Indian stock market traded in red with Sensex and Nifty down by half a per cent. Stocks like Tech Mahindra, Power Grid, Ultratch Cement, and M&M were among top gainers. Meanwhile, stocks like Nestle, Sun Phara, Bharti Airtel, HUL, and Titan were among top bears.
Indian stock market may continue to see a consolidation trend on Wednesday tracking selling pressure in global cues. In the early trade, Gift Nifty traded in red but the downside was at a slower pace.
On the global front, while Asian shares tumbled as early rate cut hopes faded after the latest reading of inflation. Although the dollar stayed steady, commodity prices rose which dampened the mood in equities. Overnight, Wall Street ended lower as well.
On Wednesday, six-members MPC led by RBI governor Shaktikanta Das will commence their three-day monetary policy meeting. The outcomes will be announced on April 5, 2024. Majority of experts are predicting yet another status in both policy rates and stance by RBI today.
In the previous session, the market closed broadly flat but in red. The Sensex dipped by 11 points to 73,902, while the Nifty slipped by 9 points to 22,453. The Nifty Bank also experienced a minor setback, shedding 33 points to close at 47,545.
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Apr 03, 2024, 3:08 pm IST
Market at 3 PM
The Nifty was down 1.60 points, or 0.01 percent, at 22,451.70, while the Sensex was up 33.28 points, or 0.05 percent, at 73,937.19. A little over 2554 shares rose, 871 shares fell, and 72 shares remained constant.
Apr 03, 2024, 2:53 pm IST
Futures for Brent Oil are Above as Supply Concerns Grow
On Wednesday, oil prices remained steady as investors considered supply risks associated with the continuous strikes on Russian facilities by Ukraine and the possibility of an escalation of the conflict in the Middle East.
At 0902 GMT, June's Brent oil futures increased by 16 cents, or 0.18%, to .08 a barrel, while May's U.S. West Texas Intermediate crude futures increased by 11 cents, or 0.13%, to .26 per barrel.
The prior session saw gains of 1.7% for both Brent and WTI, reaching their best levels since October.
Apr 03, 2024, 2:13 pm IST
By Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas
USDINR CMP- 83.4425 (spot) Indian Rupee depreciated on Wednesday on weak Asian markets and FII outflows. Rising crude oil prices also dragged the Rupee lower. However, positive tone in domestic markets cushioned the downside. US Dollar softened from higher levels on dovish comments from US Federal Reserve officials. Fed’s Loretta Mester was dovish as she said that a strong economy should not interfere with the disinflation process. We expect Rupee to trade with a negative bias on expectations of a recovery in the US Dollar and risk aversion in global markets. Renewed geopolitical tensions in the Middle East and rising crude oil prices may also pressurise Rupee. However, strength in the domestic markets may support Rupee at lower levels. Any intervention by RBI may also support the domestic currency. Traders may take cues from ADP non-farm employment and ISM services PMI data from US and Fed Chair, Jerome Powell’s speech. USDINR spot price is expected to trade in a range of Rs 83.20 to Rs 83.70.
Apr 03, 2024, 1:59 pm IST
Adani Green Energy Becomes India’s First 10,000 MW Renewable Energy Company
Adani Green Energy Limited (AGEL), has surpassed 10,000 megawatts (MW) of operational portfolio, delivering reliable, affordable, and clean power to the national grid. AGEL’s operational portfolio consists of 7,393 MW solar, 1,401 MW wind, and 2,140 MW wind-solar hybrid capacity. The milestone is a testament to AGEL and its development partners firmly moving towards the goal of 45,000 MW of renewable energy by 2030. AGEL’s 10,934 MW operational portfolio will power more than 5.8 million homes and avoid about 21 million tonnes of CO2 emissions annually.
Apr 03, 2024, 1:52 pm IST
Zand Bank Subscribes To Infosys Finacle’s Corporate Banking Suite On Microsoft Cloud
Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys and Zand Bank (Zand), UAE’s first digital-only bank, today announced the bank’s decision to subscribe to the Infosys Finacle Solutions suite to power its corporate banking services. The deployment of Infosys Finacle's advanced cloud-native solutions on Microsoft Azure is a testament to Zand's commitment to provide a customer-centric, future-ready banking experience, underpinned by the latest in AI and predictive analytics. Michael Chan, Chief Executive Officer of Zand, said, "We are delighted to announce our adoption of the Finacle modular core banking system. This strategic move empowers us to fortify our position at the forefront of innovation, enabling seamless deployment of digital assets, AI, and blockchain technologies. Embracing the future, we are poised to redefine banking experiences and drive unparalleled value for our customers."
Apr 03, 2024, 1:28 pm IST
Over 4000% Returns: This Multi-bagger Energy Stock Hits Upper Circuit On Reports Of Strong Financial Data
The shares of Gensol Engineering Ltd, a renewable energy company, were seen locked at 5% upper circuit at Rs 948.25 per share after the company recorded a remarkable surge in its financial performance for the fiscal year ending March 31, 2024. The company announced its highest-ever revenue from operations, surpassing Rs 960 crore, marking a 141% growth compared to the previous fiscal year.
Mercury Trade Links Under Management Changes, ICICI Prudential Allocates Share For ESOP
Ms. Divya Bairwa resigned from Mercury Trade Links Limited & the company appointed Mr. Chaprajbhai Vikrambhai Algotar as the new CEO. Mr. Chaprajbhai Vikrambhai Algotar is Post Matric, having vast experience in Agro Industry as Marketing Head. He has over 5 years of experience in Agro-Industry. ICICI Prudential Life Insurance Company Limited has allotted 86,450 equity shares of face value of ₹ 10 each on April 3, 2024, under its employee stock option scheme.
