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Tata Motors Share Price Tanks 9% after Q4 Results 2024. Opportunity to buy?

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Tata Motors share price witnessed sharp selling in the early morning session on Monday. Emkay Global said Tata Motors’ Q4 earnings were muted, with limited margin expansion across businesses, despite higher volumes. It has a target of Rs 950 for Tata Motors.

Stock market today: Following the release of the Q4 results 2024 on Friday of last week, there was a significant sell-off in the price of Tata Motors shares early on Monday morning. Within minutes of the opening bell on the stock market, the price of Tata Motors shares dropped to ₹1,005 on the NSE, marking an intraday loss of over 9 percent on Monday. The share price also struck an intraday low of ₹947.20 per share.

Triggers for Tata Motors Share Price Fall

Connecting Tata Motors share price drop with Q4 results 2024 declared on Friday last week, Chirag Jain, Senior Research Analyst at Emkay Global Financial Services said, “Tata Motors Q4 results 2024 were muted with limited margin expansion across businesses despite higher volumes. The company remains cautiously optimistic across businesses, with H1 expected to be weaker and the premium luxury segment seen as resilient amid overall emerging demand concerns. While deleveraging progress continues, we believe the best may be behind for all businesses amid i) declining order book, normalizing mix, and higher customer acquisition costs at JLR, with FCF generation to normalize; ii) flattish growth outlook for domestic CV space; and iii) moderating India PV outlook (though TTMT to outperform on new launches). FY25E/26E EPS is largely unchanged (we build-in console. revenue/EBITDA CAGR of 7/8% over FY24-26E).”

Expecting more downsides in Tata Motors’ share, the Emkay Global expert said that Tata Motors’ share price may drop further to the tune of ₹950 apiece.

Motilal Oswal Remains ‘Neutral’ 

Re-iterating the ‘neutral’ view on Tata Motors share price outlook, Motilal Oswal report said, “Tata Motors 4QFY24 result was operationally in line with our estimate as EBITDA margin expanded 30bp QoQ to 14.2%. While there is no doubt that TTMT has delivered an extremely robust performance across its key segments in FY24, there are clear headwinds ahead that are likely to hurt its performance. We have lowered our EPS estimates by 3%/5% for FY25/FY26. The stock trades at 18x/15.6x FY25E/FY26E consolidated EPS and 6.2x/5.3x EV/EBITDA. Reiterate Neutral with our FY26E SOTP-based TP of ₹955.”

Tata Motors Q4 Results 2024

Tata Motors posted its March quarter financial results on May 10, 2024. The auto giant reported a significant 222 percent year-on-year increase in its net profit, reaching ₹17,407.18 crore. Meanwhile, the company witnessed a notable 13.3 percent surge in consolidated revenue, amounting to ₹1,19,986.31 crore.

Canara Bank Shares Price Live Updates: Canara Bank Closed at ₹558.1 Today, Down -3.25% from ₹576.85 Yesterday.

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The Canara Bank Shares Prices Live Updates: Canara Bank Closed at ₹558.1 Today, Down -3.25% from ₹576.85 Yesterday. decreased by 3.25% today, May 8, 2024. The share price of the stock concluded at 576.85. At the moment, the stock is trading at 558.1 per share. Investors should keep a careful eye on Canara Bank’s stock price in the upcoming days and weeks to see how it responds to the news.

Canara Bank Shares Prices Today: Canara Bank’s stock opened at ₹580 and closed at ₹576.85 on the last trading day. The high for the day was ₹594, while the low was ₹576. With a market cap of ₹107,323.95 crores, the 52-week high for the stock is ₹632.65 and the 52-week low is ₹291.3. On the BSE, the trading volume for Canara Bank was 342,060 shares.

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Canara Bank share prices NSE Live: Shareholding information

Canara Bank has a 7.40% MF holding & 10.55% FII holding per filings in the March quarter.
The MF holding decreased from 7.62% in December to 7.40% in March.
The FII holding decreased from 11.21% in December to 10.55% in March.

Canara Bank share price Today: Return metrics and efficiency

Canara Bank’s return on equity (ROE) for the most recent fiscal year is 15.21%. The return on investment (ROI) value for the last fiscal year is -99999.99%. The consensus estimates for ROE in the current and upcoming fiscal year are 0.00% each.

