Nifty  22519.40  -234.40  (-1.03%)

Sensex  74244.90  -793.25  (-1.06%)

USDINR  83.38  0.15  (0.18%)

Market came off day?s high; European market opens higher
(13:42, 03 Apr 2024)
The key equity benchmarks traded with limited gains in afternoon trade. The Nifty traded above the 22,450 mark after hitting the day?s low of 22,346.50 in early trade. IT, media and metal stocks advanced while realty, FMCG and auto shares declined.

At 13:29 IST, the barometer index, the S&P BSE Sensex, was up 153.04 points or 0.22% to 74,064.72. The Nifty 50 index added 40.65 points or 0.18% to 22,493.95.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index added 0.58% and the S&P BSE Small-Cap index gained 1.21%.

The market breadth was strong. On the BSE, 2,788 shares rose and 1,002 shares fell. A total of 102 shares were unchanged.

The three-day meeting of the Monetary Policy Committee of the Reserve Bank of India (RBI) begins today. RBI Governor Shaktikanta Das will unveil the decision of the first monetary policy meeting of the financial year 2024-25 on Friday, 5 April 2024.

Economy:

The World Bank on April 2 raised its GDP growth projection for India by 20 basis points to 6.6% in FY25. The global agency's projection for FY25 is significantly moderate compared to the estimate of a real GDP growth of 7.5% in the current financial year. However, it expects growth to pick up in subsequent years as a decade of robust public investment starts yielding dividends.

Gainers & Losers:

Shriram Finance (up 2.71%), Tata Consultancy Services (up 2.33%), Divi's Laboratories (up 2.28%), Axis Bank (up 2.17%), and Tech Mahindra (up 1.64%) were major Nifty gainers.

Nestle India (down 2.41%), Bajaj Auto (down 1.50%), HDFC Life Insurance Company (down 1.49%), Kotak Mahindra Bank (down 1.28%) and Bajaj Finserv (down 1.12%) were major Nifty losers.

Stocks in Spotlight:

HCL Technologies rose 1.38% after HCL Investments UK, a company incorporated in the UK and a step-down wholly owned subsidiary of the company has entered into a Memorandum of Understanding with its Joint Venture (JV) partner, State Street International Holdings, a US corporation, pursuant to which HCL UK would divest its entire 49% equity stake in the JV pursuant to the call option exercised by State Street in accordance with the agreement that was entered into between the parties at the time of the formation of the JV.

Hindustan Zinc rallied 3.94% after the company announced that its mined metal production stood at 299,000 tonne in Q4 FY24, registering a growth of 11% QoQ.

Gensol Engineering was locked in an upper circuit of 5% after the company announced that it has recorded the highest ever revenue, surpassing Rs 960 crore in the financial year ended on 31 March 2024.

JSW Energy jumped 4.31% after the company?s board approved to raise Rs 5,000 crore through qualified institutional placement (QIP) of equity shares with floor price of Rs 510.09 per share.

Yes Bank rose 1.46% after the bank reported 14.1% rise in loans & advances to Rs 228,465 crore as against Rs 200,201 crore as on 31 March 2023. The bank has recorded 5% growth in loans as compared with the figure of Rs 217,523 crore recorded as on 31 March 2023.

Anupam Rasayan rose 2.78% after the company has signed letter of intent worth revenue of about $90 million (Rs 743 crore) over next 7 years with one of the leading Japanese company to supply two advance intermediates using fluorination chemistry.

Global Markets:

Most of the European stocks advanced while Asian stocks declined on Wednesday as U.S. yields held near four-month highs, while a powerful earthquake in the region raised concerns about possible disruptions to the vital chip-making industry. A powerful earthquake with a magnitude of 7.2 rocked Taipei, the capital, sparking a tsunami warning for the islands of southern Japan and the Philippines.

China?s service sector activity expanded at its fastest pace since December, according to surveys from Caixin. The services purchasing managers index in China rose to 52.7 in March, up from 52.5 in February.

US stocks fell on Tuesday as investors weighed chances that the Federal Reserve could delay cutting interest rates. Tesla?s first-quarter vehicle deliveries dropped 8.5% from a year ago, sending shares of the U.S. EV.

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