Domestic equity market experienced significant volatility on Thursday, extending their losing streak to a fourth consecutive day. Despite mixed global cues, the indices opened higher and remained positive in the first half of the trading session. However, the afternoon saw a surge in volatility, leading to a decline in both indices by the closing bell. The Nifty 50 closed below the 22,000 level after reaching a high of 22,326.50 earlier in the day. The expiry of weekly index options on the NSE contributed to the market's volatility. Sectors such as healthcare, oil & gas, and FMCG corrected sharply.

The barometer index, the S&P BSE Sensex, was slipped 454.69 points or 0.62% to 72,488.99. The Nifty 50 index lost 152.05 points or 0.69% to 21,995.85. In four trading sessions, the Sensex shed 3.40% while the Nifty 50 declined 3.33%.

Titan Company (down 3.31%), Adani Enterprises (down 2.77%) and HDFC Bank (down 0.98%) were major drags.

In the broader market, the S&P BSE Mid-Cap index declined 0.39% while the S&P BSE Small-Cap index gained 0.06%.

The market breadth was negative. On the BSE, 1,761 shares rose and 2,047 shares fell. A total of 121 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 3.36% to 13.04.

Economy:

The International Monetary Fund raised India?s FY25 GDP growth forecast by 30 bps to 6.8% from its January forecast of 6.5%, citing bullish domestic demand conditions and a rising working-age population. IMF sees India's FY26 GDP growth at 6.5%. The global financial agency sees India's retail inflation at 4.6% in FY25 and 4.2% in FY26.

Politics:

India is gearing up for its election in 2024. The BJP is looking to consolidate its grip on power as it aims for a historic third term while a band of opposition parties, including the Congress, has formed a united front called INDIA to deny PM Modi another victory. The elections will occur in 7 phases, starting on 19 April and ending on 1 June. The Lok Sabha elections 2024 results will declared on 4 June.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.24% to 7.176 as compared with previous close 7.193.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.5525, compared with its close of 83.6150 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement rose 0.18% to Rs 72,655.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.05% to 105.89.

The United States 10-year bond yield fell 0.28% to 4.571.

In the commodities market, Brent crude for June 2024 settlement lost 89 cents or 1.02% to $86.40 a barrel.

Global Markets:

Dow Jones index futures were up 120 points, indicating a firm opening in the US stocks today.

Sharres in Europe and Asia advanced on Thursday.

Investors will assess Australia's unemployment rate, which is one of the metrics the country?s central bank weighs when considering monetary policy.

US stocks closed lower on Wednesday as crude prices tumbled and investors weighed cautious US Federal Reserve commentary and ongoing geopolitical strife against mixed quarterly earnings.

The U.S. economy grew slightly over the past six weeks while price increases moved at a modest pace and employment showed slight gains as well, the Federal Reserve said in its latest Beige Book report filed Wednesday.

Stocks in Spotlight:

Bajaj Auto rose 1.11%. The auto major?s standalone net profit jumped 35.11% to Rs 1,936 crore on 28.97% rise in revenue from operations to Rs 11,484.68 crore in Q4 FY24 over Q4 FY23. The revenue growth was led by the broad based buoyancy that was sustained on the domestic business and aided by steady exports, notwithstanding the continued challenges in overseas markets. Meanwhile, the company?s board has approved a final dividend of Rs 80 per share for FY24. The record date for the dividend is Friday, 14 June 2024.

Infosys rose 0.41%. The IT major reported a strong 30% year-over-year increase in its net profit for the quarter ending March 2024. The company's net profit reached Rs 7,969 crore, compared to Rs 6,128 crore in the same quarter last year. Revenue also grew slightly, with revenue from operations reaching Rs 37,923 crore, up 1% from the previous year's quarter.

Infosys forecasts its constant currency revenue growth to be in the range of 1-3% for FY25. The company also expects operating margins to stay between 20-22% during the current fiscal year.

The company's board has recommended a final dividend of Rs 20 per share for FY24, along with an additional special dividend of Rs 8 per share.

Nestle India declined 3.31%, following news reports that the company added sugar to its Cerelac baby cereal in India, but not in its main European and UK markets.

In a joint investigation between Public Eye and International Baby Food Action Network (IBFAN) sent baby food samples in Asia, Latin America, and Africa from Nestle to a testing laboratory in Belgium. The study said that Nestle added the sugar equivalent to an average of 4 gram per sugar cube in wheat-based cereals, Cerelac. It is made for children aged between six months and two years.

Just Dial surged 13% after the company?s net profit jumped 38.02% to Rs 115.65 crore on 16.23% rise in revenue from operations to Rs 270.27 crore in Q4 FY24 over Q4 FY23. Operating EBITDA margin improved to 26.1% in Q4 FY24 as compared to 14.4% recorded in Q4 FY23. The growth in the margin was led by topline growth and cost efficiencies, both on employee costs and other expenses. During the quarter, collections stood at Rs 305.3 crore, up 13.8% YoY. Consequently, deferred revenue was at Rs 507.7 crore in Q4 FY24, up 15.9% YoY.

Angel One shed 2.09%. The brokerage company reported 27.34% rise in consolidated net profit (from continuing operations) to Rs 339.95 crore in Q4 FY24 as against Rs 266.97 crore recorded in Q4 FY23. Total income climbed 63.46% to Rs 1,358.54 crore in Q4 FY24 from Rs 831.09 crore recorded in the corresponding quarter previous year.

Biocon rose 1.60% after the company has signed a licensing and supply agreement with Biomm S.A., for the commercialization of Semaglutide (gOzempic), which is used to improve glycemic control in adults with type-2 diabetes.

Power Grid Corporation of India advanced 2.13% after its board has approved the raising of bonds as POWERGRID bonds issue(s) upto Rs 12,000 crore during FY 2024-25.

Further, the power ? transmission firm has been declared as the successful bidder under tariff based competitive bidding to establish inter-state transmission system for three projects on build, own operate and transfer (BOOT) basis. Additionally, the company has also received letters of Intent (LoI) for the same projects.

Jubilant Pharmova gained 4.47% after Jubilant Generics received a communication from the US drug regulator, which determined the inspection classification of its Roorkee facility as ?Voluntary Action Indicated (VAI)?.

Meanwhile, the pharma company informed that its subsidiary, Jubilant Cadista Pharmaceuticals Inc., USA has decided to close the manufacturing operations of its solid dosage formulation facility at Salisbury, Maryland, USA. The expected date of cessation of manufacturing operation and first separations at the said facility will be on 17 June 2024.

