Opening Bell:
SGX Nifty is up by 41.5 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets traded mixed after Wall Street saw a tech rally as U.S. consumer price index rose less than expected for April. The consumer price index showed a reading of 4.9 percent, slightly less than the 5 percent gain anticipated by economists polled by Dow Jones. The Hang Seng is up 0.41% while the Shanghai Composite gains 0.14%. The Nikkei 225 is off 0.06%. Wall Street’s main indexes opened higher on Wednesday as U.S. consumer prices rose at a slightly slower-than-expected pace last month in a sign that the Federal Reserve’s rapid interest rate hikes were yielding result, the S&P 500 up by 0.24%. while the Nasdaq Composite down by 0.63%. The Dow Jones Industrial Average fell 0.22%.
Stocks News:
?Engineering behemoth Larsen & Toubro reported a 10% year-on-year (YoY) growth in consolidated net profit for the March quarter to Rs 3,987 crore. Consolidated revenue from operations rose 10.4% YoY to Rs 58,335.15 crore
?Godrej Consumer Products Ltd reported a 24.5% year-on-year (YoY) rise in consolidated net profit for the quarter ended March to Rs 452 crore. Revenue from operations increased nearly 10% YoY to Rs 3,200 crore.
?JSW Steel reported standalone crude steel production of 1.7 million tonnes for the month of April 2023, up 7% year-on-year. Its steel production stood at 1.66 MT in the corresponding period last year.
?Dr Reddy’s Laboratories has reported a consolidated net profit of Rs 960.1 crore for the fourth quarter ended March 2023. This is an increase of 890% from Rs 97 crore clocked in the corresponding quarter of last year. Its revenue from operations stood at Rs 5,843 crore in Q4 FY23, up 15.28% YoY as compared to Rs 5,068.4 crore in Q4 FY22.
?Foreign portfolio investors (FPIs) have purchased shares worth Rs 1,833 crore on Wednesday. DIIs, on the other hand, sold shares worth Rs 790 crore.
Domestic and International Events
- India has set a deadline of 2035 to establish green hydrogen bunkering and refuelling facilities at major ports in the drive to cut its carbon footprint, the shipping ministry said in guidelines issued on Wednesday.
- Goods Transport Agencies (GTA) in India have until May 31 to exercise the option of paying Goods and Services Tax (GST) on a forward charge basis for the current fiscal year, according to the finance ministry. Under GST, GTAs can either pay 12% tax with input tax credit or 5% without, and can choose to pass on the liability to the service recipient under reverse charge mechanism.
- Oil prices rose in early Asian trade on Thursday after strong demand for fuels in the U.S. outweighed concerns about the possibility of the world’s biggest oil producer and consumer defaulting on its debt.
- Gold and silver futures slipped on MCX on Wednesday in line with international bullion prices, despite a weaker dollar index against a basket of six major currencies. Gold futures were trading at $2,038.50 per troy ounce and were down by $4.40 or 0.22%, while silver futures were trading at $25.840 per troy ounce or $0.058 or 0.220%.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,762 | (0.5) % |
| Shanghai Composite | 3,319 | (1.2) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,531 | (0.1) % |
| DAX | 15,896 | (0.4) % |
| FTSE 100 | 7,741 | (0.3) % |
| Nikkei | 29,122 | (0.4) % |
| Straits Times | 3,242 | (0.0) % |
