KEY HIGHLIGHTS
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Rupee Flat Against U.S. Dollar
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Sensex, Nifty Rise For The Fourth Consecutive Session
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Adani Ports Bond Buyback Eases Refinancing Risk, Says S&P Global Ratings
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Stocks In Focus: Sensex, Nifty Flat; IPCA Labs Sink, Zomato Zooms
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Every Cyclical Dip Is A Structural Buying Opportunity, Says Enam AMC: Talking Point
FPIs Stay Net Sellers For The Seventh Straight Day
Overseas investors in Indian equities remained net sellers for the seventh day in a row on Tuesday.
Foreign portfolio investors offloaded equities worth Rs 407.35 crore, according to data from the National Stock Exchange.
Domestic institutional investors were buyers for the fourth straight day and mopped up stocks worth Rs 563.61 crore, the NSE data showed.
Foreign institutions have remained net sellers and have offloaded Rs 51,060.58 crore worth of stocks so far in 2023.
Yield On The 10-Year Rises
The yield on the 10-year bond closed 3 bps higher at 7.13% on Tuesday. It closed at 7.10% on Monday.
Source: Bloomberg
Rupee Flat Against U.S. Dollar
The local currency ended flat at 81.92 against the greenback on Tuesday.
It closed at 81.91 on Monday.
Source: Bloomberg
Sensex, Nifty Rise For The Fourth Consecutive Session
Indian equity benchmarks ended Tuesday with gains after recovering from day's low in early trade. Advances in PSU banking stocks were offset by the decline in consumer durables. Sensex closed above the 60,000 level for the second day in a row, whereas Nifty closed at it's highest since April 17, 2023.
Stocks in Asia were mixed, while the European markets declined as investors parsed a flood of earnings reports from some of the region’s biggest companies. The Stoxx Europe 600 index dropped about 0.5%, with Swiss lender UBS Group AG dragging banks lower after results that fell short of analysts’ expectations.
U.S. equity futures declined after First Republic Bank’s results reignited concerns about prospects for its business after weeks of calm in the banking sector. Contracts on the S&P 500 and the Nasdaq 100 traded about 0.5% lower. Heavyweights including Microsoft Corp. and Alphabet Inc. will report results later Tuesday.
The S&P BSE Sensex Index closed up 75 points or 0.12% at 60,130.71 while the NSE Nifty 50 Index was higher by 26 points or 0.15% at 17,769.25.
IndusInd Bank Ltd., Reliance Industries Ltd., Bajaj Finance Ltd., Bharti Airtel Ltd., and JSW Steel Ltd. were positively adding to the change.
Whereas, HDFC Life Insurance Co Ltd., Axis Bank Ltd., Housing Development Finance Corp Ltd., Power Grid Corp of India Ltd., and HDFC Bank Ltd. were negatively contributing to the change in the Nifty 50 Index.
All Adani Group company stocks advanced in trade, with Adani Total Gas Ltd., Adani Transmission Ltd., and Adani Green Energy Ltd. rising the most in trade.
The broader market indices were ended marginally higher; S&P BSE MidCap Index was unchanged, whereas S&P BSE SmallCap Index was higher by 0.19%.
Sixteen out of the 20 sectors compiled by BSE advanced, while S&P BSE Financial Services, S&P BSE Healthcare, S&P BSE Information Technology and S&P BSE Cosumer Durables declined in trade.
The market breadth was skewed in the favour of the buyers. About 1,888 stocks rose 1,640 declined, and 121 remained unchanged on the BSE.
Adani Ports Bond Buyback Eases Refinancing Risk, Says S&P Global Ratings
Adani Ports and Special Economic Zone will have “adequate liquidity” over the next 12 months and will remain flexible with capex, S&P Global Ratings said in a statement.
The bond tender should reduce Adani Ports’s debt ahead of the maturity of its $650 million 3.375% senior unsecured notes in July 2024.
S&P expects Adani Ports to have sufficient cash balance to repay the notes.
Source: Bloomberg, S&P Global Ratings
Stocks In Focus: Sensex, Nifty Flat; IPCA Labs Sink, Zomato Zooms
Every Cyclical Dip Is A Structural Buying Opportunity, Says Enam AMC: Talking Point
Stocks Hitting 52-Week High Intraday
Nifty 500 stocks hitting 52-week low, intraday.
