Gift Nifty Down 45 Points | FPIs Turn Net Seller | Tata Motors PV Sales Forecast | Top Buzzing Stocks Today

Mon, 13 May Pre-Open

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Indian share markets traded on a positive note throughout the trading session and ended higher.

Benchmark indices turned volatile in the afternoon session but soon regained momentum, driven by strength in auto and energy stocks following positive global developments.

At the closing bell on Friday, the BSE Sensex higher by 260 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 98 points (up 0.4%).

NTPC, Power Grid and Asian Paints were among the top gainers.

TCS, Infosys and Wipro, on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

The BSE MidCap index and the BSE SmallCap index ended higher by 0.8%.

Sectoral indices ended mixed with stocks in the telecom sector, energy sector, FMCG sector and metal sector witnessing most of the buying.

While IT, banking and realty stocks witnessed selling.

Gold prices for the latest contract on MCX were up by 1.4% at Rs 72,700 per 10 grams at the time of Indian market closing hours on Friday.

At 7:40 AM today, the Gift Nifty was trading down by 45 points at 22,085 levels.

Indian share markets are headed for a negative start today following the trend on Gift Nifty.

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Top buzzing stocks today

Dixon Technologies share price will be in focus today.

Dixon Technologies share price rallied 3% Friday. This positive sentiment was on the back of the company recently announcing steps to fuel its growth and support India's digital expansion.

Dixon Technologies has signed an agreement with Nokia to develop and manufacture telecom equipment.

Hindustan Zinc will also be a top buzzing stock.

Hindustan Zinc share price surged over 13% to hit a 52-week high on May 10 tracking a spike in zinc prices.

The commodity's price on the London Metal Exchange rose over 2% to US$2,955, fueled by positive China trade data, which reflected growth in imports and exports in April 2024.

Tata Motors PV Sales Forecast

Tata Motors, India's leading electric vehicle manufacturer, anticipates a sluggish start to FY25, citing an expected dip in local passenger vehicle (PV) demand amidst ongoing elections.

In a post-result earnings call, Shailesh Chandra, the managing director of Tata Motors' passenger vehicle division, stated that the industry is expected to moderate and experience growth of less than 5%. Chandra attributed this projection to several factors, including the exhaustion of pent-up demand, high channel inventory, and anticipated dampening of demand in the first quarter due to factors such as elections.

Despite the subdued outlook for overall passenger vehicle demand, Tata Motors says that the premium luxury segment is poised to maintain resilience. In April, PV sales inched up by a modest 4% month-on-month to reach 3,35,123 units, as per data from the Federation of Automobile Dealers Associations (FADA).

However, persistent challenges such as competition, surplus supply, and aggressive discounting pose hurdles to sustained growth.

The company's wholly-owned subsidiary, Jaguar Land Rover (JLR), reported another stellar quarter. JLR's revenue soared to 7.9 billion pounds, marking an 11% increase compared to Q4 FY23 and a 6% rise compared to Q3 FY24. Moreover, JLR's revenues for the entire FY24 reached 29.0 billion pounds, reflecting a 27% surge compared to the previous year. The British subsidiary foresees its earnings before interest and taxes (EBIT) margins in fiscal 2025 to be about 8.5%, similar to the previous fiscal.

As you're interested in Tata group stocks, check out the new section in our Stock Screener, where you can view the fundamentals of companies within a business group in one screen, including the Top Tata group stocks.

Kalyan Jewellers Q4 Results

Kalyan Jewellers on 10 May, reported a consolidated net profit at Rs 13.7 bn for the March quarter growing almost two times from Rs 6.9 bn in the same quarter of the previous financial year.

The total revenue of the company is Rs 453.5 bn, rising 34% from Rs 338.2 bn in the year-ago quarter, the company said in a regulatory filing.

In Q4 FY24, revenue from operations in the Middle East amounted to Rs 6.2 bn, marking a 14% increase from Rs 5.5 bn in the previous fiscal year's Q4.

The quarter's profit after tax (PAT) reached Rs 99 m, up by 76% from Rs 56 m in the corresponding quarter of the previous year. The Middle East region accounted for 14% of the company's total consolidated revenue.

In Q4 FY24, Kalyan's digital platform, Candere, generated revenue of Rs 360 m, compared to Rs 320 m in the same quarter of the previous year. The quarter reported a loss of Rs 7 m, a decrease from the loss of Rs 19 m in the corresponding quarter of the previous year.

FPI Becomes Net Seller

Foreign investors pulled out a massive Rs 170 bn from Indian equities in the first 10 days of the month owing to the general election and the uncertainty surrounding its outcome coupled with expensive valuations and profit booking.

This was way higher than a net withdrawal of Rs 87 bn in the entire April on concerns over a tweak in India's tax treaty with Mauritius and a sustained rise in US bond yields.

Before that, FPIs made a net investment of Rs 350.9 bn in March and Rs 15 bn in February. Looking ahead, post-general elections, corporate India's strong financial performance in Q4 FY24 is anticipated to be rewarded. While FPIs may adopt a cautious stance until the election results are clear, favourable outcomes and established political stability could see their return in a significant number.

According to the data with the depositories, Foreign Portfolio Investors (FPIs) experienced a net outflow of Rs 170.8 bn in equities this month (till 10 May). There are multiple reasons behind this aggressive selling by FPIs.

Also, with Indian markets trading at relatively high valuations, many investors would have found this as an opportunity to book profit and wait until more clarity emerges on the country's political landscape.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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