Analysts Bullish on Siemens Post Q4 results, Fresh Obstacles for Zee Sony merger

Indian Markets:

• The market saw a resurgence as bargain buyers seized the opportunity at lower levels, driving the Nifty back above the 18,300 mark.
• The major equity benchmarks concluded a tumultuous trading session on Friday, managing to secure modest gains.
• Fragile sentiment prevailed in the market, influenced by weak cues from Asian markets.
• Notably, the automotive and banking sectors displayed positive momentum, contributing to the overall upward movement.
• On the other hand, the metals, oil, and gas sectors faced declines in their respective shares.

Global Markets:

• The Dow Jones index futures were up 133 points, indicating a positive opening for US shares later today.
• Shares in Europe rose across the board while Asian stocks ended lower on Friday.
• In US, the Dow and the S&P 500 fell on Thursday, pressured by a drop in Disney shares after the company reported a fall in subscriber growth, while PacWests latest woes sparked another rout in the regional banking sector.
• The Nasdaq was boosted by rise in shares of Alphabet Inc after Google rolled out more artificial intelligence products on Wednesday to take on competition from Microsoft Corp.
• U.S. Treasury Secretary Janet Yellen urged Congress to raise the federal debt limit and warned that a default could have severe repercussions on the global economy. Markets are keenly watching for any updates on raising the United States $31.4 trillion debt ceiling, as the country races to avert an unprecedented default.
• In economic data, the producer price index for April, posted a year-on-year increase of 0.2%, after declining 0.4% in March. Excluding food and energy, core PPI also rose 0.2%.

Stocks in Spotlight:

• Zee declined 3 percent as its anticipated merger with Sony encountered yet another setback. SEBI has directed the BSE and NSE to notify the NCLT about a recent ruling involving Shirpur Gold Refinery, a subsidiary of the Essel Group, which is linked to Zee. This development comes amidst the ongoing legal challenges faced by the Zee-Sony merger, as multiple creditors are seeking repayment from Zee’s promoters. 
• Siemens surged 2.5 percent following the release of its Q4 results. Analysts have expressed bullish sentiment towards the company’s stock, projecting potential further gains of approximately 14 percent. The company’s consolidated revenue experienced a significant upswing of 28 percent, reaching Rs 4,857.8 crore during the quarter ending in March. Moreover, the EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) witnessed a robust growth of 32 percent, amounting to Rs 621.2 crore.
• Asian Paints concluded the trading session with a slight dip compared to the previous day. The renowned paint manufacturer unveiled a set of financial results for the March quarter on May 11, surpassing market expectations. While these robust earnings impressed many, the potential impact of heightened competition caused some brokerages to adopt a more cautious stance. 

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