The benchmark Sensex and Nifty indices are likely to open on a negative note on April 25 as trends in the GIFT Nifty indicate a weak start for the broader index with a loss of 61.50 points.
The benchmark Sensex and Nifty indices flattened after morning gains, while the midcap and smallcap indices continued to rise on April 24.
The BSE Sensex closed up 0.2 percent, a gain of 114 points, at 73,853 from its intraday high of 74,121, while the NSE Nifty finished 0.15 percent higher at 22,402 from its intraday peak of 22,476, up nearly 75 points, on April 24. The broader BSE MidCap index rose 0.92 percent to 40,957 points, while the BSE SmallCap gained 0.8 percent to 46,858.60 points.
The pivot point calculator indicates that the Nifty 50 is expected to face resistance at the 22,456 level, followed by the 22,478 and 22,513 levels. On the lower side, the index may take immediate support at the 22,386 level, and then at 22,364 and 22,329.
GIFT Nifty
Trends in the GIFT Nifty indicate a negative start for the broader index in India, with a loss of 61.50 points or 0.27 percent. The Nifty futures were trading around the 22,358.50 level.
US Markets
The benchmark S&P 500 closed higher in a choppy trade on Wednesday, as investors weighed an uptick in Treasury yields amid positive corporate results, particularly from technology giants.
The S&P 500 gained 1.08 points, or 0.02 percent, to 5,071.63 and the Nasdaq Composite added 16.11 points, or 0.10 percent, to reach 15,712.75. The Dow Jones Industrial Average fell 42.77 points, or 0.11 percent, to 38,460.92.
Asian Markets
Asian markets took a breather after two straight days of rallies, mirroring moves on Wall Street ahead of the US first-quarter gross domestic product figures due on April 25.
Bajaj Finance to announce Q4 earnings
Bajaj Finance, India's largest non-banking lender, is on April 25 expected to announce a robust set of fiscal fourth quarter earnings, driven by growth in assets under management (AUM).
Analysts predict a 22 percent year-on-year jump in net profit, led by credit growth but caution that higher cost of funds could dampen the margin outlook.
According to an average estimate of five brokerages, Bajaj Finance's net profit is likely to rise 22 percent to Rs 3,836 crore in Q4FY24 from the year-ago period.
Net interest income (NII), the difference between the income the bank earned from its lending activities and the interest paid to depositors, is expected to climb 40 percent to Rs 8,764 crore.
Axis Bank posts Rs 7,130-cr net profit in Q4
Axis Bank has reported a net profit of Rs 7,130 crore for the fiscal fourth quarter as against a loss of Rs 5,762 crore in the year-ago period after it bought Citi Bank's India consumer division.
The private sector lender's net interest income (NII), the difference between the interest income it earned from lending activities and the interest paid to depositors, came in at Rs 13,089 crore, up 11.47 percent from the previous year's Rs 11,742 crore.
Axis Bank's gross non-performing asset (NPA) stood at 1.43 percent, down from 2.02 percent in the year-ago period. Net NPAs were at 0.31 percent compared to 0.39 percent.
HUL Q4 net profit falls 6% to Rs 2,406 crore
Hindustan Unilever reported a 6?ll in standalone net profit at Rs 2,406 crore for the fiscal fourth quarter as against Rs 2,552 crore in the year-ago period.
Hindustan Unilever's sales rose only marginally to Rs 14,693 crore in the fourth quarter, with revenue in a key segment, beauty and personal care, declining 2.7 percent.
HUL announced a final dividend of Rs 24 per share for FY24 on equity shares of face value of Re 1.
Tech Mahindra to announce Q4 results
Tech Mahindra is expected to report a decline in its Q4 revenue due to continued weakness in its telecom business, while its net profit may grow due to a one-off cost in the preceding three-month period.
Tech Mahindra’s net profit may increase 39 percent on-quarter to Rs 709.47 crore, while revenue is expected to decline 1.33 percent to 12,926.7 crore, according to the average estimate of seven brokerages.
Dollar
The US dollar regained some lost ground on Wednesday following big falls against the euro and sterling the day before, while the yen remained mired near 34-year lows even as Japanese officials stepped up intervention warnings.
Gold Prices
Gold prices steadied on Wednesday as risk premiums over tensions in the Middle East eased, while investors strapped in for US economic data due later in the week that could offer clues to the Federal Reserve's interest rate path.
Spot gold was flat at $2,322.60 per ounce by 12:30 pm ET (1630 GMT), after having hit its lowest since April 5 in the previous session. U.S. gold futures fell 0.3 percent to $2,336.10. Spot silver dipped 0.2 percent to $27.22.
Crude
Oil prices were moderately lower on Wednesday as worries over conflict in the Middle East eased and business activity in the world's largest oil consumer slowed, however, a fall in US crude oil inventories put a floor on those losses.
Brent crude futures were down 27 cents, or 0.31 percent, to $88.15 a barrel, while the US West Texas Intermediate crude futures fell 38 cents, or 0.46 percent, to $82.98.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 2,511.74 crore, while domestic institutional investors (DIIs) bought Rs 3,809.90 crore worth of stocks on April 24, provisional data from the NSE showed.
Stocks under F&O ban on NSE
The NSE has added Aditya Birla Fashion & Retail, and SAIL to the F&O ban list for April 25, while retaining Hindustan Copper to the said list. Vodafone Idea, and Zee Entertainment Enterprises were removed from the said list.
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