Opening Bell:
SGX Nifty is up by 34.0 points in the early morning trade, indicating a positive opening for Indian stock market.
Asian shares crept higher on Monday as investors braced for a week where U.S. inflation data will test wagers the next move in interest rates will be down, while worries about a possible credit crunch weighed on the dollar. The Hang Seng is up 0.39% while the South Korea’s Kospi was up 0.92%. The Nikkei 225 is off 0.70%. Futures tied to the Dow Jones Industrial Average added 10 points, while S&P 500 and Nasdaq-100 futures were flat. Nasdaq Composite was up by 2.25%. S&P 500 was up by 1.85%. and Dow Jones was up by 1.65% on Friday.
Stocks News:
?Bank of India on May 6 reported 123 percent jump in standalone net profit for the quarter ended March at Rs 1,350 crore from Rs 606 crore in the same quarter last year.
?Adani Power has reported an increase of 12.9% in its consolidated net profit at Rs 5,242.48 crore as compared to Rs 4,645 crore for the fiscal fourth quarter. For FY23, net profit more than doubled to Rs 10726 crore against Rs 4911.5 Crore. The consolidated total revenue for the fourth quarter was Rs 10,795 crore as compared to Rs 13,308 crore in the corresponding previous quarter.
?Paytm posted operating profit (EBITDA before ESOP cost) for two straight quarters. In Q4 FY23, it significantly brought down its losses in the March quarter. The company’s consolidated net loss narrowed to Rs 168 crore from Rs 761 crore a year ago, and Rs 392 crore a quarter ago. Its consolidated revenue from operations surged by nearly 52% YoY to Rs 2,335 crore in the March quarter of FY23
?Piramal Enterprises slipped into a loss of 196 crore in the quarter ended March 2023 from a profit of 151 crore a year ago due to a 375-crore MTM loss the company had to take for its equity investment in Shriram Finance.
?Foreign portfolio investors (FPIs) have net purchase shares worth Rs 778 crore on Tuesday. DIIs, on the other hand, sale stock worth Rs 2,199 crore.
Domestic and International Events
- On May 12, the Ministry of Statistics and Programme Implementation (MoSPI) will release All India Consumer Price Index (CPI) numbers for the month of April. This will likely be the first sub-5 percent print since November 2021, and the lowest print in over 16 months, according to analysts.
- As we will be entering into the fifth week of earnings season, over 300 companies are set to announce their quarterly numbers in the week ending May 14.
- India’s imports of crude oil from the Organisation of the Petroleum Exporting Countries (OPEC) fell to a record low of 46% in April as it increased purchases of cheaper Russian oil. Russia supplied over a third of the oil that India imported, with imports from the country rising from less than 1% of India’s total to 36% in April. OPEC’s position in the Indian market has been gradually falling since Russia began selling cheaper oil to India following the invasion of Ukraine.
- Gold and silver futures rose to lifetime highs as the US Federal Reserve hinted at a rate pause after Wednesday’s commentary. Silver futures hit a new high of INR78,791 ($1,074) per kg, while gold futures touched another new peak of INR61,845 per 10 grams.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 20,049 | 0.5 % |
| Shanghai Composite | 3,335 | (0.5) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,674 | 1.7 % |
| DAX | 15,961 | 1.4 % |
| FTSE 100 | 7,778 | 1.0 % |
| Nikkei | 29,158 | 0.1 % |
| Straits Times | 3,267 | (0.1) % |
