HDFC News

D-Street settled at record closing high on Monday, led by financials, index heavyweight Reliance Industries and energy stocks. The volatility indicator ended 15% lower as exit polls predicted that PM Narendra Modi will retain power with a landslide victory. Momentum indicator Moving Average Convergence Divergence showed bullish trade on the counters of Amines & Plasticizers, Advait Infratech, and AMIC Forging, among others.

The NSE Nifty index closed 733.21 points up at 23263.9

​ Some large Indian brokerage firms have asked clients to furnish higher margins against trades this week to limit the risk of default ahead of the results of India's national elections, due on Tuesday.

Corporate India saw double-digit growth in net profit and single-digit revenue increase in the March 2024 quarter. Expectations are for healthy growth in the current fiscal year due to peaking interest rates and government policy continuity.

The Nifty Bank surpassed 50,000 for the first time, driven by Modi's projected third-term win. SBI, Axis Bank, and IndusInd Bank led the surge, with Bank of Baroda rising 9%. Investors added Rs 12 lakh crore as Sensex soared 2,600 points.

The NSE Nifty index was trading 631.5 points up at 23162.2

Nifty formed its day’s high in the early minutes and then remained in a capped range. It closed with a modest gain.

Nifty is expected to cross its current all-time high of 23,110 early this week driven by optimism around the exit polls that is hinting at the BJP-led NDAreturning to power with a strong majority. Analysts expect short covering if Nifty holds above the 21,821 zone. Bajaj Auto, Britannia, Coal India, HDFCBank, Union Bank, Fortis, Indus Towers, Dixon and BHEL are some of the stocks recommended by the analysts for short-term trading

Brokers in Mumbai are increasing trading costs ahead of the election results to mitigate risks. Measures include raising margins and seeking more collateral. The BSE advised caution in placing orders, with HDFC Securities and ICICI Securities implementing changes in margin requirements.

We examine the key fundamentals of the fund, its portfolio and performance to help you make an informed investment decision.

The markets are expected to rally if the election results align with expectations. Nonetheless, persistent macro issues and valuation concerns may constrain the upside potential. Analysts suggest that investors capitalise on the current volatility by accumulating quality stocks.

Nifty formed a long-legged Doji candle on the daily charts to breach a 5-day losing streak as it ended 42 points higher at 22,531. The 50-DMA is placed at around the 22,400 level, and a slip below this level could shift the test to the 22,300-22,260 zone.

The combined market valuation of eight of the top-10 most valued firms declined by Rs 2,08,207.93 crore last week, with bellwether Reliance Industries, TCS and Infosys taking the biggest hit. While these three firms along with ITC, Life Insurance Corporation (LIC), Hindustan Unilever Ltd, Bharti Airtel and ICICI Bank were the laggards, HDFC Bank and State Bank of India (SBI) emerged as gainers.

Banks can offer higher interest rates on deposits of over Rs 15 lakh wherein the customers do not withdraw prematurely, according to the Reserve Bank of India (RBI).

State Bank of India (SBI), the country's largest lender, is set to link the commission it pays to car dealers for sourcing loans to sales, aiming to reduce costs and improve profitability. The revised payout structure will be applicable for all sourcing from June 1. Under the existing structure, dealers would earn a flat 2% commission for loan disbursals ranging from ₹50 lakh to ₹15 crore.

The NSE Nifty index closed 42.05 points up at 22530.7

The 30-share BSE benchmark Sensex rose 76 points or 0.10% to settle at 73,961. The broader NSE Nifty gained 42 points or 0.19% to end at 22,531. Voting for the month-long Lok Sabha election will conclude on June 1, and the votes will be counted on June 4. Investors are awaiting the exit polls, which project outcomes after voting ends. The fourth-quarter domestic GDP data is due later in the day, which is expected to show the economy grew at a slower pace than the previous three months.

The NSE Nifty index was trading 41.45 points up at 22530.1

Brokerage firm Macquarie maintained an underperform rating on Zomato and Apollo Hospitals. BofA Securities recommended a buy on HDFC Bank and upgraded M&M to a buy.

Nifty ended Thursday with a decline of 216 points, driven by strong selling pressure across most sectors. The 50-stock index fell for the fifth consecutive session and is now trading below the crucial 21-day Exponential Moving Average (21EMA).

IDFC First Bank will allot around 39.68 crore shares to some of India's biggest institutional investors, including LIC, HDFC Life, ABSL Insurance, Bajaj Allianz Life, ICICI Lombard, and SBI General Insurance.

