Morning Update :–Trends in the GIFT Nifty indicate a gap-up start for India’s broader index, with a gain of 112 points, or 0.5 percent. The Nifty futures were trading near the 22,693 level.
Sensex – Rise 181 Points at 74,059
Nifty 50 – Rise 29 Points at 22,505
Indian Market
FII AND DII
| FII Sold | 2,391.98Â Cr |
| DII Bought | 690.52 Cr |
Indian Market News
- Asian stocks trade steady; Australia’s S&P 200 is up 1.3%.
- US markets ended higher on Friday due to weak jobs data.
- Oil prices rise as Gaza tensions escalate; Saudi move aims to tighten the market.
- Gold rises on mixed US signals and the Fed’s inflation fight.
- The rupee opens flat at 83.42 against the US dollar, versus the May 3 close.
- Kotak Mahindra Bank, Titan, Britannia, and DMart are the top stocks to watch today.
- Lupin, Marico, Godrej Consumer, and Gujarat Gas will report Q4 today.
- The multibillion-dollar Godrej family settlement will not be taxed, according to sources.
- Angel In April, one client base increased by 3.4% month on month to reach 22.99 million
- Indegene’s initial public offering begins today.
Global Markets updates
GIFT Nifty
The GIFT Nifty has gained 112 points, or 0.5 percent, suggesting that the Indian stock market is off to a strong start. The 22,693 mark was the focal point of the Nifty futures trade.
US Market
Stocks surged on Friday, with tech stocks leading the way. The Nasdaq surged 2%, the S&P 500 rallied 1.8%, and Dow Jones rose 1.2%. Warren Buffett’s upcoming appearance and AI earnings added to the excitement. The disappointing April jobs report and Powell’s dovish remarks boosted investor optimism. The economic calendar is light next week, and earnings season is heating up.
Asian Market
Asian stocks remain stable as traders await China’s return from holiday, with mainland markets expected to rise due to Beijing’s supportive policies. Australia’s stock index rose after a 1.3% gain in the S&P 500, driven by weaker-than-expected US jobs data and expectations of a Federal Reserve interest rate cut. Chinese shares on the Nasdaq surged 5.5% last week.
Crude
Following Israel’s closure of the Kerem Shalom humanitarian crossing into Gaza on Sunday in response to a barrage of rockets fired by Hamas, oil prices increased in early trading. The ongoing hostage and cease-fire negotiations are at risk because of this incident. To further tighten the oil market, Saudi Arabia raised the price of its crude exports to Asia. The Reserve Bank of Australia, which is anticipated to take a hawkish stance in response to last month’s stronger-than-expected inflation data, is one of the central banks that traders will be closely watching this week. In addition, readings on inflation in important emerging markets and future Chinese activity data are expected.
News Updates
IIHL plans to increase its parabanking portfolio and reach a $50 billion valuation by 2030.
IIHL, led by Ashoka Hinduja, plans to increase its valuation from its previous targets by 25% to $50 billion by 2030. Hinduja prioritises digitization as a means of creating value and plans to grow the BFSI suite. Plans call for international acquisitions, and due diligence is currently being conducted on banks in Germany, Luxembourg, Switzerland, and Liechtenstein. argues for changing policy to increase remittances and involve Indians living abroad in the country’s development.
Kotak Mahindra Bank Q4 earnings
Kotak Mahindra Bank reported a net profit of Rs 4,133 crore for the January-March quarter of the 2023-24 financial year, up 18% from the previous year. The lender’s net interest income increased by 13 percent YoY from Rs 6,103 crore to Rs 6,909 crore, and its net interest margin was at 5.28 percent for Q4FY24. The bank’s GNPA stood at 1.39 percent, while its NNPA was at 0.34 percent. The bank’s advances increased by 20% YoY to Rs 3.91 lakh crore, while average current deposits and savings deposits grew. The lender’s term deposit also grew to Rs 2.24 lakh crore for Q4FY24. CEO Ashok Vaswani warns that regulatory action on digital banking could cut the bank’s FY25 profit by Rs 300-450 crore, but assures minimal impact on existing customers who can still access loans and deposits.
Stocks in news
Kotak Mahindra Bank: The private sector lender reported a standalone net profit of Rs 4,133 crore for the quarter that ended in March of FY24, up 18.2 percent from the same period last year thanks to robust growth in operating profit and non-interest income. For the quarter, net interest income increased 13.2% year over year to Rs 6,909.4 crore.
Britannia Industries: Due to a lacklustre topline growth and subpar operating results, the biscuit manufacturer reported consolidated net profit for the March FY24 quarter of Rs 536.6 crore, a 3.8 percent decrease from the same period in the previous fiscal year. For the quarter, revenue from operations increased by 1.1 percent year over year to Rs 4,069.4 crore.
M&M Financial Services: For the quarter that ended in March of FY24, the non-banking finance company reported a 9.5 percent year-over-year decline in profit of Rs 619 crore. For the quarter, net interest income reached Rs 1,919 crore, an increase of 15.6% year over year.
One 97 Communications: As part of an organisational reorganisation, Bhavesh Gupta has resigned from his role as president and chief operating officer of the company, effective May 31. He will now serve in an advisory capacity.
Avenue Supermarts: The D-Mart operator reported strong topline and operating figures for the March FY24 quarter, with consolidated net profit of Rs 563.3 crore, up 22.4 percent from the same period the previous fiscal year. For the quarter, revenue from operations increased by 20.1 percent year over year to Rs 12,726.6 crore.
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