Closing Bell | Sensex down 384 pts, Nifty ends below 22300; PowerGrid, Indusind Bank, Tata Motors top losers

India's benchmark Sensex and Nifty 50 closed lower as selling prevailed across the board amid disappointing Q4 earnings, denting market confidence near record highs. The Sensex ended down 383 points (0.5%) at 73,511.85, while the Nifty 50 fell 141 points (0.6%) to 22,301.50. Of the total stocks, 840 advanced, 2,441 declined, and 82 remained unchanged.

Top gainers among sectors included Nifty FMCG Index, up 2%, and Nifty IT, up 0.77%. On the downside, Nifty realty and metals fell 3.5% and 2.4% respectively. Other losers were Nifty PSU Bank Index (down 2.3%), Nifty Healthcare (down 2%), and Nifty Auto (down 1.8%).

We wrap up today's edition of the Moneycontrol live market blog, and will be back Monday morning with all the latest updates and alerts. Please visit www.moneycontrol.com/markets/global-indices for all the global market action.

Technically, the trend has weakened as the index fell below the 21EMA. A Head and Shoulders pattern is visible on the hourly chart, with the index currently sustaining below the neckline, indicating a bearish formation. Further selling pressure is anticipated, possibly extending towards 21980-22000 in the short term, as long as it remains below 22400.

Today, the benchmark indices corrected sharply, the Nifty ends 140 points lower while the Sensex was down by 384 points. Among Sectors, Reality index was the top looser - shed over 3.5 percent whereas despite weak market conditions FMCG index gained over 2 percent. Technically, after muted opening market consistently facing selling pressure at higher levels.

On daily charts, the index has formed bearish candle and after a long time the nifty/Sensex slip below 50 day SMA (Simple Moving average). We are of the view that, the short-term texture of the market is still in to the weak side. For the traders now, as long as the market is trading below 20 day SMA or 22450/74000 the weak sentiment is likely to continue. Below the same, the market could retest the level of 22200-22100/73200-73000. On the other side, above 20 day SMA or 22450/74000 the texture could change. Above the same, the market could bounce back till 22500-22525/74300-74400.

Domestic benchmark indices opened higher on Tuesday, aided by favorable global clues. However, after some initial jitters, the market saw massive profit booking, with the Volatility Index (India VIX) jumping by about 6%. Later in the day, volatility decreased, and the index closed down at 22,302. Technically, the index created a bearish engulfing candle last week, indicating weakness. The index settled below, the low of the bearish engulfing candle, and the 34-Day Exponential Moving Average (DEMA) support, suggesting further pessimism. On the downside, the index will find solid support at 22,100-22,000 levels. On the upside, the index will continue to face stiff resistance at 22,800. Overall, we expect the index to consolidate in the 22,000-22,800 range in the short term. In the immediate term, 22,100 and 22,000 will serve as solid support levels, while 22,500 and 22,800 will operate as obstacles to the index.

The Bank Nifty opened on a bullish note, but due to heavy selling pressure, the index concluded on a negative note at 48,285. Technically, on a weekly basis, the index formed a shooting star candlestick formation near its all-time high, indicating strong resistance near 49,975. Furthermore, the index broke the previous week's low of 48,342.7. As long as the index remains below 48,340, weakness could extend to 48000-47,700. In the short term, 48,000 and 47,700 will serve as support points, while 49,000 and 50,000 will operate as resistance,

Despite positive global cues, the domestic market continued to consolidate. The domestic market is witnessing profit booking due to various factors, including a low turnout in the ongoing election and premium valuations. However, FMCG remained the biggest sectoral gainer in today’s trading session, driven by expectations of improving volume growth from rural areas aided by favourable monsoon expectations.

Profit taking in the markets continued as investors wary of higher valuations trimmed their exposure in banking, metals, oil & gas, realty and power shares. With the US Fed delaying its rate cut decision and inflation still above the comfort level, investors would be risk averse and mostly resort to selective bullish bets.

