Morning Update :–The Nifty saw major gains from SBI Life Insurance, Tech Mahindra, Shriram Finance, Tata Steel, and Maruti Suzuki, while Apollo Hospitals, HCL Technologies, M&M, Eicher Motors, and Bajaj Auto suffered losses.
Sensex – Rise 405 Points at 74,135
Nifty 50 – Rise 87 Points at 22,507
Indian Market
FII AND DII
| FII Sold | 3,408.88 Cr |
| DII Bought | 4,356.83 Cr |
Indian Market News
- Wall Street shares close higher as megacap tech stocks rally.
- Concerns about inflation in the United States have caused oil prices to fall.
- The yen surpasses the 160-per-dollar level and reaches its lowest point in April 1990.
- The dollar is slightly softer as markets wait for the Fed.
- Asian markets gain; Taiwan Weighted, Kospi, and Hang Seng up 0.5-1%.
- Kotak Institutional Equities maintains an add call on HCL Technologies.
- ICICI Bank Q4 net profit rises 17% to Rs 10,707 crore.
- Nomura maintains its buy rating on ICICI Bank, with a target price of Rs 1,335.
- Kotak Institutional Equities downgrades Indus Tower.
- Kotak Institutional Equities maintains a sell rating on Maruti Suzuki with a target of Rs 10,500.
- ATC Telecom Infrastructure exits Vodafone Idea.
Global Markets updates
GIFT Nifty
The GIFT Nifty, which gained 71.50 points, or 0.32 percent, suggests that the wider index in India is off to a good start. Around 22,661.50 was the trading range for the Nifty futures.
US Market
US stocks closed higher on Friday, driven by a rally in megacap growth stocks, robust quarterly results from tech giants Alphabet and Microsoft, and moderate inflation data. The Dow Jones Industrial Average rose 0.30%, the S&P 500 grew 1.02%, and the Nasdaq Composite grew 2.03%.
Asian Market
Asian markets rose on Monday due to a higher-than-expected US inflation reading, following a Federal Reserve meeting this week.
Crude
Oil prices fell in early Asian trading on Monday due to US inflation data reducing interest rate cuts prospects and boosting the dollar, impacting oil demand. Brent crude futures fell by 0.84 percent to $88.75 a barrel, while West Texas Intermediate futures fell by 0.78 percent to $83.20 a barrel.
Dollar
The US dollar was slightly softer in early trades on Monday due to a holiday in Japan, while the yen, euro, and sterling remained near the bottom of the ranges hit during Friday’s volatile session. Japan’s yen was up nearly 0.2% in quiet trading.
News Updates
Maruti Suzuki’s Q4 net profit rises by 48%.
Maruti Suzuki India reported a 48 percent increase in net profit to Rs 3,878 crore for the fourth quarter ended March 31, 2024, due to higher sales volume and favorable commodity prices. The company’s profit after tax for the same period last year was Rs 2,624 crore. The largest carmaker in India registered a revenue of Rs 38,235 crore and declared its highest-ever dividend of Rs 125 per share.
ICICI Bank Q4 net profit rises 17% to Rs 10,707 crore.
ICICI Bank reported a net profit of Rs 10,707 crore for the January-March quarter of 2023-24, a 17% increase from the previous year. The profit is in line with market estimates of Rs 10,331 crore. The bank recommended a dividend of Rs 10 per share. The net interest income (NII) increased by 8% to Rs 19,093 crore, slightly higher than the previous fiscal estimate of Rs 18,958 crore.
Yes Bank’s Q4 net profit rises 123% to Rs 451 crore.
Yes Bank reported a net profit of Rs 451 crore for the January-March quarter of the 2023-24 financial year, a 123% increase from the previous year. The bank’s gross non-performing asset (NPA) was 1.7%, down from 2.2% in Q3FY24. However, net NPA improved from 0.80% to 0.6%. Gross slippages for Q4FY24 were Rs 1,356 crore compared to Rs 1,233 crore in Q3FY24. The lender’s net interest income (NII) increased by 2% to Rs 2153 crore.
Stocks in news
Maruti Suzuki India: The biggest automaker in the nation reported a standalone net profit of Rs 3,878 crore for the quarter that ended in March of FY24, up 47.8% from the same period last year. The increase was primarily due to higher other income and strong operating results, but overall results fell short of analysts’ projections. During the same period, revenue from operations increased by 19.3% year over year to Rs 38,235 crore.
Vodafone Idea: ATC Telecom Infrastructure has left the telecom provider by selling all 144 crore equity shares, or 2.87 percent of paid-up equity, through open market transactions for a total valuation of Rs 1,840.3 crore, or an average price of Rs 12.78 per share.
HCL Technologies: The multinational provider of IT services announced a net profit of Rs 3,986 crore for the March FY24 quarter. The results were below analyst expectations overall and decreased 8.4% from the previous quarter due to weak operating performance. For the quarter, revenue from operations increased by 0.2 percent on a sequential basis to Rs 28,499 crore.
SBI Life Insurance Company: The insurance provider saw a 4.4 percent increase in net profit from January to March of FY24, totaling Rs 810.8 crore. During the quarter, net premium income increased by 26.2 percent year over year to Rs 25,116.5 crore, while net commission decreased by 2.3 percent to Rs 851.4 crore.
ICICI Bank: Due to fewer provisions for bad loans, the private sector lender reported a standalone net profit of Rs 10,707.5 crore for the quarter that ended in March of FY24, up 17.4% from the same period the previous year. Overall, profits exceeded analyst projections. For the quarter, net interest income reached Rs 19,093 crore, up 8.07 percent year over year.
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