Stock Market LIVE Updates: GIFT Nifty indicates a gap-up start; US markets fall, Asia trades mixed

#1 Downgrade to reduce from buy

#2 Target cut to Rs 1,530 per share from Rs 2,095 per share

#3 Target P/BV at 1.7x FY26 from earlier 2.2x

#4 Downgrade on back-to-back negatives

#5 KVS Manian resigned after 20 years of service

#6 Many senior exits bunched up over 6 months

#7 Recent changes shall hurt growth & profit for atleast next 12-18 months

Gold prices edged higher for a second straight session on Thursday after the Federal Reserve indicated that it is still leaning toward eventual rate cuts, while investors’ focus pivoted toward the U.S. non-farm payrolls data.

Spot gold firmed 0.3 percentat $2,325.02 per ounce, after climbing over 1 percentin the previous session.

U.S. gold futures rose 1 percent to $2,334.40

Oil marketing companies (OMCs) have reduced the price of commercial LPG cylinders by Rs 19 in Delhi from May 1.

This price adjustment follows similar reductions in other metro cities across India, coinciding with the ongoing Lok Sabha Elections 2024.

The latest revision brings down the cost of a 19-kg commercial LPG cylinder to Rs 1,745.50 in Delhi from Rs 1,764.50. Mumbai too saw a Rs 19 reduction, with the new price set at Rs 1,698.50. But in Chennai, the price stands at Rs 1,911, while in Kolkata, it is Rs 1,859 after a Rs 20 cut.

#1 IRDAI is likely to revisit surrender value regulations after recently issuing final guidelines

#2 Analysts said that they await complete details as the industry has multiple options to manage impact

#3 This surrender value revisitation could also be an overhang on stocks, capping upside until there is more clarity

#1 Wipro wins multi-million dollar deal to transform Nokia’s digital workplace services

#2 RVNL emerges lowest bidder for Eastern Railway project worth Rs 390.97 crore

#3 Mishra Dhatu Nigam bags order worth Rs 139 crore

#4 Indus Towers Q4 profit spikes 32% YoY to Rs 1,853 crore

#5 Havells India Q4 profit jumps 24% YoY to Rs 449 crore

#6 Adani Total Gas Q4 profit surges 72% YoY to Rs 168 crore

The IPO street is warming up in May with Aadhar Housing Finance, owned by an affiliate of Blackstone Group, having set the price band of its Rs 3,000-crore initial public offering at Rs 300-315 a share.

The issue will open for subscription on May 8 and close on 10th of May, with the anchor book opening on May 7. Finalisation of basis of allotment will be on May 13, initiation of refunds will be on May 14 and the firm is expected to list on stock exchanges on May 15. Read More

On Tuesday, extending the positive momentum, Indian equities commenced the session on a firm note and were seen compounding their gains for most of the session but a sharp reversal in the last hour of trade dragged the Index lower to settle the session in red at 22,604.85.

Among the sectors, Auto was the top gainer of the day followed by Realty; and on the flip side, IT extended its southward journey while Metal segment witnessed a round of profit booking.

At record levels, the Index has made a bearish candle with a probable divergence in the RSI (not yet confirmed).

A break and close above Tuesday’s high will negate the candlestick implications while trade below 22,500 will drag the index further lower to the 22,400-22,360 zone.

#1 Retain sell rating; target of Rs 1,800 per share

#2 Valuations expensive despite underperformance versus peers

#3 Valuation of 2.5x core P/B and PEG ratio of 1.5 expensive amid structurally lower RoA

#4 Would be watchful of senior management exits

#5 Most of the earnings drivers have started to dissipate

#6 Rise of unsecured loans could lead to a rise in bad loans in future

#1 Tata Motors total sales up 11.4 percent at 77,521 units versus 69,599 units, YoY

#2 Maruti total sales up 4.7 percent at 1.68 lakh units versus 1.60 lakh units, YoY

#3 TVS Motor total sales up 25 percent at 3.83 lakh units versus 3.06 lakh units, YoY

#4 TVS Motor EV sales at 17,403 units versus 6,227 units, YoY

#5 Eicher VECV sales down 18.1 percent at 5,377 units versus 6,567 units, YoY

#6 Eicher RE sales up 12 percent at 81,870 units versus 73,136 units, YoY)