Earnings Alert | IRB Infra Q4 net profit up 45% YoY

#1 Net profit at Rs 189 crore, up 45% YoY

#2 Revenue up 27% YoY to Rs 2060 crore

#3 Total cost up 41% YoY to Rs 2060 crore

#4 EBITDA up 59% YoY to Rs 1330 crore

The Sensex was down 383.69 points or 0.52 percent at 73,511.85, and the Nifty was down 143.95 points or 0.62 percent at 22,298.75. About 1096 shares rose, 2727 fell, and 109 were unchanged.

Top gainers included Nifty FMCG Index, up 2%, and Nifty IT, up 0.77%. On the downside, Nifty realty and metals fell 3.5% and 2.4% respectively. Other losers were Nifty PSU Bank Index (down 2.3%), Nifty Healthcare (down 2%), and Nifty Auto (down 1.8%).

Sensex Today | Goldman, Everstone eye $1.7 bn valuation for sale of healthcare-focused IT services firm

Goldman Sachs Asset Management and home-grown private equity firm Everstone Capital are seeking a valuation of $1.7 billion for the sale of a controlling stake in healthcare-focused IT services firm Omega Healthcare, sources aware of the development told Moneycontrol. “Goldman, which holds a majority stake in the company, is thinking of not selling its entire stake in Omega and will probably end up keeping a 20 percent stake, while Everstone will sell its entire stake,” said one of the sources. Read more

#1 Net profit down 25% YoY to Rs 422 crore

#2 Revenue fell 6% YoY to Rs 3570 crore

#3 Total cost Rs 3150 crore; other income up 5% YoY to Rs 23.39 crore

Hindustan Media's shares plummeted by 5 percent following a reported 11% decline in fourth-quarter profit, attributed partly to increased expenses.

#1 Fourth-quarter profit stood at Rs10.74 crore, down from Rs12.08 crore year-on-year

#2 Revenue remained nearly flat at Rs188 crore, with total costs rising 5% year-on-year to Rs220 crore

As Paytm prepares to report its annual and fourth-quarter results later this month, two of its senior executives have resigned, joining a growing list of high-level exits at the Noida-based mobile payments firm. Ajay Vikram Singh, Chief Business Officer (CBO), UPI and User Growth, and Bipin Kaul, CBO, Offline Payments are set to depart the firm, three sources familiar with the development told Moneycontrol. Read more

#1 Net profit at Rs 102 crore, down 5.6% YoY

#2 Revenue up 3.3% YoY to Rs 1240 crore

#3 Total Cost up 5% YoY to Rs 1120 crore

#4 Dividend Rs 6 per share

#1 Profit from continuing ops down 4.4% at Rs160.3 cr vs Rs167.7 cr (YoY)

#2 Revenue up 71.7% at Rs1,686 cr vs Rs982 cr (YoY)

#3 EBITDA up 82% at Rs268.2 cr vs Rs147.3 cr (YoY)

#4 Margin at 16% vs 15% (YoY)

#5 Exceptional items at nil vs gain of Rs134 cr (YoY)

#6 Profit before exceptional items at Rs210 cr vs Rs98 cr (YoY)

#1 Net profit down 45% at Rs16 cr vs Rs29 cr (YoY)

#2 Revenue down 12% at Rs720 cr vs Rs815 cr (YoY)

#3 EBITDA loss at Rs10 cr vs EBITDA of Rs62 cr (YoY)

The Nifty 50 index has seen remarkable growth since the outbreak of the COVID-19 pandemic. Both headline and broader market indices have delivered outstanding returns to investors during this period. The ongoing bull run in India, spanning over the last four years (2020-till date) and underpinned by government’s capex push, healthy corporate earnings, and ongoing policy momentum, is unparalleled in terms of wealth generation as the value of India's listed companies recently hit an all-time high of Rs 400 lakh crore. More read

Balmer Lawrie's board will meet on May 28, 2024, to discuss dividends and March quarter results. Additionally, they'll consider a share buyback, approve a bonus share issue, and possibly split equity shares, marking the company's first stock split if approved.

#1 Revenue down 81% YoY to Rs 9.77 crore

#2 Total Cost Rs 2.63 crore, down 95% YoY

Larsen & Toubro (L&T) is expected to report strong Q4FY24 results, led by improved construction activity across projects during the quarter, strong demand and robust order book.