Canara Bank share price Live: Financial performance

Canara Bank’s EPS has decreased by a significant percentage over the last 3 years, while its revenue has shown a moderate increase. In the trailing twelve months, the company’s revenue is higher compared to the most recent fiscal year. There is a predicted growth in both revenue and profit for the upcoming quarter.

Canara Bank share price live: Consensus Analysts rating is Buy

The analyst recommendation trend is shown below with the current rating as Buy.

  • The median price target is ₹506.0, 9.34% lower than the current market price.
  • The lowest target price among analyst estimates is ₹360.0
  • The highest target price among analyst estimates is ₹670.0
RatingsCurrent1 Week Ago1 Month Ago3 Months Ago
Strong Buy6665
Buy4445
Hold2222
Sell2221
Strong Sell0000

Canara Bank share price live: Stock Peers

Canara Bank’s stock price dropped by 3.25% today to reach ₹558.1, while its counterparts are experiencing a mixed performance. Indusind Bank is declining, but Union Bank of India, IDBI Bank, and Yes Bank are showing gains. The benchmark indices, Nifty and Sensex, are steady at 0% and -0.06% respectively.

NameLatest PriceChange% Change52W High52W LowMkt. Cap (cr)
Indusind Bank1447.1-5.5-0.381694.351080.0112630.68
Union Bank Of India144.22.51.76163.1568.098557.06
Canara Bank558.1-18.75-3.25632.65291.3101246.61
IDBI Bank85.80.640.7598.752.5992255.61
Yes Bank22.980.110.4832.8114.166108.59

Canara Bank share price live: Today’s Price range

Canara Bank’s stock reached a low of ₹554.4 and a high of ₹598.5 on the current day.

Canara Bank share price Live: Futures trading lower by -3.36%; Futures open interest increased by 13.71%

A decrease in futures price, coupled with increased open interest in Canara Bank, indicates a potential downward price trend in the upcoming days. Traders may consider maintaining their short positions accordingly.

Canara Bank share price update :Canara Bank closed today at ₹558.1, down -3.25% from yesterday’s ₹576.85

Canara Bank share price closed the day at ₹558.1 – a 3.25% lower than the previous closing price. For the next trading session key resistances to watch for are 585.67 , 614.13 , 629.77. On the other hand key support levels could be found at 541.57 , 525.93 , 497.47.
Please note these support and resistance levels are derived from the classic pivot table.

Canara Bank share price NSE Live :Canara Bank trading at ₹557.45, down -3.36% from yesterday’s ₹576.85

The current market price of Canara Bank has broken the first support of ₹567.53 & second support of ₹557.52 indicating a strong bearish move but traders need to monitor for possible reversals from ₹542.83. If the stock price breaks the final support of ₹542.83 then it indicates a significant selling pressure and prices can erode further.

Canara Bank Short Term and Long Term Trends

As per the Technical Analysis, short term trend of Canara Bank share is Bearish and long term trend is Bullish

Canara Bank share price live: Simple Moving Average

DaysSimple Moving Average
5 Days617.72
10 Days603.15
20 Days603.82
50 Days584.16
100 Days525.10
300 Days443.32

Canara Bank share price update: Volume traded till 2 PM is 80.75% higher than yesterday

The volume of Canara Bank shares traded by 2 PM today has increased by 80.75% compared to yesterday. The price per share is currently at ₹559.5, showing a decrease of -3.01%. Analyzing both volume and price is crucial for understanding market trends. A rise in price accompanied by higher trading volume indicates a stable upward trend, while a decrease in price with increased volume could signal further price declines.

Canara Bank share price NSE Live: Hourly Price Movement Update

Canara Bank reached a peak of 598.5 and a trough of 570.65 in the previous trading hour. In the last hour, the stock breached all support levels on an hourly timeframe. Traders may want to consider potential shorting opportunities.
The hourly support and resistance levels to watch out in the next hour are mentioned below.

Resistance LevelsPriceSupport LevelsPrice
Resistance 1590.82Support 1562.97
Resistance 2608.58Support 2552.88
Resistance 3618.67Support 3535.12

Canara Bank share price live: Consensus analysts rating is Buy

The analyst recommendation trend is shown below with the current rating as Buy.

