Bulls reign supreme

Nifty50: 18,065 ▲ 149 (+0.8%)
Sensex: 61,112 ▲ 463 (+0.7%)

Hello folks,

Do you think it's possible to win the lottery not once but three times with the same numbers? Apparently it is! Consistency is the name of the game for a US resident who used his lucky numbers to win the lottery three times within the span of a year.

Consistency has also been a trend in the markets this week, with the benchmark indices closing higher for the fifth day in a row.

• Indian markets closed the week on a high note.
• In all, 40 of the Nifty50 stocks closed in the green.
• Strong buying in the last hour helped the Nifty close above the 18,000 mark.

All the Nifty sectoral indices closed in the green, with Media (+1.8%) and IT (+1.2%) gaining the most.

What’s trending

⭐ UltraTech Cement’s Q4 profit tanks

The cement maker reported a 36% YoY drop in consolidated net profit to ₹1,666 crore for the quarter ended March 2023. Meanwhile, the company's revenue from operations surged 18% YoY to ₹18,562 crore. The board has also recommended a dividend of ₹38 per equity share of ₹10 each for the year ended March 2023. 

⭐ Supreme Industries’ superior performance

Shares of the plastics maker were up 2.5% today following its Q4 results. The company reported a consolidated net profit of ₹359.4 crore, up 11% over the same quarter last year. The company reported a revenue from operations of ₹2,598.2 crore, which was 1.6% higher than the corresponding quarter of last year. The company's board also recommended a dividend payout of ₹20 per share.

⭐ IndiaMart InterMesh’s shares soar

Shares of the online B2B marketplace were up over 2% after it announced its fourth quarter results today. The company's revenue from operations increased by 33% to ₹269 crore, while its consolidated net profit of ₹56 crore fell marginally from ₹57 crore in Q4 last year. The company also announced a 1:1 bonus issue of equity shares to investors.

⭐ Glenmark Life hits a 52-week high

Shares of the active pharmaceutical ingredients maker rose by 4.8% today following strong Q4 results posted by the company. Its revenue from operations was up 21% YoY to ₹621 crore, while its profit jumped 48% YoY to ₹146 crore. The company attributed renewed demand in the CDMO business as one of the reasons for this substantial growth.

In Focus

Reasons why Nifty scaled 18,000

Strong FII inflow

The Nifty and Sensex recorded gains for the fifth straight session, partly driven by strong foreign institutional investor (FII) inflows. As global markets provided positive cues, foreign investors continued to pour money into the Indian market, boosting the overall market sentiment. This contributed to the Nifty crossing the 18,000 mark and the Sensex ending over the 61,000 mark.

Robust results - Banking, financial, auto

Another key factor behind the market's strong performance was the impressive earnings season, particularly in the banking, financial, and auto sectors. Gains were led by stocks such as Wipro, Nestle, ITC, L&T, SBI, Tech Mahindra, Reliance, Bharti Airtel, and Kotak Mahindra Bank, which all saw significant growth. Sectorally, Nifty PSU Bank rose 2.4%, and Nifty Media surged 1.8%. Financials, FMCG, media, metal, pharma, realty, healthcare, and oil & gas sectors also closed higher.

Global cues - Asian stocks gain and oil prices fall

Positive global cues also played a role in the Indian market's upward trajectory. Asian stocks experienced solid gains due to strong earnings by major industry players. Japan's Nikkei was the region's biggest winner, closing 1.4% higher following a decision by the Bank of Japan to maintain its easy money policy. Furthermore, oil prices were heading for another monthly decline, with Brent crude futures up 0.5%, at $78.79 a barrel. Falling oil prices provided additional support to the market, allowing it to reach the 18,000 mark.

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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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