Momentum in new orders in international hydrocarbon, mobility and power transmission and distribution businesses will also drive growth. The company is due to announce its Q4 result on May 8.

The engineering, procurement and construction (EPC) giant is expected to see its fiscal fourth-quarter net profit rise to Rs 4,380 crore, up 9.8 percent from the year-ago period, according to a Moneycontrol poll of eight brokerage estimates. Read More

Small and midcap funds have become investors’ favourites in the past three years. As per the Association of Mutual Funds of India (AMFI), the mutual fund industry’s trade body, the number of investor accounts in midcap funds more than doubled to 1.4 crore in the last four years, while smallcap funds' folios more than tripled to 1.9 crore. But small and midcap funds are different from largecap funds in terms of their risk, return and diversification. Here’s what investing in these small and mid- cap funds entails. (Read more)

Most Asian currencies weakened against the dollar before a speech by Minneapolis Fed President Neel Kashkari. Indonesia Rupiah, Japanese Yen, Singapore dollar, China renmenbi, Taiwan dollar and South Korean fell around 0.1 percent each. Philippine bonds dipped as inflation climbed for the third consecutive month. Philippine 2-year yields rose by 1 basis point, with consumer prices up by 3.8% year-on-year last month. Continued strain on food supply might maintain pressure on prices, possibly leading the central bank to keep its key rate at a 17-year high. The Baht remained stable as Thailand's new Finance Minister Pichai Chunhavajira urged the central bank to support government policies, hinting that pressure might persist on the Bank of Thailand to lower interest rates.

Nifty prices toppled around 2.5 percent from their all-time high made a couple of days back, as India VIX increased more than 18 percent so far this week amid mounting global uncertainties and an ongoing general election in India. Adding to the market unease, the recent decision by the Reserve Bank of India (RBI) to impose an additional 5 percent provision on under-construction projects has further dampened investor sentiment, particularly impacting financing companies. Ongoing volatility is likely to remain intact until the result of the general election in 2024. The broader texture is still bullish, correctional fall will keep landing bargain buying opportunities. Nifty range 22100-22800 and a near-term stop loss below 21900.

Market at 1 PM | Sensex, Nifty down in red; realty, metal stocks bleed

The Sensex was down 533.89 points or 0.72 percent at 73,361.65, and the Nifty was down 184.20 points or 0.82 percent at 22,258.50. About 756 shares rose, 2,466 fell, and 74 were unchanged.

Among sectors, realty and metals were the worst hit, recording an over 2 percent drop each. Other sectoral indices also floated in the red with the exception of Nifty FMCG, which was up over 2 percent.

Shares of Route Mobile, a cloud communications platform service provider, slumped 5 percent in early trade on May 7 as the company's Q4 results disappointed the Street. Struggling through several one-off pressures, the company's net profit for the March quarter declined 9 percent on year to Rs 95.2 crore.

Brokerages said headwinds, including weakness in the company's subsidiaries- MR Messaging (Europe) and Masivian (Latin America) - along with the devaluation of the Nigerian currency were a major drag on Route Mobile's earnings.

In addition, a decline in international long-distance revenue due to a shift in volumes from ILD SMS to alternative channels such as WhatsApp and RCS (rich communications services) and weak seasonality also dented its bottomline. The changes adversely impacted the company's revenue, which was up less than 1 percent on-year at Rs 1,017 crore in the quarter.

Copper powered through $10,000 a ton as investors raised bets on Federal Reserve rate cuts, and Goldman Sachs Groups Inc. warned of intensifying supply stress.

Metals joined a wider rally in risk assets after soft US jobs data triggered renewed speculation that the Fed will move to lower rates this year. Copper rose as much as 2.1%, returning to five digits again after a brief period in late April.

