Morning Update :–The Nifty saw significant gains from Tata Motors, Hero MotoCorp, Infosys, Power Grid Corp, and Bajaj Finserv, while Divis Labs, Axis Bank, Tats Consumer, L&T, and ONGC suffered losses.
Sensex – Rise 150 Points at 74,892
Nifty 50 – Rise 43 Points at 22,710
Indian Market
FII AND DII
| FII Sold | Â 684.68Â Cr |
| DII Bought | 3,470.54 Cr |
Indian Market News
- Wall Street closes flat while investors wait for earnings and CPI
- Asian markets trading company, Taiwan’s Hang Seng, each weighted by 1%
- 458,401 shares of Axis Bank were traded in a block: Bloomberg
- Former promoter of Gland Pharma, Dr. Ravi Penmetsa, announces a $150 million block deal with an upsize option.
- The USFDA approves Strides’ 10 mg and 20 mg fluoxetine tabs.
- FDA approves generic version of Gland Pharma’s breast cancer medication.
- QIP issue is launched by Sterlite Technologies, with a floor price of Rs 119 per share.
- Aiming to leave Axis Bank, Bain Capital initiates a roughly $430 million block deal.
- The QIP is approved by the Shilpa Medicare board at a floor price of Rs 477.33 per share.
- On April 9, Aluwind Architectural will list shares on NSE Emerge.
- In Q4FY24, Tata Motors’ JLR saw an 11% increase in sales.
- Omaxe arm to build a multisport stadium, retail space, and hospitality hub in Delhi for Rs 1,500 crore
Global Markets updates
GIFT Nifty
The GIFT Nifty has gained 59.50 points, or 0.28 percent, suggesting that the Indian stock market is off to a strong start. The 22,836 mark was the focal point of the Nifty futures trade.
US Market
US stocks closed choppy on Monday, with a solar eclipse providing distraction before inflation data and the start of the first-quarter earnings season. The Dow Jones Industrial Average fell 0.03%, the S&P 500 lost 0.04%, and the Nasdaq Composite added 0.03%.
Asian Market
Even though US Treasury yields put pressure on Wall Street equities on Monday, Asian markets were trading higher on Tuesday. Investors in Asia will be watching Australian business confidence surveys and Japanese consumer confidence data on Tuesday.
Dollar
While traders remained on the lookout for any potential action from Japanese authorities to support the weakening currency, the yen fell to almost 34-year lows against the US dollar on Monday in thin trading as investors focused on US inflation data later this week.
Gold Prices
Monday saw a record high for gold prices for the seventh straight session; analysts believe this surge may have been caused by strong demand from Asian central banks, even in the face of conventional headwinds from a strengthening US dollar and rising interest rates.
Crude
Monday saw the global oil benchmark Brent remain above $91 a barrel, reversing early losses brought on by Israel’s decision to hold new negotiations on a possible ceasefire in the Middle East conflict and the withdrawal of additional soldiers from Gaza.
News Updates
In Q4FY24, Tata Motors’ JLR saw an 11% increase in sales.
Tata Motors reported a 11% YoY increase in retail sales of Jaguar Land Rover (JLR) to 114,038 units in Q4FY24, driven by increased production and global demand. Sales were up 32% in the UK, 21% in North America, and 16% overseas. However, sales in China were down 9% and fell 2% in Europe for the quarter. Tata Motors’ full-year sales jumped 20% YoY, with wholesale volumes at 401,303 and retail sales at 431,733, registering a 22% growth.
Stocks in news
Dilip Buildcon: The infrastructure provider was selected as the lead bidder for the Rs. 1,092.46 crore EPC project in Haryana by the Haryana Rail Infrastructure Development Corporation.
Gland Pharma: According to three people with knowledge of the development, Moneycontrol, two organisations connected to Dr. Ravi Penmetsa, the former promoter of Gland Pharma, Nicomac Machinery and RP Advisory Services, have initiated a $150 million block deal with an option to sell a portion of the drugmaker.
Tata Motors: Due to increased production and persistent worldwide demand, Jaguar Land Rover (JLR) reported a year-over-year increase in full-year sales of more than 20%. With the China JV excluded, wholesale volumes of 1.1 lakh units in Q4FY24 increased 16 percent YoY to 4.01 lakh units, while the same in FY24 increased 25 percent YoY to the same quarter last year.
Shilpa Medicare: On April 8, the pharmaceutical company launched its qualified institutions placement (QIP) offering, with a share price floor of Rs 477.33.
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