On Friday, the Indian benchmark indices ended on a bearish note as Nifty ended 117.85 points or (0.52%) lower at 22,452.50 while Sensex lost 443.03 points or (0.60%) to close at 73,896.41.
Indian markets commenced trading on a positive trajectory on April 26, with the Nifty hovering around the 22,600 level. The Sensex exhibited gains of 113.76 points, marking a 0.15% increase, reaching 74,453.20, while the Nifty climbed by 33.40 points, also reflecting a 0.15% rise, to touch 22,603.70.
Market breadth showcased a favorable trend, with 1617 shares advancing, 507 shares declining, and 108 shares remaining unchanged.
Notable gainers on the Nifty included Tech Mahindra, Hindalco, SBI Life Insurance, ITC, and Tata Steel. Conversely, Bajaj Finance, Bajaj Finserv, Apollo Hospitals, Eicher Motors, and ICICI Bank were among the major losers.
The positive opening of Indian indices sets a promising tone for the day's trading session, with investors closely monitoring market movements and individual stock performances for potential opportunities.
Friday gears up for the second phase of Lok Sabha polls, with voters in 89 constituencies across 13 states exercising their democratic rights. Alongside political developments, the market focus remains on earnings reactions, with several prominent stocks unveiling their quarterly performances post-market hours on Thursday.
Tech Mahindra, IndusInd Bank, Bajaj Finance, and L&T Technology Services are among the notable names reflecting on their quarterly numbers. Meanwhile, Friday holds anticipation for earnings reports from Nifty constituents like HCLTech and Maruti. Additionally, broader market players such as Mahindra Holidays, Bank of Maharashtra, SBI Life, CSB Bank, and Motilal Oswal are set to unveil their financial performances. Notably, Motilal Oswal is also deliberating a proposal to issue bonus shares.
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Apr 26, 2024, 3:35 pm IST
Market Outlook By Vinod Nair, Head of Research, Geojit Financial Services
"The unexpected surge of the US core PCE price index, accompanied by weaker-than-forecasted GDP growth and Treasury yield spikes, impacted market sentiments. Investors are concerned about the possibility of a looming recession in the US. Indian market lagged behind its Asian and European peers due to worries over lofty valuations and lacklustre Q4 earnings, fuelling expectations of downward revisions for FY25 earnings."
Apr 26, 2024, 3:27 pm IST
Tanla Platforms Dividend Updates
At its meeting on Thursday, April 25, 2024, the company's Board of Directors considered and recommended a final dividend of Rs. 6/-(600%) per equity share, with a face value of Re. 1/-each, for the financial year that ended on March 31, 2024 subject to the approval of the shareholders at the ensuing Annual General Meeting of the company.
Apr 26, 2024, 3:09 pm IST
Supreme Industries Q4 Result Update
On a standalone basis, the company reported a net income of Rs 3025.99 Cr in the quarter ended 31st March 2024 up by 15.96% YoY from Rs 2609.61 Cr in the year-ago quarter. Its net profit stood at Rs 314.48 Cr in Q4FY24 up by 1.26% from Rs 310.56 Cr in Q4FY23. As of March 31, 2024, the company's total cash surplus was Rs. 1178 crores, compared to Rs. 738 crores in the same period in 2023. For the year ending March 31, 2024, the Board of Directors has proposed paying a final dividend of 110%, or Rs. 22/-per equity share.
Apr 26, 2024, 2:43 pm IST
Bajaj Finserv Declares Dividend
For the fiscal year that ends on March 31, 2024, the Board of Directors has proposed paying a dividend of Re. 1/-(100%) per equity share with a face value of Re. 1. If the shareholders at the next annual general meeting approve the aforementioned dividend, it will be credited or dispatched on or around Friday, July 26, 2024, or Saturday, July 27, 2024. Friday, June 21, 2024 has been set as the record date in order to determine the members who would be eligible to receive the dividend for the fiscal year that ended on March 31, 2024.
Apr 26, 2024, 2:19 pm IST
Bank of Maharashtra Q4 Results Update
On a year-on-year basis, the bank's net profit grew from Rs 840 crore in Q4FY23 to Rs 1,218 crore in Q4FY24, a 44.95 per cent rise. Net Interest Income (NII) increased from Rs 2,187 crore in Q4FY23 to Rs 2,584 crore in Q4FY24, a YoY growth of 18.17%. The Board recommended a dividend of 14% ie., Rs. 1.40 per equity share of Rs. 10/- each fully paid out for FY24.
Apr 26, 2024, 1:48 pm IST
Midcap Stock Rally
Amidst selling pressure in market, BSE Midcap stock skyrocketed to nearly 1%. The index has crossed over 46,100 mark. GMR Infra, Concor, Biocon, Coromandel, IRFC shares are top gainers with upside ranging from 5% to 10%.