The prospect of Fed easing is adding to tailwinds for copper as bulls predict further gains with the world’s mines struggling to match growing demand. Goldman raised its year-end price target to $12,000 a ton, from $10,000 previously. Read More

Sensex Today | Stocks that shone in a weak market

(Read more)

ICICI Securities maintained a hold rating on CDSL stock and increased its target price to Rs 2142 from Rs 1825 a share earlier. ICICI Securities: Strong industry position and lower regulatory risk drive higher valuations. Depositories, like CDSL, are vital in India's capital markets, benefiting from leadership (76% market share), steady non-market revenues, potential operating leverage, and additional income streams. CDSL's quarterly EBITDA surged from INR 808mn (FY23 avg) to INR 1,479mn (Q4FY24). Risks: market volume decline and competition from alternative identification systems. Upsides: revised issuer charges and market volume surge, as in FY21/FY22.

The Sensex was down 530 points or 0.73 percent at 73,358, and the Nifty was down 175 points or 0.75 percent at 22,300. About 967 shares advanced, 2669 shares declined, and 133 shares unchanged.

In sector performance, Nifty Realty led with a 2.8 percent drop, trailed by BSE PSU Bank and Nifty Metal, each down by 2.1 percent. The Nifty Pharma and Healthcare sectors saw declines of around 2 percent each. Nifty FMCG gained over 2.4%

ICICI Securities notes Q4FY24 results show more PAT beats in domestic cyclicals (finance, industry, auto), while defensives (IT, consumption) have more misses. This trend aligns with indicators like GST collections, PMI, and electricity demand, supporting the theory of investment-driven GDP growth in India. This favors outperformance in beta, value, and size factors. Key market drivers include prolonged US interest rates, constraining equity valuations, and decreasing election-related volatility since 2009, though PSU and high beta stocks (finance, industry) remain sensitive to election outcomes.

Shares of Mahindra and Mahindra Financial Services (M&M Finance) tumbled 2 percent to Rs 255 per share after the non-bank lender disappointed Street with its weak Q4FY24 performance. This prompted brokerages to trim guidance for FY25 and reduce target prices on the counter.

Shares of Route Mobile slumped 5 percent as the company's Q4 results disappointed the Street. Struggling through several one-off pressures, the company's net profit for the March quarter decline 9 percent on year to Rs 95.2 crore.

The world’s biggest sovereign funds are upping their bets on India – the fastest growing market. The total securities owned by sovereign wealth funds in India soared nearly 60 percent in the one-year ending April 2024 to touch Rs 4.7 lakh crore, data compiled from the National Securities Depository Limited (NSDL) showed. In 2023 the assets under custody of sovereign wealth funds was Rs 3 lakh crore, data showed. In contrast, the assets under custody of overall foreign portfolio investors (FPIs) grew about 40 percent during 2024 to reach Rs 69.5 lakh crore, data showed. (Read more)

The Sensex was down 380 points or 0.52 percent at 73,515, and the Nifty was down 115 points or 0.51 percent at 22,330. About 1153 shares advanced, 2347 shares declined, and 147 shares unchanged.

In sector performance, Nifty Realty led with a 1.4 percent drop, trailed by BSE PSU Bank and Private Bank, each down by 1.1 percent. Nifty Bank, Auto, and Healthcare sectors all saw declines of around 1 percent each.

Competition in the white goods space has been intense and is likely to remain that way in the foreseeable future. But Blue Star Managing Director B Thiagrajan is clear that his company will not sacrifice margins to grow its market share. In an interview to Moneycontrol. Thiagarajan says that room air conditioners will be the focus for Blue Star as it is fast growing and still underpenetrated. And the other focus is to execute the order book fast instead of just growing it, he said. “Unless the speed of execution goes up and it gets converted into cash, there is no purpose of order book whatsoever,” he says. (Read more)

#1 Current Order Book Is At Rs6,300 Cr

#2 See Topline Growth Of 20-25% In FY25

#3 Some Stress In Motor Business, Expect Conditions To Improve Post Elections

#4 Higher Volumes, Good Pricing, Operating Leverage Led To Best-ever Margin In Power System business

#5 Turnover Can Rise To Rs1,600-1,800 Cr In FY27 From Incremental Transformers Capacity