Brigade Enterprises rallied 4.06% after the company announced that it has achieved pre- sales of Rs 2,243 crore in Q4 FY24. The company?s sales volume stood at Rs 2.72 million square feet (sq.ft) in Q4 FY24.

Sterling Tools zoomed 8.52% after the company announced the signing of a memorandum of understanding (MoU) with South Korea?s Yongin Electronics Company for setting up new greenfield manufacturing facility for EV components.

Stock markets got slammed today for a third straight session, with the Nifty 50 falling below 22,150. IT and banking stocks dragged the benchmarks, spooked by a nasty cocktail of worries. Rising US bond yields, a record-low Rupee, and simmering Middle East tensions. Foreign investors are pulling out of Indian shares, and strong US retail sales data is stoking fears of delayed US interest rate cuts.

The barometer index, the S&P BSE Sensex slipped 456.10 points or 0.62% to 72,943.68. The Nifty 50 index lost 124.60 points or 0.56% to 22,147.90. In three trading sessions, the Sensex shed 2.79% while the Nifty 50 declined 2.66%.

Infosys (down 3.65%), Bajaj Finance (down 1.80%) and ICICI Bank (down 1.04%) tumbled.

The broader market bucked the trend. The S&P BSE Mid-Cap index rose 0.05% while the S&P BSE Small-Cap index gained 0.57%.

The market breadth was positive. On the BSE, 2,177 shares rose and 1,638 shares fell. A total of 118 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, advanced 1.18% to 12.62.

The domestic stock markets will remain closed on Wednesday, 17 April 2024, on account of Ram Navami.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.28% to 7.195 as compared with previous close 7.175.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.58, compared with its close of 83.4450 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement rose 0.40% to Rs 72,568.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.04% to 106.25.

The United States 10-year bond yield grew 0.48% to 4.653.

In the commodities market, Brent crude for June 2024 settlement lost 22 cents or 0.24% to $89.88 a barrel.

Global Markets:

The US Dow Jones index futures were currently up by 220 points, signaling a positive opening for US stocks today.

European and Asian stocks tumbled on Tuesday, in the shadow of Middle East tensions.

China?s economy grew stronger than expected at the start of this year, partly thanks to robust factory activity. Gross domestic product grew by 5.3% in the first quarter from a year ago, according to the National Bureau of Statistics on Tuesday. It also accelerated from the 5.2% growth in the previous three months. China has set an annual growth target of around 5% for 2024.

US stocks declined on Monday as rising yields and worries over the conflict in the Middle East overshadowed strong Goldman Sachs earnings and hot retail sales data.

Retail sales in the United States grew more than anticipated last month. US retail sales picked up by 0.7% in March to $709.6 billion, after February's increase was revised to 0.9%, said the Commerce Department.

Stocks in Spotlight:

Jio Financial Services added 2.10% after the company announced the signing of an agreement with BlackRock Advisors Singapore, to form a 50:50 joint venture (JV) for setting up the wealth management and broking business.

CRISIL declined 3.18% after company reported 5.50% fall in consolidated net profit to Rs 137.72 crore in Q1 CY24 as against Rs 145.75 crore posted in corresponding quarter last year. Revenue from operations jumped 3.18% to Rs 737.68 crore in Q1 CY24 as compared to Rs 714.89 crore posted in Q1 CY23. Total income for the March quarter, was up 3.62% to Rs 758.77 crore as against Rs 732.23 crore posted in the corresponding quarter previous year.

Sterlite Technologies jumped 6.75% after the company announced that it has raised Rs 1000 crore through a qualified institutional placement (QIP) route.

Happy Forgings rallied 4.19% after the company announced that it has secured a major order from a leading global Tier 1 manufacturer of automobile driveline components and systems.

Ugro Capital rallied 2.94% after the company?s asset under management (AUM) jumped 48% to Rs 9,000 crore in Q4 FY24 as compared with Rs 6,081 crore in Q4 FY23. During the quarter, net loans stood at Rs 1,555 crore as compared with Rs 1,459 crore in Q4 FY23.

Dynacons Systems & Solutions hit an upper circuit of 20% after the company announced that it has secured a contract worth Rs 233 crore from National Bank for Agriculture and Rural Development (NABARD).

Caplin Point Laboratories advanced 1.52% after its subsidiary, Caplin Steriles received final approval from the US drug regulator for its abbreviated new drug application (ANDA) Ofloxacin Ophthalmic Solution.

Gujarat Gas (GGL) declined 3.46% while Indian Oil Corporation (IOCL) gained 1.53%. GGL and IOCL have entered into a non-binding memorandum of understanding (MoU) to expand the scope and accessibility of energy solutions for consumers.

The domestic equity benchmarks ended with deep losses on Monday as tensions flared in the Middle East following Iran's attack on Israel. Worries about a wider conflict spooked investors, pushing the Nifty below 22,300. Adding fuel to the fire, hotter-than-expected inflation numbers from the US raised concerns about slowing growth. Small and mid-cap stocks, already facing valuation concerns, were hit especially hard. Oil & gas sector was the only bright spot, as all other sectors bled red. Media, PSU banks, and financial services took a particularly hard hit.

The barometer index, the S&P BSE Sensex slipped 845.12 points or 1.14% to 73,399.78. The Nifty 50 index lost 246.90 points or 1.10% to 22,272.50.

ICICI Bank (down 2.30%), Larsen & Toubro (down 2.10%) and HDFC Bank (down 1.58%) were major drags.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index lost 1.50%, while the S&P BSE Small-Cap index fell 1.54%.

The market breadth was firmly in favour of sellers. On the BSE, 877 shares rose and 3043 shares fell. A total of 129 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, soared 8.10% to 12.47.

Economy:

India's combined exports (merchandise and services) in March 2024 are estimated at $70.21 billion. This represents a decrease of 3.01% compared to March 2023. Conversely, overall imports in March 2024 are estimated at $73.12 billion, reflecting a decline of 6.11% year-on-year.

For the entire fiscal year 2023-24 (April-March), India's combined exports reached an estimated $776.68 billion. This translates to a marginal growth of 0.04% compared to FY 2022-23. Overall imports for the fiscal year are estimated at $854.80 billion, signifying a decrease of 4.81% year-on-year.

The overall trade deficit is estimated at $78.12 billion, reflecting a significant decline of 35.77% compared to the deficit of $121.62 billion recorded in FY 2022-23.

India's wholesale inflation rate quickened to three-month high of 0.53% in February, mainly driven by food and primary articles, data released by the commerce ministry on April 15 showed. Wholesale Price Index (WPI) inflation stood at 0.2% in February and 1.34% in March 2023.

