Morning Update :–The Nifty saw major gains from NTPC, Tata Motors, Hero MotoCorp, L&T, and Hindalco, while Sun Pharma, JSW Steel, Cipla, Asian Paints, and TCS suffered losses
Sensex – Fall -142 Points at 74,895
Nifty 50 – Fall -42 Points at 22,711
Indian Market
FII AND DII
| FII Bought | Â 2,778.17Â Cr |
| DII Bought | 163.36 Cr |
Indian Market News
- Oil prices rebound on Middle East jitters.
- Yen collapses under towering dollar and US Treasury yields.
- S&P 500 and Nasdaq close sharply higher on soft inflation data, with eyes on earnings.
- Gold prices reached record highs on safe-haven demand.
- Asian markets traded mixed on Friday following an inflation-fueled selloff, with investors assessing Singapore and South Korea’s economic data and awaiting China trade figures.
- ADB raises India’s GDP growth forecast for FY25 to 7%, citing strong investment and consumer demand
- US weekly jobless claims fall more than expected; continuing claims rise.
- ECB keeps rates at record highs, indicating an upcoming cut.
- US consumer prices rose more than expected in March.
- Tips Industries has announced a Rs 37.2 crore share buyback offer at a premium of 34.4%.
- 1.01 million Hindalco Industries shares traded in a bunch, according to Bloomberg.
- For the second consecutive day, Reliance Infrastructure has locked in a 20% lower circuit.
- Tips Industries gains on a buyback offer worth Rs 37.2 crore at a 34% premium.
Global Markets updates
GIFT Nifty
With a gain of 117 points, or 0.52 percent, the GIFT Nifty trends suggest that the wider index in India is off to a good start. The 22,672.50 level was the trading range for the Nifty futures.
US Market
US stocks closed higher on Thursday, with tech-related momentum stocks leading the charge. Fresh economic data rekindled hopes that inflation remains in a cooling trend. The tech-heavy Nasdaq had a decisive edge, while the S&P 500 closed in positive territory. The Producer Prices index (PPI) came in softer than expected, supporting the narrative that price growth is still cooling. The Dow Jones Industrial Average fell 2.43 points, the S&P 500 gained 38.42 points, and the Nasdaq Composite added 271.84 points.
Asian Market
Following a selloff driven by inflation in the previous session, Asian markets were trading mixed on Friday. Investors were evaluating economic data from South Korea and Singapore while they awaited China trade data.
Crude
Due to increased Middle East tensions and Iran’s threat to retaliate for what it believes to be an Israeli airstrike on its embassy in Syria, oil prices increased in early trading on Friday. This could lead to supply disruptions from the oil-producing region.
News Updates
US weekly jobless claims increase while continuing claims fall more than anticipated.
The number of Americans filing new unemployment benefits claims decreased more than anticipated last week, indicating a tight labour market. Initial claims for state unemployment benefits fell 11,000 to a seasonally adjusted 211,000 for the week ended April 6, compared to economists’ predictions of 215,000 claims. However, claims are often erratic due to the unpredictable dates of Easter, Passover, and public school spring breaks. The Federal Reserve has raised interest rates by 525 basis points since March 2022 to control inflation, but the labour market remains strong, with job growth picking up and inflation being maintained due to higher service costs.
ECB maintains record-high rates and announces a forthcoming cut
The European Central Bank (ECB) has maintained interest rates at a record-high 4%, expressing optimism for a first rate cut in June if inflation declines. The key deposit rate has frozen borrowing costs for the fifth time in a row. The ECB has been hiking rates to counter price increases, but calls for rate reduction are increasing. Inflation in the eurozone decreased more than anticipated in March to 2.4%, near the ECB’s two percent target.
ADB increases its prediction for India’s GDP growth in FY25 to 7% due to strong investment and consumer demand.
The Asian Development Bank (ADB) raised India’s GDP growth estimate for the current fiscal year from 6.7% to 7%, citing strong demand for investments and a gradual improvement in consumer demand. However, the growth estimate for 2024-25 is less than the 7.6% predicted for the 2022-2023 fiscal year. The ADB predicted a 6.7% growth in the Indian economy in December 2022-2025.
US consumer prices increased in March more than anticipated.
U.S. consumer prices rose more than expected in March due to housing and petrol price increases, raising concerns about the Federal Reserve’s decision to lower interest rates in June. The Bureau of Labour Statistics reported a 0.4% increase in the consumer price index last month, following a 3.2% increase in February. The CPI grew by 3.5% in the year ending in March.
TCS will report its Q4FY24 results today.
Tata Consultancy Services, India’s largest IT service provider, is set to release its fourth-quarter financial results on April 12. The company’s revenue is estimated at Rs 60,559 crores, a 2.366% year-over-year growth, while its net profit is estimated at Rs 11,739 crores, a 3.05% year-over-year increase and 6.16% sequentially.
Stocks in news
Tata Consultancy Services: On April 12, the biggest provider of IT services in the nation is expected to disclose its quarterly and annual financial results. On the same day, Anand Rathi Wealth will also release its quarterly financial results.
Bharti Hexacom: On April 12, the telecom operator Bharti Airtel’s subsidiary is scheduled to make its market debut. The price per share for the final issue has been set at Rs 570.
Maharashtra Seamless: ONGC has placed an order with the company for the supply of casing seamless pipes worth Rs 674 crore. The order will be completed in forty-four weeks.
Computer Age Management Services: The Reserve Bank of India has granted the business permission to act as an online payment aggregator.
Metropolis Healthcare: For the quarter that ended in March of FY24, the company’s overall revenue increased by about 10% year over year. The quarter’s RPP growth of 7% YoY and volume growth of about 8% YoY drove a 15% YoY increase in the core business revenue.
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