#6 Have To Invest Rs1,600 Cr For The OSAT Facility Over A Period Of 5 Years

#7 Have Closing Cash Of Rs1,300 Cr, Will Spend Another Rs400 Cr On Ongoing Capex

#8 Potential In EV Motors Is Huge, Lot Of Efforts Being Put In

#9 Margins May Get Impacted If Copper & Aluminum Prices Rise Significantly

#1 Will Sustain High Single-digit Volume Growth

#2 Saw Revenue Growth Of 25% In Raymond Consumer Business In Q4

#3 Will Sustain At Least 2x Growth In Raymond Portfolio Vs The Rest Of The Company

#4 Indonesia Business Will Sustain Steady Growth For The Next Few Quarters

#5 Focus On Africa Is To Ensure The Right Product Mix

#6 Won’t See A Huge Step Up In Ad Spends As % Of Sales Now

#1 FMCG Companies Commentary Has Been Positive In This Quarter

#2 Some Companies Have Been Talking About Improving Rural Growth

#3 FMCG Companies Have Seen Negative Price Growth In FY24

#4 FMCG Companies Have Now Seen High Pricing Power

#5 After Q1, Every Company Will See Acceleration In Volume Growth

#6 Positive On Marico, They Have Been Taking Price Hikes

#7 Whenever There Is Inflation In Kopra Prices, Marico Gains Market Share

CarTrade Tech shares surged 5 percent, extending the previous session's gains. The 18 percent sharp spike in two days comes after the company on May 6 reported a net profit jump of 50 percent to Rs 22.5 crore for the quarter ended March 2024. The company's revenue surged 51 percent YoY to Rs 145.27 crore, largely helped by OLX’s classifieds business.

Shares of Lupin slumped around 3 percent in early trade on May 7 after the company reported lower-than-expected rise in its Q4 FY24 net profit, dragged by a spike in raw material costs.

The Sensex was down 130 points or 0.17 percent at 73,795, and the Nifty was down 19.45 points or 0.09 percent at 22,428.85. About 1480 shares advanced, 1540 shares declined, and 109 shares unchanged.

Among sectoral indices, Nifty Healthcare and Private Bank indices dropped 0.5 percent. Among gainers, Nifty FMCG Index jumped 2.41 percent , Consumer durables up 0.55 percent.

Marico's performance in the quarter ending March 2024 has analysts upbeat about the company's future. They are particularly bullish on the company given the management's commitment to enhancing long-term volumes and gaining market share, signalling positive prospects ahead. While Nuvama has upgraded the stock to 'buy', Citi has raised its target price on the stock following the in-line Q4FY24 earnings.

Morgan Stanley has initiated coverage on Titagarh Rail Systems with an overweight rating, stating that the firm will be a beneficiary of the revival in the Indian railways.

Morgan Stanley has put a target price of Rs 1,285 per share, which indicates an upside of around 24 percent. Based on Morga Stanley’s estimates, the company is valued at 35x FY26 PE, which the brokerage said was fair given strong earnings visibility and improving return ratios.

At a financial technology conference in Tokyo early in March, Paytm founder and CEO Vijay Shekhar Sharma said, “The biggest thing that I have learned is that many times your teammate and adviser may not be getting it correct."

Sharma’s statement came less than five weeks after a crippling blow from the Reserve Bank of India, which restricted its associate company Paytm Payments Bank Limited (PPBL) from carrying out any banking operations from March 15.

A couple of sources Moneycontrol spoke with said that this may have been an oblique reference to President and COO Bhavesh Gupta, who was a close confidante of Sharma and is often credited with building and growing Paytm’s lending business. (Read more)

The Securities and Exchange Board of India (SEBI) is currently investigating allegations regarding ICICI Bank employees contacting certain shareholders of ICICI Securities in an attempt to influence them before a critical vote in March, Mint reported.

During the vote, the shareholders were to decide on the delisting of ICICI Securities and its merger with its parent company, ICICI Bank. According to a source cited by Mint , over 500 shareholders of ICICI Securities collaborated through WhatsApp and social media to file numerous complaints with SEBI.

BPCL's board will soon meet to declare quarterly earnings, dividends, and possibly a bonus issue for shareholders. The meeting, scheduled for May 9, 2024, will discuss financial results for the quarter and year ended March 2024. Previous dividends included Rs 21 per share in November 2023, with the potential for a final dividend for FY 2023-24. Additionally, the board may approve issuing bonus shares, marking the first such issuance since 2017. BPCL has issued bonus shares five times in its history, with ratios including 1:2 in 2017, 1:1 in 2016 and 2012, 1:1 in 2000, and 2:1 in 1994.

