Morning Update :–All sectoral indices are in the red, with auto, IT, media, healthcare, and real estate down 1-1.5 percent. The BSE Midcap and Smallcap indices fell 1 percent each.
Sensex – Fall -517 Points at 71,971
Nifty 50 – Fall -154 Points at 21,841
Indian Market
FII AND DII
| FII Sold | Â 4,260.33Â Â Cr |
| DII Bought | 2,285.52Â Cr |
Indian Market News
- Wall Street closes lower; gold rises amid economic and geopolitical crosswinds.
- Unconfirmed reports of explosions in Iran drive up oil prices by $3 per barrel.
- Asian markets trade weak; Nikkei and Taiwan Weight down 3% each.
- Japan’s inflation dropped to 2.6% in March.
- Bitcoin falls below $60,000 following reports that Israel strikes Iran.
- FIIs sold shares worth Rs 4,260.33 crore on April 18.
- NSE adds Exide Industries to the F&O ban list for April 19
- Following a missile and drone strike on Israel, the United States and Britain have announced new sanctions against Iran.
- Brent crude surges, while US equity futures fall on media reports of Middle Eastern attacks: Bloomberg.
- Surging dollar set for weekly gain as US data and Fed push back against rate cuts.
- Kronox Lab Sciences receives Sebi approval to launch an IPO.
- ITC’s subsidiary will acquire Blazeclan Technologies for Rs 485 crore.
- Indo Count acquires the US premium national brand WAMSUTTA.
Global Markets updates
GIFT Nifty
GIFT Nifty trends show that the Indian index as a whole is off to a poor start, down 119.50 points, or 0.54 percent. The 21,948 mark was the focal point of the Nifty futures trade.
US Market
US stocks fluctuated on Thursday due to the impact of a strong economy and Federal Reserve policy. Benchmark Treasury yields climbed and gold gained strength due to Middle East turmoil. All three major US stock indices, including the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite, experienced wavering performance, with the chip sector’s weakness causing the Nasdaq to decline the most. The Dow Jones Industrial Average rose 22.07 points, the S&P 500 lost 11.09 points, and the Nasdaq Composite dropped 81.87 points.
Asian Market
Asian markets fell on Friday, following Wall Street’s overnight losses and losing gains from the previous day, with Japan’s benchmark Nikkei 225 and Kospi falling by 2.7% and 1.7% respectively.
Crude
Oil prices fell in early trade due to US jobs data suggesting higher interest rates and easing Middle East tensions, while the market largely ignored sanctions on Venezuela and Iran. Brent futures and U.S. crude prices fell 0.3% to $86.88 and $82.48, respectively.
News Updates
With approval from SEBI, NSE will introduce Nifty Next 50 index derivatives this month.
The NSE will introduce derivatives on its Nifty Next 50 index starting April 24, 2024, with approval from the Securities and Exchange Board of India (SEBI). The exchange will offer three serial monthly index futures and index options contracts, expiring on the last Friday of the expiry month. The introduction of derivatives on the Nifty Next 50 index will complement the existing index derivatives product suite, which includes the top large and liquid stocks between the Nifty 50 index and the Nifty Midcap Select index.
Bajaj Auto reports a dividend and beats forecasts with a Q4 profit of Rs 2,011 crore.
Bajaj Auto Ltd reported a consolidated net profit of Rs 2,011.43 crore for Q4 FY2023-24, an 18% increase from the previous year. The Pune-based company’s revenue increased by 30% to Rs 11,249.8 crore for the January-March quarter, and its total income for Q4 was Rs 11,914.94 crore, a 29.6% increase from the previous year.
Infosys beats estimates with a Q4 net profit of Rs 7,969 crore and declares a dividend of Rs 28.
The second-largest IT services company in India, Infosys Ltd., exceeded Street projections by reporting a net profit of Rs 7,969 crore for the fiscal fourth quarter. According to an exchange filing on April 18, the company reported revenue of Rs 37,923 crore for the three months ended March 31.
Stocks in news
Infosys: The second-biggest IT services company in the nation, Infosys, reported consolidated profit of Rs 7,969 crore for the quarter that ended in March FY24. This was a 30.5 percent increase over the previous quarter due to income tax refunds, but overall earnings fell short of analysts’ projections. Operations revenue decreased by 2.3 percent on a quarter-over-quarter basis to Rs 37,923 crore; sequentially, revenue decreased by 2.2 percent in constant currency and 2.1 percent in dollar terms.
Bajaj Auto: The two-and three-wheeler manufacturer from Pune, India, reported a standalone net profit of Rs 1,936 crore for the March FY24 quarter, a sharp rise of 35% over the same period last year. During the same time period, operational revenue climbed by 29% to Rs 11,485 crore, while sales volume increased by 24% to 10.62 lakh units.
ICICI Securities: With strong topline and operating performance, the company reported consolidated net profit of Rs 536.5 crore for the quarter ended March FY24, up 104.3 percent from the same period last year. Compared to the same period last year, revenue from operations increased by 74.4 percent to Rs 1,543.2 crore.
Gokaldas Exports: On April 18, the business launched its qualified institutions placement (QIP) programme. The floor price per share is set at Rs 789.99.
Housing and Urban Development Corporation (HUDCO): Has been awarded the Navratna Status by the Department of Public Enterprises (OPE).
Mahindra Lifespace Developers: Following the debut of Bengaluru’s first net zero waste + energy residential project, Mahindra Zen, the real estate and infrastructure development subsidiary of the Mahindra Group has received reservations for over 150 homes in just two days, valued at Rs 350 crore.
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