Share Market LIVE: Sensex recovers 60,000, Nifty above 17,900; HDFC, best HDFC bank winners

Good afternoon!

The Indian stock market was trading higher in today’s afternoon session. Sensex rose 944 points to 60,221 and Nifty gained 1.48% to 17,931.

It was a strong week for the domestic stock market, with the benchmark BSE Sensex and NSE Nifty stock indices climbing more than 3% in the last five trading sessions. The benchmark BSE Sensex index gained 1,914 points to 59,276 on April 1, 2022, from 57,362 on March 25. Similarly, the 50-stock NSE Nifty Index jumped 517 points to 17,670 over the same period.

Market watchers believe a sharp drop in crude oil prices has bolstered market sentiment. In international markets, Brent crude oil fell 14% to $103.66 a barrel from around $121 a barrel last week. Meanwhile, robust Goods and Services Tax (GST) numbers further fueled the rally on the final day of the week.

And after? Here are the latest updates!

12:55 p.m.: HDFC Bank shares climb more than 14%

Shares of HDFC Bank soared 14.31% today amid the announcement of the merger with HDFC. Additionally, deposits increased nearly 17% year-on-year and 8% quarter-on-quarter in the fourth quarter of FY22, while advances increased 21% year-on-year and nearly 9% quarter-on-quarter. quarterly shift. The CASA ratio reached a record high of 48.2%.

The stock hit an intraday high of Rs 1,721.85, gaining 14.31% on BSE.

12:36 p.m.: The market capitalization of BSE-listed companies stands at Rs 270.81 lakh crore.

Market breadth is positive with 2531 shares up versus 867 down on BSE.

12:20 p.m.: Dr. Reddy’s Laboratories stock market dish

Shares of Dr Reddy’s Laboratories are trading slightly higher at midday. Dr. Reddy’s Laboratories stock rose 0.52% to Rs 4,300 from the previous close of Rs 4,278.65 on BSE. The company has signed an agreement with Novartis AG to acquire the Cidmus cardiovascular brand in India. The acquisition cost is $61 million.

12:10 p.m.: JSW Energy stock rises 5%

Shares of JSW Energy hit the upper 5% circuit today after the company’s subsidiary, JSW Neo Energy, signed an agreement with the Chhattisgarh government to set up a hydro-storage project. pumped with a capacity of 1,000 MW in the state. JSW Energy share gained 5% to Rs 323.7 against the previous close of Rs 308.30 on BSE.

Shares of JSW Energy opened with a gain of 3.76% at Rs 319.90. JSW Energy is trading above the 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. The large-cap stock is up 257% year-on-year and has gained 7.61% since the start of this year. A total of 0.23 lakh shares in the company changed hands, representing a turnover of Rs 73.35 lakh on BSE.

12:00 p.m.: market check

Benchmark Sensex shares traded 1100 points higher at 60,398. Nifty gained 308 points at 17,978. HDFC and HDFC Bank were the top gainers on Sensex.

11:30 am: Indian manufacturing PMI drops to 54 in March

India’s manufacturing activity in March fell slightly to 54.0 from 54.9 in February. The fall highlighted the weakest joint growth rate since September 2021, the S&P Global India Manufacturing Purchasing Managers’ Index said.

The report says that while business conditions have improved, the latest results showed a slower expansion in factory orders and output as well as a further decline in new export orders. Business confidence, which fell to its lowest level in two years, was dampened by inflation fears.

“So far, demand has been strong enough to withstand price increases, but if inflation continues to pick up, we could see a bigger slowdown or even an outright contraction in sales,” said Pollyanna De Lima, associate director of economics at S&P Global.

11:00 am: Reasons for the merger of HDFC and HDFC Bank

The long speculated merger of mortgage player HDFC Ltd and the largest private sector bank HDFC is finally happening. The bank offers retail and wholesale products, while HDFC Ltd offers home loans.

Let’s look at the main reasons for the merger: Explained: The main reasons for the merger of HDFC and HDFC Bank

10:45 am: Abhay Agarwal, founder and fund manager, Piper Serica on the merger

The timing of the merger surprised everyone, but the merger itself is not surprising. With a tightening regulatory environment, particularly with respect to NPA recognition standards of HDFC’s high-margin builder loan portfolio and increased competition from public sector banks and new era fintech companies, it it’s not entirely a fusion of choice.

The merger will be more beneficial for HDFC Ltd. because it has a less profitable business and with HDFC Bank, it can increase the penetration of its products. However, the business synergies could also have been achieved without the merger.

