Courtesy: NSE

Courtesy: BSE

Courtesy: NSE

Aadhar Housing Finance made a muted listing on the bourses on May 15. The company’s shares were listed at Rs 315 on the National Stock Exchange. 

In the grey market, Aadhar Housing’s stocks were fetching a premium of 15% to the issue price. The grey market is an unofficial market where shares change hands in an illegal way before listing. 

The NSE Nifty 50 was down 7.25 points or 0.03% at 22,210.60, while 72.20 points or 0.10% at 73,032.41.

UBS has chosen to uphold its Neutral rating on Bharti Airtel, maintaining a target price of Rs 1,310. In its assessment of Bharti Airtel’s performance during Q4FY24, the report emphasized that while there was a positive surprise in net additions, the growth in Average Revenue Per User (ARPU) remained subdued.

The earnings shortfall for the quarter was primarily attributed to weaknesses observed in the Africa segment. Conversely, the performance of the India business aligned closely with earlier estimates.

This nuanced analysis suggests that while there are positive aspects such as the increase in net additions, the subdued ARPU growth and the challenges faced by the Africa segment warrant a cautious approach.

Shares of Bharti Airtel surged by over 2% in early trading on Wednesday as the telecom company’s quarter 4 numbers met analyst estimates. The stock rallied by 2.23% to reach an intraday high of Rs 1,313 per share on the NSE.

“We believe that the affordable low income housing segment is poised for continued growth driven government initiatives such as housing for all and infrastructure status for affordable housing. While looking at the financials, the ask valuations were reasonably priced when compared to its industry peers. Given Aadhar growing Gross AUM and Net Worth, coupled with a stable average ticket size of loans, indicate sound financial health and potential for further expansion. Additionally, its increasing penetration into tier 4 and tier 5 towns suggests promising growth prospects in the longer term. Hence, considering long term optimistic sector outlook, we are recommending allotted investors to “Hold” for long term perspective,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.

“The Bank Nifty witnessed a consolidated move throughout the session but failed to close above the resistance of 48000. To sustain the upward momentum, the index needs to decisively surpass this mark, targeting the 48500 level. On the downside, support is situated at the 47500-47400 zone, presenting an ideal opportunity to initiate long positions in case of a dip towards this level.,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

Motilal Oswal reiterates a Neutral rating for UPL with a target price of Rs 560. This valuation is based on 12x FY26 EPS, representing a ~25% discount to its five-year average and a one-year forward P/E of 16x.

The report on UPL highlights anticipated challenges for the global agrochemical industry in the first half of FY25. The firm cites the liquidation of high-cost inventory, which will result in lower margins.

Motilal oswal also adds the stabilization of agrochemical prices at lower levels as key factors. However, they expect a recovery in overall demand and pricing in the second half of FY25. Despite these short-term challenges, cash flow generation and debt repayments remain critical areas to monitor.

Motilal Oswal has raised its FY25 EPS estimate by 21%, reflecting a better-than-expected performance in the fourth quarter and an improving operating scenario in FY25, while maintaining the FY26 EPS estimate.

“A clear change in the market direction will happen when clarity emerges on the election results in India. A high probability is DIIs, HNIs and retail investors buying aggressively if the election results are favourable from the market perspective. Such aggressive buying can put the FIIs on the back foot. FIIs-heavy largecaps will continue to be weak and this will be an opportunity for investors to accumulate them,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The bulls propelled the index higher following a positive trading session. However, the index closed just below the lower band of the rising channel. The Nifty managed to close above the crucial level of 22,200; nonetheless, it needs to return within the channel to sustain momentum in the upcoming days. In the near term, a decisive move above 22,250 could propel the index towards the higher level of 22,600 in the short term. Conversely, a failure to maintain levels above 22,200 might trigger selling pressure in the market.

Cipla, NTPC, Bharti Airtel, Coal India, and Hindalco are the top gainers on NSE nifty 50 ndex whereas top laggards include HDFC Bank, Eicher Motors, HDFC Life Insurance, JSW Steel, and Shriram Transport Finance.

The NSE Nifty 50 opens up by 0.17% at 22,255.60, while the BSE Sensex gains 0.13% to 73,200.23 in the opening trade.

“Nifty has now entered into the most crucial resistance zone of 22200-300. The probability of a sell-off cannot be ruled out. However, the support base has moved higher to 22100 hinting at a limited downside. On the upside, a decisive close above 22300 will set the tone for the anticipated trending move towards 22750-800. Look for buying opportunities on dips to 22070-22100 area with a SL of 21950. In case there is no dip, buy only on an intraday move above 22340 with a SL of 22200 for a target of 22600/22750. Avoid directional trades within 22200-300 band,” said BlinkX & JM Financial in a pre-opening comment.

The NSE has added Balrampur Chini Mills, Birlasoft, Canara Bank, GMR Infra, Hindustan Copper, Vodafone Idea, Piramal Enterprises, Sail, and Zee Entertainment Enterprise in F&O on May 15, 2024.

Foreign institutional investors (FII) offloaded shares worth net Rs 4,065.52 crore, while domestic institutional investors (DII) mopped shares worth net Rs 3,527.86 crore on May 14, 2024, according to the provisional data available on the NSE.

US is 26% of world GDP and 65% of market cap. It also reflects US companies’ share in global GDP. Indian companies can take larger share of world GDP and attract global capital while nurturing Indian savers. That will enable our market cap being larger than our GDP sustainably.

On Wednesday morning, WTI crude prices were trading at $78.44, up 0.54%, while Brent crude prices were trading at $82.74, up 0.44%.

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down 0.16% to 105.03.

MSCI’s gauge of global stocks was set for a record high close on Tuesday, while the U.S. dollar edged lower as investors digested U.S. producer prices data and comments from Federal Reserve Chair Jerome Powell, Reuters reported. The tech-heavy Nasdaq Composite rose by 122.94 points, or 0.75%, to 16,511.18. The S&P 500 increased by 25.26 points, or 0.48%, to 5,246.68, while the Dow Jones Industrial Average gained 126.60 points, or 0.32%, to 39,558.11.