Market review

India's benchmark Sensex and Nifty indices closed

unchanged as the market faced uncertainty over election
results and subdued corporate earnings.

However, broader markets showed resilience, with BSE

Smallcap rising 0.5 percent and BSE Midcap edging up by
0.78 percent, rebounding from the previous day's losses
of nearly 2 percent each.

At close, the Sensex was down 45 points (0.06 percent) at

73,466.39, while Nifty no rise or fall, close flat, with 1,946
shares advancing, 1,310 declining, and 106 remaining
unchanged.
 Market review
Investors traded with caution due to lack of fresh positive
triggers and ended on a flat note with a slightly negative
bias amid selective profit taking in banking and IT stocks.
Firm European market cues also failed to fuel optimism, as
no stoppage in foreign fund outflows and no major
surprises in the ongoing earnings season prompted
investors to stay guarded. Also, with election season on,
no one wants to place longish bets. The Bank Nifty index encountered a volatile trading
session during the expiry day, highlighting the
The Nifty exhibited a neutral performance with high ongoing struggle between bulls and bears. The next
volatility throughout the day after a gap down opening. significant support level for the index is positioned
Bank nifty also encountered volatility but closed negative at 47770, coinciding with the 50EMA. On the
for the day on its weekly expiry but managed to close upside, immediate resistance lies at 48250. A
above the strong support of 47900 levels at 48021.10. decisive breach above this level could propel the
index towards 48400-48500, where call writing
activity is evident.
 Market review
Among sectors Nifty AUTO, Nifty PSU BANK and Nifty METAL ended in green while Nifty IT, Nifty FIN
SERVISES and Nifty PVT BANK ended on the lower side. In Nifty stocks, HEROMOTOCORP, BPCL and TATA
MOTORS were the top gainers while ASIAN PAINTS, GRASIM and DRREDDYS were the prime laggards.
INDIA VIX was Positive by 0.43 percent intraday and settled at 17.0800.The index has a support around
22225-22175 zone.

Coming to the OI Data, on the call side, the highest OI observed at 22500 followed by 22700 strike prices
while on the put side, the highest OI is at 22000 strike price. On the other hand, Bank nifty has support at
47700-47500 while resistance is placed at 48300 and 48500 levels.
 Technical analysis
On-Neck
Pattern

NIFTY formed an On-Neck Pattern yesterday. According to the signal itself, it is a stop-and-rebound signal, which means that the index is expected to stop
and rebound. However, considering that SENSEX closed down yesterday and did not form the same signal, the effectiveness of this signal will be weakened.
In addition, considering the options data, there is strong pressure near 22,500. Even if NIFTY rebounds, I am afraid it will not be very strong. Therefore, for
NIFTY today's expectations, it is possible to rebound slightly or enter a range-bound market. Although there may be an intraday rebound today, the short-
term trend is still bearish, with strong support below around 22,000.

In terms of operation, if there is a rebound today, then around 22500 will be a more ideal shorting or selling point.
 Market news
ABB India Q4 preview: Revenue to grow on growth in motion and electrification business

Engineering major ABB India is expected to report strong revenue growth for the March quarter on growing
domestic demand in the electrification business. Analysts at JM Financials expect the margins to rise year-on-year.
ABB will report its numbers on May 10.
According to two estimates available with Moneycontrol, quarterly revenue is expected to increase around 15-18
percent on-year to around Rs 2,845.2 crore. Anand Rathi sees quarterly net profit for ABB at Rs 327.2 crore, up 33
percent from a year ago, while JM Financial pegs it at Rs 299.5 crore, a 22 percent rise.
On a quarterly basis, net profit is expected to decline around 5 percent. EBITDA or earnings before interest, taxes,
depreciation and amortisation for the same period is expected to be around 14.2 percent against around 11.8
percent in the previous fiscal.
In a March 2024 report, analysts at foreign brokerage UBS said there was enough scope for ABB to deliver on
profitability, led by low/medium-voltage electrification and motion, both of which are enjoying strong demand. The
company is sharpening its focus on product range expansion and availability.
UBS analysts see ABB as the best play on the emerging infrastructure scale-up in low/medium-voltage
electrification.
 Market news
Hero MotoCorp preps new launches: Xoom 125 cc and Xoom 160 cc scooters ahead of festive season

Hero MotoCorp announced on May 8 that it will introduce the Xoom 125 cc and Xoom 160 cc scooters
ahead of this year’s festive season. The management said that it is ready to expand its scooter lineup
by releasing the Xoom 125 cc and Xoom 160 cc during the first half of the fiscal year.