India's retail inflation eased to 4.85% on an annual basis in March as against 5.09% in the previous month, data showed on Friday. Meanwhile, the industrial production surged to a four-month high of 5.7% in February compared with 4.3% in the previous month.

Monsoon Update:

India is forecast to receive an above-average monsoon this year (June-September) with rainfall predicted to be 106% of the historical average (87 cm). This is according to the Indian Meteorological Department (IMD) who announced this positive outlook on April 15th.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.08% to 7.173 as compared with previous close 7.179.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.4450, compared with its close of 83.3825 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement rose 0.03% to Rs 71,861.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was fell 0.12% to 105.91.

The United States 10-year bond yield rose 1.54% to 4.568.

In the commodities market, Brent crude for June 2024 settlement declined 72 cents or 0.80% to $89.73 a barrel.

Global Markets:

The Dow Jones index futures were up 200 points, indicating a positive opening in the US stocks today.

Most European stocks advanced while Asian stocks mostly declined on Monday as geopolitical tension heightened after Iran's attack on Israel over the weekend.

Traders weighed the impact of Iran's massive drone and missile attacks on Israel. Iran launched more than 300 drones and missiles against military targets in Israel on Saturday. Though significant in scale, the Iranian attack caused little actual damage in Israel.

US stocks tumbled Friday following a mixed start to earnings reporting season.

Stocks in Spotlight:

Tata Consultancy Services (TCS) shed 1.47%. The company announced that its consolidated net profit increased 12.44% to Rs 12,434 crore in Q4 FY24 as compared with Rs 11,058 crore in Q3 FY24. Revenue from operations increased 1.08% QoQ to Rs 61,237 crore in Q4 FY24.

Aster DM Healthcare surged 7.13% after the company said its board has declared a special dividend of Rs 118 per equity share.

Senco Gold surged 19% after the company said that it has achieved 39% year on year (YoY) revenue growth in the quarter ended 31 March 2024. Gold prices continued its northward journey throughout FY 23-24 including in Q4 on account of heightened geopolitical tensions, increased gold buying by central banks across the globe, high FED rates and likely soft landing, INR US$ exchange rates and momentum effect, added the company.

Anand Rathi Wealth rallied 4.39% after its consolidated net profit rose 32.83% to Rs 56.60 crore in Q4 FY24 as against Rs 42.61 crore in Q4 FY23. Total revenue increased 34.08% year on year (YoY) to Rs 197.19 crore in the quarter ended 31 March 2024.

Adani Enterprises declined 1.87%. The company on Friday announced that its wholly owned subsidiary, Adani Global will acquire a 49% stake in Adani Esyasoft Smart Solutions, Abu Dhabi.

Adani Green Energy slipped 3.65%. The power generation company reported a 7% YoY increase in solar portfolio energy sales to 3,066 million units in Q4 FY24 as against 2,872 million units posted in Q4 FY23.

Container Corporation of India (CONCOR) declined 2.08%. The firm reported 11.24% increase in total throughput to 12,44,798 twenty-foot equivalent units (TEUs) in Q4 FY24 as compared with 11,19,034 TEUs recorded in Q4 FY23.

Ambuja Cements shed 0.47%. The company said that it has signed a definitive agreement to acquire My Home Group's 1.5 million tones per annum (MTPA) Cement Grinding Unit in Tuticorin, Tamil Nadu. The acquisition estimated at a total value of Rs. 413.75 Crores through internal accruals will aid in enhancing the coastal footprint across southern markets of Tamil Nadu and Kerela. The total cement capacity of Adani Group stands at 78.9 MTPA,? the company said in a statement.

Domestic equity market took a tumble today, mirroring the downbeat mood in other Asian stock markets. Inflation worries flared up again after hot US inflation data squashed hopes of an interest rate cut in June. This spooked investors and whacked up bond yields. The Nifty 50 slid throughout the day, closing below 22,550. Every sector felt the pain, with pharma, PSU banks, and oil & gas shares leading the way down.

The barometer index, the S&P BSE Sensex, was dropped 793.25 points or 1.06% to 74,244.90. The Nifty 50 index fell 234.40 points or 1.03% to 22,519.40.

Larsen & Toubro (down 2.04%), HDFC Bank (down 1.10%) and Reliance Industries (down 0.79%) were major drags.

In the broader market, the S&P BSE Mid-Cap index shed 0.49% and the S&P BSE Small-Cap index fell 0.60%.

The market breadth was weak. On the BSE, 1405 shares rose and 2448 shares fell. A total of 90 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 3.82% to 11.53.

The Asian Development Bank (ADB) on Thursday raised India?s GDP growth forecast for the current fiscal to 7% from 6.7% earlier, saying the robust growth will be driven by public and private sector investment demand and gradual improvement in consumer demand.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.94% to 7.183 as compared with previous close 7.116.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.4400, compared with its close of 83.3100 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement was up 1.57% to Rs 72,770.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.57% to 105.88.

The United States 10-year bond yield was declined 0.90% to 4.535.

In the commodities market, Brent crude for June 2024 settlement advanced $1.07 or 1.19% to $90.81 a barrel.

Global Markets:

European shares advanced as the European Central Bank held interest rates steady again but said slowing inflation could open the door to easing monetary policy.

Most Asian stocks ended lower on Friday with investor assessing economic data from Singapore and South Korea while awaiting China trade numbers.

Singapore?s first-quarter gross domestic product climbed 2.7% year on year, advance estimates showed, faster than the 2.2% growth recorded in the last quarter of 2023. The Bank of Korea bank left its key policy rate unchanged for the 10th consecutive time at 3.50%.

US stocks closed higher on Thursday, with tech-related momentum stocks leading the charge.

US inflation showed some heat in March. Consumer prices rose 0.4% month-on-month, steady from February. Year-over-year inflation ticked up to 3.5%, exceeding expectations and dashing hopes for a near-term rate cut. Core inflation, excluding volatile food and energy, remained elevated at 0.4% monthly and 3.8% annually. This suggests underlying price pressures persist.

New Listing:

Shares of Bharti Hexacom settled at Rs 813.75 on the BSE, representing a premium of 42.76% as compared with the issue price of Rs 570.

The scrip was listed at Rs 755.20, exhibiting a premium of 32.49% to the issue price.

The stock has hit a high of 879.90 and a low of 755.20. Bharti Hexacom's IPO was subscribed 29.88 times. It opened for bidding on 3 April 2024 and closed on 5 April 2024. The price band of the IPO was fixed at Rs 542 to 570 per share.

