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Business Standard
a day ago
- Business
- Business Standard
Sensex dips 182 pts, Nifty settles at 24,750 ahead of domestic GDP data
The domestic equity benchmarks ended with minor losses today as traders turned cautious ahead of the release of the domestic GDP data. The Nifty settled near the 24,750 mark. PSU bank and media shares advanced while metal, IT and auto shares declined. As per provisional closing data, the barometer index, the S&P BSE Sensex, declined 182.01 points or 0.22% to 81,451.01. The Nifty 50 index shed 82.90 points or 0.33% to 24,750.70. In the broader market, the S&P BSE Mid-Cap index fell 0.39% and the S&P BSE Small-Cap index added 0.17%. The market breadth was negative. On the BSE, 1,822 shares rose and 2,169 shares fell. A total of 128 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.08% to 16.08. IPO Update: The initial public offer (IPO) of Scoda Tubes received bids for 53,05,29,300 shares as against 1,18,46,169 shares on offer, according to stock exchange data at 15:20 IST on Friday (30 May 2025). The issue was subscribed 44.78 times. The issue opened for bidding on Wednesday (28 May 2025) and it will close on Friday (30 May 2025). The price band of the IPO is fixed between Rs 130 and 140 per share. An investor can bid for a minimum of 100 equity shares and in multiples thereof. Buzzing Index: The Nifty Metal index declined 1.69% to 9,193.25. The index slipped 1.28% in previous consecutive trading session. Jindal Stainless (down 3.87%), Vedanta (down 3.53%), Hindalco Industries (down 2.56%), Jindal Steel & Power (down 2.47%), National Aluminium Company (down 1.82%), NMDC (down 1.65%), Hindustan Copper (down 1.49%), Lloyds Metals & Energy (down 1.43%), Tata Steel (down 1.42%) and Hindustan Zinc (down 1.39%) tanked. Stocks in Spotlight: Bajaj Auto tanked 3.10%. The company's standalone net profit rose 6% to Rs 2,049 crore, while revenue from operations increased 6% to Rs 12,148 crore in Q4 March 2025 over Q4 March 2024. Welspun Living tumbled 10.04% after the company reported a 9.71% decrease in consolidated net profit of Rs 131.82 crore in Q4 FY25 as against Rs 146 crore in Q4 FY24. Revenue rose by 2.74% year-over-year to Rs 2,645.90 crore during the period under review. NBCC (India) soared 5.92% after the company reported a 29.27% increase in consolidated net profit of Rs 175.92 crore in Q4 FY25 as against Rs 136.08 crore in Q4 FY24. Revenue from operations rose 16.17% year on year (YoY) to Rs 4,642.55 crore in the quarter ended 31 March 2025. SJVN dropped 5.54% after the company reported consolidated net loss of Rs 127.60 crore in Q4 FY25 as against net profit of Rs 61.08 crore posted in Q4 FY24. However, revenue from operations rose by 4.45% year-over-year to Rs 504.40 crore during the period under review. Samhi Hotels rose 0.55%. The company reported a 305.93% surge in consolidated net profit to Rs 45.87 crore, while revenue from operations rose 14.2% to Rs 318.81 crore in Q4 March 2025 over Q4 March 2024. Ola Electric Mobility declined 5.11% after the companys consolidated net loss widened to Rs 870 crore in Q4 FY25, compared with a net loss of Rs 416 crore in Q4 FY24. Revenue from operations tumbled 61.8% YoY to Rs 611 crore in Q4 FY25. Landmark Cars fell5.16% to Rs 455.95 after the companys consolidated net profit declined 86.6% YoY to Rs 1.42 crore despite a 26.3% jump in revenue from operations to Rs 1,091.22 crore in Q4 FY25 over Q4 FY24. Sobha jumped 3.00% after the companys consolidated net profit surged 481.2% to Rs 40.86 crore on 62.6% increase in revenue from operations to Rs 1,240.62 crore in Q4 FY25 over Q4 FY24. Suzlon Energy surged 9.05% after the companys consolidated net profit surged 365.2% to Rs 1,182.22 crore on 73.2% jump in revenue from operations to Rs 3,773.54 crore in Q4 FY25 over Q4 FY24. KNR Constructions declined 4.37% after the company's consolidated net profit tumbled 60.58% to Rs 139.24 crore on 31.03% decline in revenue from operations Q4 FY25 over Q4 FY24. Gujarat Pipavav Port surged 5.91% after the companys consolidated net profit jumped 70.68% to Rs 112.36 crore on 0.19% marginally rise in revenue from operations to Rs 251.77 crore in Q4 FY25 over Q4 FY24. Global Markets: European shares traded higher on Friday, shrugging off concerns over the re-imposition of U.S. tariffs by U.S. courts. Asian shares tumbled lower as investor sentiment remained cautious amid signs of a slowing U.S. economy, persistent inflation concerns, and uncertainty surrounding recent judicial developments linked to U.S. President Donald Trumps tariff policies. On Wednesday, the U.S. Court of International Trade ruled that Trump had exceeded his authority in imposing the so-called reciprocal tariffs and ordered them to be vacated. In response, the Trump administration filed an appeal, and by Thursday afternoon, an appellate court reinstated the levies. The administration indicated it may approach the Supreme Court as early as Friday to pause the lower courts decision. Australia's retail sales unexpectedly declined by 0.1% in April, snapping a three-month growth streak, driven by a drop in clothing purchases, as per data released by the Australian Bureau of Statistics. The decline follows a 0.3% growth in March, adding to expectations of potential rate cuts by the Reserve Bank of Australia. On a year-over-year basis, retail sales rose 3.8% in April, amounting to A$37.2 billion ($23.9 billion), slower than the 4.3% increase recorded in March. In regional economic data, Japans core consumer price index, excluding fresh food, rose 3.6% year-on-year in May, slightly higher than Aprils 3.4%, according to the Statistics Bureau. The countrys unemployment rate remained unchanged at 2.5% in April. South Korea reported a 0.9% decline in industrial production for April on a seasonally adjusted basis, following a 2.9% increase in March, according to data released by Statistics Korea. Despite the uncertainty, U.S. markets closed slightly higher overnight. The S&P 500 rose 0.4%, the Nasdaq Composite added 0.39%, and the Dow Jones Industrial Average gained 0.28%. However, gains were limited by investor caution surrounding the ongoing legal proceedings related to the tariffs.
