Read the latest business, financial news on Market Biz
Hero MotoCorp, Tata Motors, ITC, Tech Mahindra and HUL were among the top gainers on the Nifty, while losers were Adani Enterprises, Cipla, BPCL, Divis Labs and Grasim Industries.
With Fed rates perceived to be peaking, risk-on trade is back. India is looking well poised to take a fair share of the foreign money that is flowing back to emerging markets
In the pharmaceutical sector, fewer incidents of regulatory breaches and attractive valuations drove fund managers to add stocks such as Alkem Laboratories, Ajanta Pharma, and Dr Reddy’s Laboratories.
Oil prices have fallen due to concerns over fuel demand in the US and China despite tighter supplies due to OPEC+ cuts and US buying for reserves. Brent crude futures dropped 0.6% to $73.74 a barrel and US West Texas Intermediate crude fell 0.5% to $69.67. The dip follows a fourth consecutive week of decline for both benchmarks on fears of a US recession and historic default. Despite the oil supply shortage, market sentiment towards oil remains weak given economic reopening setbacks in China and concerns of a US growth slowdown.
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.