Stocks in Spotlight:

Tata Consultancy Services (TCS) rose 0.45%. The IT major's consolidated net profit increased 12.44% to Rs 12,434 crore in Q4 FY24 compared with Rs 11,058 crore in Q3 FY24. Revenue from operations increased 1.08% QoQ to Rs 61,237 crore in Q4 FY24. On year on year basis, the company?s net profit rose 9% YoY and revenue from operations 3.51% in Q3 FY24. The company's order book total contract value (TCV) stood at $13.2 billion as on 31 March 2024 and operating cash flow was 100.4% of net income in Q4 FY24.

Vodafone Idea rose 0.23% after the telecom operator said that its board has approved to raise Rs 18,000 crore through follow on public offer (FPO) with price band of Rs 10 - 11 per equity share. The FPO is slated to open on Thursday, 18 April 2024, and close on Monday, 22 April 2024. Anchor investors will be allowed to participate two days prior to the bid/issue opening date, i.e. Tuesday, 16 April 2024.

Larsen & Tourbo declined 2.04%. The EPC major announced that it has completed the sale of its entire stake in L&T Infrastructure Development Projects (LTIDPL), a joint venture with Canada Pension Plan Investment Board (CPP Investments).

Nibe hit an upper circuit of 5% after the company announced that its subsidiary Karmayogi Manufacturing received purchase order from Ordefence System worth Rs 307 crore.

Manorama Industries rallied 5% after commenced the commissioning of its new fractionation plant with capacity of 25,000 tonnes per annum (TPA).

Dr. Reddy?s Laboratories shed 1.22%. The company announced the launch of the drug-free non-invasive migraine management wearable device, Nerivio in Germany through its step-down subsidiary betapharm.

Computer Age Management Services (CAMS) advanced 1.91% after the Reserve Bank of India (RBI), in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has granted authorisation to the company to operate as an Online Payment Aggregator.

Metropolis Healthcare added 2.34% after the company said that its core business revenue (excluding revenue from Covid, Covid allied tests & PPP contracts) jumped approximately 15% YoY in Q4 of FY24.

The Phoenix Mills shed 1.13%. The company said that its total consumption stood at approximately Rs 2,818 crore in Q4 FY24, registering a growth of 27% year on year (YoY). Gross retail collections jumped 37% YoY to around Rs 791 crore in the quarter ended 31 March 2024.

PVR Inox rose 0.25%. The cinema chain operator announced the opening of 14 screen megaplex at Phoenix Mall of Asia in the city of Bengaluru.

Domestic equity benchmarks ended with modest gains today, with the Nifty 50 breaching the 22,750 mark. Most sectors gained, led by FMCG and metals. The positive momentum mirrored global trends, but gains were capped by caution ahead of key US data releases. Investors are eyeing the FOMC minutes and US inflation data later today, worried a hot inflation report could dampen hopes of a rate cut. Fitch's downgrade of China's credit rating added another layer of uncertainty.

In the barometer index, the S&P BSE Sensex, gained 354.45 points or 0.47% to 75,038.15. The Nifty 50 index added 111.05 points or 0.49% to 22,753.80.

ITC (up 2.49%), SBI (up 1.94%) and Reliance Industries (up 1.08%) boosted the indices.

The Sensex closed above 75,000 for the first time ever, the Nifty 50 followed suit, reaching an intraday high of 22,775.70. The Bank Nifty also clocked a record high of 49,057.40.

Broader market indices also participated in the rally, with the mid-cap and small-cap indices on the BSE gaining 0.89% and 0.46%, respectively.

The market breadth was positive. On the BSE, 1,961 shares rose and 1,867 shares fell. A total of 105 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.17% to 11.11.

Trading was volatile due to the expiry of weekly index options on the NSE. The domestic market will remain closed on Thursday, 11 April 2024, on account of Id-Ul-Fitr (Ramzan Id).

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.42% to 7.124 as compared with previous close 7.154.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.2000, compared with its close of 83.3150 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement was up 0.14% to Rs 71,440.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, shed 0.10% to 104.04.

The United States 10-year bond yield was down 0.07% to 4.361.

In the commodities market, Brent crude for June 2024 settlement added 23 cents or 26% to $89.42 a barrel.

Global Markets:

US Dow Jones index futures were up 66 points, indicating a positive opening in the US stocks.

European stocks advanced while Asian stocks ended mixed on Wednesday, as investors awaited the release of key US inflation data.

Fitch downgraded China's credit rating outlook, worried about rising government debt and economic uncertainties. This follows a similar move by Moody's and comes as China tries to boost its sluggish post-COVID economy.

South Korea's markets were closed Wednesday, as the country heads to the polls to elect its next parliament. Japan?s corporate goods price index rose 0.8% in March from a year ago, accelerating from the revised 0.7% increase in February.

U.S. stock indexes ended nearly flat on Tuesday, pressured by financial-sector stocks as investors awaited a key inflation reading and braced for major banks to kick off earnings-reporting season later this week. The widely watched report on March's consumer-price index is due on Wednesday.

Stocks in Spotlight:

Tata Motors rose 0.49%. The company?s global wholesales in Q4 FY24, including Jaguar Land Rover was at 3,77,432 units, rising 8% as compared to Q4 FY23.

Avenue Supermarts (DMart) rose 0.83. The company has opened a new store at Vaishnavi Sapphire Mall, Bengaluru (Karnataka). The total number of stores as on date stands at 366.

Oriana Power zoomed 16% after the construction engineering firm announced that it has received a solar power plant project of 76.62 MW (AC) from Jodhpur Vidyut Vitran Nigam, Churu, Rajasthan.

PB Fintech (PolicyBazaar) advanced 2.20% after the wholly-owned subsidiary of the company by the name of ?PB Pay? has been incorporated vide Certificate of Incorporation issued by Registrar of Companies, Central Registration Centre, Ministry of Corporate Affairs dated 9 April 2024.

Lemon Tree Hotels added 2.03% after the company announced their entry into Nepal with the opening of Lemon Tree Premier at Budhanilkantha, Kathmandu.

Paisalo Digital rallied 4% after the company?s assets under management (AUM) grew by 32% to approximately Rs 4,622 crore as of 31 March 2024 as compared to Rs 3,492 crore as of 31 March 2023.

RattanIndia Power fell 3.09%. The company announced that Manish Ratnakar will take over the position of chief financial officer (CFO) and key management personnel (KMP) from Ankur Mitra effective from closing business hours of 9 April 2024.

