Morning Update :–Tata Motors, Tata Steel, Power Grid, NTPC, and SBI were among the Nifty’s biggest losers, while Nestle India and TCS rose.
Sensex – Fall -679 Points at 73,565
Nifty 50 – Fall -211 Points at 22,308
Indian Market
FII AND DII
| FII Sold | Â Â 8,027Â Cr |
| DII Bought | 6,341.53 Cr |
Indian Market News
- Oil prices fall after Iran attack as market reduces risk premium.
- Asian markets fell on Monday due to the impact of Iran’s drone attack on Israel, while traders also analyzed key economic data from China and Japan.
- As US rate-cut bets fade, the dollar remains strong and the yen falls.
- Bitcoin fell by 7.9% to $61,842.
- TCS Q4 net profit rises 9% to Rs 12,434 crore; company declares final dividend of Rs 28 per share.
- Aluminium, copper, and nickel prices rise on the London Metal Exchange following US and UK sanctions. Aluminium rallies since at least 1987 after US and UK curbs.
- India’s retail inflation fell to a 10-month low of 4.85% in March.
- India’s February IIP grows at 5.7% from 3.8% a month ago.
- Despite lower CPI inflation, experts believe the RBI will not rush to cut rates.
- Vedanta plans to raise Rs 4,000 crore from Power Finance Corporation.
Global Markets updates
GIFT Nifty
The GIFT Nifty has lost 134.50 points, or 0.60 percent, suggesting a poor start for the larger index in India. The 22,452.50 level was the trading range for the Nifty futures.
US Market
US stocks fell on Friday due to mixed earnings reporting season and concerns about Middle East tensions, prompting investors to seek safer investments. The S&P 500 fell 1.5%, marking its worst week since October, while the Dow Jones Industrial Average dropped 1.2% and the Nasdaq composite fell 1.6% from its record set the day before. The Dow Jones Industrial Average dropped 475 points to 37,983.24.
Asian Market
Asian markets closed lower on Monday due to the impact of Iran’s drone attack on Israel, while traders also analyzed key economic data from China and Japan.
Gold Prices
Gold prices reached an all-time high above $2,400 per ounce on Friday, marking their fourth consecutive week of gains due to rising Middle East tensions prompting investors to seek safe-haven assets.
Crude
Oil prices dropped at Asia’s open on Monday due to a decrease in risk premiums following Iran’s attack on Israel, which the Israeli government claimed caused minimal damage. Brent futures for June delivery fell 24 cents to $90.21 a barrel, while West Texas Intermediate futures fell 38 cents to $85.28 a barrel.
News Updates
TCS announces a final dividend of Rs 28 per share as its Q4 net profit increases by 9% to Rs 12,434 cr.
In comparison to the same period last year, Tata Consultancy Services (TCS) reported a 9% increase in consolidated net profit for the fourth quarter of FY24, coming in at Rs 12,434 crore (attributable to shareholders), up from Rs 11,392 crore.
In the three months ending March 31, 2024, revenue increased by 3.5 percent to Rs 61,237 crore, the IT major reported in an exchange filing on April 12.
In the fourth quarter, the operating margin, also known as the EBIT margin, increased by 100 basis points to 26% from the previous quarter’s 25%.
In March, retail inflation in India decreased to 4.85%, a 10-month low.
According to data released by the Ministry of Statistics and Programme Implementation on April 12, India’s headline retail inflation rate decreased to 4.85 percent in the previous month, a ten-month low.
In February, the Consumer Price Index (CPI) indicated 5.09 percent inflation.
The most recent headline retail inflation rate, which is 4.85 percent, is the lowest since May 2023, when it was 4.31 percent. The March figure was also marginally below forecasts; a Reuters survey of economists indicated that they thought prices would have eased to 4.91 percent from a month earlier.
The Monetary Policy Committee (MPC) of the RBI announced on April 5 that it would maintain the policy repo rate at 6.5 percent for the seventh consecutive time. The most recent inflation data was released one week later.
India’s IIP increased by 5.7% in February compared to 3.8% in January.
According to data released by the Ministry of Statistics and Programme Implementation on April 12, growth in India’s industrial output accelerated to 5.7 percent in February.
The most recent Index of Industrial Production (IIP) figure for industrial growth is 5.7%, which is higher than the January 2023 figure of 3.8%.
Roughly 40% of the IIP is comprised of the eight core industries: coal, crude oil, natural gas, fertilisers, steel, cement, and electricity. It is regarded as a lead indicator of industrial growth data as a result.
Despite lowering CPI inflation, experts predict that the RBI may not rush to lower rates.
Despite the easing trend in the Consumer Price Index (CPI) numbers, experts cautioned that the Reserve Bank of India (RBI) might not be in a rush to lower interest rates due to the weight of global uncertainties.
Ministry of Statistics and Programme Implementation data released on April 12 shows that India’s headline retail inflation rate eased to a nine-month low of 4.85 percent in March.
In February, the Consumer Price Index (CPI) indicated 5.09 percent inflation.
Bitcoin fell 7.9% to $61,842 in value.
At 21:00 GMT on Saturday, Bitcoin dropped 7.9 percent to $61,842, a loss of $5,308 from its previous close.
The largest and most well-known cryptocurrency in the world, Bitcoin, is down 16.2 percent from its peak of $73,794 on March 14 of this year.
Ether, the cryptocurrency associated with the Ethereum blockchain, dropped 9.18% to $2,930 on Saturday, depreciating $296.1 from its previous closing.
Stocks in news
Tata Consultancy Services: Beating analyst estimates, the nation’s biggest provider of IT services reported a 9.1% year-over-year increase in net profit for the quarter that ended in March of FY24, totaling Rs 12,434 crore. The manufacturing, UK, and India segments contributed to the 3.5 percent YoY growth in revenue from operations, which came to Rs 61,237 crore. Constant currency revenue increased by 2.2 percent.
Anand Rathi Wealth: Despite poor operating margin performance, the wealth management firm reported a nearly 33% year-over-year increase in net profit at Rs 56.6 crore for the quarter that concluded in March of FY24. In comparison to the same period last year, revenue from operations increased by 29% during the quarter to Rs 184.3 crore.
Mphasis: A multi-year global strategic collaboration agreement (SCA) between the IT solutions provider and Amazon Web Services (AWS) has been inked. The partnership will make it possible for Mphasis to lead Gen AI Foundry to launch.Artificial Intelligence for the Finance Sector.
Aster DM Healthcare: A special dividend of Rs 118 per share has been declared by the healthcare company.
Granules India: Between April 8 and 12, the US Food and Drug Administration (US FDA) conducted an inspection of the company’s Unit V facility in Visakhapatnam. The audit was completed with zero 483s.
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