European Markets Trade Lower
ABB India Jumps As Swiss Parent Delivers Strong Q1 Earnings
Shares of ABB India Ltd. advanced in trade as its Swiss parent ABB Group delivered a strong set of Q1CY23 earnings. The group's revenue rose 13% year-on-year to $7,859 million, whereas orders stood at $9,450 million in the said quarter.
Shares of ABB India Ltd. rose 3.75% to Rs 3,338 apiece, as of 1:25 p.m., in trade on Tuesday compared to the advance in the benchmark, NSE Nifty 50 Index by 0.18%.
The stock gained as much as 3.93% intraday, the most in five weeks since March 21, 2023. Total traded volume stood at 2.4 times its 30-day average. The relative strength index was at 57.
Out of the 33 analysts tracking the company, 16 maintain a 'buy' rating, 11 recommend a 'hold' and six suggest to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential downside of 1.2%.
Source: Bloomberg, Company Website
CLSA Upgrades Macrotech Developers To 'Outperform' After Stock Corrects Sharply
CLSA India Pvt. has lowered its revenue estimates for Macrotech Developers Ltd. However it upgraded the company rating to "outperform" due to correction in stocks.
"We lower our revenue recognition estimates marginally, due to changes in the completion timelines of projects and also lower our EBITDA margin estimates, to factor-in a relatively lower margin for its JDA projects versus its legacy-owned projects," the brokerage said.
However, CLSA estimates that Macrotech, which sells houses under the brand of Lodha, will still reach significant scale over the next three years.
It upgraded the company's rating to "outperform" from "underperform," due to "sharp correction" in Lodha’s stock.
Shares of Macrotech Developers gained 0.68% to Rs 913.8 apiece, compared to a 0.23% rise in the benchmark Nifty 50, as of 11:45 a.m. on Tuesday.
Of the 17 analysts tracking the stock, 14 maintain a 'buy,' and three suggest a 'hold,' according to Bloomberg data.
The average 12-month consensus price target implies a potential upside of 33%.
Source: Bloomberg, Brokerage Note
L&T's Construction Arm Wins Rs 1,000-2,500-Crore Worth Of Orders
Larsen & Toubro Ltd.'s power transmission and distribution vertical bagged EPC orders worth Rs 1000-2,500-crore in India and overseas.
Under reforms-based results-linked distribution sector scheme, many discoms have undertaken distribution infrastructure improvements.
Order entails the development of distribution infrastructure in two discom circles of western Rajasthan. Company also secured projects from Chennai and United Arab Emirates.
Source: Exchange filing
Birlasoft Reaches Settlement With Former Bankrupt US Client
Birlasoft has reached a settlement and mutual release agreement with former client Invacare Corp., which filed for bankruptcy in the US in January this year.
According to the pact, wholly owned subsidiary Birlasoft Solutions will receive $2 million from Invacare for disengagement services ending on May 31, 2023.
Birlasoft had in October 2019 signed a $240-million deal with Invacare to provide IT services over 10 years.
The deal was scrapped on Jan. 31, 2023, a day before Invacare filed for bankruptcy.
In Q3 FY23, Birlasoft created a provision of Rs 151 crore against any outstanding receivables and contract assets. That wiped out its operational profitability.
Source: Exchange filing
Sensex, Nifty Steady As IndusInd Bank, JSW Steel Lead; HDFC Twins, Power Grid, RIL Drag
Indian equity benchmarks rose marginally through midday after a volatile start on Tuesday. The gain in utilities and power sector was offset by the fall in the consumer durables.
Stocks in Asia were mixed, while the Europe and U.S. equity futures declined as investors awaited more reports in a busy week for earnings. China’s economic and geopolitical headwinds weighed on sentiment.
Euro Stoxx 50 futures fell and contracts on the S&P 500 and the Nasdaq 100 traded about 0.4% lower. The S&P 500 closed just 0.1% higher on Monday and the tech-heavy Nasdaq 100 slipped 0.2%. That extended to seven the number of trading days when the two indexes have both moved less than 1%.
UBS Group AG missed estimates for profit, according to its first-quarter results, but the bank attracted $28 billion from wealthy clients in the months running up to its takeover of Credit Suisse Group AG. Other heavyweights, including Microsoft Corp. and Alphabet Inc. will report results later Tuesday.
