Opening Bell:
SGX Nifty is down by 39.0 points in the early morning trade, indicating a negative opening for Indian stock market.
Asian markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.01% while the Hang Seng is up 0.56%. while the Shanghai Composite is even. The Nikkei 225 is not trading. U.S. stocks are trading negative. inflation and the impact of a credit tightening Fed officials feel is still evolving in the wake of both higher interest rates and a financial sector rattled by the recent failure of three U.S. banks. Nasdaq Composite is down by 0.49%. S&P 500 down by 0.72%. and Dow Jones down by 0.86%.
Stocks News:
?HDFC on May 4 reported an 19.59 percent growth in standalone net profit at Rs 4,425.50 crore for the quarter ended March, as against Rs 3,700.32 crore, reported a year ago. The net interest income (NII) for the quarter ended March 31, 2023 stood at Rs 5,321 crore compared to Rs 4,601 crore in the previous year, representing a growth of 16 percent.
?Hero MotoCorp on May 4 reported a standalone net profit for the quarter ended March of Rs 859 crore, registering a year-on-year (YoY) growth of 37 percent over Rs 627 crore reported a year back.
?Homegrown FMCG major Dabur India on May 4 reported a net profit of Rs 292.7 crore for the March quarter of the financial year 2022-23, down 0.5 percent from Rs 294.3 crore in the year-ago period.
?Biscuit maker Britannia Industries is expected to report a 32-percent year-on-year growth in its consolidated net profit at Rs 498.4 crore, when it announces its Q4 results today. According to a poll of brokerages, revenue from operations is seen growing 13.5 percent to Rs 4,029 crore.
?Foreign portfolio investors (FPIs) have net purchase shares worth Rs 1,415 crore on Tuesday. DIIs, on the other hand, bought stock worth Rs 441 crore.
Domestic and International Events
- India’s exports of goods and services could touch $900 billion in the current financial year, up from $770 billion in the previous year, keeping resilient despite global headwinds, a top official of a grouping of exporters said.
- Global brokerage major BofA predicts that the risks to earnings growth, which include the impact of the global economic slowdown, specifically on the IT sector, as well as potential delays in rural revival and the possibility of a peak in urban demand, are apparent in the market movements.
- Oil prices held steady in early trading on Friday, but were set for a third straight week of losses after markets witnessed dramatic drops on fears of a weakening U.S. economy and slowing Chinese demand.
- Gold futures on MCX reached an all-time high of Rs 61,490 per 10 grams, boosted by a drop in dollar following the US Federal Reserve’s statement that hinted at a halt in interest rate increases. International gold prices also reached an all-time high of $2,081.80 per troy ounce. Experts predict high volatility ahead of the European Central Bank’s monetary policy decision and also Friday’s non-farm payroll report.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,949 | 1.3 % |
| Shanghai Composite | 3,350 | 0.8 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,128 | (0.9) % |
| DAX | 15,734 | (0.5) % |
| FTSE 100 | 7,703 | (1.1) % |
| Nikkei | 29,158 | 0.1 % |
| Straits Times | 3,269 | 0.2 % |
