Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed in positive territory on April 30. The NSE Nifty 50 lost 39 points or 0.17% to finish the day’s trading at 22,605, while the BSE Sensex pulled back 189 points or 0.25% to close at 74,482.78. Bucking the trend, Nifty Midcap closed in green up 33.75 points or 0.07% to settle at 50,868.20.
Sensex, Nifty, Share Prices LIVE: The benchmark equity indices opened Tuesday’s trading session in the positive territory.
The NSE Nifty 50 closed 55.10 points or 0.24% lower at 22,588.30, while the BSE Sensex closed 188.50 points or 0.25% lower at 74,482.78.
Courtesy: BSE
Courtesy: NSE
The Bank Nifty index gains over 400 points to life time high of 49,953.45 lead by Bank of Baroda, Bandhan Bank, IndusInd Bank, Punjab National Bank, Federal Bank, Axis Bank, IDFC First Bank, State Bank of India, ICICI Bank and HDFC Bank.
According to a recent report by Motilal Oswal, Tata Steel faces short-term challenges in the soda ash demand-supply dynamics, particularly due to weak demand in Western Europe. This has led to suppliers, predominantly from Turkey, exporting soda ash beyond Europe, consequently impacting global prices adversely.
Despite these challenges, the report suggests a balanced outlook in the medium term, driven by the emergence of new applications such as solar glass and lithium-ion batteries.
Motilal Oswal’s report indicates that they are broadly maintaining their FY25/FY26 EBITDA estimates for Tata Steel. The brokerage reiterates its Neutral rating on the stock and assigns a Sum-of-the-Parts (SoTP)-based target price of Rs 980.
M&M, Power Grid, Hero MotoCorp, Shriram Finance, and Bajaj Auto were the top gainers in the Nifty 50. While, Tech Mahindra, Tata Steel, HCL Technologies, Hindalco, and Dr Reddy’s Laboratories were the major laggards in the Nifty 50 on April 30.
In the near term, NMDC’s volume growth will depend upon incremental approvals in environmental clearances applied at its various mines. At the current market price, the stock is trading at 7.5x/6.1x EV of FY25E/FY26E EBITDA which appears full. Prabhudas Lilladher has maintained an “Accumulate” rating with a target price of Rs 253.
Grasim Industries shares are trading marginally higher at Rs 2,393 following news of the company’s commencement of commercial production at the Birla Opus paint plant in Ludhiana, Panipat, and Cheyyar.
The NSE Nifty 50 was up 104.50 points or 0.46% at 22,747.90, while the BSE Sensex was up 320 points or 0.43% at 74,991.02.
According to a recent report by Motilal Oswal, Tata Steel faces short-term challenges in the soda ash demand-supply dynamics, particularly due to weak demand in Western Europe. This has led to suppliers, predominantly from Turkey, exporting soda ash beyond Europe, consequently impacting global prices adversely.
Despite these challenges, the report suggests a balanced outlook in the medium term, driven by the emergence of new applications such as solar glass and lithium-ion batteries.
Motilal Oswal’s report indicates that they are broadly maintaining their FY25/FY26 EBITDA estimates for Tata Steel. The brokerage reiterates its Neutral rating on the stock and assigns a Sum-of-the-Parts (SoTP)-based target price of Rs 980.
Courtesy: NSE
Courtesy: NSE
Shares of Trent, the Tata Group company, rallied over 8% to hit an all-time high of Rs 4,670 on NSE, following the company’s stellar performance during the January – March period. Trent’s share price surged after its Q4 result showed a multi-fold jump in consolidated profit while revenue jumped over 50% for the quarter.
Maintaining a bullish stance, Emkay Global continues to advocate for UltraTech Cement, affirming its ‘Buy’ rating on the stock. The brokerage has upheld an unchanged target price of Rs 11,200 per share, emphasizing confidence in the company’s future trajectory.
Emkay Global Financial Services has revised its estimates for UltraTech Cement’s earnings, reflecting a nuanced outlook for the company’s performance. With a 4% reduction in FY25 EBITDA estimates, Emkay cites factors such as lower realization in their assessment. However, a 3% increase in FY26E EBITDA projections follows the integration of Kesoram financials into their analysis.
In a comprehensive review of UltraTech Cement’s recent performance, Emkay Global highlights notable achievements in Q4FY24. The cement giant surpassed expectations, reporting a substantial 24% year-on-year increase and a robust 26% quarter-on-quarter surge in consolidated EBITDA.
Also Read: UltraTech Cement gains over 2% as Q4 margins jump sharply: Here are some top brokerage recommendations
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said Nifty continued to remain in the uptrend as the index closed with solid gains. The index maintained its position above the critical 21EMA, signaling a continuation of the bullish trend. The momentum indicator, RSI (14), shows a bullish crossover. It is projected to move towards 22800-22850 in the short term, with support at 22550.
UltraTech Cement share price gained over 2% on Tuesday after the Aditya Birla Group’s flagship cement maker reported its Q4 results. UltraTech Cement shares rose as much as 2.38% to Rs 10,200 apiece on the BSE.
“The banking index has reclaimed its record high today, thanks to noticeable traction in private banking majors. In line with the Nifty, it is also trading in a rising channel on the weekly chart and inching gradually towards the upper band of the same. We are now eyeing the 50,000-50,500 zone to be tested soon, with a strong base at 48,000- 48,500. Participants should prefer private banking majors like Axis Bank, ICICI Bank, Federal Bank and stay selective in the PSU space,” said Ajit Mishra – SVP, Research, Religare Broking.
The NSE Nifty 50 opens up by 0.16% at 22,679.65, while the BSE Sensex jumps 0.17% to 74,800.89 in the opening trade.
Shares in the Asia-Pacific region are trading positively on Tuesday morning. The Asia Dow is up by 1.78%, while Japan’s Nikkei 225 is in the green, rising by 1.15%. Hong Kong’s Hang Seng index closed higher by 0.54%, and the benchmark Chinese index Shanghai Composite ended up by 0.79%.
The NSE has added Biocon and Vodafone Idea in F&O on April 30, 2024.
Foreign institutional investors (FII) bought shares worth net Rs 169.1 crore, while domestic institutional investors (DII) mopped shares worth net Rs 692.1 crore on April 29, 2024, according to the provisional data available on the NSE.
WTI crude prices are currently trading at $82.52, representing a decrease of 0.22%, while Brent crude prices stand at $87.06, indicating a decline of 1.45%, as of Tuesday morning.
The US Dollar Index (DXY), gauging the dollar’s worth against a basket of six foreign currencies, edged higher by 0.04% to reach 105.73 in trading.
According to Bloomberg, U.S. stocks climbed, supported by a robust earnings season, even as expectations grew that the Federal Reserve would need to maintain higher interest rates for an extended period. The tech-focused Nasdaq Composite closed up 55.18 points or 0.35% at 15,983.08. The S&P 500 surged 16.21 points or 0.32% to 5,116.17, while the Dow Jones Industrial Average concluded the session with a gain of 146.43 points or 0.38% at 38,386.09.