Gensol Engineering added 1.02% after the company reported a robust order book of Rs 1,783 crore at the beginning of FY25.

Shyam Metalics and Energy added 1.68% after the company established a new stainless steel hot rolled coils (HRC) facility at its existing plant in Sambalpur, Odisha as a part of its expansion plan.

One 97 Communications (PayTM) declined 0.94%. The company said that its associate entity, Paytm Payments Bank?s (PPBL) managing director and CEO (MD&CEO) Surinder Chawla has tendered his resignation on 8 April 2024, on account of personal reasons and to explore better career prospects.

Exide Industries shed 0.05%. The company has entered into an agreement for acquiring 26% equity stake in Clean Max Arcadia, a special purpose vehicle (SPV) promoted and incorporated by Clean Max Enviro Energy Solutions for generation and supply of solar power.

This comes as the fourth-quarter earnings season kicks off this week. Investors are closely watching these reports for clues about the future direction of the market. Additionally, rising oil prices and bond yields are causing some concern.

The S&P BSE Sensex shed 58.80 points or 0.08% to 74,683.70. The Nifty 50 index lost 23.55 points or 0.10% to 22,642.75.

Titan Company (down 1.81%), Reliance Industries (down 1.48%) and Adani Enterprises (down 0.84%) were major drags.

The Sensex and Nifty clocked a new all-time high of 75,124.28 and 22,768.40, respectively in morning session. Further, the Nifty Bank index also registered a fresh record high at 48,960.75.

Metals, realty and private banks shares were in demand. Conversely, media, PSU banks and consumer durables shares were under pressure.

In the broader market, the S&P BSE Mid-Cap index declined 0.47% and the S&P BSE Small-Cap index shed 0.15%.

The market breadth was weak. On the BSE, 1554 shares rose and 2288 shares fell. A total of 109 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.04% to 11.37.

Monsoon Forecast:

Skymet, a private weather forecaster in India, predicts a normal monsoon for 2024 with rainfall around 102% of the long-term average. While the El Nino effect might weaken the monsoon's start, a shift to La Nina and a positive Indian Ocean Dipole point towards a strong second half. Rainfall distribution may vary with some eastern states receiving less rain during peak monsoon months.

Numbers to Track:

MCX Gold futures for 5 June 2024 settlement was up 1.01% to Rs 71,626.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, shed 0.10% to 104.04.

The United States 10-year bond yield was down 0.70% to 4.395.

In the commodities market, Brent crude for June 2024 settlement added 27 cents or 30% to $90.65 a barrel.

Global Markets:

European stocks traded lower while most Asian stocks advanced on Tuesday, as investors await key events later this week, including U.S. inflation data and a meeting by the European Central Bank.

Japan?s consumer confidence index increased marginally to 39.5 in March as compared with 39.0 in February 2024.

US stocks remained largely range bound on Monday, with investors awaiting the consumer price index report out on Wednesday.

Stocks in Spotlight:

Axis Bank rose 0.52% after large block deals early today. The media reported that private equity firm Bain Capital was looking to mark its exit from the private lender by selling 3.34 crore shares worth $431 million via block deal.

Tata Motors shed 0.47%. The company announced that the Jaguar Land Rover (JLR) wholesale volume increased 9% QoQ and 16% YoY to 110,190 units in Q4 FY24 (excluding the Chery Jaguar Land Rover China JV).

Sterlite Technologies surged 11% after the company?s board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 119 per share.

Premier Explosives zoomed 16% as its board will meet on Friday, 19 April 2024, to consider a stock split.

Ajmera Realty & Infra rallied 5.18% after the company?s sales value stood at Rs 287 crore in Q4 FY24, registering a growth of 104% as compared with Rs 140 crore posted in Q4 FY23.

Omaxe rallied 4.14% as its wholly owned subsidiary and special purpose company (SPC), Worldstreet Sports Center, will be developing an international cricket and football stadium, an indoor stadium along with a retail and hospitality hub spread across an area of 50.40 acres in Delhi's Dwarka area for around Rs 1500 crore.

IRB Infrastructure Developers rose 0.49%. The company announced that its toll collection jumped 30% to Rs 480.9 crore in March 2024 from Rs 370 crore in March 2023.

JTL Industries gained 2.17% after the company said that it has acquired a controlling stake of 67% in Nabha Steels and Metals, situated in Mandi Gobindgarh, Punjab.

Paisalo Digital jumped 2.49% as its board is scheduled to meet on Friday, 12 April 2024, to approve allotment of non-convertible debentures (NCDs) through private placement basis.

Sula Vineyards shed 0.20% after the company announced that it has recorded highest ever Q4 net revenues, overall as well as for own brands and the wine tourism business.

UCO Bank rose 0.84% after the bank reported 15.92% rise in total advances to Rs 1.87 lakh crore as on 31 March 2024 as against Rs 1.62 lakh crore recorded as on 31 March 2023.

Domestic stocks edged higher today, with the Sensex and Nifty gaining around 0.7% each. This resilience comes despite a shift in expectations for US rate cuts. The stronger-than-anticipated US economy has some believing the Fed may only cut rates twice this year, down from earlier projections of seven. However, global market optimism continues to buoy Indian equities. All eyes are now on the upcoming Q4 earnings season, with IT giant TCS kicking things off on April 12th. Investors favored auto, oil & gas, and realty stocks today, while PSU banks and IT stocks saw some selling pressure.

In the barometer index, the S&P BSE Sensex, gained 494.28 points or 0.67% to 74,742.50. The Nifty 50 index added 152.60 points or 0.68% to 22,666.30.

The Sensex and Nifty both reached new all-time highs in afternoon trading today. The Sensex hit 74,869.30, while the Nifty reached 22,697.30. The Nifty Bank index also set a new record high of 48,716.95.

M&M (up 3.22%), Larsen & Tourbro (up 1.92%) and Reliance Industries (up 1.75%) boosted gains.

In the broader market, the S&P BSE Mid-Cap index rose 0.26% and the S&P BSE Small-Cap index shed 0.06%.

The market breadth was negative. On the BSE, 1,898 shares rose and 2,033 shares fell. A total of 124 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 2.40% to 11.61.

Economy:

India's foreign exchange reserves surged to a fresh all-time high of $645.58 billion for the week ending March 29th, marking the sixth consecutive week of increase. This positive trend is driven by a rise in foreign currency assets and gold reserves.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.49% to 7.152 as compared with previous close 7.154.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3150, compared with its close of 83.3175 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement was up 0.40% to Rs 70,918.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies rose 0.07% to 104.37.

