Opening Bell:
SGX Nifty is down by 78.0 points in the early morning trade, indicating a negative opening for Indian stock market.
Asian markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.51% while the Hang Seng is down 0.02%. The Nikkei 225 is closed on account of public holiday. U.S. stocks have edged higher while measures of market volatility slid, despite concerns including uncertainty over the health of regional banks, a nearing deadline to raise the U.S. debt ceiling and worries over the impact of the Federal Reserve’s aggressive monetary policy. Nasdaq Composite is down by 0.46%. S&P 500 down by 0.70%. and Dow Jones down by 0.80%.
Stocks News:
?HDFC’s net profit for the quarter is likely to see 4.4 percent year-on-year growth to Rs 3,854 crore, according to a Moneycontrol average poll of three brokerage estimates. In the same period last year, the company posted a net profit of Rs 3,700 crore.
?ABB India on Wednesday said its net profit fell over 33 per cent to Rs 245 crore in the March quarter. The company had reported a net profit of Rs 370 crore in the year-ago period, according to a BSE filing.
?Cholamandalam Investment and Finance Company Ltd has reported a standalone profit for the quarter ending March 31, 2023 at Rs 852.84 crore, the company said on Wednesday. The city-based Murugappa Group firm had registered Rs 689.58 crore during the corresponding quarter of the previous year.
?Tata Chemicals on May 3 reported a 62 percent year-on-year growth in consolidated profit at Rs 709 crore for the March quarter of FY23, driven by healthy operating performance and strong growth in topline.
?Foreign portfolio investors (FPIs) have net sold shares worth Rs 1,338 crore on Tuesday. DIIs, on the other hand, bought stock worth Rs 584 crore.
Domestic and International Events
- India’s unemployment rate climbed to a four-month high, the latest data showed, as there were more people joining the workforce compared to available jobs in Asia’s third largest economy. The nationwide joblessness rate rose to 8.11% in April from 7.8% in March, the highest since December. Urban unemployment climbed to 9.81% from 8.51% in the same period while in the rural areas, it fell marginally to 7.34% in April from 7.47% a month ago.
- The US Federal Reserve today raised interest rates by a quarter of a percentage point and signalled it may pause further increases. The increase lifted the Fed’s benchmark federal funds rate to a range of 5% to 5.25%, the highest level since 2007, up from nearly zero early last year. The vote was unanimous. The US central bank has been under pressure from lawmakers and former Fed policymakers to pause its rate hike cycle.
- Oil prices fell over 1% on Thursday, deepening steep losses in recent days, after the U.S. Federal Reserve increased interest rates and investors worried about a weakening global economy that could dent energy demand.
- Gold prices rose on Wednesday on the back of weak US macro data and renewed concerns about the stability of US banks, leading to increased demand for the safe-haven metal.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,699 | (1.2) % |
| Shanghai Composite | 3,323 | 1.1 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,682 | (0.0) % |
| DAX | 15,815 | 0.6 % |
| FTSE 100 | 7,788 | 0.2 % |
| Nikkei | 29,158 | 0.1 % |
| Straits Times | 3,262 | (0.6) % |
