The GIFT Nifty has lost 61.50 points, or 0.27 percent, suggesting that the wider index in India is off to a bad start.
The Nifty 50 is anticipated to encounter resistance around the 22,456 level, then at the 22,478 and 22,513 levels, according to the pivot point calculator. On the downside, the index can find instant support at 22,386 before moving on to 22,364 and 22,329 levels.
The Nasdaq Composite increased by 16.11 points, or 0.10 percent, to reach 15,712.75, while the S&P 500 gained 1.08 points, or 0.02 percent, to 5,071.63. To reach 38,460.92, the Dow Jones Industrial Average dropped 42.77 points, or 0.11 percent.
After two days of nonstop gains, Asian markets rested, following Wall Street’s actions ahead of the US first-quarter GDP estimates that are scheduled for release on April 25.
The largest non-banking lender in India, Bajaj Finance, is anticipated to report strong fiscal fourth-quarter earnings on April 25. These results are expected to be driven by rise in assets under management (AUM).
Five brokerages’ average estimates indicate that Bajaj Finance’s net profit in Q4FY24 will likely increase by 22% to Rs 3,836 crore compared to the same time last year.
The difference between the bank’s earnings from lending operations and the interest it paid to depositors, or net interest income (NII), is predicted to increase by 40% to Rs 8,764 crore.
Following the acquisition of Citi Bank’s India consumer sector, Axis Bank posted a net profit of Rs 7,130 crore for the fourth quarter of its fiscal year, compared with a loss of Rs 5,762 crore during the same period last year.
The net interest income (NII) of the private sector lender increased 11.47 percent to Rs 13,089 crore from Rs 11,742 crore in the previous year. NII is the difference between the interest revenue collected from lending activities and the interest paid to depositors.
The gross non-performing asset (NPA) percentage of Axis Bank was 1.43 percent, compared to 2.02 percent a year earlier. In contrast to 0.39 percent, net NPAs were at 0.31 percent.
In comparison to the same period last year, Hindustan Unilever saw a 6% decline in standalone net profit, coming in at Rs 2,406 crore for the fiscal fourth quarter.
In the fourth quarter, Hindustan Unilever’s sales increased just slightly to Rs 14,693 crore, with a 2.7% decline in revenue in a crucial segment: beauty and personal care.
HUL declared a final dividend on equity shares with a face value of Re 1 of Rs 24 per share for FY24.
Tech Mahindra will release its Q4 earnings.
Due to ongoing difficulty in its telecom industry, Tech Mahindra is projected to announce lower Q4 revenue. However, its net profit may increase as a result of a one-time expense in the previous three months.
According to the average estimate of seven brokerages, Tech Mahindra’s net profit may rise 39 percent on a quarter basis to Rs 709.47 crore, while sales is predicted to decrease 1.33 percent to Rs 12,926.7 crore.
One dollar
Following significant losses against the euro and sterling the day before, the US dollar reclaimed some ground on Wednesday, but the yen continued to hover around 34-year lows despite increased intervention warnings from Japanese authorities.
Gold Rates
As risk premiums related to the Middle East tensions decreased and investors braced themselves for US economic data that could provide guidance on the Federal Reserve’s interest rate path later in the week, gold prices remained stable on Wednesday.
At 12:30 PM ET (1630 GMT), spot gold was unchanged at $2,322.60 an ounce, having fallen as low as April 5 during the previous trading session. US gold futures dropped to $2,336.10, down 0.3 percent. Spot silver dropped to $27.22 by 0.2 percent.
Unrefined
Wednesday’s small decline in oil prices was offset by a decline in US crude oil stocks as business activity in the largest oil-consuming nation in the world slowed and concerns over the Middle East crisis subsided.
US West Texas Intermediate crude futures dropped 38 cents, or 0.46 percent, to $82.98 a barrel, while Brent crude futures down 27 cents, or 0.31 percent, to $88.15 a barrel.
Data from FII and DII
On April 24, provisional data from the NSE revealed that domestic institutional investors (DIIs) purchased equities worth Rs 3,809.90 crore, while foreign institutional investors (FIIs) net sold shares worth Rs 2,511.74 crore.
NSE stocks prohibited from F&O
Hindustan Copper is still on the F&O ban list for April 25, but Aditya Birla Fashion & Retail and SAIL have been added by the NSE. Zee Entertainment Enterprises and Vodafone Idea were taken off the aforementioned list.
utilizing information from Reuters and other sources