  • The median price target is ₹506.0, 12.06% lower than current market price.
  • The lowest target price among analyst estimates is ₹360.0
  • The highest target price among analyst estimates is ₹670.0
RatingsCurrent1 Week Ago1 Month Ago3 Months Ago
Strong Buy6665
Buy4445
Hold2222
Sell2221
Strong Sell0000

Canara Bank share price Live :Canara Bank trading at ₹584.7, up 1.36% from yesterday’s ₹576.85

Canara Bank share price is at ₹584.7 and is still trading between the key support and resistance levels of ₹567.53 and ₹592.23 on a daily timeframe. If it crosses the support of ₹567.53 then we can expect a further bearish movement. On the other hand if the price crosses 592.23 then it will lead to a bullish movement.

Canara Bank share price update : Volume traded till 1 PM is -4.89% lower than yesterday

The volume of Canara Bank traded until 1 PM is 4.89% lower than yesterday, while the price is currently trading at ₹592.55, reflecting a decrease of 2.72%. Volume traded is a crucial indicator, along with price, for analyzing trends. A positive price movement accompanied by higher volume indicates a sustainable upward trend, whereas a negative price movement with increased volume may signal further price declines.

Canara Bank share price NSE Live : Hourly Price Movement Update

Canara Bank reached a peak of 596.3 and a bottom of 590.45 in the recent trading session. During this time, the stock price exceeded both the hourly resistances of 593.53 and 596.02, suggesting a strong positive sentiment. Traders may want to consider implementing trailing stop losses to safeguard profits.
The hourly support and resistance levels to watch out in the next hour are mentioned below.

Resistance LevelsPriceSupport LevelsPrice
Resistance 1597.62Support 1591.77
Resistance 2599.88Support 2588.18
Resistance 3603.47Support 3585.92

Canara Bank share price Today : Futures trading higher by 3.39%; Futures open interest increased by 2.92%

An increase in futures price and open interest in Canara Bank indicates a potential for positive price movement in the near future. Traders are advised to maintain their long positions.

Canara Bank share price live: Today’s Price range

Canara Bank stock’s price fluctuated between a low of ₹576 and a high of ₹595.5 on the current day.

Canara Bank Shares Prices update : Hourly Price Movement Update

The stock price has been moving between 594.6 and 585.25 levels in the last hour. Traders may want to consider rangebound trading strategies, such as buying near the hourly support at 585.25 and selling near the hourly resistance at 594.6.
The hourly support and resistance levels to watch out in the next hour are mentioned below.

Resistance LevelsPriceSupport LevelsPrice
Resistance 1593.53Support 1589.03
Resistance 2596.02Support 2587.02
Resistance 3598.03Support 3584.53

Canara Bank Shares Prices live: Simple Moving Average

DaysSimple Moving Average
5 Days617.72
10 Days603.15
20 Days603.82
50 Days584.16
100 Days525.10
300 Days443.32

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Canara Bank Short Term and Long Term Trends

As per the Technical Analysis, short term trend of Canara Bank share is Bearish and long term trend is Bullish

Canara Bank share price Live: Canara Bank closed at ₹576.85 on last trading day & the technical trend suggests Bearish near term outlook

The stock traded in the range of ₹594 & ₹576 yesterday to end at ₹576.85. Following a strong uptrend, the stock is indicating signs of a reversal.

Nifty 50 and Sensex today: What we can expect from the Indian stock market on April 29th.

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Nifty 50 and Sensex today: The Indian standard index is out to a strong start, according to Gift Nifty’s trends. The Gift Nifty was trading at a premium of around 100 points over the previous closing of the Nifty futures, at 22,655.

The Monday opening of the Sensex and Nifty 50 Indian stock market indices is anticipated to be higher due to favorable indications from the global market.

The Indian benchmark index is out to a strong start, according to Gift Nifty’s trends. The Gift Nifty was trading at a premium of around 100 points over the previous closing of the Nifty futures, at 22,655.

The domestic equity indices closed more than half a percent down on Friday, ending a five-day winning streak.

The Nifty 50 closed 150.40 points, or 0.67%, lower at 22,419.95, while the Sensex dropped 609.28 points to conclude at 73,730.16.

On the daily chart, Nifty 50 developed a long negative candle on Friday right next to the long bull candle on Thursday.