The NSE Nifty index closed 216.05 points down at 22488.65

After a strong phase upward movement, mid cap stocks are witnessing a sort of selective profit booking move. Profit booking which is mostly happening in line with Q4 numbers. A strong directional move is only likely to appear post election results. During this phase, analysts are bullish on select stocks from different sectors, a number of the stocks on which analysts are bullish are essentially leaders of their sector.ET screener powered by Refinitiv’s Stock Report Plus lists down quality stocks with high upside potential over the next 12 months, having an average recommendation rating of “buy” or "strong buy". This predefined screener is only available to ET Prime users.

The company's financial performance in the March 2024 quarter was lower than the Street's estimates. The company's standalone revenue increased by 10.8% year-on-year to Rs 2,342 crore.

The Nifty experienced a decline of 183 points, closing near the 22,700 level, and formed a "dark cloud cover" candlestick pattern, a bearish signal. The Indian market saw its worst session in nearly three weeks on Wednesday, dragged down by losses in heavyweight financials and IT stocks.

The NSE Nifty index closed 183.46 points down at 22704.7

India's top banks are set for asset quality improvement in the fiscal year, driven by record profits, which will enhance their balance sheets and underwriting standards. Despite a rise in HDFC Bank's nonperforming loans post-merger, all major banks reported record profits. Retail loans drive growth amid moderating credit expansion expectations.

Uncertainty around domestic election results and the timing of US rate cuts dampened investor sentiments. The broader Nifty dropped 183 points to end at 22,704. Meanwhile, investors lost Rs 1.83 lakh crore. Sector-wise, Nifty Financial Services fell 1.65%, while Nifty IT, Private Bank, and Oil & Gas declined by over 1%.

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The NSE Nifty index was trading 143.61 points down at 22744.55

Reflecting the global market downturn, Indian key indices continued their downward trend for the fourth consecutive session on Wednesday. HDFC Bank, M&M, ICICI Bank, L&T, Reliance, and Axis Bank led the decline among Sensex stocks. Nifty Financial Services slid 0.6%, while Nifty Auto fell by 0.8%.

"Nifty has been consolidating in a broad range for the third consecutive day as investors remain watchful ahead of the big election outcome next week. We expect the Nifty to remain sideways to marginally positive on the back of reduced FII selling, prediction of above normal monsoon and last leg of Q4 results," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.

Government of Singapore, Monetary Authority of Singapore, HDFC Life, UTI MF and Nippon India MF were among some of the buyers. Shares of Timken India rose 2.78% to close at 4,062.80 on Tuesday. In last one month, the company’s shares gained 28.15% against an up-move of 1.94% in BSE 500 Index.

SBI has more than 230,000 employees spread across 22,500 branches in the country. The SBI group is also the biggest asset manager in India's mutual fund industry, with assets under management (AUM) exceeding the pooled funds run by either the ICICI Group or the HDFC Group.

After gyrating between gains and losses during the day, the 30-share BSE Sensex ended 0.29% lower at 75,170.45. Nifty formed a bearish candle on the daily scale. The index is trading above its key moving average supports and the RSI on the daily chart is positive.

Analysis of OI data reveals that the call side exhibited the highest OI at the 23,000 strike price, followed by 23,500 strike prices, whereas on the put side, the highest OI was observed at the 22,500 strike price.

Reliance Industries has signed a one-year deal with Russia's Rosneft to purchase at least 3 million barrels of oil monthly in roubles. This agreement, following President Putin's push for alternative financial systems amid Western sanctions, secures discounted oil for Reliance and underscores India's role as a major buyer of Russian crude.

Crisil forecasts a 2 percentage point drop in the banking system's credit growth to 14% for the fiscal year 2024-25, citing factors such as lower GDP growth, RBI measures like higher risk weights on unsecured loans, and a high base effect. Slower deposit growth is expected to temper credit expansion, though the fundamental drivers of credit demand remain intact. While corporate segment growth is projected to maintain at 13%, retail growth will slow to 16%.

The way markets have panned out in the last few sessions, it appears that bulls are waiting for a confirmation on 4th of June and then they will take over control of the street. But because valuations are high, one has to be cautious, while being bullish. Also as a thumb rule, one should remember that corrections and consolidation are part of every bull market. We will continue to see them at regular levels. ET screener powered by Refinitiv’s Stock Report Plus lists down quality stocks with high upside potential over the next 12 months, having an average recommendation rating of “buy” or "strong buy". The screener applies different algorithms for all BSE and NSE stocks.

Nifty on Monday ended 25 points lower to form a minor bearish candle on the daily chart. The up move was not supported by the momentum as on the hourly time frame there is a negative crossover, analysts said.