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Business Standard
a day ago
- Business
- Business Standard
Nifty PSU Bank index surges 3%; SBI, IOB, Canara, Union Bank rally up to 4%
Public Sector Banks price movement today Shares of public sector banks (PSBs) were in focus, with frontline stocks gaining up to 4 per cent on the National Stock Exchange (NSE) in Friday's intra-day trade in an otherwise subdued market. State Bank of India (SBI), Indian Bank, Indian Overseas Bank (IOB), Bank of Maharashtra, Union Bank of India, Uco Bank, Punjab & Sind Bank, Central Bank of India, Canara Bank, Bank of Baroda and Punjab National Bank were up in the range of 2 per cent to 4 per cent. At 01:37 PM; Nifty PSU Bank index, the top gainer among financial indices, was up 2.8 per cent, as compared to 0.25 per cent decline in Nifty 50. Nifty Financial Services and Nifty Private Bank were down 0.09 per cent and 0.22 per cent, respectively, while Nifty Bank was up 0.22 per cent. What's driving the rally in PSU Banks? According to a Times of India report, India's public sector banks have spearheaded a remarkable turnaround, driving the banking sector to record profits of ₹3.71 trillion. Fueled by increased lending income and reduced nonperforming assets (NPAs), PSU Banks saw a 26 per cent profit surge, nearing private bank's earnings. Meanwhile, according to analysts at YES Securities, PSU banks are relatively better placed to handle margin. The coverage PSU banks viz. SBI, BOB and India Bank will need a relatively smaller reduction in deposit rates compared with large cap private sector banks. The brokerage firm's exhaustive analysis reveals that the Q4FY26 net interest margin for SBI, BOB and Indian Bank would be 2, 13 and 22 bps lower than Q4FY25 levels if no further deposit rate cuts are effected. The primary aspect that protects the select PSU banks is their high share of MCLR, which ranges between 52-60 per cent. Some private sector banks have cut 1-year MCLR by 5-25 bps over Feb-May 2025, which is a smaller quantum compared with the 50 bps repo rate cut effected over this period. Secondly, this MCLR reduction will flow through MCLR (Marginal Cost of Funds based Lending Rate) book only over a period of time. Thirdly, coverage PSU banks are yet to cut 1-year MCLR during this period. MCLR is a discretionary metric although, on paper, it is said to be formulaic. The tenor premium allows management to exert material discretion over MCLR. Going forward, stable private sector banks will have limited room to cut SA rates unless PSU banks make a move first, the brokerage firm said in banking sector report. The Reserve Bank of India (RBI) has cut rates by 25 bps each in February and April 2025 and is expected to deliver 25 bps cuts each in June and August 2025. Ample banking system liquidity and subdued credit demand are expected to drive a sharp decline in deposit rates along with reduction in rates on EBLR loans. Banks with a strong deposit franchise and faster balance sheet growth will be better positioned to pass on rate cuts effectively, according to SBI Capital Markets. Furthermore, the anticipated relaxation of the Liquidity Coverage Ratio (LCR) norms, combined with currently elevated LCR buffers, could allow banks to reduce their excess liquidity by up to 6pp - unlocking additional capacity for credit expansion. Supported by trading gains, robust fee income, and historically low NPAs, banks are well-placed to sustain record profits in FY26, the brokerage firm said Indian Banking sector report. Overall, asset quality outlook is stable to positive for the sector, except for the unsecured retail loans and microfinance institution (MFI) segment. The brokerage firm Mirae Asset Sharekhan believes banks with a robust capital base, strong asset quality, and healthy retail deposit franchises are well-placed to capture growth opportunities. However, according to Motilal Oswal Financial Services, the latest channel check reaffirms its view that the systemic credit growth will sustain at 11-12 per cent YoY for FY26E (similar to FY25 levels) with lenders prioritizing asset quality amid tighter underwriting and higher risk aversion. Retail disbursals are flowing selectively into high-score, well-documented profiles, while unsecured and surrogate loans are facing elevated scrutiny. Corporate lending is being driven by demand for working capital and policy-linked sectors, even as borrowers increasingly favor low leverage and higher reliance on internal funding. The brokerage firm thus estimates corporate loan growth to remain modest during FY26E as well. PSU banks continue to lose ground due to tech and turnaround time (TAT) challenges, while private players leverage better execution and commission dynamics to win market share.
