Opening Bell:
Gift Nifty is up by 51.5 points in the early morning trade, indicating a positive opening for Indian stock market
Asian markets saw an uptick in trading on Friday, mirroring the positive momentum from Wall Street’s overnight performance, fueled by renewed expectations of interest rate cuts. Japan’s Nikkei 225 surged by 1.52%, accompanied by a 1.22% gain in the Topix index. South Korea’s Kospi also experienced a notable rise of 1%, while the Kosdaq followed suit with a 0.97% increase. Hong Kong’s Hang Seng index futures hinted at a promising start to the trading day with indications of a stronger opening.
Thursday witnessed the US stock market concluding on a positive note, with the Dow Jones Industrial Average extending its winning streak for the seventh consecutive day. This uptrend followed the release of weekly jobless claims data, which sparked optimism regarding potential interest-rate cuts by the US Federal Reserve. The Dow Jones Industrial Average rallied 331.37 points, or 0.85%, to 39,387.76, while the S&P 500 gained 26.41 points, or 0.51%, to 5,214.08 points. The Nasdaq Composite ended 43.51 points, or 0.27%, higher at 16,346.27.
Stocks News:
đBharat Petroleum Corporation Limited announced on May 9 that it achieved a consolidated net profit of Rs 4,789.57 crore in Q4 FY24, marking a 30 percent year-on-year decline. During the same period, BPCL’s revenue from operations experienced a slight decrease to Rs 1.32 lakh crore. Additionally, the company’s board proposed the issuance of bonus shares in a 1:1 ratio.
đ Abbott India disclosed a 24 percent year-on-year rise in net profit, reaching Rs 287 crore in Q4 FY24. The company’s revenue also saw a 7 percent increase to Rs 1,439 crore from Rs 1,343 crore in the corresponding period last year. Additionally, Abbott India’s board proposed the distribution of a final dividend of Rs 410 per equity share of Rs 10 each for the fiscal year ending March 31, 2024, pending approval from shareholders.
đ ADF Foods: ADF Foods’ revenue from operations was Rs 153 crore in Q4 FY24 as compared to Rs 123 crore in the same quarter of the previous year. Profit after tax increased to Rs 25 crore in Q4 FY24 as compared to Rs 16 crore in the same quarter the previous year.
đ Shyam Metallics observed a significant uptick in realizations from the sale of stainless steel, soaring by 54.46 percent compared to the previous year. Additionally, stainless steel volumes surged by 33.68 percent on a year-over-year basis, with a notable 17.45 percent growth on a month-over-month basis.
đ FIIs sold shares worth Rs 6,994.86 crore. DIIs pumped in Rs 5,642.53 crore worth of stocks on May 9.
Domestic and International Events
- As India’s general election reaches halfway, declining voter turnout sparks concerns about disengagement in the world’s largest poll. Analysts note various reasons for the drop, but it doesn’t necessarily favor any party. Nonetheless, the decrease raises questions about the ruling Bharatiya Janata Party’s support, causing uncertainty in financial markets. Phase three of the election saw 172 million voters, with a turnout of 65.7 percent, lower than in previous phases and the last general election in 2019.
- The Bank of Englandâs Monetary Policy Committee voted 7-2 to keep rates at a 16-year high of 5.25% after Deputy Governor Dave Ramsden joined Swati Dhingra in voting for a cut to 5%. Economists polled by Reuters had mostly expected another 8-1 split to keep rates on hold.
- Gold edges higher during early Asian trading, supported by anticipations of Federal Reserve rate cuts following a spike in initial jobless claims, reaching a nine-month pinnacle. Analysts foresee forthcoming inflation data to offer further insights into the condition of the US economy.
- Crude oil prices traded higher on the signs of an improving Chinese economy. Brent futures rose 0.38% to $84.20 a barrel, while US West Texas Intermediate crude grew 0.47% to $79.63.
| EMERGING | LATEST | % 1D |
| Hang Seng | 18,538 | 1.2 % |
| Shanghai Composite | 3,154 | 0.8 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 39,388 | 0.9 % |
| DAX | 18,687 | 1.0 % |
| FTSE 100 | 8,381 | 0.3 % |
| Nikkei | 38,074 | (0.3) % |
| Straits Times | 3,266 | 0.0 % |
