Morning Update :–US stocks finished higher on Friday after a strong jobs report reinforced the view that the economy is healthy, even though it suggested the Federal Reserve may postpone interest rate cuts.
Sensex – Rise 273 Points at 74,522
Nifty 50 – Rise 75 Points at 22,589
Indian Market
FII AND DII
| FII Bought | Â Â 1,659.27Â Â Cr |
| DII Sold | 3,370.42Â Cr |
Indian Market News
- Asian markets were trading mixed on Monday, with the Nikkei up 1.5 percent and the Hang Seng down 0.5 percent.
- Wall Street indexes rise following strong employment data.
- Morgan Stanley’s View On Titan Company
- Wipro CEO Thierry Delaporte steps down, and Srinivas Pallia takes over.
- The Bajaj Finance arm Bajaj Housing Finance selects Kotak, Axis, BofA, JM Fin, and SBI Caps for mega IPO.
- Jay Kailash Namkeen will debut on BSE SME on April 8.
- Yash Optics & Lens will make its debut on NSE Emerge on April 8.
- Vodafone Idea received board approval to raise Rs 2,075 crore from Aditya Birla Group.
- Godrej Properties sells homes worth more than Rs 3,000 crore.
- March US payrolls exceeded expectations; wages steadily increase.
- Maruti Suzuki expects 3 lakh exports in FY25, and 8 lakh by 2030.
- Cipla’s board is expected to announce the final dividend for FY 2023-24 on May 10.
- Titan Q4 revenue rises 17% YoY, and the firm adds 86 stores.
- The RBI imposed a monetary penalty of Rs 49.70 lakh on LIC Housing Finance for rule violations.
- The RBI imposed a monetary penalty of Rs 1 crore on IDFC First Bank for rule violations.
Global Markets updates
GIFT Nifty
The GIFT Nifty, which gained 31 points, or 0.14 percent, suggests that the Indian index as a whole is off to a good start. The trading range for the Nifty futures was 22652.5.
US Market
US stocks rose after a strong jobs report confirmed the economy’s health, despite the Federal Reserve’s potential delay in interest rate cuts. All major S&P 500 sectors advanced, with communication services, industrials, and technology being top gainers. The Dow Jones Industrial Average rose by 0.80 percent, the S&P 500 by 1.11 percent, and the Nasdaq Composite by 1.24 percent.
Asian Market
Ahead of this week’s central bank decisions, Asia’s markets opened mixed on Monday. Investors were also awaiting the release of China’s and the US’s inflation data.
Dollar
Although the dollar gained strength on Friday, it was still expected to lose ground each week after data revealed that US employers hired significantly more workers in March than anticipated, which could postpone the Federal Reserve’s projected rate cuts this year.
Gold Prices
Despite robust U.S. job growth in March, bullion’s record rally was maintained by a number of factors, including speculative buying, central bank purchases, and U.S. interest rate cut bets. On Friday, gold prices surged to a new record high.
Crude
During trading on Friday, the benchmarks for US West Texas Intermediate and Brent crude oil increased by more than $1 per barrel as investors looked for any indications of a direct conflict between Iran and Israel that might further restrict supply.
News Updates
US payrolls for March exceeded forecasts, and wages continued to rise.
US employers increased wages in March and hired far more people than anticipated, indicating that the economy concluded the first quarter on strong footing and possibly postponing the Federal Reserve’s planned interest rate reductions this year.
In its closely watched employment report on Friday, the Labour Department’s Bureau of Labour Statistics reported a 303,000 increase in nonfarm payrolls last month. A minor revision to the data for February revealed that 270,000 jobs were added, as opposed to the previously reported 275,000 jobs.
PIMCO lowers its projected 2024 Fed rate to 2 following the jobs report.
With data on Friday indicating that the U.S. economy created more jobs than anticipated last month, US bond giant PIMCO has lowered its expectations for interest rate cuts by the Federal Reserve this year to two, according to a portfolio manager.
Stocks in news
Wipro: On April 6, Thierry Delaporte, the company’s managing director and chief executive officer, announced his resignation. Srinivas Pallia, a software major, has been named the company’s MD and CEO.
Vodafone Idea: The board of directors has given the telecom operator permission to raise up to Rs 2,075 crore from Oriana Investments, a company under the Aditya Birla Group.
Tata Steel: The Tata Group company reported that while deliveries rose to 5.41 MT, the highest-ever quarterly deliveries, year-over-year, India’s crude steel production increased by 4.5 percent to 5.38 million tonnes (MT).
Gland Pharma: The US Food and Drug Administration (USFDA) has approved Eribulin Mesylate injection for use by the generic injectables-focused pharmaceutical company.
Cochin Shipyard: The United States Navy and the company have inked a Master Shipyard Repair Agreement (MSRA). The MSRA is an agreement that is non-financial and goes into effect on April 5. This will make it easier for US Navy ships under Military Sealift Command to be repaired at the Cochin Shipyard.
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