The United States 10-year bond yield was up 1.47% to 4.439.

In the commodities market, Brent crude for May 2024 settlement lost 87 cents or 95% to $90.30 a barrel.

Global Markets:

European stocks climbed, but Asian markets were mixed as investors awaited key central bank meetings and inflation data releases.

This week, central banks in South Korea, New Zealand, Thailand, and the Philippines are expected to hold their interest rates steady.

US stocks rose after a stronger-than-expected jobs report showed the world's largest economy adding 303,000 jobs in March.

Stocks in Spotlight:

Titan Company shed 0.32%. The company said that it has registered a revenue growth of 17% YoY for the quarter ended 31 March 2024. Titan added 86 stores during the quarter. Its retail network presence stood at 3,035 stores.

Voltas surged 6.07% after the company announced that it has achieved the highest-ever sales of 2 million air conditioner (AC) units in the financial year 2023-24.

Dr.Reddy's Laboratories shed 0.04%. The company said entered into a partnership agreement with Bayer to market and distribute a second brand of Vericiguat in India.

FSN E-Commerce Ventures (Nykaa) rallied 6.38% after the company witnessed growth accelerate in Q4 FY24 with strong GMV growth of early thirties at a consolidated level, on a YoY basis.

Bandhan Bank tumbled 6.31%. The bank informed that its managing director & chief executive officer Chandra Shekhar Ghosh would retire from the services of the bank upon completion of his current tenure on 09 July 2024.

Grasim Industries added 2.03% after the company informed that its B2B e-commerce business unit for building materials Birla Pivot crossed Rs 1,000 crore revenue-mark in FY24, which is the first year of its operations.

JSW Steel gained 2.39% after its consolidated crude steel production grew 3% to 6.79 million metric tonnes (MMT) in Q4 FY24 as compared with 6.58 MMT recorded in Q4 FY23.

Godrej Properties (GPL) advanced 3.58% after the company announced that it has sold over 1,050 homes worth over Rs 3,000 crore in its project, Godrej Zenith, located in Sector 89, Gurugram.

Godrej Consumer Product gained 2.87% after the company said that India organic business continued to deliver strong underlying volume growth at high-single digit with growth being broad-based across both home care and personal care.

Tata Steel rose 1.10%. The steel major's India business reported 4.46% increase in crude steel production to 5.38 million tons in Q4 FY24 as compared with 5.15 million tons posted in Q4 FY23.

Bank of Baroda fell 0.45%. The public sector bank reported 12.80% rise in domestic advances to Rs 8,97,366 crore as on 31 March 2024 from Rs 7,95,560 crore as on 31 March 2023.

Domestic equity indices closed nearly flat on Friday. The Nifty 50 index managed to hold above the 22,500 level. Banking and realty stocks witnessed buying interest. However, IT and auto stocks faced selling pressure.

The Reserve Bank of India's (RBI) decision to maintain the status quo on interest rates was largely expected. However, concerns about rising food inflation and potential heatwaves dampened overall market enthusiasm.

Globally, increasing oil prices and ongoing tensions in the Middle East weighed on investor sentiment. Markets are now looking ahead to key US economic data, particularly non-farm payroll and unemployment figures, which could influence the Federal Reserve's future rate decisions.

The S&P BSE Sensex added 20.59 points or 0.03% to 74,248.22. The Nifty 50 index shed 0.95 points to 22,513.70.

Kotak Mahindra Bank (up 2.09%), HDFC Bank (up 1.41%) and ITC (up 1.21%) supported the indices.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.50% and the S&P BSE Small-Cap index gained 0.50%.

The market breadth was strong. On the BSE, 2394 shares rose and 1460 shares fell. A total of 94 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, gained 1.04% to 11.34.

RBI Monetary Policy Outcome:

The Reserve Bank of India (RBI) monetary policy committee (MPC) has voted to keep the repo rate unchanged at 6.5%. This is the seventh time that the 6 member Monetary Policy Committee has decided to keep the key rates unchanged.

RBI's MPC at its meeting today, 5 April 2024, decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50%. Consequently, the standing deposit facility (SDF) rate remains unchanged at 6.25% and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.

The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth.

These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.

The real GDP growth for 2024-25 is projected at 7% with Q1 at 7.1%; Q2 at 6.9%; Q3 at 7%; and Q4 also at 7%. The CPI inflation for 2024-25 is projected at 4.5% with Q1 at 4.9%; Q2 at 3.8%; Q3 at 4.6%; and Q4 at 4.5%.

RBI Governor Shaktikanta Das elaborated on the decision, stating that inflation has decreased from its peak of 5.7%. He noted favorable growth-inflation dynamics and a steady decline in core inflation, reaching its lowest point in nine months. Despite volatile food inflation in February, core inflation, excluding food and fuel, has shown a downward trend. Concerns remain regarding the impact of weather variations on inflation and economic stability.

The minutes of the MPC?s meeting will be published on 19 April 2024. The next meeting of the MPC is scheduled during June 5 to 7, 2024.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.32% to 7.117 as compared with the previous close of 7.094.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3125, compared with its close of 83.3900 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement rose 0.10% to Rs 69,775.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.14% to 104.27.

The United States 10-year bond yield rose 0.61% to 4.334.

In the commodities market, Brent crude for May 2024 settlement rose 25 cents or 0.28% to $90.90 a barrel due to escalating tensions in the Middle East. Increased Israeli military activity in response to a potential Iranian attack has raised fears of a wider conflict. This comes on top of existing supply disruptions and higher-than-expected demand, which have already pushed oil prices up this year.

Global Markets:

European and Asian stocks closed lower on Friday, mirroring losses on Wall Street the previous day. This decline stemmed from uncertainty surrounding potential interest rate cuts and a significant rise in crude oil prices.

Financial markets in Mainland China, and Taiwan are closed for Qingming Festival on Friday.

U.S. stock indexes tumbled more than 1% on Thursday as Federal Reserve officials hinted at a cautious approach to future rate cuts. Investors were also wary ahead of the key U.S. monthly jobs report.

Minneapolis Fed President Neel Kashkari expressed doubts on Thursday about the possibility of rate cuts altogether, citing persistent inflation.

Stocks in Spotlight:

Bandhan Bank shed 0.35%. The Bank?s total deposits rose by 25.1% to Rs 1,35,198 crore in the quarter ended 31 March 2024 from Rs 1,08,069 crore recorded in the quarter ended 31 March 2023.

Bajaj Finance declined 1.47%. The NBFC announced that its new loans booked increased by 4% to 7.87 million in Q4 FY24 as compared to 7.56 million recorded in Q4 FY23.