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At the highs, this indicates the formation of a bearish dark cloud cover-type candle pattern. The fact that Nifty pulled back in the following session after decisively breaking over the critical downside gap barrier of April 15 around 22,500 levels on Thursday may not be a good sign for bulls, according to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

On the weekly chart, a little, positive candle with a long upper shadow formed. The market appears to have established a lower high this week following a string of higher high patterns.

“The Nifty’s short-term trend appears to have turned negative following a sensible recovery from the lows. The 22,300 mark serves as immediate support, and any weakness below it could lead to further falls in the future, according to Shetti.

What to anticipate from Bank Nifty and Nifty 50 today is as follows:

Nifty 50 Prediction

On April 26, the Nifty 50 index had a severe U-turn to the downside, ending the day 150 points lower.

“Throughout the session, selling pressure on the Nifty persisted as the index was unable to hold above the critical threshold of 22,500. A heavy cloud cover pattern on the daily chart suggests a possible bearish reversal. The Nifty could extend its losses towards 22,000 below the immediate support level of 22,300, according to Rupak De, Senior Technical Analyst at LKP Securities.

On the other hand, he believes the level of 22,500 might act as a technical resistance for the Nifty.

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Bank Nifty Prediction

Bank Nifty Prediction

On the daily charts, the Bank Nifty index formed a bearish candlestick pattern as it fell 294 points to close at 48,201 on Friday.

“Despite selling pressure from higher levels, the Bank Nifty index held onto the critical 488,000 support level.” Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, stated that “as long as it stays above this level, where significant open interest is concentrated on the put side, the bullish sentiment will persist.”

The immediate barrier is currently at 48,600, and Shah noted that a significant advance over this level may open the door for new all-time highs in the index.

Why did Bajaj Finance shares fall 8% in Q4 even though PAT and NII increased by double digits year over year?

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Friday’s intraday trading saw an 8% decline of Bajaj Finance shares. They underperformed the benchmark Sensex, which gained almost 24% during the same period, with gains of only approximately 20% for the past year (through April 25).

The day after the company’s Q4 results were disclosed, Friday, April 26, saw a nearly 8% decline in Bajaj Finance shares. Following a previous closing of ₹7,293.90, Bajaj Finance shares began at ₹7,008.60. However, they plummeted as high as 7.8% to ₹6,728 on the BSE. At ₹6,743.45 a share, Bajaj Finance shares had a 7.55 percent decrease in trading at about noon. At that point, the equity benchmark Sensex was down 0.26 percent, trading at 74,147.56.

Why did Bajaj Finance shares tank?

For Q4FY24, Bajaj Finance reported a growth in net interest income and a solid profit. Nevertheless, it seems that investors were alarmed by the lender’s Q4 net interest margin shrinkage.

Thursday, April 25, after market hours, Bajaj Finance announced a 21% YoY increase in consolidated net profit of ₹3,825 crore for Q4FY24.

In Q4 of FY24, its net interest income (NII) increased by 28% YoY to ₹8,013 crore from ₹6,254 crore in Q4 of FY23.

Nonetheless, compared to Q3, the lender’s net interest margin (NIM) decreased by 21 basis points (bps) in Q4.

Non-performing assets, or gross NPA, were 0.85% and 0.37 percent, respectively, as of March 31, 2024, compared to 0.94 and 0.34 percent, on the same date in 2023.

As of the close on April 25, Bajaj Finance’s share price has gained about 20 percent over the last year, underperforming the benchmark Sensex, which has gained about 24 percent in the same period.

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Motilal Oswal downgrades Bajaj Finance stock

Despite a strong PAT CAGR of almost 25% over FY24-FY26E and a respectable RoA (return on assets) and RoE (return on equity) of 4.3% and 22%, respectively, in FY26E, brokerage firm Motilal Oswal Financial Services downgraded Bajaj Finance stock to a “neutral” after the Q4 results, pegging a target price of ₹7,800.

“Management’s guidance for FY25 is below its long-term guidance on multiple metrics such as AUM growth, credit costs, RoA, and RoE,” Motilal Oswal stated.

“Up until now, the secular growth segments have been Bajaj Finance’s main product categories. Though it has a well-diversified product mix, its entry into several more recent items, including vehicles, tractors, CVs, and even MFI, could (in the future) render its growth subject to cyclicality, according to the brokerage firm.

