Opening Bell:
SGX Nifty is up by 39.5 points in the early morning trade, indicating a positive opening for Indian stock market.
Asian markets are lower today with shares in Japan off the most. The Nikkei 225 is down 0.42% while China’s Shanghai Composite is off 0.30% and Hong Kong’s Hang Seng is lower by 0.70%. U.S. stock indexes closed lower on Tuesday as investors grew more cautious ahead of a U.S. consumer price index report and a meeting between U.S. political leaders to discuss the debt ceiling. According to preliminary data, the S&P 500 down by 0.46%. while the Nasdaq Composite down by 0.63%. The Dow Jones Industrial Average fell 0.17%.
Stocks News:
?Apollo Tyres: The company reported a near 4-fold year-on-year (YoY) rise in consolidated net profit for the March quarter to Rs 427.4 crore. Revenue from operations increased 12% YoY to Rs 6,247 crore. The board has recommended final dividend of Rs 4 per share, and a special dividend of Rs 0.50 on the occasion of the company’s 50th annual general meeting.
?Craftsman Automation net Sales at Rs 785.52 crore in March 2023 up 20.04% from Rs. 654.37 crore in March 2022. Quarterly Net Profit at Rs. 70.34 crore in March 2023 up 36.9% from Rs. 51.38 crore in March 2022.
?Apar Industries Net Sales at Rs 3,809.34 crore in March 2023 up 35.05% from Rs. 2,820.71 crore in March 2022. Quarterly Net Profit at Rs. 234.82 crore in March 2023 up 208.77% from Rs. 76.05 crore in March 2022.
?Larsen & Toubro: The company will release its March quarter earnings today. Analysts expect a double-digit growth in both the topline and the bottomline on the back of healthy execution and strong order book. The management’s guidance for sales and order inflow growth for FY24 will be closely tracked by Dalal Street investors.
?Foreign portfolio investors (FPIs) have net purchase shares worth Rs 1,942 crore on Tuesday. DIIs, on the other hand, stock worth Rs 405 crore.
Domestic and International Events
- India’s foreign exchange reserves have risen to a 10-month high of $588.8 billion, due to the Reserve Bank of India’s sustained efforts to rebuild the reserves and reduced volatility in revaluation changes. Economists say the RBI has bought more than $8bn in the spot market, and $20.4bn in the forward market, while forex reserves now cover 10.4 months of imports.
- Finance minister Nirmala Sitharaman said on Tuesday that the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) has provided crucial support to around 664,000 families, who have received ₹13,290 crore against their claims.
- Oil prices slipped in early trade on Wednesday after industry data showed a surprise build in U.S. crude stocks, while investors awaited U.S. inflation data for April that could give direction for the Federal Reserve’s next rate decision.
- Gold prices were flat during early Asian hours on Wednesday, as traders positioned themselves for inflation data that could impact the U.S. Federal Reserve’s policy stance.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,868 | (2.1) % |
| Shanghai Composite | 3,358 | (1.1) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,562 | (0.2) % |
| DAX | 15,955 | 0.0 % |
| FTSE 100 | 7,764 | (0.2) % |
| Nikkei | 29,243 | 1.0 % |
| Straits Times | 3,243 | (0.5) % |
