Opening Bell:
SGX Nifty is up by 32.0 points in the early morning trade, indicating a negative opening for Indian stock market.
Asian markets are lower today with shares in Hong Kong off the most. The Hang Seng is down 0.49% while Japan’s Nikkei 225 is off 0.35% and China’s Shanghai Composite is lower by 0.30%. Wall Street’s major averages suffered their deepest declines so far this month as a downbeat UPS forecast exacerbated investor concerns about a slowing U.S. economy on Tuesday while plunging deposits at regional First Republic Bank added to jitters about the bank sector’s health. The Dow down by 1.02 percent. The Nasdaq declined 1.98 percent, while the S&P down by 1.58 percent.
Stocks News:
?Bajaj Auto has recorded a 2.5 percent year-on-year decline in standalone profit at Rs 1,433 crore for quarter ended March FY23 despite healthy topline and operating performance, impacted by high base. Revenue for the quarter at Rs 8,905 crore grew by 11.66% over a year-ago period despite 12.5% fall in sales volumes.
?TATA Consumer Products reported better-than-expected numbers on all counts in Q4FY23. Profit during the quarter grew by 21% YoY to Rs 289.6 crore, while revenue from operations increased by 14% to Rs 3,618.7 crore compared to year-ago period, mainly driven by underlying growth of 15% in India business, 6% in international business, and 9% in non-branded business.
?AU Small Finance Bank has recorded a 23% year-on-year growth in profit at Rs 425 crore for quarter ended March FY23, with provisions and contingences falling 56% YoY. Net interest income grew by 29.5% YoY to Rs 1,213 crore for the quarter. Asset quality improved for Q4FY23 with gross non-performing assets (NPA) as a percentage of gross advances falling 15 bps QoQ to 1.66% and net NPA declining 9 bps QoQ to 0.42%.
?Mahindra Lifespaces net profit came in at Rs 0.54 crore as for the fourth quarter, compared with Rs 138 crore in the corresponding quarter of last year. The revenue for the quarter stood at Rs 255 crore.
?Foreign portfolio investors (FPIs) have net sold shares worth Rs 407 crore on Tuesday. DIIs, on the other hand, bought stock worth Rs 563 crore.
Domestic and International Events
- The IPP solar portfolio, located in five key states in India, is backed by long-term power purchase agreements-about 75% of assets with central government entities and the remaining with distribution companies backed by state governments.
- In a move that will add to the working capital requirements of stockbrokers, the Securities and Exchange Board of India (Sebi) has prohibited the utilization of clients’ funds for the creation of bank guarantees.
- Oil dropped 2 percent on Tuesday after two sessions of gains as deepening concerns of an economic slowdown and a stronger dollar outweighed hopes of higher Chinese demand and lower U.S. crude stocks.
- Gold prices extended overnight recovery but still traded within range as traders await fresh cues from US macro data that may help to guide the Federal Reserve’s interest-rate path.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,618 | (1.7) % |
| Shanghai Composite | 3,265 | (0.3) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,531 | (1.0) % |
| DAX | 15,872 | 0.1 % |
| FTSE 100 | 7,891 | (0.3) % |
| Nikkei | 28,620 | 0.1 % |
| Straits Times | 3,297 | (0.8) % |