But Kotak Institutional Equities, which has a target price of ₹7,800, has stuck with its ‘add’ call on the company.

The brokerage firm stated that Bajaj Finance’s Q4FY24 earnings were consistent with the company’s strong 34% loan growth at the end of the year, despite a low base and NIM compression.

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“The normalization in business matrices (growth in the mid-20s, NIM compression due to rising rates and shifting business mix, a reversion in credit costs albeit improving operating leverage) will put near-term pressure and drive earnings cuts, even as overall performance remains healthy,” stated Kotak.

Is the Indian stock market open or closed in the Celebration of Gudi Padwa 2024 today?

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Indian stock market: Two trade holidays are scheduled for April 2024, according to the list of stock market holidays for this month.

Stock market holiday: Given that today, April 9, 2024, is Gudi Padwa 2024, which is celebrated nationwide, investors in the Indian stock market may be unclear as to whether or not there will be any action on the NSE and BSE today. Investors and observers in the stock market are recommended to review the complete list of Indian stock market holidays in 2024 to find out the official response to this query.

Today share market open or closed?

According to the list of stock market holidays in 2024, which is available on the BSE website, the Indian stock market will remain open on Tuesday i.e. on Gudi Padwa 2024. This means trading activities at the BSE and NSE will take place as usual. 

The immediate stock market holiday is set for April 11, 2024, according to the calendar of stock market holidays for the current year. Two stock market holidays are scheduled for April 2024: April 11 and April 17. This information is based on the stock market holidays list for 2024.

Indian stock market: Over the weekend, 7 significant factors affected the market: the Gift Nifty, US nonfarm payrolls, and oil prices.

Stock market holidays in April 2024

On 11th April 2024, trading activities on NSE and BSE will remain suspended for Ramadan Eid or Eid-Ul-Fitr whereas on 17th April 2024, the Indian stock market will remain closed for the Ram Navami festival. After Ram Navmi 2024, there will be no stock market holidays falling in April 2024. 

There used to be just one stock market holiday in May 2024, which fell on May 1st in honor of Maharashtra Day. However, an additional stock market holiday has been scheduled for May 20, 2024, due to the Lok Sabha election. Thus, May will see two stock market holidays.

There is only one stock market holiday in June and July. The Indian stock market will be closed on the seventeenth of the month in June 2024 in observance of Bakdi Eid, while the NSE and BSE will be closed on the seventeenth of the month in July 2024 in observance of Muharram.

Stock market today

Among frontline Indian indices, the Nifty 50 index on Monday touched a new lifetime high of 22,697 mark. The BSE Sensex also climbed to a new peak of 74,869 during Monday deals. In the broad market, the small-cap index climbed to an intraday high of 46,410 level and came close to its lifetime high of 46,821 but the mid-cap index finished 0.26 percent higher after hitting a new high of 41,113 on Monday.

Indian stock market: Over the weekend, 7 significant factors affected the market: the Gift Nifty, US nonfarm payrolls, and oil prices.

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Indian stock market: The Gift Nifty was trading at a premium of more than 40 points from the previous closing of the Nifty futures, at 22,650, suggesting that the Indian stock market indices are off to a good start.

Indian stock market On Monday, the local equities market is anticipated to start higher, reflecting advances in its international counterparts due to optimistic sentiment.

Following a stunning jobs report on Friday, the US stock market surged while Asian markets mainly saw gains.

This week’s main macroeconomic and corporate data releases will determine the direction of the market.

The first set of corporate results for the fourth quarter of FY24 (Q4FY24), inflation data from India and the US, minutes from US Federal Reserve meetings, policy meetings of the European Central Bank (ECB), corporate announcements, crude oil prices, outflows of foreign capital, and other global cues are some of the factors that set off the stock market.

On Friday, the domestic equity indices ended flat after the Reserve Bank of India (RBI) announced its monetary policy in line with expectations. The central bank kept the key policy repo rate unchanged at 6.5% and maintained its policy stance as ‘withdrawal of accommodation’.

The Sensex rose 20.59 points, or 0.03%, to close at 74,248.22, while the Nifty 50 settled flat at 22,513.70.

