Asian markets point towards a muted start as the U.S. stocks advanced late in the day amid holiday-thinned trading. The U.S. benchmarks were little changed in Asian trading.
Sydney and Hong Kong are set to reopen after a long weekend. Declines in the Golden Dragon index of the U.S.-listed Chinese companies signal potential headwinds for mainland markets.
After spending most of the day in the red, the S&P 500 eked out a gain in the final minutes of the session. Volumes were light — more than 20% below the 30-day average — with much of European markets shut for holidays ahead of Tuesday's reopening. Also, the Nasdaq 100 pared losses into the close, ending marginally lower.
Investors weigh the U.S. jobs report, which support bets for another Federal Reserve rate hike to control inflation and ease concerns that the U.S. economy is moving towards recession.
Contracts for the S&P 500 rose 0.1% on Monday after small gains for futures when the non-farm payrolls figures were released.
Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.41%. Crude prices trade below $85-mark, while Bitcoin rose to nearly 30,000-level.
At 6:15 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index's performance in India, was down 0.08% at 17,699.
Indian benchmark indices—Sensex and Nifty—extended gains for the sixth consecutive session to end at a four-week high .
Indian rupee started the week on a weaker note against the U.S. dollar as the domestic unit inched close to the 82-mark.
Overseas investors in Indian equities remained net buyers for the seventh day in a row on Monday. Foreign portfolio investors mopped up stocks worth Rs 882.52 crore, whereas the domestic institutional investors snapped three-day selling streak and turned buyers. They bought stocks worth Rs 351.50 crore, the NSE data showed.
Stocks To Watch
Bank of Baroda: Business Updates for March (YoY)
Advances rose 19% to Rs 9.74 lakh crore.
Deposits climbed 15.1% to Rs 12.04 lakh crore.
CASA increased 7.9% to Rs 4.42 lakh crore.
The bank will raise lending rates for overnight and one-year loans in by 5 basis points, with effect from April 12.
Star Health and Allied Insurance Company: Business Updates for till March (YoY)
Gross direct premium increased 13% to Rs 12,950.9 crore in the year till March.
Health (retail) premiums increased 18% to Rs 11,947.5 crore, while health (group) declined 31% to Rs 807.5 crore.
-Overseas and travel segment saw premiums grow to Rs 2 crore, while personal accident premiums jumped 15% to Rs 193.9 crore.
Cipla: The company signed agreement with Novartis Pharma to manufacture and market Galvus, a drug used in treatment of type 2 diabetes.
Kalpataru Power Transmission: The company and its international subsidiaries secured new orders and notification of awards worth Rs 3,079 core during March and till date in April.
IRB Infrastructure Developers: Toll collection by the company's wholly owned subsidiaries and joint venture under its private InvIT increased 21% year-on-year in March to Rs 369.9 crore. The entities under IRB Infrastructure Trust reported 40% rise in toll collection at Rs 193.09 crore. The company's subsidiaries raked in Rs 176.91 crore in toll collection, a rise of 5% YoY.
IRB InvIT Fund: The fund saw toll collection through its project SPVs in March rise 9% to Rs 81.35 crore.
Shilpa Medicare: The company received final approval from U.S. FDA for its Apremilast tablets, which are used in the treatment of adult patients with active psoriatic arthritis.
Neogen Chemicals: The board approved signing an agreement with Japan-based MU Ionic Solutions Corporation to acquire manufacturing technology license for electrolytes in India.
Vedanta: The board will meet on April 13 to raise funds through privately placed non-convertible debentures. Meanwhile, the Supreme Court allowed the company to carry out upkeep work at the Sterlite Copper plant in Tuticorin for upkeep.
State Bank of India: The board of the bank will meet on April 18 to consider raising long term funds up to $2 billion (over Rs 16,400 crore) through a public offer and/or private placement of senior unsecured notes.
Q4 Earnings Results Today
Delta Corp
Bulk Deal
SPEC: Bank of Maharashtra sold 4.20 lakh shares (0.03%) at Rs 0.85 apiece.
Who's Meeting Whom
ADF Foods: To meet investors and analysts on April 11.
Trading Tweaks
Ex-Date Final Dividend: Schaeffler India
Record Date Final Dividend: Schaeffler India
Price Band Revised From 10% To 20%: Apar Industries, Bajaj Hindustan Sugar, Heranba Industries, Inox WInd Energy,Kingfa Science & Technology (India), The Karnataka Bank, Macrotech Developers, Nucleus Software Exports, The Orissa Minerals Development Company, Reliance Infrastructure, Reliance Power, Salasar Techno Engineering, Spandana Sphoorty Financial, Tilaknagar Industries, Titagarh Wagons
Price Band Revised From 5% To 10%: Adani Wilmar, Hindustan Foods, Rama Steel Tubes, Tata Teleservices (Maharashtra)
Price Band Revised From 5% To 20%: DB Realty, Kiri Industries, Lancer Containers Lines, PTC India
Move Into Short-Term ASM Framework: Dhampur Bio Organics, GTL Infrastructure
F&O Cues
Nifty April futures ended at 17,677, a premium of 32.8 points.
Nifty April futures fell 5.84% and 12,172 shares in Open Interest.
Nifty Bank April futures ended at 40,952, a discount of 217.65 points.
Nifty Bank April futures fell 8.34% and 7,900 shares in Open Interest.
Securities added to the ban period: Nil
Securities removed from the ban period: Nil
Money Market Update
Rupee closed 0.11% lower against the U.S. dollar at 81.99 on Monday, compared to Thursday's close of 81.89.
Research Reports
Max Healthcare - Maximising Execution: Motilal Oswal Initiates Coverage
Phoenix Mills - Strong End To FY23, All Eyes On LTL Growth For FY24E: ICICI Securities
Godrej Properties - Profitability Improvement On The Cards: Motilal Oswal
Coal India - Healthy Traction In Volume Augurs Well: ICICI Direct
Q4 FY23 Results Preview - Healthy But Lopsided; BFSI, Autos To Take The Lead: Motilal Oswal
Pharma Q4 Preview — Decent Quarter Expected For Most Coverage Companies: Nirmal Bang
Oil And Gas Q4 Results Preview - Operationally Strong Results Likely: Prabhudas Lilladher
BFSI Q4 Results Preview - Yet Another Strong Quarter: Axis Securities
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