Hero MotoCorp rose 0.03%. The company has received assessment orders/ demand notices pertaining to six assessment years from the Income Tax Department. The company has received the orders / notices pertaining to six assessment years, amounting to a tax demand of Rs 308.65 crore and interest thereon of Rs 296.22 crore. This is on account of certain disallowances, for the assessment years 2013-14 to 2017-18 and 2019-20.

LTIMindtree shed 0.18%. Aforza, the leading cloud and mobile solution specifically built for the Consumer Products industry, and LTIMindtree, announced a strategic partnership to deliver digital transformation in CRM & TPM across the consumer products industry.

Cipla declined 0.76%. The drug major said that the US drug regulator has issued Form 483, with six observations after inspecting its Patalganga manufacturing facility in Maharashtra.

Niyogin Fintech gained 2.57% after the company reported 90% increase in gross transaction value to Rs 11,034 crore in Q4 FY24 from Rs 5,817.8 crore recorded in Q4 FY23.

Kalyan Jewellers India ended flat at Rs 430.90. The jewellery retailer said that its revenue jumped approximately 38% from India operations during Q4 FY24 as compared to Q4 FY23.

Macrotech Developers added 1.99% after the company said that it has recorded pre-sales of Rs 4,230 crore in Q4 FY24, recording a growth of 40% on a YoY basis.

Trident rose 0.64%. The company said that the credit rating agency CARE Ratings has reaffirmed the company?s long-term bank facilities at CARE AA? with 'stable? outlook.

Sobha shed 0.53%. The company said that it has recorded total sales value of Rs 1,504 crore in Q4 FY24, up 2.77% from Rs 1,463.4 crore posted in Q4 FY23.

IPO Update:

The initial public offer (IPO) of Bharti Hexacom received 1,23,23,49,300 bids for shares as against 4,12,50,000 shares on offer, according to stock exchange data at 17:00 IST on Friday (5 April 2024). The issue was subscribed 29.88 times.

The issue opened for bidding on Wednesday (3 April 2024) and it will close on Friday (5 April 2024). The price band of the IPO is fixed at Rs 542 to 570 per share. An investor can bid for a minimum of 26 equity shares and in multiples thereof.

Domestic stocks advanced on Thursday, with the Nifty closing above 22,500 despite morning jitters. Weekly options expiry kept things volatile, but bank and IT stocks provided a lift. Investors are now on watch for the RBI's policy decision tomorrow, hoping for clues on future interest rates. The broader market seems to be finding support in sectors like banks, anticipating healthy Q4 results, and exporters, buoyed by strong business activity signals from the PMI data.

The S&P BSE Sensex gained 350.81 points or 0.47% to 74,227.63. The Nifty 50 index added 80 points or 0.36% to 22,514.65.

The Sensex and Nifty touched record high of 74,501.73 and 22,619, respectively, in early trade.

In the broader market, the S&P BSE Mid-Cap index shed 0.11% and the S&P BSE Small-Cap index rose 0.54%.

The market breadth was strong. On the BSE, 2382 shares rose and 1465 shares fell. A total of 100 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 1.34% to 11.22.

The RBI Monetary Policy Committee (MPC) kicked off its 3-day meeting deliberating interest rates and analysing the state of the economy on April 3 and will end on April 5. While the RBI is widely expected to keep rates on hold, any signals on inflation and economic growth will be closely watched.

Economy:

India's service sector saw a strong surge in March, according to the HSBC India Services PMI. The index jumped to 61.2, indicating one of the fastest growth rates in over 13 years. This positive trend is attributed to factors like healthy demand, improved efficiency, and strong sales.

The HSBC India Composite PMI Output Index increased to 61.8 in March from 60.6 in February, highlighting the second-strongest upturn in over 13-and-a-half years (behind July 2023).

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.06% to 7.100 as compared with the previous close of 7.104.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.4325, compared with its close of 83.5300 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement rose 0.06% to Rs 69,821.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.15% to 104.09.

The United States 10-year bond yield rose 0.21% to 4.363.

In the commodities market, Brent crude for May 2024 settlement rose 60 cents or 0.67% to $89.52 a barrel.

Global Markets:

Dow Jones futures rose 109 points, signaling optimism after a mixed close on Wall Street.

European stocks advanced while most Asian stocks rose on Thursday. Markets in Hong Kong, mainland China and Taiwan were closed for a public holiday. Investors await further clarity on potential Fed interest rate cuts.

U.S. Federal Reserve Chairman Jerome Powell said it would take a while for policymakers to evaluate the current state of inflation, keeping the timing of potential interest rate cuts uncertain.

IPO Update:

The initial public offer (IPO) of Bharti Hexacom received 4,62,41,546 bids for shares as against 4,12,50,000 shares on offer, according to stock exchange data at 17:00 IST on Thursday (4 April 2024). The issue was subscribed 1.12 times.

The issue opened for bidding on Wednesday (3 April 2024) and it will close on Friday (5 April 2024). The price band of the IPO is fixed at Rs 542 to 570 per share. An investor can bid for a minimum of 26 equity shares and in multiples thereof.

Stocks in Spotlight:

HDFC Bank advanced 3% after the lender's gross advances jumped 55.4% to Rs 25,08,000 crore as of 31 March 2024 as compared with Rs 16,14,200 crore as of 31 March 2023. Gross advances registered a growth of around 1.6% in quarter ended 31 March 2024 from Rs 24,69,300 crore as of 31 December 2023.

Dabur India slipped 4.77%. The company said that its demand trends will remained sluggish during the quarter. Its consolidated revenue is expected to register mid-single digit growth during Q4 FY24. The inorganic revenue growth which was to the extent of around 2.3% till YTD Dec 2023 on account of Badshah acquisition is now factored in the base.

G M Breweries tumbled 5.11%. The company reported a standalone net profit of Rs 86.44 crore in Q4 FY24, steeply higher than Rs 35.10 crore recorded in Q4 FY23. Revenue from operations (excluding excise duty) grew by 2.49% year on year to Rs 159.85 crore in the quarter ended 31 March 2024. Meanwhile, the board also proposed a dividend of Rs 7 per share and a 1:4 bonus share issue.

Suryoday Small Finance Bank zoomed 10.04% after the bank reported 50% jump in total deposits to Rs 7,775 crore as on 31 March 2024 as against Rs 5,167 crore as on 31 March 2023.

L&T Finance Holdings added 1.15% after the company recorded retail disbursements for Q4 FY24 is estimated at approximately Rs 15,030 crore, i.e., a growth of nearly 33% on a YoY basis.

