Morning Update :–The Nifty saw major gains from Adani Ports, Bajaj Auto, NTPC, BPCL, and ONGC, while Wipro, ICICI Bank, JSW Steel, Cipla, and TCS fell.
Sensex – Fall -113 Points at 73,901
Nifty 50 – Fall -17 Points at 22,444
Indian Market
FII AND DII
| FII Sold | Â Â 522.30Â Â Cr |
| DII Bought | 1,208.42Â Cr |
Indian Market News
- Dow and S&P close lower as manufacturing data boosts yields.
- Dollar ascendant as Fed cut bets pared, jawboning props up the yen.
- Oil gains on positive manufacturing data and escalating Middle East tensions.
- Mahindra Aerostructures signed a $100 million contract with Airbus Atlantic.
- Asian markets were trading higher in the early trade on Tuesday, with the Hang Seng up 1.6 percent and Taiwan Weighted up one percent.
- The US manufacturing sector expands for the first time in 18 months.
- Infosys received a tax demand of Rs 341 crore from the I-T department.
- Ashok Leyland reports. Vehicle sales declined by 4% in March.
- Bharat Dynamics’ FY24 turnover drops by 5.6% to 2,350 crore.
- TVS Motor Company’s March sales increased 12% YoY to 3.54 lakh units.
- Hero MotoCorp reported a 5.6% YoY decline in March 2024 sales.
- Maruti Suzuki’s total production in March increased by 8.2% YoY to 1,66,730 units.
- Gold rallies, stocks fall as rate-cut optimism fades.
- Patel Retail, a supermarket chain, has filed its IPO papers with SEBI.
Global Markets updates
GIFT Nifty
The GIFT Nifty has lost 98 points, or 0.43 percent, indicating a weak start for India’s broader index. The Nifty futures were trading near the 22,510 level.
US Market
The Dow and S&P 500 fell on Monday, weighed down by investor concerns about the timing of the Federal Reserve’s interest rate cuts after stronger-than-expected manufacturing data pushed Treasury yields higher.
The Dow Jones Industrial Average fell 240.52 points, or 0.60 percent, to 39,566.85, the S&P 500 fell 10.58 points, or 0.20 percent, to 5,243.77, and the Nasdaq Composite rose 17.37 points, or 0.11 percent, to 16,396.83.
Asian Market
Asian markets were trading with marginal gains in early trade on Tuesday, with the Nikkei up 0.3 percent.
Dollar
The U.S. manufacturing sector expanded in March for the first time since September 2022, according to data, which caused the dollar to rise on Monday. In the meantime, the yen remained below 152 per dollar, raising concerns among traders about potential intervention.
Gold Prices
On Monday, gold prices reached new all-time highs, but Wall Street stocks declined from almost all-time highs as expectations that the Federal Reserve would soon lower interest rates faded due to the robust US economy.
Crude Oil
As OPEC+ cuts and attacks on Russian refineries tighten global supplies, crude prices edged up about 1% to a five-month high on Monday. This was due to expectations that oil demand would rise following the release of positive economic news from the US and China.
News Updates
The US manufacturing industry expands for the first time in a full year.
US manufacturing experienced a significant growth in March, marking the first time in 1-1/2 years, according to the Institute for Supply Management. The manufacturing PMI increased to 50.3, the highest since September 2022, marking the first reading above 50 since February. This rebound ended 16 consecutive months of contraction in manufacturing, which accounts for 10.4% of the economy.
The I-T department has sent Infosys a tax demand of Rs 341 crore.
Infosys has received a tax demand of Rs 341 crore from the Income Tax department for the 2020-21 assessment year. The company is evaluating the implications of this order on its financial statements for the quarter and year ending March 31, 2024, and is also evaluating filing an appeal against the order. Additionally, a subsidiary of Infosys has received an order for a refund of Rs 15 crore from the tax authorities for the 2014-15 assessment year. The orders are under various sections of the Income Tax Act, 1961.
With Rs 1.78 lakh crore, India’s March GST collection was the second-highest ever.
India’s goods and services tax collection reached Rs 1.78 lakh crore in March 2024, marking the second-highest ever collection, marking a 11.5% year-on-year growth. The gross GST collection for the fiscal year 2023-24 was Rs. 20.14 lakh crore, a 11.7% increase from the previous year.
Stocks in news
Ashok Leyland: During the same period, domestic sales of the commercial vehicle manufacturer fell by 7% to 21,317 units, while overall vehicle sales decreased by 4% to 22,866 units. In March 2024, sales of medium and heavy commercial vehicles fell 7% year over year to 15,562 units.
Bharat Dynamics: The state-owned defence company reported a turnover of Rs 2,350 crore for the fiscal year that ended in March 2024, down 5.6% from Rs 2,489.4 crore the year before. This decline can be attributed to the company’s supply chain being impacted by the current geopolitical conditions in Europe and the Middle East. As of April 1, 2024, the company had Rs 19,468 crore in its order book.
Uflex: A step-down subsidiary of the company, Flex Films Rus LLC, Russia, has put into service a CPP film production line with an installed capacity of 18,000 MT annually.
HDFC Bank: The private lender announced that Suketu Kapadia has been named Group Head – Internal Audit by the board, effective April 1, 2024. V Chakrapani has been replaced by Kapadia.
Hero MotoCorp: The biggest two-wheeler manufacturer in the world sold 4.9 lakh units in March 2024, a 5.6% decrease from the same month the previous year. In March, exports increased by 87.6 percent year over year to 31,158 units, while domestic sales decreased by 8.6 percent year over year to 4.59 lakh units.
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