HPCL plans to meet on May 9, 2024, to discuss issuing bonus shares to shareholders, marking the third time they've done so. Previously, in 2016, they offered a 2:1 ratio, granting two shares for each held. Then, in 2017, they approved a 1:2 bonus issue.

#1 Citi shares a 'sell' call on Gujarat Gas with a target price of Rs 450 per share
#2 Citi says that Q4 were below expectations and results represent near-term peak

The Sensex was up 32 points or 0.04 percent at 73,927, and the Nifty was up 21 points or 0.10 percent at 22,464. About 1,292 shares advanced, 946 shares declined, and 109 shares unchanged.

NSE CEO Ashishkumar Chauhan revealed SEBI's rejection of NSE's proposal to extend trading hours during an analyst call. Earlier, ANMI approved extending trading hours for index futures, with ISF set to send a formal letter to SEBI. SEBI was considering extending cash market trading hours based on NSE's proposal, which outlined a phased plan. However, stock brokers haven't provided the feedback sought by the regulator regarding the extension.

Nomura views the draft norms as punitive towards both incremental and existing project lending. RBI data shows banks sanctioned Rs2.7 trillion for project loans in FY23, while expected disbursals were Rs1.6 trillion, constituting 1.2-2 percent of system credit in project loans for the year. If implemented, these punitive provisioning requirements could significantly hinder long-term banking sector loan growth and raise the cost of capital for project loans, with a 5% day-1 provisioning requirement. PSU banks, especially SBI and BOB, face greater exposure due to their higher corporate and infra loan mix, impacting their medium-term loan growth outlooks and RoE profile. Private banks, with higher CET1 ratios and buffer provisions, are relatively better off but still negatively affected. The full impact is uncertain as banks don't provide details on project phases.

Open interest of foreign funds surged by 4.4% to Rs6.909 trillion($82.7 billion) on Monday, as per National Stock Exchange data. Simultaneously, global funds divested shares worth Rs2170 crore in the cash segment, according to provisional NSE data.

Foreign investors aggressively sold financial services in the second half of April, with around Rs 12,550 crore offloaded by FIIs, following a Rs 3,212 crore purchase earlier in the month.

During late April, FIIs sold Rs 4,915 crore in IT and Rs 3,563 crore in FMCG sectors, following earlier sales of Rs 4,658 crore and Rs 4,351 crore respectively. Analysts attribute this to weak earnings in both sectors. FMCG witnessed subdued sales and flat profitability due to high expenses, while the IT sector's FY24 performance suggests caution for FY25.

In contrast, the telecommunication sector witnessed substantial buying activity, amounting to Rs 6,619 crore. Capital goods and services also attracted buying, with around Rs 2,408 crore and Rs 1,764 crore invested, respectively.

Indian Rupees were sold off yesterday on constant buying by FPIs taking money out of the country to invest in US treasury as also uncertainty lingering before election results on 4th June. Oil companies also have been constant buyers of $ to hedge for their payments. Rupee touched almost 83.50 before closing at 83.4875. Today the opening looks flat with a small range of 83.40 to 83.55 with probably RBI standing in between the depreciation beyond 83.50.

#1 INR closing: 83.4875

#2 INR expected opening: 83.48

#3 Range for the day : 83.35 to 83.55

#4 Exporters to sell above 83.near to 83.50

#5 Importers to buy all dips stop loss for unhedged positions 83.60

The Wall Street trading focus shifts with concerns over a potential U.S. interest-rate cut following a weak jobs report. John C. Williams' Fed remarks add to speculation. Nifty's bullish momentum faces hurdles due to lackluster Q4 Indian corporate earnings, as India VIX surges. Technical analysis suggests a risk-on approach if Nifty holds above 22137, with key levels at 22307 and 23000. Options data indicates a trading range of 21700-23000 for Nifty, with notable call and put writing at specific strike prices. Recommended trades for Nifty and Bank Nifty are provided, alongside bullish sentiments on select stocks and a specific buy call for DEEPAK NITRITE with outlined targets and rationale.