Angel One dropped 4.73%. The brokerage company announced that it its client base jumped 61.5% to 22.24 million in March 2024 as against 13.78 million recorded in March 2023. On sequential basis, the company's client base rose by 3.8% month on month (MoM) from 21.43 million recorded in February 2024.

Avenue Supermarts (DMart) rallied 4.20% after the company reported standalone revenue of Rs 12,393.46 crore in quarter ended 31 March 2024, recording a growth of 19.89% from Rs 10,337.12 crore posted in the same period a year ago.

Vedanta advanced 3.92% after the miner company informed that its total aluminum production jumped 4% to 5,98,000 tonnes in Q4 FY24 as compared with 5,74,000 tonnes in Q4 FY23.

Meanwhile, the company?s board has approved to raise 2,50,000 non-convertible debentures (NCDs) of face value Rs 1 lakh each aggregating upto Rs 2,500 crore in one or more tranches on private placement basis.

AU Small Finance Bank gained 2.64% after the bank reported 26% increase in total deposits to Rs 87,182 crore as on 31 March 2024 as against Rs 69,365 crore as on 31 March 2023.

RBL Bank rose 0.83%. The bank?s total deposits jumped 22% to Rs 103,454 crore as on 31 March 2024 from Rs 84,887 crore recorded in 31 March 2023.

Poonawalla Fincorp shed 0.51%. The company announced that it has recorded highest ever total disbursements at Rs 9,680 crore, up 52% YoY as compared Rs 6,371 crore posted in Q4 FY23.

Domestic equity benchmarks ended almost flat today, despite some global jitters. The Nifty50 ended near 22,450, supported by PSU banks and IT stocks. This subtle optimism stems from strong domestic manufacturing data and hopes for positive upcoming earnings. However, strong US economic data dampens expectations of a June Fed rate cut. All eyes are now on the Fed Chair's speech later today for hints on future monetary policy. A dovish tone could potentially calm global markets.

The barometer index, the S&P BSE Sensex declined 27.09 points or 0.04% to 73,876.82. The Nifty 50 index added 18.65 points or 0.08% to 22,434.65.

TCS (up 1.67%), Axis Bank (up 1.51%) and Bajaj Finance (up 1.40%) supported the indices.

The broader market outperformed benchmarks, with the Mid-Cap and Small-Cap indices gaining 0.61% and 1.18% respectively.

The market breadth was strong. On the BSE, 2,777 shares rose and 1,083 shares fell. A total of 105 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slipped 2.40% to 11.37.

The Reserve Bank of India's policy committee began its 3-day meeting today to decide on interest rates. Governor Das will announce the outcome on Friday, April 5th. This will be the first monetary policy decision for the new financial year.

Economy:

The World Bank upgraded India's growth forecast for the coming year (FY25) to 6.6%, a 20 bps increase from their previous estimate. This is a bit more cautious than the projected 7.5% growth for the current year (FY24). However, they expect the economy to gain momentum in the following years thanks to a decade of strong government investments.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.01% to 7.109 as compared with previous close 7.108.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.4450, compared with its close of 83.4200 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement rose 0.48% to Rs 69,317.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 104.81.

The United States 10-year bond yield rose 0.05% to 4.367.

In the commodities market, Brent crude for May 2024 settlement rose 38 cents or 0.43% to $89.30 a barrel.

Global Markets:

Shares in Europe and Asia declined on Wednesday, as U.S. yields held near four-month highs.

China's service sector expanded at its fastest pace since December, according to surveys from Caixin. The services purchasing managers index in China rose to 52.7 in March, up from 52.5 in February.

Earthquake in Taiwan: A powerful earthquake with a magnitude of 7.2 rocked Taipei, the capital, sparking a tsunami warning for the islands of southern Japan and the Philippines.

US stocks fell on Tuesday as investors weigh the possibility of a delayed Fed rate cut. Tesla deliveries disappoint, dragging down the stock.

New Listing:

Shares of SRM Contractors hit an upper circuit of 5% at Rs 236.20 on the BSE, representing a premium of 12.48% as compared with the issue price of Rs 210.

The scrip was listed at Rs 225, exhibiting a premium of 7.14% to the issue price.

The stock has hit a high of 236.20 and a low of 213.75. On the BSE, over 3.49 lakh shares of the company were traded in the counter.

IPO Update:

The initial public offer (IPO) of Bharti Hexacom received 1,41,08,328 bids for shares as against 4,12,50,000 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (3 April 2024). The issue was subscribed 34%.

The issue opened for bidding on Wednesday (3 April 2024) and it will close on Friday (5 April 2024). The price band of the IPO is fixed at Rs 542 to 570 per share. An investor can bid for a minimum of 26 equity shares and in multiples thereof.

Stocks in Spotlight:

Yes Bank rallied 3.17% after the bank reported 14.1% rise in loans & advances to Rs 228,465 crore as against Rs 200,201 crore as on 31 March 2023. The bank has recorded 5% growth in loans as compared with the figure of Rs 217,523 crore recorded as on 31 March 2023.

Gensol Engineering hit an upper circuit of 5% after the company recorded its highest ever revenue, surpassing Rs 960 crore in the financial year ended on 31 March 2024.

JSW Energy surged 7.21% after the company?s board approved to raise Rs 5,000 crore through qualified institutional placement (QIP) of equity shares with floor price of Rs 510.09 per share.

UltraTech Cement shed 0.40%. The cement major informed about the commissioning of two greenfield capacities - 2.70 mtpa cement grinding unit at Karur, Tamil Nadu and 2.70 mtpa integrated cement plant at Kukurdih, Chhattisgarh, taking the company?s total cement capacity to 151.6 mtpa.

Hindustan Zinc advanced 3.91% after the company announced that its mined metal production stood at 299,000 tonne in Q4 FY24, registering a growth of 11% QoQ.

Granules India rose 1.82%. The drug maker has announced that it has received a communication from the United States Food and Drug Administration (USFDA) indicating the inspection classification as ?Voluntary Action Indicated? (VAI). The inspection was conducted at company?s wholly-owned foreign subsidiary, Granules Pharmaceuticals, Inc. (GPI), located in Chantilly, Virginia, USA.

Adani Green Energy (AGEL) lost 0.73%. The company announced that it has surpassed 10,000 megawatt (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.

Anupam Rasayan India gained 1.61% after the company has signed letter of intent worth revenue of about $90 million (Rs 743 crore) over next 7 years with one of the leading Japanese company to supply two advance intermediates using fluorination chemistry.