Management’s bet is clear that increasing the size of the entity’s balance sheet will enable it to increase its competitiveness and create shareholder value. We can see cost synergies from this merger, but it is difficult to see how the merger itself will help the merged entity increase its market share. HDFC Bank has been beset by woes from its digital initiatives and many parts of its retail banking are under pressure from fintech companies.

HDFC Ltd. faces increasing pressure from public sector banks for the mortgage sector. At the same time, it is commendable that the management has decided to proactively undertake this merger to increase its competitiveness. Management has the wherewithal to meet short-term challenges and assert itself.

However, he has his work cut out for him. While the markets reacted euphorically to this news, we believe that HDFC Bank’s earnings could be downgraded in the short term and that it will be up to management to prove the benefits of the merger through operational performance.

10:30 a.m .: Bank stocks see strong rally after HDFC, HDFC Bank announces merger

Bank stocks were the main winners in early trading after HDFC and HDFC Bank announced a merger. BSE bankex climbed as high as 1,130 points to 43,726 against the previous close of Rs 42,596, resulting in a 2.65% gain in early trade. Bank Nifty also climbed 3.28% or 1221 points to Rs 38,369 from the previous close of Rs 37,148.

Shares of HDFC and HDFC Bank were the main gainers in Sensex and Nifty today. HDFC stock hit the 15% upper circuit or Rs 367.60 to Rs 2,818.55 in early trading on BSE. Similarly, HDFC Bank stock rebounded from 13.925 to Rs 1715.95 against the previous close of Rs 1506.30 on BSE.

Read: Bank Nifty climbs over 3% after HDFC, HDFC Bank announces merger

10:20 am: Sensex zooms in on 1500 points

10:00 a.m.: Sensex zooms in on 1300 points

Benchmark Sensex shares climbed over 1300 points and Nifty jumped over 320 points to break through the 18,000 mark.

9:45 am: HDFC, HDFC Bank shares are on the rise!

The merger ratio will be 42 shares of HDFC Bank for 25 shares of HDFC. Completion of merger process expected by Q2/Q3 FY24.

9:35 am: Sensex zooms in on 1000 points

Sensex zoomed over 1000 points to 60,362. Similarly, Nifty also jumped over 250 points to 17,927.

HDFC and HDFC Bank were the top earners on Sensex.

9:16 am: Sensex recovers 60,000, Nifty above 17,800; HDFC and HDFC Bank announce their merger

Benchmark Sensex shares climbed over 800 points to reclaim the 60,000 mark and Nifty also jumped over 138 points to 17,809.10.

9:15 a.m.: BREAK

Housing finance company HDFC to merge with private sector bank HDFC Bank

Read: HDFC to merge with HDFC Bank

8:45 am: Action FII and DII

Foreign institutional investors (FII) bought shares worth Rs 1,909.78 crore on April 1, and domestic institutional investors (DII) sold shares worth Rs 183.79 crore, according to provisional data available on NSE.

8:40 am: global updates

The S&P 500 edged higher to kick off the second quarter on Friday as the monthly jobs report pointed to a strong labor market and should keep the Federal Reserve on track to maintain its hawkish policy.

The Dow Jones Industrial Average rose 139.92 points, or 0.4%, to 34,818.27, the S&P 500 gained 15.45 points, or 0.34%, to 4,545.86 and the Nasdaq Composite added 40.98 points, or 0.29%, to 14,261.50.

Asian stock markets got off to a cautious start on Monday amid talk of even more sanctions on Russia for its invasion of Ukraine, while bond markets continued to sound the risk of a hard landing in the US. US economy as short-term yields soared.

A holiday in China slowed trading, and MSCI’s broadest index of Asia-Pacific stocks outside Japan fell 0.1%. The Japanese Nikkei was flat, while S&P 500 stock futures were down 0.2% and Nasdaq futures were down 0.3%.

8:30 am: SGX Nifty

The Indian stock market is expected to open flat today as SGX Nifty traded 35 points lower at 17,702.50.

The Singapore Stock Exchange is considered the first index of the opening of the Indian market.

8:15 a.m.: Market on Friday

The Indian stock market ended higher in the first session of the new fiscal year on Friday. Sensex was up 708 points at 59,276 and Nifty finished 205 points higher at 17,670.

NTPC, PowerGrid, IndusInd Bank, SBI, HDFC and M&M were the biggest gainers, rising 5.93% today. Tech Mahindra, Sun Pharma, Dr Reddy’s, Titan and Infosys were Sensex’s only losers, dropping as much as 0.80%.

The BSE mid cap and small cap indices increased by 335 points and 483 points respectively.

Banking stocks were the main sector gainers, with the BSE bankex rising more than 842 points, followed by the BSE oil and gas index up 512 points today. All 19 BSE sector indices closed in the green.

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