Avenue Supermarts revenue grows 20 percent, Yes bank reports strong credit growth, RBI MPC meet outcome today

Opening Bell:

SGX Nifty is down by 27.0 points in the early morning trade, indicating a negative opening for Indian stock market.

Asian markets were trading in red. The Japanese Nikkei is down by 0.98 percent. Hong Kong’s Hang Seng is down by 0.29 percent and South Korea’s Kospi is down by 0.61 percent in early morning deals.

US stocks continued to trade mixed after snapping four day winning streak in the last trading session as investors look towards OPEC+ production cuts and inflation impact of the same with uncertainty still looming for the global economy. The S&P 500 was down 0.25 percent and Nasdaq Composite lost 1.07 percent, respectively.

Stocks News:

?Yes Bank on Wednesday said it has reported a credit growth of 11.3 percent at Rs 2.01 lakh crore for the March 2023 quarter. The outstanding credit was Rs 1.81 lakh crore at the end of March 31, 2022, Yes Bank said in a regulatory filing. The lender registered a 12.9 per cent growth in deposits excluding Certificate of Deposits (CDs).

?Infosys has extended its collaboration with LexisNexis, a data and analytics company, to provide end-to-end information services across their range of content, enterprise, and product applications. As part of the collaboration, Infosys will also provide strategic consultancy for LexisNexis’ downstream, discretionary, and strategic spends.

?Avenue Supermarts has recorded standalone revenue from operations at Rs 10,337.12 crore for the quarter ended March FY23, growing 20 percent over Rs 8,606 crore revenue in Q4FY22. The total number of stores as of March 2023 stood at 324.

?FSN E Commerce (Nykaa) has seen strong growth in business in the quarter ended March even though the industry trend was subdued. The company expects 30% revenue growth in the financial year 2022-23.

?Foreign institutional investors (FII) bought shares worth Rs 806.82 crore, whereas domestic institutional investors (DII) sold shares worth Rs 947.21 crore on April 5, National Stock Exchange’s provisional data showed.

Domestic and International Events

• India’s central bank will announce its monetary policy decision at 10am local time. RBI will also hold reverse repo and govt bond auctions and release weekly foreign exchange data.
• Finance Ministry has called a meeting of heads of Public Sector Banks (PSBs) on April 13 to review progress of various financial inclusion schemes, including Jan Suraksha and Mudra Yojana. The meeting is scheduled to be chaired by Financial Services Secretary Vivek Joshi.
• In the wake of the last several policy meetings, bank stocks did react much immediately notwithstanding the nature of the central bank’s decision. However, the general trend has been negative, evident from the 5 percent drop in the Nifty Bank so far since January.
• Brent crude futures fell 49 cents, or 0.6 percent, to $84.45 a barrel. West Texas Intermediate U.S. crude fell 58 cents, or 0.7 percent, to $80.13 a barrel.

Key Equity Indices