#1 Net revenue for Q4 at Rs 417 crore

#2 EBITDA Rs 10.8 lakh from Rs 101 crore YoY

#3 Total Cost Rs 359 crore, up 17% YoY

#4 Dividend per share Rs 3.25

Dr Reddy's Labs, PB Fintech, JSW Energy, Voltas, Delta Corp, Graphite India, Indraprastha Gas, IRB Infrastructure, Jindal Saw, KEC International, Max Financial

Trends on GIFT Nifty indicate a flat to positive start for the broader index in India, with a gain of just 3 points or 0.01 percent. The Nifty futures were trading around 22,593 level.

1# Hindalco: Novelis Q4 beats estimates; Adjusted EBITDA/tonne at 7-quarter high

2# GCPL: Exceptional charges lead to surprise Q4 loss; clocks industry-leading volume growth

3# Lupin Q4 profit disappoints; margins top estimate

4# Marico Q4 volume growth of 3% tops estimate; maintains double-digit constant currency growth guidance for FY25 & beyond

5# Dr Reddy's, JSW Energy, PB Fintech, Pidilite, Voltas Q4 earnings today

6# HPCL to consider bonus issue along with earnings on May 9

7# Gujarat Gas Q4 profit jumps 86%, margin expands

8# Weak quarter for Route Mobile; margin down 80 bps

9# LTIMindtree gets tax demand of `158 cr from Mumbai GST dept for FY19

10# Shankar Sharma buys 0.5% stake in Bigbloc Construction

#1 Asian markets extend gains on renewed Fed rate cut bets

#2 Dow logs 4-day winning streak

#3 USD remains soft; 10Y yield below 4.6% amid rate cut optimism

#4 Fed’s Barkin says full impact of high interest rates yet to come

#5 Oil gains marginally amid confusion over Gaza ceasefire

#6 Gold resumes upmove on softer dollar, rate cut hopes

#7 GIFT Nifty signals quiet start

Gold prices climbed as investors anticipated rate cuts from the Federal Reserve, driven by geopolitical tensions in the Middle East. Bullion closed 1% higher, with dovish remarks from US policymakers like Thomas Barkin and John Williams influencing market sentiment. Barkin suggested that high rates could slow the economy, while Williams hinted at potential rate cuts pending data analysis.

Oil climbed 0.5% in early Asian trading, while US stock futures held steady despite Israel rejecting Hamas's ceasefire proposal in Gaza. The US equity benchmark surpassed 5,180 on Monday.

Stocks surged in their best three-day rally since November, driven by speculation of potential interest rate cuts by the Federal Reserve this year. The S&P 500 climbed 1%, surpassing its 50-day average price—a crucial level for many chartists. Solid earnings fueled optimism despite concerns about trading volume, with most industries gaining. Traders monitored geopolitical tensions, including Israel's rejection of a cease-fire proposal by Hamas. Oil prices rose. Investors analyzed remarks from various Fed officials following Jerome Powell's recent comments. Fed Bank of Richmond President Thomas Barkin anticipates high rates to slow the economy and cool inflation, while his New York counterpart, John Williams, suggests eventual rate cuts depending on data trends.

Asian stocks surged early, buoyed by Wall Street's optimism that the Federal Reserve will initiate interest rate cuts this year. Japan's Nikkei 225 soared up to 1.6%, resuming trading after a holiday, while Australian shares rose 0.7%. The yen weakened after Japan's top currency official suggested no government intervention unless market functioning is disrupted. In China, optimism prevails with supportive policies boosting shares and the yuan. Rebounding assets attract investors amid earnings recovery, policy backing, and attractive valuations. Australia's central bank is anticipated to maintain its key interest rate while acknowledging persistent consumer prices.

Equity markets on Monday ended flat after opening nearly 0.5 percent higher amid selling seen in PSU stocks. The Sensex was up 17.39 points or 0.02 percent to close at 73,895.54, and the Nifty was down 33.15 points or 0.15 percent to end at 22,442.70. About 1,294 shares advanced, while 2,627 shares declined, and 172 shares were unchanged.

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