Market Today
The benchmark Sensex and Nifty indices are likely to open higher on April 29 as trends in the GIFT Nifty indicate a positive start for the broader index with a gain of 71.50 points.
Indian equity indices ended lower after a volatile session on April 26 and snapped a five-day gaining streak with the Nifty falling below 22,400.
At close, the Sensex was down 609.28 points or 0.82 percent at 73,730.16, and the Nifty was down 150.30 points or 0.67 percent at 22,420
The pivot point calculator indicates that the Nifty 50 is expected to face resistance at the 22,441 level, followed by 22,620 and 22,710 points. On the lower side, the index may take immediate support at the 22,386 level, followed by 22,330 and 22,240 points.
GIFT Nifty
Trends in the GIFT Nifty indicate a positive start for the broader index in India, with a gain of 71.50 points or 0.32 percent. The Nifty futures were trading around the 22,661.50 level.
US Markets
US stocks closed higher on Friday, buoyed by a rally in mega-cap growth stocks following robust quarterly results from technology heavyweights Alphabet and Microsoft in addition to moderate inflation data.
The Dow Jones Industrial Average rose 153.86 points, or 0.40 percent, to 38,239.66, the S&P 500 gained 51.54 points, or 1.02 percent, to 5,099.96 and the Nasdaq Composite gained 316.14 points, or 2.03 percent, to 15,927.90.
Asian Markets
Asian markets climbed Monday as traders look toward the Federal Reserve’s meeting this week, following another hotter-than-expected US inflation reading Friday.
Maruti Suzuki Q4 net profit rises 48%
Maruti Suzuki India, on Friday, reported a 48 percent rise in its net profit to Rs 3,878 crore for the fourth quarter ended March 31, 2024, on account of higher sales volume and favorable commodity prices. The company’s profit after tax (PAT) during the corresponding period last year stood at Rs 2,624 crore.
The country's largest carmaker registered a revenue of Rs 38,235 crore in the three months ended March 31. Additionally, the company declared its highest-ever dividend of Rs 125 per share.
HCLTech Q4 net profit was marginally higher at Rs 3,986 crore
HCL Technologies (HCLTech) on April 26 reported a net profit of Rs 3,986 crore in Q4FY24 as against Rs 3,983 crore in the year-ago period. The IT firm declared a Rs 18 dividend.
Net profit for the quarter was up 0.1 percent YoY and declined by 8.4 percent sequentially. This was a miss on Moneycontrol’s estimate of Rs 4,054.71 crore in net profit.
The company posted a 7.1 percent increase in revenue at Rs 28,499 crore in Q4FY24 as compared to Rs 26,606 crore in the year-ago period, again a slight miss from Moneycontrol's estimate of Rs 28,552.64 crore. Sequentially consolidated revenue was up by 0.2 percent.
Ebit margin or operating margin for Q4 stood at 17.6 percent, significantly below Moneycontrol’s estimates of 18.8 percent.
ICICI Bank Q4 net profit jumps 17% to Rs 10,707 crore
Private sector lender ICICI Bank on April 27 reported a net profit of Rs 10,707 crore for the January-March quarter of the financial year 2023-24, which marks a 17 percent jump as compared to Rs 9,122 crore clocked in the year-ago period.
The net profit is in line with the market estimates of Rs 10,331 crore. The bank recommended a dividend of Rs 10 per share.
The net interest income (NII) of Rs 19,093 crore, increased by 8 percent as compared to Rs 17,667 crore reported in the corresponding quarter of the previous fiscal. The NII is slightly higher as against the estimates of Rs 18,958 crore.
Yes Bank Q4 net profit jumps 123% to Rs 451 crore
Private sector lender Yes Bank on April 27 reported a net profit of Rs 451 crore for the January-March quarter of the financial year (FY) 2023-24, which marks a 123 percent jump as compared to Rs 202 crore clocked in the year-ago period.
The bank's gross non-performing asset (NPA) stood at 1.7 percent, down from 2.2 percent recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 0.6 percent, improving from 0.80 percent on a year-on-year basis. Gross slippages for Q4FY24 stood at Rs 1,356 crore versus Rs 1,233 crore in Q3FY24.
The net interest income (NII) of the lender came in at Rs 2153 crore, increased marginally by 2 percent as compared to Rs 2105 crore reported in the corresponding quarter of the previous fiscal.
RBL Bank Q4 net profit up 30% to Rs 353
RBL Bank Ltd. on April 27 reported a 30 percent rise in the March quarter of FY 2023-24 at Rs 353 crore. The bank had earned a net profit of Rs 271 crore in the year-ago period.
Bank's net interest margin came at 5.45 percent, down from 5.62 percent and its net interest income was at Rs 1600 crore, 18 percent up from Rs 1357 crore.
The bank declared a dividend of Rs 1.50 per equity share.
The gross non-performing assets (GNPA) improved 72 bps YoY to 2.65 percent while NNPA improved 36bps YoY to 0.74 percent.
Dollar
The US dollar was a shade softer in early deals on Monday, thinned by a holiday in Japan, though the yen, euro, and sterling stayed near the bottom of the ranges hit during Friday's volatile session.
Japan's yen was at 158.05 per dollar, up nearly 0.2 percent in quiet trading with Tokyo markets closed for the first of the country's Golden Week holidays.
Crude
Oil prices fell in early Asian trading on Monday, reversing gains from Friday as US inflation data further dimmed the prospects of interest rate cuts anytime soon and boosted the dollar, which hurts oil demand.
Brent crude futures fell 75 cents, or 0.84 percent, to $88.75 a barrel while West Texas Intermediate (WTI) futures were down 65 cents, or 0.78 percent, to $83.20 a barrel.
FII and DII data
Foreign institutional investors (FIIs) net sold Rs 3,408.88 crore shares, while domestic institutional investors (DIIs) pumped in Rs 4,356.83 crore on April 26, provisional data from the NSE showed.
Stocks under F&O ban on NSE
The NSE has retained Vodafone Idea to the F&O ban list for April 29.
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