Opening Bell:
SGX Nifty is down by 72.5 points in the early morning trade, indicating a negative opening for Indian stock market.
Asia-Pacific markets were largely mixed on Tuesday as most markets returned after the long Labor Day weekend. Shares in Hong Kong are lower today as the Hang Seng falls 1.24%. The stock markets in Tokyo and Shanghai are closed on account of holiday. Major U.S. stock indexes fell more than 1% each on Tuesday as regional bank shares tumbled on renewed fears over the financial system and as investors tried to gauge how much longer the Federal Reserve may need to hike interest rates. Nasdaq Composite is down by 1.08%. S&P 500 down by 1.16%. and Dow Jones down by 1.08%.
Stocks News:
?Tata Steel on May 2 reported an 84 percent year-on-year drop in its consolidated net profit at Rs 1,566 crore from the quarter ended March 2023. Net profit in the year-ago period stood at Rs 9,835 crore.
?Ambuja Cements on May 2 has announced standalone profit of Rs 502.4 crore for the quarter ended March FY23, a 1.6 percent growth over a year-ago period, supported by topline and other income. However, the profitability was impacted by weak operating performance and restructuring cost (Rs 80.71 crore).
?Titan Company Ltd. will be reporting March quarter results on Wednesday and based on its quarterly business update, it is likely to be a healthy quarter, also aided by a low base. A CNBC-TV18 poll expects growth in excess of 20 percent for the company’s topline, while operating performance is also likely to be better than last year.
?Public sector UCO Bank on Tuesday reported an 86.2 per cent rise in net profit to Rs 581.24 crore for the March 2023 quarter on the back of a reduction in bad loans. The bank reported a profit of Rs 312.18 crore in the January-March quarter of 2021-22.
?Foreign portfolio investors (FPIs) have net sold shares worth Rs 1,997 crore on Tuesday. DIIs, on the other hand, bought stock worth Rs 394 crore.
Domestic and International Events
- The fiscal deficit numbers for FY23 will be formally released by the government at the end of May. The second advance estimate for FY23 released on February 28 pegged nominal GDP at ₹272 lakh crore, lower than budgeted ₹273.1 lakh crore. The provisional estimate of the full-year (FY23) GDP will be announced on May 31.
- The U.S. Federal Reserve is expected to hike interest rates by an additional 25 basis points on Wednesday to combat inflation, while the European Central Bank is also expected to raise rates at its regular policy meeting on Thursday.
- Oil prices extended losses on Wednesday, after slumping about 5% to a five-week low in the previous session, as investors braced for more rate hikes this week that could dent energy demand.
- Gold prices held steady above the key $2,000 level on Wednesday, while investors strapped in for the U.S. Federal Reserve’s interest rate-hike verdict due later in the day.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,934 | 0.2 % |
| Shanghai Composite | 3,323 | 1.1 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,685 | (1.1) % |
| DAX | 15,727 | (1.2) % |
| FTSE 100 | 7,773 | (1.2) % |
| Nikkei | 29,158 | 0.1 % |
| Straits Times | 3,282 | 0.4 % |