As of 12:30 p.m., the S&P BSE Sensex Index was up 74 points or 0.12% at 60,129.60 while the NSE Nifty 50 Index was higher by 28 points or 0.16% at 17,771.25.
IndusInd Bank Ltd., JSW Steel Ltd., Bharti Airtel Ltd., Bajaj Finance Ltd., State Bank of India, were positively adding to the change.
Whereas, Reliance Industries Ltd., Housing Development Finance Corp Ltd., Maruti Suzuki India Ltd., Power Grid Corp of India Ltd., HDFC Bank Ltd. were negatively contributing to the change in the Nifty 50 Index.
All Adani Group company stocks advanced in trade, with Adani Enterprises Ltd., Adani Transmission Ltd., and Adani Green Energy Ltd. rising the most in trade.
The broader market indices were trading marginally higher; S&P BSE MidCap Index was up by 0.02%, whereas S&P BSE SmallCap Index was higher by 0.38%.
Sixteen out of the 20 sectors compiled by BSE advanced, while 12 S&P BSE Consumer Discretionary, S&P BSE Healthcare, S&P BSE Auto and S&P BSE Cosumer Durables declined in trade.
The market breadth was skewed in the favour of the buyers. About 1,942 stocks rose 1,421 declined, and 132 remained unchanged on the BSE.
Nestle Q1 CY23 (YoY)
Net profit up 25% at Rs 736.64 crore Vs Rs 590.77 crore.
Revenue up 21% at Rs 4830.53 crore Vs Rs 3992.64 crore.
Ebitda up 19% at Rs 1095.47 crore vs 920.95 crore
Margins at 22.7% Vs 23.1%
Source: Exchange Filing
IIFL Securities Shares Jump The Most In 21 Months On Strong Q4 Earnings
Shares of IIFL Securities Ltd. rose the most in over 21 months as the fourth-quarter revenue and profit rose on an annual basis.
The revenue from operations was up 15.9% to Rs 401.9 crore in the last quarter of the fiscal 2023, as compared to Rs 346.8 crore in the same period of the previous financial year.
The company's total broking revenue was up 15% year-on-year to Rs 180.8 crore for the quarter ended March 31, 2023. Total assets under management and custody stood at Rs 1,24,573 crore, as of March 31, 2023.
The board of directors declared an interim dividend of Rs 3 per equity share having face value of Rs 2 each during the financial year 2022-2023.
IIFL Securities Q4 FY23 (Consolidated, YoY)
Revenue up 15.9% at Rs 401.9 crore vs Rs 346.8 crore
Ebitda up 21.13% at Rs 151.8 crore vs 140.6 crore
Ebitda margin at 37.76% vs 36.13%
Net profit up 9.36% at Rs 86.3 crore vs Rs 788.8
The board approved raising up to Rs 500 crore via non-convertible debentures on private placement basis. The board also approved appointment of Shanker Ramrakhiani as Chief Information Security Officer, effective May 1, 2023.
Shares of IIFL Securities Ltd. rose 8.81% to Rs 59.9 apiece, as of 11:30 a.m., in trade on Tuesday compared to the advance in the benchmark, NSE Nifty 50 Index by 0.22%.
The stock fell as much as 12.08% intraday, the most in 21 months intraday since July 7, 2021.
Total traded volume stood at 21.9 times its 30-day average. The relative strength index was at 66.5. One analyst tracking the company recommends a 'hold' on the stock.
Source: Bloomberg, Exchange filing
Crompton Greaves Shares Fall The Most In Over Three Years On New CEO And MD's Appointment
Shares of Crompton Greaves Consumer Electricals Ltd. declined the most in over three years intraday and hit a 52-week low.
The company appointed Promeet Ghosh as CEO and MD, with effect from May 1, 2023, after Mathew Job resigned as the CEO on April 23, 2023.
Shares of Crompton Greaves Consumer Electricals Ltd. fell 7.75% % to Rs 762.45 apiece, as of 09:55 a.m., in trade on Wednesday compared to the decline in the benchmark, NSE Nifty 50 Index by 0.01%.
The stock fell as much as 14.24% intraday, hitting a 52-week low at Rs 751 apiece. It declined the most in over three years intraday since March 23, 2020.
Total traded volume stood at 57.2 times its 30-day average. The relative strength index was at 25, implying that the stock maybe oversold.
Out of the 45 analysts tracking the company, 40 maintain a 'buy' rating, three recommend a 'hold' and two suggest to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 45.6%.