Apr 03, 2024, 12:37 pm IST
Shraddha Prime Projects Limited Appointed As Developer For Premier Projects In Mulund West, Mumbai
Shraddha Prime Projects Limited has been appointed as the developer for the premier societies located at Goshala Road, Mulund West. The project encompasses a total land area of approximately 5,865 square meters, showcasing the scale and vision of this upcoming venture. The project includes a multi-storied tower, designed to meet the evolving needs and aspirations of modern living. Mr. Sudhir B. Mehta, Managing Director said, “We are focusing on prime locations in Mulund (Eastern segment of Mumbai) and Goshala Road is one of the prime locations. Developing a portfolio of prime localities will help our company to have higher margins with quick sales velocity. With our existing infrastructure in Mulund West, we would be able to execute such projects in a planned and phased manner. Shraddha Prime is committed to scaling up development in prime locations of Mumbai which will strengthen the financial performance of the company.”
Apr 03, 2024, 12:14 pm IST
Airtel Expands Its Network Footprint In Vadodara District
Bharti Airtel, one of India's leading telecommunications service providers, today announced that it has deployed additional sites in Vadodara district to densify its network. The network expansion project in Vadodara was undertaken across 320 villages covering a 4.25 lakh population base. Customers in the tehsils of Vadodara, Savli, Padra, Vaghodia, and Karjan under the Vadodara district will directly benefit from this network expansion. The expansion will enable seamless access to high-speed connectivity that will ensure a reliable mobile network for work, study, and entertainment in rural parts of Vadodara.
Apr 03, 2024, 11:49 am IST
Top 5 Gainers and Losers Today
Stock market Live Updates
Apr 03, 2024, 11:25 am IST
Dhanlaxmi Bank Reports Strong Growth In Q4 FY24: Gross Advances Up By 5.6%
Dhanlaxmi Bank has announced robust financial results for the fourth quarter of the fiscal year 2023-24, with total business reaching Rs 24,668 crore. This represents a significant growth of 6.3% compared to the same period last year. Notably, the bank's deposits surged by 6.8% to Rs 14,259 crore, while gross advances saw a commendable rise of 5.6% to reach Rs 10,409 crore during the quarter.
The bank witnessed positive developments in key sectors. Current Account Savings Account (CASA) showed a steady increase, reaching Rs 4,381 crore in Q4 FY24, marking a growth of 2.8% compared to the corresponding period last fiscal year. Moreover, gold loans exhibited remarkable growth, soaring to Rs 2,839 crore, reflecting an impressive increase of 24.85% during the quarter.
Apr 03, 2024, 10:39 am IST
Bharat Forge Stock Declines As Class 8 Truck Orders Fall In North America
Shares of Bharat Forge witness a downturn following a significant drop in Class 8 truck orders in North America, with orders falling by a third compared to February figures. This decline marks the first time truck orders have slipped below the 20,000 units mark since August 2023. Bharat Forge, renowned as a defence-to-auto component supplier, holds a significant presence in the North American market concerning class 8 trucks.
Apr 03, 2024, 10:10 am IST
Adani Green Energy Becomes India’s First To Surpass 10,000 MW Renewable Energy
Over 10,000 megawatts (MW) of operational portfolio have been reached by Adani Green Energy Limited (AGEL), providing the national grid with clean, inexpensive, and dependable power. Wind, 1,401 MW, and 2,140 MW of hybrid solar-wind power make up AGEL's operating portfolio. AGEL and its development partners are making significant progress toward their target of 45,000 GW of renewable energy by 2030, as highlighted by this significant milestone. More than 5.8 million homes will be powered by AGEL's 10,934 MW operational portfolio, which will also prevent almost 21 million tons of CO2 emissions yearly.
Apr 03, 2024, 9:40 am IST
Top Gainers And Losers
Stocks like Tech Mahindra, Power Grid, Ultratch Cement, and M&M were among top gainers. Meanwhile, stocks like Nestle, Sun Phara, Bharti Airtel, HUL, and Titan were among top bears.
Apr 03, 2024, 9:16 am IST
Indian rupee opened above 83 mark vs US Dollar
After Brent crude surged to a 6-month high of over /bbl and the 10-year Treasury yield shot to 4.40%, its highest level since last December, the Indian rupee began slightly higher at 83.35/dollar compared to the previous close of 83.38.
Apr 03, 2024, 8:12 am IST
Nifty, Bank Nifty Index Outlook Today
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher is expecting Nifty to find support and resistance around 22,300 and 22,600 on Wednesday. The analyst is expecting Bank Nifty to find support and resistance around 47,200 and 48,000 levels in the trading session.
Apr 03, 2024, 8:11 am IST
RBI Policy To Set Market Mood
On Wednesday, six-members MPC led by RBI governor Shaktikanta Das will commence their three-day monetary policy meeting. The outcomes will be announced on April 5, 2024. Majority of experts are predicting yet another status in both policy rates and stance by RBI today.
Apr 03, 2024, 8:11 am IST
Market Previous Session
In the previous session, the market closed broadly flat but in red. The Sensex dipped by 11 points to 73,902, while the Nifty slipped by 9 points to 22,453. The Nifty Bank also experienced a minor setback, shedding 33 points to close at 47,545.
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