Indigo orders 30 Airbus A350s in bet on long-haul routes : Daily Market Update - 26 April 2024 | Globe Capital Market LTD.
Indigo orders 30 Airbus A350s in bet on long-haul routes : Daily Market Update – 26 April 2024

Indigo placed its first-ever order for wide-body aircraft as the low-cost carrier intensifies its efforts to take a bigger slice of the international travel business from dominant Gulf airlines.
IndiGo placed an order for 30 A350-900 aircraft and expects deliveries to begin in 2027. It also has purchase rights for an additional 70 Airbus A350 family planes.

Overview and Outlook

Global Stock Market Today

  • US equity markets settled on a negative note in range of 0.46% to 0.98%.
  • Barring FTSE, other European equity markets settled on a negative note.
  • Majority of Asian equity markets are trading in green.
  • GIFT Nifty is up 32 point, Nifty futures likely to open around 22686 levels (as on 8:30AM).


News highlights from across the globe

  • Markets in Asia-Pacific region are trading mix, tracking overnight losses in U.S. stocks, and as investors await for the Bank of Japan’s policy outcomes.
  • Wall Street was rattled by data that showed exactly what stock traders did not want to hear: a significant slowdown in the world’s largest economy and persistent inflation pressures.
  • Brent crude was trading 0.36% higher at $89.32 a barrel. Gold fell 0.14% to $2,329.14 an ounce.


Important news updates from the domestic front

  • Tech Mahindra (Consolidated, QoQ) Revenue down 1.8% at Rs 12,871 crore vs Rs 13,101 crore . EBIT margin at 4.95% vs 5.36% . EBIT down 9% at Rs 638 crore vs Rs 703 crore . Net profit up 27% at Rs 664 crore vs Rs 524 crore . Recommended a final dividend of Rs 28 per shar
  • IndusInd Bank (Consolidated, YoY) NII up 15% at Rs 5,377 crore vs RS 4,670 crore. Net profit up 15% at Rs 2,349 crore vs Rs 2,043 crore . Gross NPA at 1.92%. Net NPA at 0.57%. Recommended a dividend of Rs 16.5 per share.
  • Bajaj Finance (Standalone, YoY) Total income rises 31% to Rs 12,764 crore vs Rs 9,719 crore. . Net profit up 20% at Rs 3,402 crore vs Rs 2,837 crore . Gross NPA stage 3 at 1.05%. Net NPA stage 3 at 0.46%. Recommended dividend of Rs 36 per share.
  • L&T Technology Services (Consolidated, QOQ) Revenue up 4.77% at Rs 2,538 crore vs Rs 2,422 crore . EBIT up 2.88% at Rs 428 crore vs Rs 416 crore . Margin down 31 bps at 16.87% vs 17.18%, . Net profit up 1.24% at Rs 341 crore vs Rs 337 crore . Board recommends afinal dividend of Rs 33 per share.
  • UTI Asset Management (Consolidated, YoY) Total income up 35.92% at Rs 420 crore vs Rs 309 crore. Net profit up 110.46% at Rs 181 crore vs Rs 86 crore. AUM as up 19% YoY on March 31 at Rs 18.48 lakh crore. Recommended final dividend of Rs 24 per share.
  • Life Insurance Corporation of India board has approved the infusion of approximately Rs 14 crore into Life Insurance Corporation (Lanka), subject to approval from the Insurance Regulatory and Development Authority of India and the Central Bank of Sri Lanka.
  • Tata Steel is to proceed with an investment worth GBP 1.25 billion in the Port Talbot furnace. To commence the closure of existing heavy-end assets in the following months.
  • RITES entered into an MOU with Ultratech Cement for project management consultancy services for Rail Infra projects.
  • PSP Projects has approved the allocation of 36 lakh shares to eligible qualified institutional buyers at Rs 670 apiece.
  • Biocon NCLT approved the scheme of amalgamation of biofusion therapeutics with Biocon Pharma.
  • Crisil unit received a SEBI license to commence the business of ESG Ratings Provider.
  • NLC India is commissioning a 3×660 MW thermal power plant in Uttar Pradesh. The Ministry of Coal has approved the Pachwara South Coal Block project with an estimated capital cost of Rs 2,243 crore. The coal block has an extractable reserve of 262.84 MT.


Nifty Overview & Outlook

The benchmark Nifty index opened with a gap on the down side due to a big gap down in index heavyweight Kotak Bank, smart recovery backed by other banking stocks help the index to settle near day’s highs i.e. 22570 levels after adding over 250 points to its days lows in a highly volatile trading session.

Broader markets performed in line with the benchmark as Small cap & Mid cap index rose 0.84% & .45% respectively.

All the sectoral indices, barring Consumer Durables and Realty index, tracked at NSE settled higher. Amongst them, Nifty PSU Bank index was the top performer, soared nearly 4% followed by Pharma, Healthcare, Auto and Metal index that settled higher in range 1.11% to 1.57%.

Nifty index is still trading in the same upward sloping channel having immediate resistance around 22800 levels and supports around 22300-22200 zone. Going ahead, Nifty index is likely to trade with positive bias till it is trading above the said support zone and expect it to test 22800 or higher levels in immediate near term.


Derivatives Overview & Outlook

Yesterday, short covering was seen in Nifty and Finnifty futures with decrease in open interest by 27.1% and 11.4% respectively, whereas long buildup was seen in Banknifty futures with increase in open interest by 18.5%.

On sectoral front long buildup was seen in Telecom stocks and short buildup was seen in Realty stocks. Short covering was seen in Automobile, Infrastructure, Oil & Gas, Power, Pharma and Textile stocks, where as long unwinding was seen in Cement stocks.

On options front, Nifty will start the new weekly contracts with maximum positions at 23500 CE closely followed by 22900 CE and 21500 PE closely followed by 22500 PE.


Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 2823 Cr in the cash segment, bought stocks futures worth Rs 10681 Cr and sold index futures worth Rs 272 Cr. DIIs were net buyer in the cash segment to the tune of Rs 6168 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 22710-22820; Supports 22470-22380

Banknifty – Resistances 49060-49310; Supports 48400-48200

Finnifty – Resistances 21650-21720; Supports 21400-21340


F&O Securities in Ban Today – IDEA.




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