rs 2,087 after the FADA numbers came out. Auto sales witnessed a growth of 3.14% on-year in March, according to data by FADA. The two-wheeler and three-wheeler segments saw an increase of 5% and 17%. The stock was the top gainer in the Nifty 50.

M&M, Eicher Motors, Maruti Suzuki, Tata Consumer Products, and Reliance were the top gainers in the Nifty 50. While Adani Enterprises, Apollo Hospitals, Wipro, Adani Enterprises, and HDFC Bank were the key laggards in the Nifthy 50 on April 08.

Following the blockbuster subscription of  Bharti Hexacom’s mega IPO to kick off the fiscal year, the primary market is poised for a quiet spell this week, with no new mainboard IPOs on the horizon. However, activity remains vibrant in the SME segment as three companies prepare to introduce their issues.

In addition to Bharti Hexacom, five other SME firms, which initiated their offerings in the preceding week, are set to witness their shares hitting the exchanges.

Read More: Bharti Hexacom to Yash Optics – Here are the 6 new listings this week

Courtesy: NSE

“Following the RBI policy announcement, the Bank Nifty maintained its robust momentum, remaining above the crucial level of 48,000. This suggests the potential for reaching new all-time highs next week, possibly even touching the 50,000 mark. Notably, aggressive put writing has been observed at lower strikes, establishing a supportive base in the 48,200-48,000 zone, which is anticipated to serve as a cushion for bullish sentiment,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

Courtesy: NSE

Shares of Voltas jumped 10% to hit the upper band of Rs 1,355.50 after the company’s air conditioner sales crossed the mark of two million units in FY24. The company saw an increase of 35% in its sales. The stock hit a 52-week high on April 08.

Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The index has remained sideways throughout the session, reflecting a pause in the market trend following the formation of a hanging man pattern. The sentiment may continue to remain sideways due to the lack of a directional breakout or pattern formation. At the higher end, 22650 might prove to be a crucial resistance level. A fresh rally is not anticipated as long as the index remains below 22650. On the lower end, support is evident at 22300; if breached, the index might decline towards the 22000-21900 range.

BPCL, Tata Steel, Axis Bank, Titan Company, and Shriram Finance are the top gainers on NSE Nifty 50 whereas top laggards include Adani Ports and SEZ, Apollo Hospitals, Divis Labs, Wipro, and ICICI Bank.

The NSE Nifty 50 opens up by 0.29% at 22,578.35, while the BSE Sensex jumps 0.41% to 74,555.44 in the opening trade.

Commenting on the pre opening trade said, Optimism prevails on Dalal Street as investors prioritize the anticipation of strong Q4 corporate profits in India over the Fed’s rate-cut plans. TCS’s upcoming Q4 earning season kickoff on April 12th is pivotal, with Nifty holding steady at the 22121 mark. Geopolitical tensions push oil prices to $87 a barrel, while inflation takes the spotlight with the March US CPI release. Nifty faces resistance at 22619, supported by a Put-Call Open Interest Ratio of 1.17. FIIs bought Rs. 1659 crores, contrasting DIIs’ sales of Rs. 3370 crores.

Tapse also added that, Nifty’s options data suggests a 21500-22700 trading range, with 22700 emerging as a key resistance and 22000 as primary support. India VIX recedes to 11.22 levels, signalling reduced volatility. Recommended trades include buying Nifty and Bank Nifty, with EICHER MOTORS (CMP 4031) presenting a compelling buy opportunity with a stop at 3823 and targets at 4101/4201, driven by momentum play. Bullish sentiment persists on stocks like EICHER MOTORS, CANARA BANK, IPCA LAB, and M&M, encouraging buying on corrective declines.

The NSE has added Bandhan Bank, Hindustan Copper, Sail, and Zee Entertainment Enterprise in F&O on April 8, 2024.

Foreign institutional investors (FII) bought shares worth net Rs 1659.3 crore, while domestic institutional investors (DII) offloaded shares worth net Rs 3,370.4 crore on April 5, 2024, according to the provisional data available on the NSE.

On Monday morning, shares across the Asia-Pacific region are experiencing mixed trading. The Asia Dow is showing a modest increase of 0.26%. Japan’s Nikkei 225 is in positive territory, rising by 1.12%, while Hong Kong’s Hang Seng index is slightly down by 0.01%. Meanwhile, the benchmark Chinese index Shanghai Composite concluded the session with a decrease of 0.18%.

On Monday morning, WTI crude prices are at $85.53, marking a decline of 1.57%, whereas Brent crude prices stand at $89.76, showing a decrease of 1.55%.