Opening Bell:
SGX Nifty is up by 61.5 points in the early morning trade, indicating a positive opening for Indian stock market.
Most Asian stocks were in the green tracking the US stock markets during the early morning session on Friday. Japanese Nikkei 225 is up 0.53%, Hang Seng is up 0.77% while the Shanghai Composite is up by 0.31 percent in the early morning trade. U.S. stocks closed sharply higher on Thursday and Treasury yields resumed their climb as strong earnings helped investors look past signs of economic weakness. The tech-heavy Nasdaq led a Wall Street rally on Thursday, boosted by a solid quarterly report from Facebook parent Meta Platforms. The Nasdaq Composite was up 2.43 percent where as S&P 500 rallied 1.96 percent on Thursday.
Stocks News:
?Wipro has reported meeting the lower end of its guidance for revenue growth in constant currency (-0.6%) and YoY revenue growth (11.5%) for the year. However, the company’s forecast for the first quarter of FY24 is concerning, with a projected revenue growth of -3 to -1 percent and an anticipated challenging macro environment. Wipro also expects to maintain its current margin range of 16% for the coming quarters.
?ITC’s shares have surged by 1% to hit a new high of Rs 416.50 in Thursday’s intra-day trade on the BSE, driven by expectations of strong earnings. The stock of the FMCG-to-hotel major has rallied 25% in CY23, while the S&P BSE Sensex has declined by 1.2%. With this impressive performance, ITC has now become the sixth most-valued listed company in terms of market capitalization.
?Citigroup anticipates sustained growth in operating profitability for Paytm, a leading fintech company, and predicts that it will continue to break even in the upcoming quarters. The global investment bank has raised Paytm’s target price to Rs 1,103, indicating a potential upside of 71%.
?Tech Mahindra has announced a 13.8% sequential decline in consolidated profit, reporting Rs 1,117.7 crore due to weak operating performance and lower topline growth, which has missed analyst expectations on all fronts. The company’s revenue dropped by 0.1% QoQ to Rs 13,718.2 crore in Q4FY23, with revenue growth in constant currency terms at 0.3%. The deal wins were recorded at $582 million during the same quarter.
?Foreign institutional investors (FII) bought shares worth Rs 1,652.95 crore, while domestic institutional investors (DII) purchased shares worth Rs 97.07 crore on April 27, according to provisional data from National Stock Exchange.
Domestic and International Events
- Reserve Bank of India governor Shaktikanta Das said that the central bank is taking a close look at the business models of banks to see if there is any build-up of risks.
- India’s consumer affairs department and a German ministry signed on Tuesday an agreement on improving quality infrastructure. The work plan was signed at the ninth annual meeting of the Indo-German working group on quality infrastructure in Berlin.
- Oil headed for a sixth straight monthly decline — its longest run of such losses in more than eight years — as slowdown concerns in the US and Asia weighed on the outlook.
- Gold prices fell slightly on Friday, extending losses into a third straight session as stronger-than-expected U.S. inflation and labor market data saw fears of more Federal Reserve rate hikes come back into focus.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,840 | 0.4 % |
| Shanghai Composite | 3,286 | 0.7 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,826 | 1.6 % |
| DAX | 15,800 | 0.0 % |
| FTSE 100 | 7,832 | (0.3) % |
| Nikkei | 28,458 | 0.1 % |
| Straits Times | 3,282 | (0.4) % |