Source: Bloomberg, Exchange filing
IPCA Labs Hits 52-Week Low, Unichem Volatile On Rs 1,034 Crore Acquisition Update
Shares of Ipca Laboratories Ltd. declined, whereas Unichem Laboratories Ltd.'s shares were volatile after the former entered into an agreement to acquire one-third of Unichem's overall shareholding for a cash consideration of Rs 1,034.06 crore.
The company has entered into a definitive share purchase agreement for the acquisition of 2.35 crore shares from one of its promoter shareholders at a price of Rs 440 apiece, it said in an exchange filing on Monday.
The acquisition is subject to approval from the Competition Commission of India. The business and product ranges of Ipca Labs and Unichem Labs complement each other's business and product ranges.
The company will also be making an open offer to acquire up to 26% of the shares of Unichem Labs at Rs 440 apiece, aggregating to Rs 805.4 crore, according to Securities and Exchange Board of India acquisition regulations.
Shares of Ipca Laboratories Ltd. fell 7.75% % to Rs 762.45 apiece, as of 09:55 a.m., in trade on Wednesday compared to the decline in the benchmark, NSE Nifty 50 Index by 0.01%.
The stock fell as much as 9.13% intraday, hitting a 52-week low at Rs 751 apiece. It declined the most in over eight months intraday since August 12, 2022.
Total traded volume stood at 61.1 times its 30-day average. The relative strength index was at 31.2.
Out of the 23 analysts tracking the company, nine maintain a 'buy' rating, 10 recommend a 'hold' and four suggest to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 20.8%.
Shares of Unichem Laboratories Ltd. rose 1.02% to Rs 392 apiece, as of 09:55 a.m., in trade on Monday compared to the decline in the benchmark, NSE Nifty 50 Index by 0.01%.
The stock gained as much as 2.04% intraday. Total traded volume stood at 23.4 times its 30-day average. The relative strength index was at 73, implying that the stock maybe overbought.
Serum Institute To Make Additional $150 Million Equity Investment In Biocon Biologics
Biocon Biologics Ltd. and Serum Institute of Life Sciences have agreed to withdraw from the original equity structure under their strategic alliance announced in September 2021.
As per new terms, Serum will make additional equity investment of $150 million through the conversion of $150 million loan provided to Biocon Pharma into equity in Biocon Biologics.
Serum's aggregate equity investment in Biocon will be $300 million with this added investment.
Biocon Biologics will now have access to 100 million doses of vaccines annually together with the distribution rights to serum’s vaccine portfolio.
Source: Exchange filing
Adani Group Company Stocks Advance
Adani Group company stocks opened mixed in trade, while only ACC Ltd. declined all the other group stocks advanced in trade.
Broader Markets Open Mixed
The broader market indices opened mixed; S&P BSE MidCap Index was down by 0.09%, whereas S&P BSE SmallCap Index was higher by 0.18%.
Seven out of the 19 sectors compiled by BSE declined, while 12 sectors advanced in trade.
The market breadth was skewed in the favour of the buyers. About 1,535 stocks rose 889 declined, and 87 remained unchanged on the BSE.
Source: BSE
Top Movers On The Nifty 50 Index
IndusInd Bank Ltd., Maruti Suzuki India Ltd., JSW Steel Ltd., Bharti Airtel Ltd., and UltraTech Cement Ltd. were positively adding to the change.
Whereas, Larsen & Toubro Ltd., Kotak Mahindra Bank Ltd., Tata Consultancy Services Ltd., HDFC Bank Ltd., and Power Grid Corp of India Ltd. were negatively contributing to the change in the Nifty 50 Index.
Sensex, Nifty Decline Marginally
Indian equity benchmarks fell marginally at the opening bell on Tuesday after rising in pre-open trade and closing at a two-week high on Monday.
Stocks in Asia were mixed and the dollar weakened as investors digested conflicting corporate earnings and economic data. Japanese shares rose amid optimism about corporate earnings, while Australia’s financial markets are shut for a holiday.
U.S. equity futures were little changed in Asia after the S&P 500 closed just 0.1% higher on Monday and the tech-heavy Nasdaq 100 slipped 0.2%. That extended to seven the number of trading days when the two indexes have both moved less than 1%.
At pre-open, the S&P BSE Sensex Index was up 146 points or 0.24% at 60,201.75 while the NSE Nifty 50 Index was higher by 18 points or 0.10% at 17,761.55.
