Stock Market Today: GIFT Nifty Indicates Positive Start for Indian Indices

The Indian stock market ended in the red, erasing the morning gains on April 30, 2024. At close, Sensex fell 188 points at 74,482.78 while Nifty shed 38 points and ended the session at 22,604.85. Selling is seen in IT, metal, oil & gas, bank, FMCG, capital goods, and healthcare space while auto, power, and realty were up 1-2 percent. The BSE midcap index rose 0.4 percent, while the smallcap index ended on a flat note. Around 1,832 stocks advanced, and 1,989 stocks declined while 129 stocks remained unchanged.

US Fed leaves rates unchanged

The US Federal Reserve held interest rates steady on Wednesday and signaled it is still leaning towards eventual reductions in borrowing costs, but put a red flag on recent disappointing inflation readings that could make those rate cuts a while in coming, according to a Reuters report.

That steady progress has stalled for now, and while Powell said rate increases remained unlikely, he set the stage for a potentially extended hold of the benchmark policy rate in the 5.25-5.5 percent range that has been in place since July.

The Fed’s preferred inflation measure – the personal consumption expenditures price index – increased at a 2.7% annual rate in March, an acceleration from the prior month.
“Inflation is still too high,” Powell said in a press conference after the end of the Federal Open Market Committee’s two-day policy meeting. “Further progress in bringing it down is not assured and the path forward is uncertain.”

GIFT Nifty

Trends on GIFT Nifty indicate a positive start for Indian indices.

US Markets

US stocks closed mixed on Wednesday after the Federal Reserve left its key interest rate unchanged, as expected, and indicated that while its next move will likely be a rate cut, continued progress on inflation is not assured. The S&P 500 and the Nasdaq ended lower while the Dow Jones Industrial Average notched a modest gain.

The Dow Jones Industrial Average rose 87.37 points, or 0.23 percent, to 37,903.29. The S&P 500 lost 17.3 points, or 0.34 percent, to 5,018.39. The Nasdaq Composite dropped 52.34 points, or 0.33 percent, to 15,605.48, according to a Reuters report.

Asian Markets

Asia-Pacific stock markets were mostly lower on Thursday, after the US Federal Reserve opted to hold interest rates steady at the end of its two-day meeting. Japan’s Nikkei 225 fell 0.36 percent, while the broader Topix dipped 0.23 percent. South Korea’s Kospi was 0.2 percent lower, while the smaller-cap Kosdaq was flat. Investors parsed consumer prices data from South Korea, which showed a slower rise in April from March. Hong Kong’s Hang Seng index dipped 0.1 percent. Australia’s S&P/ASX 200 bucked the trend, by rising 0.2 percent, according to a CNBC.com report.

Stocks in the news

• Wipro: The technology services and consulting company has received contract from Nokia to overhaul its employee service desk and provide seamless, real-time IT support to a global network of employees.
• Godrej Group stocks in focus: The Godrej family has reached an agreement to split the conglomerate into two branches, with Adi and brother Nadir keeping the listed entities while cousin Jamshyd gets the control of unlisted companies and the land bank, as per the pact shared with the stock exchanges on April 30. The agreement submitted to the exchanges addresses issues of Royalty, Brand Usage and Land Bank development.
• Rail Vikas Nigam: The state-owned railway company has emerged as the lowest bidder for a project worth Rs 390.97 crore from Eastern Railway. The company will do construction of Sitarampur bye pass line under Asansol division of Eastern Railway.
• Havells India: The home appliance company has recorded net profit of Rs 449 crore for the quarter ended March FY24, rising 24.1 percent over the corresponding period of previous fiscal, with strong topline and operating numbers. Revenue from operations grew 12 percent on-year to Rs 5,434.3 crore for the quarter.
• Adani Total Gas: The city gas distribution company has reported net profit at Rs 168 crore for March FY24 quarter, growing 71.5 percent over corresponding period of previous fiscal, backed by strong operating numbers due to lower cost of natural gas. Revenue from operations (excluding excise duty) grew by 4.7 percent on-year to Rs 1,167 crore for the quarter, with sales volume increasing 20 percent YoY.

FII and DII data

Foreign institutional investors (FIIs) net bought Rs 1,071.93 crore shares, while domestic institutional investors (DIIs) pumped in Rs 1,429.11 crore on April 30, provisional data from the NSE showed.

Stocks under F&O ban on NSE

The NSE has retained Biocon and Vodafone Idea for May 2.

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