As trading commenced on Thursday, Indian benchmark indices followed the global trend downwards, largely influenced by a decline in tech stocks in the US following disappointing forecasts from Meta, the parent company of Facebook.
At the start of the trading day, the Sensex experienced a decline of 181.27 points, or 0.25%, settling at 73,671.67, while the Nifty saw a decrease of 53.50 points, or 0.24%, reaching 22,348.90. This negative sentiment persisted throughout the opening session on April 25, with the Nifty commencing at 22,350.
Market dynamics during the opening session revealed 1272 shares advancing, 865 declining, and 144 remaining unchanged. Additionally, the Indian rupee opened flat at 83.34 per dollar on Thursday compared to Wednesday's closing rate of 83.32.
However, as the monthly expiry day looms, the Nifty's trajectory might be influenced by the performance of key constituents, especially with Hindustan Unilever and Kotak Mahindra Bank in the spotlight. While Hindustan Unilever's quarterly results met subdued expectations, all eyes are on Kotak Mahindra Bank due to anticipated action from the Reserve Bank of India.
Thursday's trading session will also witness reactions to earnings reports from prominent companies such as Axis Bank, LTI Mindtree, Dalmia Bharat, and Indian Hotels. Additionally, anticipation brews as Nestle India, Tech Mahindra, L&T Technology Services, IndusInd Bank, ACC, and Bajaj Finance gear up to unveil their quarterly performances.
Over the series, the Nifty Bank has amassed over 1,000 points, underlining the buoyancy in the banking sector amidst evolving market dynamics. As the trading day unfolds, market participants will scrutinize these developments for cues on future market trends and sentiment.
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Apr 25, 2024, 3:35 pm IST
Indian Market By The End Of Thursday's Session Closes In Green
Today Sensex grew more than 540 Points reaching 74,400 Levels, while Nifty 50 holds a grip near the 22,560 Range. Top Gainers in the session were noted as Axis Bank, Dr. Reddy's Lab and SBI, rising 6.02%, 5.04%, and 5.03% respectively, since yesterday, while top losers recorded were Kotak-Mahindra Bank, LTIMindtree, and HUL, falling 10.73%, 1.9% and 1.11% respectively. Sectoral indices grew the highest range in Nifty PSU Banks, climbing above 3.7% since yesterday's closing. As per the past five sessions, the Indian market has risen 3.19%, starting to breach the fresh resistance levels posted earlier this month.
Apr 25, 2024, 3:15 pm IST
Music Broadcast Company Shares In Focus
On Thursday, Radio City announced its debut on JioTV. "Through this association, Radio City will be able to reach out to JioTV’s massive audience nationwide. The JioTV mobile app –which has over 1,000 channels in more than 16 languages and 12 genres from over 200 broadcasters available to all Jio subscribers across the country," said the company in a stock exchange statement.
Apr 25, 2024, 2:52 pm IST
Puravankara Shares In Focus
Provident Housing Limited, a wholly owned subsidiary of Puravankara announced a huge deal with HDFC Capital of Rs 1,150 crore investment.
Apr 25, 2024, 2:15 pm IST
Kirloskar Pneumatic Company Shares In Focus
The company has released has financial results for the quarter and year ended 31st March 2024. The sales of the company climbed 7% while net profit surged 23% in Q4FY24. The sales in Q4 stood at Rs 490 Cr which is a growth of 59% QoQ.
Apr 25, 2024, 12:10 pm IST
Bankex Falls
BSE Bankex has slipped as much as 121 points or 0.22%. Kotak Bank is the top underperformer with decline of 10%, followed by marginal drops in AU Small Finance Bank and IDFC First Bank. It would be buying in Axis Bank, Bank Of Baroda, and SBI that has limited losses on index.
Apr 25, 2024, 11:55 am IST
Rs 44,000 Crore M-Cap Lost, Stock Falls 10%, No More 4th Largest Bank; How RBI's Ban Rocked Kotak
The banking sector is in shock after RBI banned Uday Kotak-backed leading private sector lender, Kotak Mahindra Bank. The after-effect of RBI's decision was felt intensely in Kotak Bank's share price as it nosedives sharply by 10% on Thursday. Kotak is under the radar, and RBI has banned private lenders from onboarding new customers via online and mobile banking channels. Kotak Bank Share Price: At the time of writing, Kotak Bank's share price traded at Rs 1661.30 apiece, nosediving by a whopping 10% with a market cap of Rs 3,30,193.66 crore on Thursday. Since the market opened, Kotak Bank's shares tumbled by at least 12% with an intraday low of Rs 1620 apiece.
