MOSL advocates a ‘Buy’ rating on Hindustan Unilever (HUL) stock, assigning it a target price of Rs 2,900, reflecting a 27% upside from Monday’s closing price.

Similarly, MOSL rates Godrej Consumer Products (GCPL) as a ‘Buy’, with a target price of Rs 1,500, indicating a 22% upside from its previous close on Monday.

The brokerage also recommends purchasing Dabur stock, setting a target price of Rs 650, which is 23% higher than the previous closing price. Finally, MOSL suggests a ‘Buy’ rating on Titan Company Ltd, with a target price of Rs 4,300 per share, presenting a 14% upside potential.

Read More: Motilal Oswal sees up to 27% upside in consumer products; HUL, Godrej Consumer Products top picks

The brokerage firm Incred in a research report said that Mahindra & Mahindra Financial Services’ asset quality has improved consistently. Also, the company’s assets under management grew significantly without any compromise. The company has kept the rating unchanged to “Add” and maintained the target price at Rs 370 per share. 

The company’s AUM grew 24% on year to Rs 1 lakh crore which was led by strong disbursement growth and relatively lower repayments for quarter. Its AUM grew 6% sequentially.

Read More: Incred reiterates Add on Mahindra & Mahindra Financial Services, says strong business growth a positive

Commenting on the crude oil outlook Mohammed Imran – Research Analyst, Sharekhan by BNP Paribas said that The overall outlook remains bullish, and we advise buying the correction in the counter, but minor corrections due to profit booking cannot be ruled out.

Imran also added that, the broader trading range for WTI remains $82-$87. API forecast draws of 2.3 million barrels in US commercial inventories ahead of EIA weekly release, any larger draw in commercial and product inventories could see WTI testing resistance of $87 in the day.

Shriram Finance, TCS, Bharti Airtel, Axis Bank, and Divis Labs are the top gainers on NSE Nifty 50 index whereas the top laggards include Nestle India, Bajaj-Auto, HDFC Life Insurance, Kotak Mahindra Bank, and Dr Reddy’s Labs.

USDINR CMP- 83.4425 (spot)

Commenting on the dollar rupee outlook Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas said that, Indian Rupee depreciated on Wednesday on weak Asian markets and FII outflows. Rising crude oil prices also dragged the Rupee lower. However, positive tone in domestic markets cushioned the downside. US Dollar softened from higher levels on dovish comments from US Federal Reserve officials. Fed’s Loretta Mester was dovish as she said that a strong economy should not interfere with the disinflation process.

Choudhary also added that, We expect Rupee to trade with a negative bias on expectations of a recovery in the US Dollar and risk aversion in global markets. Renewed geopolitical tensions in the Middle East and rising crude oil prices may also pressurise Rupee. However, strength in the domestic markets may support Rupee at lower levels. Any intervention by RBI may also support the domestic currency. Traders may take cues from ADP non-farm employment and ISM services PMI data from US and Fed Chair, Jerome Powell’s speech. USDINR spot price is expected to trade in a range of Rs 83.20 to Rs 83.70.

Shares of shipbuilding and allied services companies, including Cochin Shipyard, Mazagon Dock Shipbuilders, and Garden Reach Shipbuilders & Engineers, rallied up to 10% in Wednesday’s intra-day trade, driven by expectations of strong earnings and a healthy order book position. Over the past three trading days, these stocks have surged within the range of 16% to 20%.

In terms of individual stocks, Cochin Shipyard (CSL) achieved a record high of Rs 1,046.70, experiencing a 6% surge on the BSE during intra-day trade today. Over the past three days, it has witnessed a remarkable 20% increase.

Vincent KA, an analyst at Geojit Financial Services said that, “The cement prices on a pan-India basis have been on a declining trend since last October. This decline is primarily due to weak demand, influenced by various factors including extreme weather conditions and state elections in certain regions.”

KA further added, “Currently, the expectation of a pickup in construction activity before the monsoon season explains the current price hike. Additionally, the positive outlook on the real estate sector will support, as the major demand contribution comes from the housing sector. There may be a short-term pause around the election period and on account of monsoon, we anticipate the current prices to moderate in the near-term.”

Anand Rathi Research favors Shree Cement and UltraTech Cement among large caps, while Prabhudas Lilladher identifies Ultratech, Ramco, and Sagar Cement as major beneficiaries in the Southern region due to price hikes.

Courtesy: NSE

Shriram Finance, Divi’s Laboratories, TCS, Axis Bank, and Hindalco were the top gainers in the Nifty 50. Nestle India, Bajaj Auto, HDFC Life Insurance, Kotak Bank, and Britannia were the key laggards in the Nifty 50 on April 03.

Courtesy: NSE

The stock of Garden Reach Shipbuilders & Engineers rose 10% to an intraday high of Rs 904 compared to Rs 825.05.

Shares of Mazagon Dock Shipbuilders jumped 11.5% to an intraday high of Rs 2,225.25 compared to its previous close of Rs 1,995.55

Shares of Cochin Shipyards rose 7.8% to hit a 52-week high of Rs 1,062 compared to its previous close of Rs 985.05.

The NSE Nifty was up 3.20 points or 0.01% at 22,456.50, while the 30-stock BSE Sensex was up 43.44 points or 0.06% at 73,947.37.

Courtesy: NSE

Courtesy: NSE

ONGC, Ultratech Cement, Tech Mahindra, Hindalco, and Divi’s Laboratories were the top gainers in the Nifty 50. While Bharti Airtel, Apollo Hospitals, Nestle India, Britannia, and Bajaj Auto were the key laggards in the Nifty 50 on April 03.

The NSE Nifty 50 opened 0.32% lower at 22,382.55, while the BSE Sensex opened 0.25% lower at 73,716.37.

“Bank Nifty is also consolidating after the sharp after breaking out of the range on the upside. It is likely to resume its up-move towards 47850 – 48000 from a short-term perspective. So the minor degree pullbacks should be used as a buying opportunity,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.

On Tuesday, Nifty opened on a flat note and consolidated for the day. It closed marginally in the red, down 9 points. 

“On the daily charts, we can observe that the Nifty is in the process of cooling off after the sharp run-up in the previous couple of trading sessions. The zone of 22400 – 22350 is the crucial support zone and dips towards these zones should be used as a buying opportunity,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.

The hourly momentum indicator has a negative crossover which is a sell signal and also suggests that there could be some more consolidation before the uptrend resumes. Overall, this dip should be used as a buying opportunity, said Gedia.

Hindustan Copper was the only stock in the F&O ban list on Wednesday.

The Asian markets fell following the US market, where bond yields rose as traders saw no signs of early rate cuts. The Taiwanese market saw a sharp fall after the country was hit by the strongest earthquake in 25 years. The Taiwan Weighted was trading 152.60 points or 0.75% lower at 20,313.97.

Foreign institutional investors (FII) sold shares net worth Rs 1,622.69 crore. Whereas, domestic institutional investors (DII) bought shares net worth Rs 1,952.72 crore on April 03, 2024, according to the provisional data available on the NSE.

WTI crude prices were trading at $85.26 down by 0.21%, while Brent crude prices were trading at $89.08 down by 0.23%, on Wednesday morning.

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded higher, 0.03% at 104.80.

The stocks on Wall Street ended on a lower note as traders lowered expectations of rate cuts and high bond yields. The Dow Jones Industrial Average closed 396.61 points or 1% lower at 39,170.24. The S&P 500 fell 0.72% to close at 5,205.81. Similarly, the Nasdaq Composite pulled back 0.95% closing at 16,240.45.