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Equity benchmarks hit fresh intraday high; European markets open lower

Published on Apr 27, 2023 13:27

The key equity barometers extended gains and hit fresh intraday high in afternoon trade. The Nifty hovered near the 17,850 mark. European markets edged lower while their Asian peers traded in the green.

At 13:24 IST, the barometer index, the S&P BSE Sensex, was up 199.58 points or 0.33% to 60,500.16. The Nifty 50 index added 59 points or 0.33% to 17,872.60.

In the broader market, the S&P BSE Mid-Cap index gained 0.47% while the S&P BSE Small-Cap index advanced 0.60%.

The market breadth was positive. On the BSE, 2004 shares rose and 1378 shares fell. A total of 142 shares were unchanged.

Trading could be volatile as traders roll over positions in the F&O segment from the near month April series to May series. The April 2023 F&O contracts will expire today, 27 April 2023.

IPO Update:

The initial public offer (IPO) of Mankind Pharma received bids for 12.18 crore shares as against 2.80 crore shares on offer, according to stock exchange data at 13:24 IST on Thursday (27 April 2023). The issue was subscribed 4.34 times.

The issue opened for bidding on Tuesday (25 April 2023) and it will close on Thursday (27 April 2023). The price band of the IPO is fixed at Rs 1,026 - Rs 1,080 per share. An investor can bid for a minimum of 13 equity shares and in multiples thereof.

Stocks in Spotlight:

Wipro (up 0.15%), Bajaj Finserv (up 2.10%), Axis Bank (down 0.67%), Tech Mahindra (up 0.67%), ACC (up 0.22%) will announce their quarterly earnings today.

Hindustan Unilever (HUL) fell 1.51%. The FMCG major reported 9.67% rise in standalone net profit to Rs 2,552 crore on 10.98% increase in turnover to Rs 14,638 crore in Q4 FY23 over Q4 FY22. HUL delivered underlying volume growth of 4%. Growth was competitive with more than 75% of the business winning market shares, said the company.

Bajaj Finance rose 2.79%. The NBFC major reported consolidated net profit of Rs 3157.79 crore in Q4 March 2023 from net profit of Rs 2419.51 crore in Q4 March 2022. Total income rose to Rs 11363.14 crore in Q4 March 2023 from Rs 8629.35 crore in Q4 March 2022.

Coforge gained 1.36%. The company reported 49.69% decline in consolidated net profit to Rs 114.80 crore in Q4 FY23 as compared with Rs 228.20 crore in Q3 FY23. Revenue from operations increased by 5.56% to Rs 2,170 crore in Q4 FY23 as against Rs 2,055.80 crore posted in corresponding quarter last year.

L&T Technology Services (LTTS) rallied 7.93%. The IT major reported 2% rise in consolidated net profit to Rs 309.6 crore in Q4 March 2023 from net profit of Rs 303.6 crore in Q3 December 2022. Revenue rose 2.3% to Rs 2096.2 crore in Q4 March 2023 from Rs 2048.6 crore in Q3 December 2022.

HCL Technologies added 0.21%. Heubach Group, a leading global pigment manufacturer, has selected HCL Technologies to drive its digital transformation agenda. HCLTech will deliver an IT system for Heubach Group across 11 countries to include deployment of hybrid cloud, cybersecurity solutions, end-user services and secure networks.

SBI Life Insurance Company rose 1.50%. The life insurer`s net profit increased 15.6% to Rs 776.85 crore on 6.43% rise in total income to Rs 22,805.40 crore in Q4 FY23 over Q4 FY22.

Global Markets:

European stock markets opened lower on Thursday, as concerns over the U.S. banking sector and recessionary risks still cast shadow over investor sentiment.

Meanwhile, most of the Asian stocks edged higher on Thursday as investors focus on the Bank of Japan`s first policy meeting led by new BOJ governor Kazuo Ueda.

Ueda is expected to maintain the ultra loose monetary policy of predecessor Haruhiko Kuroda for now, but expectations are that he will plot a path out of this policy in the future, as per reports.

US stocks ended mixed on Wednesday as banking fears eclipsed Big Tech earnings on Wall Street. Ongoing congressional wrangling over raising the federal debt ceiling also added to investor anxieties.

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