Moody's Ratings Assigns BAAA3 Rating To NHPC; Keeps Outlook Stable
Moody's Ratings has assigned Baa3 issuer
ratings and ba1 Baseline Credit Assessment (BCA) to NHPC Limited.
The outlook is stable. NHPC's Baa3 rating reflects its BCA of ba1, the high level of extraordinary support
from, and the company's very high level of dependence on, the Government of India
(Baa3 stable) under Moody's Joint Default Analysis (JDA) approach for government-related issuers (GRIs).
"NTPC's BCA reflects the company's strong competitive position, the favorable policy
and regulatory environment for India's hydropower sector," says Abhishek Tyagi, a
Moody's Vice President and Senior Credit Officer.
Apr 25, 2024, 11:13 am IST
India Gold Rates Takes A Reversal, After Posting Record-High Range This Week
The average gold price in India today for 10 grams of 24-carat is Rs. 72,270/- and Rs. 66,250/- for 10 grams of 22-carat gold. The yellow metal prices today have fallen by Rs. 380/- and Rs. 350/- per 10 grams of pure gold and standard gold respectively. Likewise, the 18-carat gold rate in India today has decreased by Rs. 290/- to reach Rs. 54,200/- per 10 grams. The MCX Gold Futures maturing in June are currently moving around Rs 70,895/-, while the US Spot gold rates are floating around $ 2,317.5/-, a rise of $ 1.36/- or 0.06% since yesterday's closing.
EaseMyTrip Ties Up With Adani Digital Labs To Offer Exclusive Duty-free Shopping Benefits
EaseMyTrip.com, one of India’s leading travel tech platforms,
has entered into a strategic collaboration with Adani Digital Labs (ADL) for seamless access
to duty-free shopping directly from its platform, providing travelers with a convenient and
luxurious experience as part of their travel planning. Mr Nishant Pitti, CEO of EaseMyTrip, said, “At
EaseMyTrip, our core philosophy has always been to prioritize customers’ needs and enhance
their travel experience. This partnership is a stride towards reinforcing our commitment as we
aim to be the greatest facilitator of travel in the nation. By integrating the convenience of duty-free shopping across multiple airports into our platform, we are not just simplifying shopping
but also empowering Indian travelers with smarter, more rewarding solutions.”
Apr 25, 2024, 10:24 am IST
Happiest Minds Technologies To Acquire PureSoftware Technologies, A Digital Engineering & Transformation Company
PureSoftware Technologies, Digital Engineering &
Transformation Company is all set to be acquired by Happiest Minds Technologies Ltd for a total purchase consideration of US $ 94.5
Million (₹779 Crores) (Upfront of ₹635 Crores on closing and deferred of upto ₹144 Crores
payable at the end of FY25 on achievement of set performance targets).
PureSoftware with a global presence and headquarters in Noida is a fast-growing Digital
Engineering & Transformation Services and solutions provider with deep domain expertise. Ashok Soota, Executive Chairman, Happiest Minds said, “I am delighted to welcome the
PureSoftware Team to Happiest Minds family. Our Mission of ‘Happiest People. Happiest
Customers’ and PureSoftware’s ‘Customer Delight by Creating Employee Delight’ harmonizes our
shared vision of driving happiness for people and customers.”
Macrotech Developers has announced a consolidated net profit of Rs 665.5 crore for the quarter ending in March FY24, marking a 10.6% decline compared to the year-ago period, despite witnessing growth in both topline and operating numbers. This decline was primarily attributed to increased tax costs.
Revenue from operations, however, showed a significant year-on-year growth of 23.4%, reaching Rs 4,018.5 crore for the quarter.
Apr 25, 2024, 9:39 am IST
LTIMindtree Shares Slide 2% Amidst Q4 Profit Dip
LTIMindtree witnessed a 2% decline in its shares as it reported a decrease in consolidated net profit for the March FY24 quarter. The company recorded a net profit of Rs 1,100.7 crore, marking a 5.9% decline compared to the previous quarter, attributed to weak performance in both topline and operating numbers.