Mint
a day ago
- Business
- Mint
Sensex today falls 180 points, Nifty 50 slips below 24,800 in range-bound trade; metal stocks bleed
Stock market today: The Indian stock market finished the last trading session of May in the red, as a sharp sell-off in technology, auto, and metal stocks dragged the indices lower after a brief rebound in the previous session. PSU stocks offered little support to the market, which wasn't enough to lift the indices higher. Eventually, the Nifty 50 ended with a cut of 79.90 points, or 0.32%, slipping back below the 24,800 mark to close at 24,753 points, while the Sensex skidded 182 points, or 0.22%, to settle at 81,450 points. The broader markets, however, managed to end the session with mild losses, indicating that market breadth still favored the bulls. The Nifty Midcap 100 closed the session with a drop of 0.08%, and the Nifty Smallcap 100 ended with a marginal cut of 0.07%. Despite lackluster activity in the Nifty 50 and Sensex during much of the second half of May, both indices managed to end the month with gains of over 1.5%, extending their winning streak to a third consecutive month. While large caps concluded the month with decent gains, mid- and small-cap indices continued to outperform as the Nifty Midcap 100 rose 6%, while the Nifty Smallcap 100 rallied even higher by 8%. Markets have been moving in a tight range amid a lack of fresh triggers, and the resurfacing of global trade tensions has also prompted investors to stay on the sidelines. The inconsistency in overseas investor inflows has also been weighing on overall market movement. Meanwhile, India's GDP growth data for March is due later today, and the latest U.S. PCE data—also scheduled for release—could offer further clarity on the Federal Reserve's rate-cut trajectory, which remains uncertain amid sticky inflation and slowing growth.
India Today
a day ago
- Business
- India Today
Mazagon Dock shares snap winning streak, tumble 8%. Here's why
Shares of Mazagon Dock Shipbuilders tumbled 8% in early trade on Friday, May 30, snapping a six-day winning streak after the defence PSU reported a sharp drop in March quarter stock fell to an intraday low of Rs 3,450, retracing from Thursday's close of Rs 3,749. Around 10:07 am, shares of the company were trading 4.75% lower at Rs 3, Mumbai-based shipbuilder, which constructs warships and submarines for the Indian Navy, reported a 51% year-on-year decline in consolidated net profit for Q4 FY25. Net profit came in at Rs 325.3 crore, down from Rs 663 crore in the same period last year. Revenue showed a marginal uptick, rising 2.3% to Rs 3,174.4 crore from Rs 3,103.7 crore a year ago. However, the biggest disappointment was on the operational front. EBITDA plunged 83% to Rs 90 crore in the March quarter, compared to Rs 524 crore in the corresponding quarter of earnings miss triggered a sharp reaction in the stock, which had been on a strong run. Over the past year, Mazagon Dock shares have surged 123%, while the two-year and three-year gains stand at 868% and 2,497%, of the previous trading session, the company's market capitalisation stood at Rs 1.51 lakh crore. Around 2.99 lakh shares changed hands on the BSE on Thursday, generating a turnover of Rs 111.18 company also proposed a final dividend of Rs 2.71 per share, pending shareholder approval at the upcoming Annual General Meeting. This follows an interim dividend of Rs 11.595 per share (adjusted from Rs 23.19 due to a stock split) and a second interim dividend of Rs 3.00 per share paid earlier in the Dock Shipbuilders Ltd, under the Ministry of Defence, is a critical player in India's shipbuilding ecosystem, catering to both defence and commercial clients. While long-term fundamentals remain tied to defence contracts, the latest results underscore the earnings volatility that can weigh on even high-performing PSUs.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
Mint
2 days ago
- Business
- Mint
MarketSmith India's best stock recommendations for today, 30 May
