Morning Update :–Frontline indices rose for the second day in a row, buoyed by strong global cues. Bank Nifty and Nifty Midcap 100 indices hit new record highs in early trade, while fear gauge India VIX spiked by more than 2%.
Sensex – Rise 120 Points at 74,791
Nifty 50 – Rise 50 Points at 22,693
Indian Market
FII AND DII
| FII Bought | 169.09Â Â Â Â Cr |
| DII Bought | 692.05 Cr |
Indian Market News
- Asian markets trade higher; Nikkei is up nearly 2%.
- Yen maintains sharp gains following suspected intervention.
- Shareholders approach NCLT regarding I-Sec delisting; company notifies exchanges.
- NMDC raises the lump ore price by Rs 400 and fines by Rs 200 per tonne.
- FIIs buy Rs 169.09 crore shares on April 29.
- National Stock Exchange will sell its digital technology unit to Investcorp for $120 million.
- Morgan Stanley is ‘overweight’ on PNB Housing and raises its target price to Rs 1,025 per share.
- Nomura maintains a ‘buy’ rating on Birlasoft but lowers target price to Rs 860 per share.
- The rupee falls 4 paise to 83.49 against the US dollar in early trade.
- Kotak Institutional Equities initiates coverage on Honasa Consumer, targets Rs 450 per share.
- Sensex up over 100 points, Nifty above 22,650; Bank Nifty hits new record high.
- SBFC Finance block deal: Equity worth Rs 534 crore changed hands.
Global Markets updates
GIFT Nifty
Trends in the GIFT Nifty indicate a flat start for India’s broader index, with a 15-point gain or 0.07 percent. The Nifty futures were trading near the 22,780 level.
US Market
US stocks rose on Monday, with the Dow Jones Industrial Average rising 147.4 points to 38,387.06, the S&P 500 increasing 16.19 points to 5,116.15, and the Nasdaq Composite adding 55.18 points to 15,983.08, amid suspected intervention. Investors are gearing up for an action-packed week.
Asian Market
Asian markets are expected to continue gains, following Wall Street’s actions, with investors awaiting China’s manufacturing purchasing managers’ index for April.
Crude
Oil prices fell by over $1 a barrel on Monday due to Israel-Hamas ceasefire talks and US inflation data. Brent crude futures for June and July fell by 1.4% and 1.14 percent, respectively, while US West Texas Intermediate (WTI) futures fell by 1.4% and 1.46 percent, respectively. The more active July contract fell by 1.14 percent.
Dollar
Japan’s currency rose by 5 yen against the dollar, overcoming a 34-year low, due to yen-buying intervention by Japanese authorities for the first time in 18 months.
Gold
Gold prices decreased on Monday due to higher-for-longer US interest rates, with spot gold down 0.2% to $2,333.29 per ounce and US gold futures down 0.1% at $2,344.60. The Federal Reserve policy meeting and U.S. non-farm payrolls data are expected to provide further insight.
News Updates
On I-Sec delisting, shareholders approach NCLT; the company notifies exchanges
ICICI Securities has received an email from NCLT stating that certain shareholders have filed an application for the delisting of equity shares. The matter will be listed before the bench, subject to scrutiny and defect-free review. The company will make the necessary representation in relation to the application.
For $120 million, the National Stock Exchange will sell Investcorp its digital tech division.
Bahrain-based Investcorp is set to buy India’s National Stock Exchange (NSE)’s digital technology services business for $120 million, marking its largest deal in the country. NSEIT Ltd, the digital technology arm of India’s largest stock market operator, offers services in cybersecurity, digital transformation, and cloud services in India, North America, and the Middle East. The 10-billion-rupees deal aligns with NSE’s strategy to focus on core business areas.
Stocks in news
NMDC: The price of lump ore has increased by Rs 400 to Rs 6,200 per tonne at the state-owned iron ore company. Fines now cost Rs 5,260 per tonne, an increase of Rs 200 per tonne.
UCO Bank: The lender reported net profit of Rs 525.8 crore for the fiscal quarter that ended in March of this year, a 9.5% decrease from the same period in the previous fiscal year. This decline was partially caused by higher pre-provision operating profit and lower bad loan provisions. For the quarter, net interest income reached Rs 2,187.4 crore, up 10.9 percent year over year.
KEC International: The major global infrastructure EPC company has secured new orders totaling Rs 1,036 crore in its different business segments, which include Middle Eastern and American transmission and distribution projects.
Poonawalla Fincorp: For the March FY24 quarter, the non-banking finance company reported a standalone net profit of Rs 331.7 crore, a significant increase of 83.6 percent over the same period in the previous fiscal year. For the quarter, net interest income increased by 57% year over year to Rs 641 crore.
Tata Chemicals: Affected by an exceptional loss owing to UK operations, the Tata Group company reported a net loss of Rs 850 crore for the January–March FY24 quarter, compared to a profit of Rs 709 crore in the same period last year. Operations revenue for the quarter was Rs 3,475 crore, a 21.1 percent year-over-year decline.
JNK India: On April 30, the heating equipment manufacturer is scheduled to make its market debut. The price per share for the final issue has been set at Rs 415.
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