Apr 26, 2024, 12:23 pm IST
Gold Prices Today
The second phase of polling of Lok Sabha Election 2024 has kickstarted from April 26, and gold prices in India are shining bright! On Friday, 100-gram of 24-carat rose massively by Rs 4,400, while 10-gram in the same carat surged by Rs 440. Gold prices have given breathtaking returns since 2019 when the saffron party won the Election for the second time in a row. One 10-gram 24-carat bought 5 years, ago has now given returns of over Rs 37,490 as of now.
Apr 26, 2024, 11:48 am IST
SC Junks All Pleas Seeking 100 per cent Verification Of EVM Votes With VVPAT Slips
The Supreme Court dismissed all the petitions seeking thorough cross-verification of votes cast via Electronic Voting Machines (EVMs) with Voter Verifiable Paper Audit Trail (VVPAT). The judgment on a series of petitions seeking comprehensive cross-verification of votes cast through Electronic Voting Machines (EVMs) with Voter Verifiable Paper Audit Trail (VVPAT) was announced by a bench comprising Justices Sanjiv Khanna and Dipankar Datta.
GTPL Hathway Limited Enhances Its Customer Experience with AI-Powered Chatbox GIVA
GTPL Hathway Limited, India’s largest Multi-System Operator (MSO),
unveiled an enhanced version of its WhatsApp bot, GIVA, integrating advanced AI capabilities. The
upgraded bot is designed to automate customer support, enable self-service, and provide after-sales
service as part of GTPL Hathway’s commitment to drive excellence through cutting-edge digital
innovations.
GTPL Hathway Limited (GTPL) offers a one-stop solution for all its offerings with the
implementation of an NLP-trained multimodal AI chatbot, enabling seamless self-service,
sales, and support. The chatbot is conversant in nine languages, enabling hyper-personalised and seamless
customer experiences across WhatsApp, GTP L's upcoming new App, website, and Facebook
page.
Apr 26, 2024, 11:10 am IST
Yellow Metal Rates In India On 26th April 2024 Shine Back After A Day Of Stagnancy
Today the average gold rates in India for 24-carat gold are Rs. 72,710/- and Rs. 66,650/- for 10 grams of 22-carat gold. The yellow metal prices have surged by Rs. 440/- and Rs. 400/- for 10 grams of pure gold and standard gold respectively. Similar to this, the 18-carat gold rate in India today has increased by Rs. 330/- to reach Rs. 54,530/- per 10 grams. The MCX Gold Futures maturing in June are currently holding a grip around Rs. 71,431/-, while the US spot gold rates are trading around $ 2,334.9/- per ounce, rising 0.14% or $ 3.2/- since yesterday's closing.
Sandur Manganese & Iron Ores Limited Announces Strategic Business Acquisition Of Arjas Steel Private Limited
SMIORE has signed a Share Purchase Agreement (SPA) with an entity affiliated with ADV Partners, an Asia-focused
private equity firm to acquire a controlling interest in Arjas. The transaction has been agreed at an Enterprise Value of
₹ 3,000 Crore and will be subject to customary regulatory approvals and closing conditions. Through this transaction,
ADV will fully divest its interest in Arjas marking another successful exit from its India portfolio. This acquisition of the controlling interest of Arjas from an entity affiliated with ADV Partners marks
SMIORE’s foray into manufacturing of special steels & value-added products. Arjas is a fully integrated special steel company and among the top 5 manufacturers of special
steel products. The company has been valued at an Enterprise Value of ₹ 3,000 Crore.
Apr 26, 2024, 9:57 am IST
Maruti Suzuki Stock Gains Momentum Ahead Of Q4 Earnings
Shares of Maruti Suzuki, India's leading automaker, are witnessing upward momentum in anticipation of the company's fiscal fourth-quarter earnings report. The automotive giant is poised to deliver robust financial results, fueled by a significant uptick in sales volumes and a notable shift towards premium Sports Utility Vehicles (SUVs) in its product portfolio.
Market analysts are optimistic about Maruti Suzuki's performance, with expectations of a substantial increase in net profit for the fiscal fourth quarter. According to a Moneycontrol poll of nine brokerage estimates, Maruti is projected to achieve a net profit of approximately Rs 3,916 crore, representing a remarkable 50% surge compared to the corresponding period last year. Additionally, revenue from operations is anticipated to surge by 21% to reach Rs 38,772 crore.
Apr 26, 2024, 9:36 am IST
Rupee Declines 0.33 paise against US Dollar
Indian rupee declined of 0.33 paise against US dollar in morning trade on Friday.