Sensex, Nifty Log Slim Gains At Pre-Open
At pre-open, the S&P BSE Sensex Index was up 146 points or 0.24% at 60,201.75 while the NSE Nifty 50 Index was higher by 18 points or 0.10% at 17,761.55.
Source: Bloomberg
Indian Rupee Strengthens Against U.S. Dollar
The local currency appreciated by 4 paise to open at 81.87 against the greenback on Tuesday.
It closed at 81.91 on Monday.
Source: Bloomberg
Yield On The 10-Year Bond Declines
The yield on the 10-year bond declined 2 bps to open at 7.08% on Tuesday.
It closed at 7.10% on Monday, the lowest in over seven months since Sept. 13, 2022, when it ended at 7.08%.
Source: Bloomberg
Nifty Yet To See A Visible Breakout Move: Trade Setup
Global Cues
U.S. Dollar Index at 101.3
U.S. 10-year bond yield at 3.47%
Brent crude down 0.07% to $82.79 per barrel
Nymex crude up 0.13% to $78.86 per barrel
SGX Nifty up 0.11% at 17,778.5 as of 08:00 a.m.
Bitcoin down 0.32% at $27,372.29
Pledge Share Details
Aurobindo Pharma: Promoter K Nityananda Reddy created a pledge of 38.45 lakh shares between April 19-21.
Trading Tweaks
Move Out Short-Term ASM Framework: Unichem Laboratories
Bulk Deals
Aditya Birla Capital: Essel Mining & Industries bought 2.75 crore shares (1.13%) and IGH Holdings sold 2.75 crore shares (1.13%) at Rs 157.50 apiece.
Rajnish Wellness: Sarvagay Textile LLP bought 43.5 lakh shares (0.57%) at Rs 14.42 apiece, Kalpana Commosales LLP sold 40.42 lakh shares (0.53%) at Rs 14.41 apiece.
Offerings: Mankind Pharma IPO
Mankind Pharma: The pharma manufacturer will launch its Rs 4,326-crore maiden share sale on April 25, which will continue till April 27. The issue is entirely an offer for sale and will see around 4 crore shares being offloaded. A day before the IPO opens, Mankind Pharma raised Rs 1,297.90 crore by allotting 1,20,17,652 shares to 77 anchor investors at Rs 1,080 per share.
Stocks To Watch: Bajaj Auto, Nestle India, Tata Consumer, Crompton Greaves, HDFC Bank In Focus
Ipca Laboratories/Unichem Laboratories: The company will acquire 33.38% stake in Unichem Laboratories for a cash consideration of Rs 1,034.06 crore.
Infosys: The Indian IT major signs deal with Aramco to enhance the energy behemoth’s HR platform. The financial details of the deal were not revealed.
Welspun India: The board of the company will meet on April 27 to consider a buyback scheme and a recommended dividend for the 2023 fiscal.
HDFC Bank: Monetary Authority of Singapore approves HDFC Bank's plan to acquire a 20% or more stake in fund manager Griha.
Mahindra Lifespaces Developers: The company was selected as the preferred partner to redevelop a residential society in Malad, West, under a project worth Rs 850 crore.
L&T Technology Services: Life Insurance Corporation of India increased its shareholding in the company to 5.01% from 4.99%.
New India Assurance Company: The finance ministry appointed Smita Srivastava as general manager and director of the company, with effect from April 24.
IndusInd Bank: The board of the lender approved the reappointment of Sumant Kathpalia as managing director and chief executive officer for two more years, with effect from March 24 to March 23, 2025. The reappointment is subject to shareholder approval.
Crompton Greaves: The company appointed Promeet Ghosh as CEO and MD, with effect from May 1, after Mathew Job resigned as the CEO on April 23.
Poonawalla Fincorp: Ratings agency Crisil has upgraded its rating on the long-term bank facilities and non-convertible debentures of the company to 'CRISIL AAA/Stable' from 'CRISIL AA+/Stable’.
360 ONE WAM: 360 ONE Portfolio Managers, a wholly owned subsidiary of the company, has received the approval of International Financial Services Centres Authority to act as non-retail, fund management entity. The 360 ONE unit will now be able to undertake fund management, portfolio management services, etc. at IFSC GIFT CITY.
Torrent Pharmaceuticals: The company redeemed non-convertible debentures of Rs 145 crore.