On Thursday, the Nifty 50 rose 0.33%, closing at 24,833, supported by positive global cues, an improved monsoon forecast, and optimism around strong Q4 GDP growth data. Sectoral performance was mixed, with notable strength seen in construction, metals, pharma, and IT stocks. However, PSU banks, consumer goods, financial services, and the Nifty Bank witnessed selling pressure. Looking ahead, the index maintains a positive outlook, supported by favourable domestic macroeconomic indicators and sustained institutional interest. A decisive move above 25,000–25,200 could pave the way for further upside in the near term. Two stock recommendations for today, 30 May, by MarketSmith India: Motilal Oswal Financial Services Ltd (current price: 809.95) Why it's recommended: Diverse business model and reputation for quality research Key metrics: P/E: 18.83 | 52-week high: ₹1,064.00 | Volume: ₹308.39 crore Technical analysis: Reclaimed 200-DMA Risk factors: Regulatory and legal risks, reputation, and ethical risks Buy at: ₹809.95 Target price: ₹950 in three months Stop loss: ₹760 Also Read: Amrit Bharat boost: Stocks to benefit from station modernisation DCB Bank Ltd (current price: ₹ 145.50) Why it's recommended: Focused retail and SME lending strategy, granular, and secured loan book Key metrics: P/E: 7.31 | 52-week high: ₹164 | Volume: ₹44.15 crore Technical analysis: Cup-with-handle breakout Risk factors: Moderate scale and limited market presence, vulnerability to sme credit cycles Buy at: ₹145.50 Target price: ₹163 in three months Stop loss: ₹137 Nifty 50: How the benchmark index performed on 29 May The Nifty 50 opened on a positive note at 24,825 and touched an intraday high of 24,889 in early trade. However, the index soon lost momentum and slipped to the day's low of 24,677. Despite the mid-session weakness, late buying interest—aided by monthly F&O expiry dynamics—helped the index reverse its losses and closed 81 points higher. Notably, it retested its 21-day moving average (21-DMA) and witnessed a sharp rebound. On the sectoral front, all major indices closed in the green, except PSU Banks and FMCG, which remained under pressure. The advance-decline ratio closed near 1:1, indicating broad-based market indecision. The index continues to trade above all its key moving averages and consolidate within a defined range of 24,500–25,100 over the past couple of weeks. Momentum indicators reflect indecision, with the RSI oscillating in a range-bound zone, suggesting a lack of directional strength. Meanwhile, the daily MACD has formed a negative crossover, indicating potential bearish momentum, though it remains above the central (zero) line, which offers a mildly positive undertone. According to O'Neil's methodology of market direction, the Nifty50 transitioned from a "Rally Attempt" to a 'Confirmed Uptrend". The index is currently encountering strong resistance in 25,000–25,200, which aligns with a previously established supply zone. Recent price action suggests that a decisive breakout and sustained move above this resistance band is critical to reaffirm the bullish trend. In the absence of such a breakout, it is expected to remain range-bound and volatile in the near term. On the downside, key support levels are identified between 24,650 and 24,450, which could act as a cushion against further declines. How did the Nifty Bank perform yesterday? On Thursday, the Nifty Bank opened on a positive note but predominantly exhibited a sideways trading pattern, spending most of the session in negative territory. However, the final hour witnessed a recovery, allowing the index to close in the green, forming a bullish candle. Despite this late rally, the Nifty Bank remains in a consolidation phase and has yet to decisively break out. It opened at 55,571.40, oscillated between a high of 55,782.75 and a low of 55,096.45, and finally settled at 55,546.05. Also Read: Four stocks to watch as India's space economy eyes $44 billion by 2033 Technically, the index remains above all its key moving averages and near its all-time highs, despite the current sideways movement. However, momentum indicators suggest a pause in bullish sentiment, with the relative strength index (RSI) at 60 and the MACD showing a negative crossover. According to O'Neil's methodology of market direction, the Nifty Bank transitioned from an "Uptrend Under Pressure" to a 'Confirmed Uptrend." The Nifty Bank is currently trading within a sideways range, with a decisive breakout above 56,000 serving as a critical indicator for the continuation of its bullish momentum. A sustained move and close above this level would likely signal the commencement of a new upward trend. In the absence of such a breakout, the index is expected to remain in its consolidation phase. Should the breakout materialise, the Nifty Bank could target near-term gains in 57,500–58,800. On the downside, immediate support levels are observed around 55,000, with a secondary support near 54,500. Also Read: This luggage leader is staging a turnaround. But can it overcome its baggage? MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. Trade name: William O'Neil India Pvt. Ltd. (Sebi Registered Research Analyst Registration No.: INH000015543) Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