Apr 26, 2024, 9:22 am IST
Market Opens With Minor Gains; Nifty Around 22,600
Indian markets commenced trading on a positive trajectory on April 26, with the Nifty hovering around the 22,600 level. The Sensex exhibited gains of 113.76 points, marking a 0.15% increase, reaching 74,453.20, while the Nifty climbed by 33.40 points, also reflecting a 0.15% rise, to touch 22,603.70.
Apr 26, 2024, 8:48 am IST
IndusInd Bank Reports 15% YoY Growth In Q4 Profit, Reaches Rs 2,347 Crore
IndusInd Bank has announced a robust 15% year-on-year increase in standalone net profit, reaching Rs 2,347 crore for the quarter ended March FY24. This growth trajectory was primarily fueled by lower provisions for bad loans and a surge in pre-provision operating profit.
Furthermore, the bank witnessed a commendable 15.1% year-on-year rise in net interest income, which reached Rs 5,376.44 crore for the quarter, reflecting the bank's resilience amidst challenging market conditions.
Despite prevailing economic uncertainties, IndusInd Bank managed to maintain steady asset quality, with both gross and net non-performing asset (NPA) ratios remaining unchanged at 1.92% and 0.57%, respectively, compared to the previous quarter.
Apr 26, 2024, 8:48 am IST
Tech Mahindra Sees 40.9% Drop In Q4 Net Profit Amidst Sectoral Slowdown
Tech Mahindra, a prominent player in the IT services sector, witnessed a significant 40.9% decline in net profit to Rs 661 crores for the fourth quarter ended March 31. This downturn was attributed to the sustained slowdown in key verticals such as telecom, communications, media, and entertainment.
On a sequential basis, there was a notable improvement in net profit, which surged by 29.5%. However, despite this sequential uptick, consolidated revenue for Q4FY24 experienced a 6.2% year-on-year decrease, totaling Rs 12,871 crore.
Apr 26, 2024, 8:46 am IST
Wall Street Sees Downturn Amidst Concerns Over Sluggish GDP Growth
Wall Street experienced a downturn on Thursday as investors grappled with disappointing economic data revealing slower-than-expected US economic growth and persistent inflationary pressures. The negative sentiment was further exacerbated by a sell-off in large-cap stocks, triggered by lackluster results from Meta Platforms.
Thursday's data unveiled that the US economy expanded at its most sluggish pace in nearly two years during the first quarter, while inflation continued to accelerate, casting doubts on hopes for an imminent interest rate cut by the Federal Reserve.
The Dow Jones Industrial Average tumbled by 375.12 points, marking a 0.98% decline to close at 38,085.80. Similarly, the S&P 500 shed 23.21 points, or 0.46%, finishing at 5,048.42, while the Nasdaq Composite saw a loss of 100.99 points, representing a 0.64% decline to settle at 15,611.76.
Apr 26, 2024, 8:30 am IST
Asian Markets See Modest Gains; Kospi, Taiwan Weighted, Hang Seng Up 1-1.5%
Asian markets displayed cautious optimism on Friday as investors adjusted their expectations regarding potential US rate cuts, while attention remained focused on the Bank of Japan's impending policy decision. Here's a rephrased summary of the latest market movements:
Asian shares edged higher with the Kospi, Taiwan Weighted, and Hang Seng indices each posting gains of 1-1.5%, reflecting a measured response to evolving market dynamics.
Investors took a tempered approach amid indications that US rate cuts were unlikely in the near term, leading to a cautious yet positive sentiment across Asian markets.
US stock futures surged following strong quarterly results from tech giants Alphabet and Microsoft, with Nasdaq futures up by over 1% and S&P 500 futures rising by 0.7%.
The focal point of the day in Asia was the Bank of Japan's interest rate decision following its two-day monetary policy meeting, with particular interest in Governor Kazuo Ueda's subsequent news conference.
Ahead of the BOJ's announcement, the yen hovered near a 34-year low against the dollar, remaining relatively stable at 155.62 per dollar. Meanwhile, the 10-year Japanese Government Bond (JGB) yield climbed to a five-month high of 0.93%.
Apr 26, 2024, 7:55 am IST
Oil Set for Weekly Rise Ahead Of US Inflation Data
Oil is poised for a weekly uptick as anticipation builds around crucial US inflation data, expected to provide insights into future monetary policy decisions and influencing the market sentiment towards risk assets, including commodities like crude.
The global benchmark, Brent, surged above per barrel, marking a more than 2% increase for the week, while West Texas Intermediate hovered around . Investors keenly await the release of the Federal Reserve's preferred inflation indicator, scheduled for later Friday. This data release follows closely on the heels of reports indicating a slowdown in US economic growth. Despite this, other indicators of price inflation in the US have remained elevated, hinting that the timeline for potential interest rate adjustments could be delayed.
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