The 2-wheeler major also said that the last fiscal year 2023-24 was marked by introduction of new
products and improvement in the network, which benefited the company and set the foundation for
accelerated growth in the future.

The company witnessed an increase in sales, with 13.92 lakh units sold in Q4 FY24, up from 12.70 lakh
units in Q4 FY23. The total volume for FY24 was 56.21 lakh units, higher than 53.29 lakh units in FY23.

Hero MotoCorp reported sales of 533,585 motorcycles and scooters in April 2024, marking an
impressive increase of 35 percent compared to April 2023, when it sold 396,000 units.
 Market news
BSE's Q4 net profit jumps 16% to Rs 107 cr, declares Rs 15 dividend

BSE posted a 16.5 percent jump in consolidated net profit at Rs 107 crore in the quarter ended March
31 as against Rs 92 crore in the year-ago period, the stock exchange said in a statement on May 8. The
exchange’s profit for the full year surged 86 percent to Rs 410.9 crore as compared to Rs 221 crore in
the previous year, said BSE.

Its revenue was the best-ever at Rs 1,618 crore in FY24, up 70 percent compared to Rs 954 crore in the
year-ago period, a regulatory filing showed. For the reported quarter, the revenue was at Rs 488.5
crore, posting a growth of 115 percent over the same period past year.

A dividend of Rs 15 per equity share was also announced for the year ended March 31, BSE said.
 Market news
L&T Q4 net profit rises 10% to Rs 4,396 crore, in line with estimates; declares Rs 28 dividend

Engineering and construction major Larsen and Toubro (L&T) on May 8 reported a consolidated net
profit for the quarter ended March 2024 at Rs 4,396 crore, up 10 percent compared to Rs 3,987 crore in
the same quarter last year and Rs 3,621 crore in the same quarter in 2022-23.

Its revenue from operations for the quarter stood at Rs 67,079 crore, registering a growth of 15
percent from Rs 58,335 crore a year ago and Rs 52,851 crore in the same quarter in 2022-23, the
company said in an exchange filing. The share of international revenues during the quarter was 45
percent.

As per a Moneycontrol poll, the company’s consolidated revenue for the March quarter was expected
to come in at Rs 65,402 crore, a growth of 18.6 percent YoY. Net profit was expected to rise 9.8 percent
YoY to Rs 4,380 crore.

The Board of Directors has recommended a final dividend of Rs 28 per equity share, for the approval of
shareholders.
 Market news
Vijaya Diagnostic Q4 net profit up 22% to Rs 33 crore

Vijaya Diagnostic reported a 22 percent year-on-year rise in consolidated net profit at Rs 33 crore for the March
quarter of the financial year 2023-24.

The company reported a net profit of Rs 27.7 crore in the year-ago period.

Revenue came in at Rs 155 crore, up 29 percent from Rs 120 crore last year, the company, which provides diagnostic
services, said in an exchange filing on May 8.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) were at Rs 63 crore. The EBITDA margin was
at 40.7 percent against 40.6 percent in the year-ago period.

"This quarter marked a notable milestone with the wellness contributing 14% of the revenue," said Suprita Reddy,
MD & CEO at Vijaya Diagnostic Centre Ltd. "By strategically expanding and directing our capabilities towards future
opportunities, we are confident in our ability to consistently deliver lasting value to our stakeholders," she added.
 Market news
Jupiter Wagons Q4 net profit grows to Rs 104 crore
Jupiter Wagons has posted an over two-fold jump in its standalone net profit to Rs 104.22 crore in the
March quarter, on account of higher income.

It had reported a net profit of Rs 40.78 crore in the January-March period of the FY 22-23, the
company said in a statement on Wednesday.

The company's total income during the quarter rose to Rs 1,121.34 crore from Rs 712.71 crore in the
year-ago period.

During the quarter, Jupiter Wagons Ltd (JWL) secured an order for the manufacturing and supply of
four rakes of double-decker automobile carrier wagons totaling Rs 100 crore.

As of March 31, the company's order book stands at Rs 7,101.66 crore.