Choice International: The Choice Group announced plans to launch operations in 10 locations across North India in the first half of 2024 fiscal.
Q4 Earnings Results Today
Tata Consumer Products, Tata Steel Long Products, Bajaj Auto, Nestle India, Mahindra CIE Automotive, Mahindra Holidays & Resorts India, Nippon Life India Asset Management, Dalmia Bharat, HDFC Asset Management Company, Mahindra Lifespace Developers, AU Small Finance Bank, Anant Raj, Axita Cotton, Dhampur Bio Organics, Elecon Engineering Co., Huhtamaki India, Lloyds Metals and Energy, Meghmani Finechem, Rallis India, VST Industries
Earnings Fineprint
Century Textiles and Industries Q4 FY23 (Consolidated, YoY)
Revenue down 0.18% at Rs 1,208.5 crore
Ebitda down 3.63% at Rs 61.6 crore
Ebitda margin at 5.1% vs 5.28%
Net profit up 68.78% at Rs 145.3 crore
The company received net gain of Rs 134.2 crore as exceptional item during the quarter. Meanwhile, the company’s board recommended a dividend of Rs 5 per share for the 2023 fiscal.
IIFL Securities Q4 FY23 (Consolidated, YoY)
Revenue up 15.9% at Rs 401.9 crore (Bloomberg estimate: Rs 1,438.3 crore)
Ebitda up 21.13% at Rs 151.8 crore
Ebitda margin at 37.76% vs 36.13%
Net profit up 9.36% at Rs 86.3 crore (Bloomberg estimate: Rs 450.1 crore)
The board approved raising up to Rs 500 crore via non-convertible debentures on private placement basis. The board also approved appointment of Shanker Ramrakhiani as Chief Information Security Officer, effective May 1, 2023.
Mahindra Logistics Q4 FY23 (Consolidated, YoY)
Revenues up 16.9% at Rs 1,272.5 crore (Bloomberg estimate: Rs 1,360.1 crore)
Ebitda up 23.85% at Rs 63.7 crore (Bloomberg estimate: Rs 65.6 crore)
Ebitda margin at 5.01% vs 4.73% (Bloomberg estimate: 4.8%)
Net profit down 96.82% at Rs 0.2 crore (Bloomberg estimate: Rs 4.88 crore)
Nelco Q4 FY23 (Consolidated, YoY)
Revenues up 14.35% at Rs 81.9 crore
Ebitda up 25.48% at Rs 26.8 crore
Ebitda margin at 32.74% vs 29.84%
Net profit up 86.8% at Rs 5.66 crore
The board recommended a dividend of Rs 2 per share for the financial year 2022-23.
Persistent Systems Q4 Results: Key Highlights (QoQ)
Revenue up 3.92% at Rs 2,254.5 crore. (Bloomberg estimate: Rs 2,253.9 crore)
EBIT up 4.02% at Rs 346.60 crore. (Bloomberg estimate: 350.28 crore)
EBIT margin at 15.37% vs 15.35% (Bloomberg estimate: 15.54%)
Net profit up 5.69% at Rs 251.51 crore. (Bloomberg estimate: Rs 268.84 crore)
SGX Nifty Signals Higher Open
Stocks in Asia were mixed, and the dollar weakened as investors digested conflicting corporate earnings and economic data. Japanese shares rose amid optimism about corporate earnings, while Australia’s financial markets are shut for a holiday.
U.S. equity futures were little changed in Asia after the S&P 500 closed just 0.1% higher on Monday and the tech-heavy Nasdaq 100 slipped 0.2%.
The yield on the 10-year Treasury note in the U.S. was trading at 3.47%. Crude oil prices traded above the $82 mark, while Bitcoin was trading below the $28,000 level.
At 8:00 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.11% at 17,778.5.
Domestic benchmark indices, the Sensex and the Nifty, closed near their respective intraday highs, with gains in banking, non-banking financial companies, and real estate stocks countering the decline in pharma and media stocks.
The Indian rupee strengthened against the U.S. dollar for a third day, even as domestic equities surged and crude prices softened.
Foreign investors were net sellers for the sixth day in a row on Monday and offloaded equities worth Rs 412.3 crore, according to data from the National Stock Exchange. Domestic institutional investors were buyers for the third straight day and mopped up stocks worth Rs 1,177.2 crore.
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