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“For the previous week, the local markets saw increases as they continued to get solid support from macroeconomic data in the form of PMI figures. It is anticipated that the profits season will increase satisfactorily at this point as well. The RBI supported the growth predictions in its policy by providing optimistic estimates for FY25. According to Joseph Thomas, Head of Research at Emkay Wealth Management, “the domestic news flow is fairly supportive of the market sentiments; the volatility may be largely induced by global developments, specifically expectations around the timing of the US Fed rate action.” Indian stock market news tomorrow.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mixed on Monday ahead of key economic data from the region. Japan’s Nikkei 225 rallied 1.01%, while the Topix gained 0.77%. South Korea’s Kospi fell 0.17% and the Kosdaq declined 0.76%. Hong Kong’s Hang Seng index futures indicated a stronger opening.

Gift Nifty Today

Gift Nifty was trading around the 22,650 level, a premium of over 40 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

Wall Street

US stock market indices ended higher on Friday after a strong jobs report.

The Dow Jones Industrial Average gained 307.06 points, or 0.80%, to 38,904.04, while the S&P 500 rallied 57.13 points, or 1.11%, to 5,204.34. The Nasdaq Composite ended 199.44 points, or 1.24%, higher at 16,248.52.

For the week, the Dow fell 2.3%, the S&P 500 dropped 1% and the Nasdaq declined 0.8%.

Also Read: Wall Street week ahead: Investors eye inflation data, Fed minutes after strong March jobs report

US Nonfarm Payrolls 

US employers hired far more workers than expected in March while raising wages. As per Labor Department’s employment report, US nonfarm payrolls increased by 303,000 jobs last month. Economists polled by Reuters had forecast 200,000 jobs, with estimates ranging from 150,000 to 250,000.

US Unemployment Rate

The US unemployment rate fell to 3.8% last month from 3.9% in February, remaining below 4% for 26 straight months, the longest such stretch since the late 1960s. According to the Labor Department data, Average hourly earnings rose 0.3% in March after gaining 0.2% in the prior month, while wages increased 4.1% on a year-on-year basis, the smallest gain since June 2021, after advancing 4.3% in February.

Oil Prices

Crude oil prices declined over 1% in early Asian trade on Monday as tensions in the Middle East eased.

Brent crude futures fell 1.79% to $89.54 a barrel, while US West Texas Intermediate crude dropped 1.78% to $85.36 a barrel.

US Treasury Yields

US treasury yields and the dollar rose on Friday after a blowout US jobs report suggested the Federal Reserve may delay cutting interest rates while it awaits further inflation data, Reuters reported. The yield on benchmark 10-year Treasury notes rose to 4.422%. The dollar index, a measure of the US currency against six major peers, edged up 0.11% to 104.41.

In Conclusion

Numerous factors contributed to the notable volatility in the Indian stock market over the weekend. Gift Nifty launch, US nonfarm payrolls, and oil prices all had a significant impact on how investors felt and how the markets moved. The aforementioned advancements highlight the interdependence of worldwide economic phenomena and their significant influence on the financial markets of India. Choosing to make investments with caution and knowledge becomes more crucial as investors work their way through the complexity of these outside forces. Although market volatility can pose difficulties, it also presents shrewd investors with the chance to profit from new trends and tactical openings.

Remaining alert, adaptable, and educated is crucial in the constantly changing Indian stock market to successfully navigate choppy waters and make long-term investments.

Nifty 50, Sensex hit fresh all-time high; why is Indian stock market gaining today?- Explained

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Today’s stock market: The Sensex and Nifty 50, Indian stock market indices, reached new all-time highs in intraday trading on Tuesday.

Today’s stock market: Indian stock market benchmarks the Sensex and Nifty 50 set new all-time highs in intraday trade on Monday, April 1, with widespread purchasing despite mixed global cues.

The Sensex began at 73,968.62, up 0.82 percent from the previous close of 73,651.35, and reached a new all-time high of 74,254.62 inside the first two hours of trading.

The Nifty 50 began at 22,455 against the previous finish of 22,326.90, rising 0.90 percent to a new record high of 22,529.95 in the morning session.

Mid and small-cap groups experienced significantly greater improvements. In the morning trading session, the BSE Midcap index surged by more than 1%, while the Smallcap index increased by more than 2%.

The market capitalization of BSE-listed corporations increased to over ₹392 lakh crore from around ₹387 lakh crore in previous session.

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Why is the Indian stock market gaining today?

