Opening Bell:
Gift Nifty is down by 181.0 points in the early morning trade, indicating a negative opening for Indian stock market
Asian markets continued their slide on Tuesday, with trading remaining subdued in anticipation of pivotal economic figures from China. Meanwhile, escalating geopolitical tensions in the Middle East added to the market’s unease. The Nikkei 225 in Japan tumbled by 1.5%, while the Topix fell by 1.04%. South Korea’s Kospi experienced a decline of 1.31%, and the Kosdaq slipped by 0.86%. Futures for Hong Kong’s Hang Seng index suggested a lackluster opening.
On Monday, US stocks ended the day significantly down, initially boosted by robust retail sales data before succumbing to heightened Treasury yields and apprehensions surrounding escalating geopolitical tensions between Iran and Israel. The Dow Jones Industrial Average dropped by 248.13 points, or 0.65 percent, closing at 37,735.11. The S&P 500 retreated by 61.59 points, or 1.20 percent, settling at 5,061.82, while the Nasdaq Composite slid by 290.07 points, or 1.79 percent, finishing at 15,885.02.
Stocks News:
đ Jio Financial Services: Jio Financial has entered into a 50/50 joint venture agreement with BlackRock Inc and BlackRock Advisors Singapore Pte Ltd to establish wealth management and broking operations in India. The launch of these businesses is contingent upon obtaining regulatory and statutory approvals.
đ Cipla: Cipla Health, the wholly owned subsidiary of the company, has finalized a business transfer agreement to acquire the distribution and marketing operations of cosmetics and personal care businesses from Ivia Beaute, India, through a slump sale arrangement on a going concern basis. The deal, valued at Rs 130 crore upon closing, includes an additional Rs 110 crore if specific financial targets are met over the next 3 years.
đ InterGlobe Aviation: IndiGo’s market share increased to 60.5 percent in March 2024, rising from 60.1 percent in February. IndiGo ranked third in on-time performance (OTP) with 81.3 percent.
đ Gujarat Gas: The company has inked a non-binding Memorandum of Understanding (MOU) with Indian Oil Corporation to expand the range and availability of energy solutions for consumers. Under the MoU, Indian Oil Corporation will supply liquid fuels, automotive lubricants, greases, and specialties at Gujarat Gas outlets. Additionally, Gujarat Gas will establish a CNG facility and a CNG mother facility at Indian Oil outlets.
đ Foreign institutional investors (FIIs) net sold shares worth Rs 3,268 crore, while domestic institutional investors (DIIs) purchased Rs 4,762.93 crore worth of stocks on April 15, provisional data from the NSE showed.
Domestic and International Events
- Data from the commerce ministry revealed that India’s goods trade deficit contracted by almost 17% to reach an 11-month low of $15.6 billion in March, down from $18.71 billion in February. This March figure surpassed economists’ forecasts, who anticipated the deficit to stand at $18.55 billion, as per a Reuters poll.
- According to the Commerce Department’s report, US retail sales saw a greater-than-anticipated rise in March, driven by a surge in online retailer transactions. Last month, retail sales increased by 0.7%, with February’s figures being upwardly revised to show a rebound of 0.9%, marking the largest gain in over a year, instead of the initially reported 0.6%. Economists surveyed by Reuters had projected a 0.3% increase in retail sales. March also witnessed a substantial 4.0% year-on-year surge in sales.
- On Monday, gold prices declined as both the dollar and Treasury yields strengthened in response to a larger-than-anticipated increase in U.S. retail sales during March. This development fueled concerns that the Federal Reserve might postpone interest rate cuts for the year.
- Crude oil prices advanced amid heightened tensions in the Middle East following Israel’s pledge to retaliate against an attack by Iran. Brent crude oil climbed by 0.54% to $90.59 per barrel, while US West Texas Intermediate (WTI) crude futures rose by 0.57% to $85.90.
| EMERGING | LATEST | % 1D |
| Hang Seng | 16,600 | (0.7) % |
| Shanghai Composite | 3,057 | 1.3 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 37,735 | (0.7) % |
| DAX | 18,027 | 0.5 % |
| FTSE 100 | 7,966 | (0.4) % |
| Nikkei | 39,233 | (0.7) % |
| Straits Times | 3,184 | (1.0) % |
