Market Bizzz

Gold prices remained steady despite wider economic risks and expectations that the Federal Reserve might pause its interest rate-hike cycle as the U.S. dollar edged higher. The greenback-prices of gold fell 0.2% and were listless at $2,011.04 per ounce. U.S. President Joe Biden is expected to meet with congressional leaders on Tuesday to raise the nation’s debt limit and avoid a catastrophic default. Safe-haven bullion tends to gain during economic or financial uncertainty, but higher interest rates tend to dim non-yielding gold’s appeal.

According to Rahul Shah, VP-Equity Advisory, MOFSL, there could be a stock specific market from here onwards which is what is happening in spite of the straight 11 days and the FIIs buying.

Rajesh Palviya of Axis Securities says that automobiles can continue further upward momentum as most of the stocks have displayed a breakout on the daily as well as on the weekly time frame. From the automobile space, one can look at Mahindra & Mahindra. Stock has shown good recovery in the last couple of weeks and looking at the overall setup, we believe that M&M can continue further upward momentum.

The Congress party’s unexpected victory in Karnataka’s state election was down to a strong anti-incumbency sentiment towards the BJP, according to analysts. It added that the result was notable because Karnataka was usually politically balanced, with a traditional anti-incumbency outlook.

​On May 10, three Adani Group companies — Adani Enterprises, Adani Green, and Adani Transmission — informed the bourses about the board meeting to consider the fundraising proposal.

Dish TV India reported a consolidated net loss of INR 1,720.62 crore for Q4 2023 due to impairments and deferred tax liability, compared to a net loss of INR 2,031.99 crore in the same period last year. The revenue also fell by 21.45% to INR 504.82 crore, with losses of INR 1,907.61 crore under exceptional items. For the fiscal year ended in March 2023, the company’s net loss was INR 1,683.54 crore, with a decrease of 9.83% in revenue from consolidated operations. Dish TV’s total subscriber additions were 0.50 million, which were greater than the previous fiscal year.

Tata Motors Group, the Mumbai-based multinational automotive manufacturing company, announced a net profit of INR 5420 crore ($721.5m) for Q4 2022, a rise of INR 6435 crore ($858.7m) YoY, driven by a strong operational performance at Jaguar Land Rover and its India business. Net revenue also rose to INR 1,05,932 crore, a YoY increase of 35%. The company has also outlined a capex of INR 38,000 crore, which includes INR 8000 crore for India business, for FY24.

Oil markets saw a slight rebound in early Asian trade on Friday, as traders covered their short positions ahead of the weekend; however, gains were limited by concerns about the US debt ceiling and fears of a US regional banking crisis. Brent crude futures rose by 0.5% to $75.34 a barrel, while US crude futures gained 0.6% to $71.28. Both benchmarks were on track to register little change for the week after three consecutive weeks of declines. The market’s bearish mood is likely to continue amid concerns over weak fuel demand recovery in China.

RBI had pre-empted and changed its stance to pause in its April meeting, now all focus is on the inflation trajectory. Historically, it has been seen it takes 6 to 9 months post pause for a shift in stance towards lowering interest rates.