During the quarter, revenue from operations stood at Rs 8,893 crore, reflecting a sequential decline of 1.4%. Furthermore, revenue in dollar terms and constant currency terms also witnessed a 1.3% decrease each quarter-on-quarter.
LTIMindtree experienced a 30 basis points sequential decline in EBITDA margin, settling at 17.3%, while the EBIT margin saw a more significant drop of 70 basis points, reaching 14.7% for the quarter.
Apr 25, 2024, 9:27 am IST
Market Opens Lower; Nifty Dips Below 22,350
At the start of the trading day, the Sensex experienced a decline of 181.27 points, or 0.25%, settling at 73,671.67, while the Nifty saw a decrease of 53.50 points, or 0.24%, reaching 22,348.90. This negative sentiment persisted throughout the opening session on April 25, with the Nifty commencing at 22,350.
Apr 25, 2024, 9:06 am IST
Axis Bank Reports Rs 7,130 Crore Net Profit In Q4, NII Up 11.5%
In the fiscal fourth quarter, Axis Bank unveiled a net profit of Rs 7,130 crore, a significant turnaround from the Rs 5,762 crore loss recorded in the same period last year, attributed to its acquisition of Citi Bank's India consumer division. The private sector lender's net interest income (NII), representing the difference between interest income from lending activities and interest paid to depositors, surged to Rs 13,089 crore, marking an 11.47% increase from the previous year's Rs 11,742 crore. Notably, Axis Bank's gross non-performing asset (NPA) ratio decreased to 1.43% from 2.02% year-on-year, while net NPAs declined to 0.31% from 0.39%.
Apr 25, 2024, 9:05 am IST
Hindustan Unilever's Q4 Net Profit Slips 6% To Rs 2,406 Crore
In its fiscal fourth quarter, Hindustan Unilever witnessed a 6% decline in standalone net profit, amounting to Rs 2,406 crore compared to Rs 2,552 crore reported in the corresponding period of the previous year. Despite this, the company's sales experienced only marginal growth, reaching Rs 14,693 crore for the quarter. Notably, revenue from the beauty and personal care segment registered a decline of 2.7%. Additionally, HUL declared a final dividend of Rs 24 per share for the fiscal year 2024 on equity shares with a face value of Re 1.
Apr 25, 2024, 9:00 am IST
S&P 500 Ends In Green Amidst Yield Concerns, Strong Corporate Performances
In a day marked by fluctuating market dynamics, the benchmark S&P 500 concluded higher on Wednesday, as investors deliberated over increasing Treasury yields alongside encouraging corporate outcomes, particularly from technology giants. The S&P 500 edged up by 1.08 points, or 0.02%, closing at 5,071.63, while the Nasdaq Composite rose by 16.11 points, or 0.10%, to reach 15,712.75. Conversely, the Dow Jones Industrial Average experienced a slight decline, slipping by 42.77 points, or 0.11%, to settle at 38,460.92.
Apr 25, 2024, 8:59 am IST
Oil Maintains Loss As Risk-Averse Sentiment Overrides Decreasing Stockpiles
Oil prices retained a slight decline as cautious sentiment in broader markets offset a decrease in US stockpiles. Brent crude hovered around per barrel following a 0.5% decrease on Wednesday, while West Texas Intermediate remained near . Despite reports indicating a larger-than-anticipated 6.37 million barrel decline in nationwide crude inventories last week, driven by increased refinery activity and rising exports, the market exhibited limited bullish momentum.
Apr 25, 2024, 8:57 am IST
Asian Stocks Decline As Meta's Disappointing Outlook Weighs On Tech Sector
Asian equity markets are bracing for a downturn following Meta Platforms Inc.'s lackluster performance, fueling concerns about the sustainability of the tech-driven bull market in equities. Japan and South Korea witnessed drops in their equity benchmarks, while futures for Hong Kong also recorded declines. Financial markets in Australia remained closed in observance of a holiday. The yen, which weakened beyond 155 per dollar for the first time in over three decades on Wednesday, traded within a narrow range, heightening speculation about potential intervention measures.
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