Bulls ride on metal stocks

Nifty50: 17,722 ▲ 98 (+0.5%)
Sensex: 60,157 ▲ 311 (+0.5%)

Hello readers,

Move over all you big doggos, the Guinness World Records has crowned a new record-holder for the world's shortest-living dog! Meet Pearl, the pint-sized Chihuahua who measures a mere 9.14 cm in height and 12.7 cm in length. That's smaller than a popsicle, tinier than a TV remote, and just about the same length as a dollar note!

And that’s not all. Two-year-old Pearl's a bit of a diva who loves to dress up nice and eat high-quality food like chicken and salmon! Speaking of records, the market continued its rally for the seventh consecutive session. Let’s take a closer look.

• Markets close in green, supported by Metal and PSU Bank stocks.
• Out of the Nifty50 stocks, 38 stocks closed in green.
• China’s consumer inflation rose 0.7% in March.

Among the Nifty sectoral indices, Metal (+1.7%) and PSU Bank (+1.6%) were the top gainers, while IT (-1.2%) were the top losers.

What’s trending

⭐ JSW Steel logs higher steel production

The steelmaker (+3.8%) produced a record 6.5 million tonnes of crude steel in Q4 FY23, an increase of 13% YoY. Consolidated crude steel production for FY23 was at 24.1 million tonnes, up 24% YoY, driven by improved capacity utilisation at the Indian operations. 

⭐ IRB Infra gains on strong toll collection

The infrastructure company (3.0%) reported a 21% YoY increase in gross toll collection to ₹369 crore in March 2023. The highest toll collection was recorded by IRB MP Expressway, which collected over ₹121 crore. 

⭐ Neogen Chemicals announces new partnership

Shares of Neogen Chemicals soared over 14% today after the company announced its partnership with Japan's MU Ionic Solutions. As per agreement, Neogen will obtain a manufacturing technology licence for electrolytes in India. This move will enable the company to capitalise on the growing demand for lithium-ion batteries in India. 

⭐ Gold prices hover near highs

Gold prices (+0.6%) gained today amid global market uncertainty over the US economy, as investors awaited further cues from inflation data and the US Fed’s meeting minutes. Meanwhile, gold prices were trading close to ₹60,500 per 10 grams in the domestic markets. 

In Focus

Realty cos. bank on robust sales

Shares of Godrej Properties, Macrotech Developers, DLF and Sobha Ltd witnessed a strong traction this week. Shares of real estate developers rose between 2% to 9%. Meanwhile, the Nifty Realty index is up nearly 4%, its third consecutive week of gains. Why are realty stocks going up? Let's find out.

Robust Q4 business update 

Listed developers reported a strong business for the March quarter. Among them, Macrotech Developers reported FY23 sales of ₹12,064 crore, up 34% YoY. Meanwhile, Godrej Properties ended FY23 with sales of ₹12,232 crore, up 56% YoY. Both companies surpassed their FY23 sales guidance. Meanwhile, Sobha Ltd’s FY23 annual sales grew by over 34% YoY to ₹5,197 crore. 

Robust sales growth was one of the key triggers for the rise in realty stocks this week. This growth came on the back of strong consumer demand, new project launches as well as improving project mix. 

RBI rate pause to benefit 

Another reason for the rally in realty stocks was the RBI's decision to pause interest rate hikes at its April meeting. The RBI’s status quo means relief for home buyers from higher interest costs. This bodes well for the entire sector. 

Listed developers to gain market share   

According to recent reports, the market share of listed property developers at the pan-India level is expected to be around 29% in FY23, up from 16% in FY20. This share could further increase to 33% by FY25. Easy access to large capital as well as the implementation of Real Estate Regulatory Authority (RERA) will benefit large developers.

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Phrase of the day

Going Long

When you buy a stock, futures or an option contract with the hope that its price will rise, it is called going ‘long’.  When should you go long, find out from this chapter What does going Long mean? 

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