Opening Bell:
Gift Nifty is up by 6.0 points in the early morning trade, indicating a positive opening for Indian stock market
Asian markets traded lower, mirroring the overnight losses on Wall Street and awaiting key economic data from China. Japan’s Nikkei 225 fell by 0.78%, while the Topix decreased by 0.33%. South Korea’s Kospi declined by 0.11%, and the Kosdaq dropped significantly by 1.66%. Meanwhile, futures for Hong Kong’s Hang Seng index suggested a higher opening.
The US stock market closed lower on Thursday after the Dow Jones reached an intraday high of 40,000 for the first time. The Dow Jones Industrial Average fell by 38.62 points, or 0.10%, to 39,869.38. The S&P 500 dropped 11.05 points, or 0.21%, to 5,297.10, and the Nasdaq Composite ended 44.07 points, or 0.26%, lower at 16,698.32.
Stocks News:
👉 Vodafone Idea reported a consolidated net loss of Rs 7,675 crore for the quarter ending March 2024, marking an increase from the Rs 6,419 crore loss recorded in the same quarter the previous year. This rise in losses highlights the ongoing financial challenges faced by the company.
👉 Biocon Ltd reported a significant 57% decline in its consolidated net profit for the fourth quarter, recording Rs 135 crore. This is a substantial drop from the Rs 313 crore profit recorded in the corresponding period last year. The sharp decrease in profit underscores the financial pressures the company is facing.
👉 In its consolidated year-over-year performance, JK Paper noted a slight decline in both net profit and revenue. Net profit decreased by 1.6% to Rs 275.6 crore, while revenue experienced a marginal dip of 0.05% to Rs 1,718.6 crore. Despite these challenges, the Board recommended a dividend of Rs 5 per share, indicating confidence in the company’s long-term prospects.
👉 Crompton Greaves reported a consolidated year-over-year net profit increase of 1.4%, reaching Rs 133.43 crore. The company’s revenue rose by 9.5% to Rs 1,961 crore. Additionally, the Board recommended a dividend of Rs 3 per share.
👉 FIIs sold shares worth Rs 776.49 crore. DIIs buy in Rs 2,127.81 crore worth of stocks on May 16
Domestic and International Events
- Urban unemployment slightly decreased to 6.7% in Q4 FY24 from 6.8% in the same period last year. However, it rose sequentially from 6.5% in the previous quarter, attributed to layoffs in sectors like IT, telecom, and startups. Female unemployment improved slightly, while male unemployment increased. Self-employment rose, but regular wage employment remained low
- On Thursday, the US dollar and treasury yields experienced an uptick. The dollar index, which monitors the US currency against six counterparts, climbed by 0.27% to 104.47. US Treasury yields bounced back from nearly six-week lows, with benchmark 10-year yields rising to 4.377% and two-year yields increasing to 4.793%.
- Gold prices edged lower on Thursday as the dollar rebounded, although signs of cooling U.S. inflation cemented hopes for interest rate cuts from the Federal Reserve this year and kept bullion near the one-month peak.
- Crude oil prices traded higher, with global benchmark Brent set for its first weekly increase in three weeks. Brent crude oil prices rose 0.3% to $83.48 a barrel, while US West Texas Intermediate (WTI) crude futures rose 0.2% to $79.41 a barrel.
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,377 | 1.6 % |
| Shanghai Composite | 3,122 | 0.1 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 39,869 | (0.1) % |
| DAX | 18,739 | (0.7) % |
| FTSE 100 | 8,439 | (0.1) % |
| Nikkei | 38,920 | 1.4 % |
| Straits Times | 3,305 | 0.5 % |