According to experts, the market has a favorable undercurrent due to India’s excellent economic prospects. Furthermore, the anticipation of rate decreases in the future months is supporting market mood. Investors are buying Indian equities following the recent correction, as they remain optimistic about the Indian stock market in the medium to long term.

V K Vijayakumar, Chief Investment Strategist of Geojit Financial Services, stated that the market has a bullish undertone and is gaining speed.

“The market has been showing signs of consolidation but the spurt in Nifty by 322 points on the last 2two trading days indicates that the upward momentum can be sustained,” Vijayakumar, the market analyst, said.

Vijayakumar stated that several mutual funds have begun restricting redemptions from smallcap schemes due to worries about frothy valuations in this segment, which could result in increased flows of funds into largecaps. This would lift the huge caps.

According to brokerage firm ICICI Direct, the Nifty 50 may continue to trade on a positive bias, with immediate support near 22,000.

The brokerage firm anticipates the index to continue its northward trek and gradually approach 22,700 in the next weeks.

“Empirically, in General Election year, the index has a tendency to bottom out in the first quarter of the calendar year, followed by a rally (minimum 14 per cent rally from lows) towards the General Election outcome in each of seven instances over past three decades,” ICICI Director said in a statement.

“In the current context, we expect the index to continue the same rhythm because it already went through a corrective phase in the first quarter and built a stronger base. As a result, the election outcome laid the foundation for the second leg of a bull surge to 23,400. In the process, 21,900 would serve as immediate support, which we intend to maintain,” the brokerage business stated.

The Sensex and Nifty 50 both saw remarkable gains of 29% and 25%, respectively, in the previous fiscal year (FY24). Experts believe that these indexes will continue to expand strongly in the coming fiscal year, despite persistent obstacles.

“Considering the consistent earnings growth and an easing interest rate environment, the Nifty 50 may deliver a healthy double-digit return in the low to mid-teens,” Naveen Kulkarni, Chief Investment Officer at Axis Securities PMS, told Mint.

Niraj Kumar, Chief Investment Officer at Future Generali India Life Insurance Company expects FY25 to be driven by sustained corporate earnings growth, policy continuity and a favourable geopolitical landscape and any disappointment on these fronts may have negative ramifications on the market.

With inputs from Livemint!

Today’s stock market: An explanation of the 13% increase in SpiceJet’s share price!

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Today's stock market

Today’s stock market: SpiceJet share price today opened upside and went on to touch an intraday high of ₹71.90 apiece on NSE

Stock market today: Amid the bull trend in the Indian stock market, SpiceJet shares witnessed strong buying interest during Friday deals. SpiceJet share price today opened upside and went on to touch an intraday high of ₹71.90 apiece, logging around 13 percent intraday rise against its Thursday close of ₹63.63 apiece on NSE. While climbing to the intraday high, the aviation company’s stock came close to its existing 52-week high of ₹77.50 that it had achieved on 5th February 2024.

According to stock market experts, the DGCA (Directorate General of Civil Aviation) has released the January 2024 data in which it has reported that the low-cost carrier has managed to hold on to its market share in January 2024. 

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The DGCA data shows that SpiceJet has managed to hold on to its market share at 5.6 percent in January 2024. The DGCA data also reported that passenger traffic surged by 4.7 percent in January 2024.

DGCA data in focus

Speaking on the reason for the rise in SpiceJet shares, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “The aviation stock is rising after the release of DGCA January data. In this data, SpiceJet has been reported holding on to its market share of 5.6 percent and the market is expecting benefits for the listing aviation company after DGCA reports a 4.7 percent rise in the number of flight passengers in January 2024.”

Gorakshkar said that the trigger is for the short term, and profit-booking on higher levels may trigger if there is no rebound after the current retracement from intraday’s high.

SpiceJet share price target

On the outlook of SpiceJet shares, Sumeet Bagadia, Executive Director at Choice Broking said, “SpiceJet shares are currently trading in the ₹60 to ₹75 per share range. the aviation stock may become highly bullish on breaching the upper hurdle of the current range whereas it may go further down if it breaches the lower support of its current range. So, a bullish or bearish trend can be assumed on the breakage of either side of the current range. SpiceJet shareholders are advised to hold the scrip maintaining stop loss below ₹60.”

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This Article Was Originally Published On livemint.com!

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