TATA Motors surges 5 percent on robust JLR sales, Goldman upgrades Bandhan Bank rating

Indian Markets:

• Nifty 50 Movement: The Nifty 50 index managed to close above 17,600 level.
• The domestic benchmark indices recorded a marginal increase on Monday, marking their sixth consecutive session of gains. The rally was observed in auto, power, oil & gas, and real estate stocks.
• The buying sentiment was further supported by positive quarterly business updates from the auto and real estate firms.
• However, private weather forecaster Skymet has predicted that the June-September monsoon season of 2023 will be below normal, with an expected 94% of the long period average (LPA). This forecast aligns with their previous prediction made in January.

Global Markets:

• Stock markets in Europe and Hong Kong were closed due to a four-day Easter holiday till Monday.
• Other Asian stocks ended mixed on Monday as some investors returned from a long Easter weekend.
• Investors are in for a busy week of economic data, including the latest consumer price index and producer price index data – due out Wednesday and Thursday, respectively – which will be key in determining if or when the Fed will pause or put an end to its rate hiking campaign.
• Employment data for March indicated the labor market remained tight last month. Nonfarm payrolls increased by 236,000 jobs in March, the Labor Department said. Data for February was revised higher to show 326,000 jobs were added instead of 311,000 as previously reported. The unemployment rate dipped to 3.5% from 3.6% in the prior month.

Stocks in Spotlight:

• Several real estate developers have reported record provisional sales during the March quarter, leading to a surge in buying of realty stocks on April 10. Sobha, for instance, has achieved its highest-ever quarterly sales value of Rs 1,463 crore, which is a 3 percent QoQ and 32 percent YoY increase. The company has also recorded its highest-ever annual sales of Rs 5,198 crore. Another developer, Godrej Properties, has reported its highest-ever quarterly and annual project deliveries in Q4.
• Goldman Sachs has upgraded its rating on Bandhan Bank from ‘neutral’ to ‘buy’, following a recent decline in the stock price. The brokerage firm considers current correction as an opportunity, as it has made the stock’s valuations more attractive. The bank’s future prospects are positive, and Goldman Sachs expects Bandhan Bank to emerge from its earnings cut cycle soon.
• Tata Motors’ shares rose over 5 per cent on Monday following the company’s Q4 sales report, which showed an 8 per cent year-on-year increase in group global wholesales, including those of Jaguar Land Rover (JLR). In the January-March period of 2023, the global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range stood at 1,18,321 units, marking a 3 per cent increase compared to the same period of FY22.

News from the IPO world?

• Govt kickstarts IREDA IPO process
• Nexus REIT plans to float Rs. 4,000 crore IPO in May 
• Healthvista India gets SEBI nod to float IPO

Day Leader Board

Sectoral Performance

Advance Decline Ratio

Numbers? that matter