Sensex jumps 555 pts, Nifty closes above 18,250; Metal, PSU Bank, Finance shine
Investors have decided to look past the Fed’s interest rate hike and focus on better-than-expected earnings reports and have kept the markets strong.
However, any indication from the Fed of additional rate hikes may negatively impact the already-fragile economy and potentially lead to a recession.
Indices gain around a per cent as Sensex climbs 550 pts and Nifty 160 pts; HDFC twins, Bajaj Finance, Adani Enterprises shine
Indian shares reversed opening jitters to remain strong throughout the session and closed almost a per cent higher on Thursday.
The rally was aided by metal stocks and a positive reaction to strong earnings, as investors looked past the US Fed rate hike.
The Nifty 50 rose 165 points to close at 18,255, while the S&P BSE Sensex gained 555 points to end at 61,749. Fourteen of the 15 major Nifty sectoral indexes advanced.
Metal remained strong throughout the session and closed with a gain of 1.5% along with PSU Bank and Finance indices. Most indices ended in the green except FMCG which shed marginally in today’s trading.
Among stocks, Adani Enterprises jumped 4.6% and Bajaj Finance 3.2%.
HDFC Twins and SBI Life gained more than 2% each. IndusInd Bank and UPL dropped more than a per cent and remained the biggest laggard followed by Nestle India and Powergrid.
South Korean shares closed steady recovering from early losses and finishing the holiday-shortened week flat, as investors found comfort in the outcome of the Fed’s policy meeting. The benchmark KOSPI held its ground and closed flat for the week.
Tokyo stock market remained closed today.
Shanghai and Hong Kong stocks rose on Thursday, led by gains in financials and state-owned enterprises after the May Day holiday, while shares traded in Shenzhen were down.
China’s blue-chip CSI300 Index was little changed, while the Shanghai Composite Index gained 0.8%.
Hong Kong’s benchmark Hang Seng Index was up 1.3%, while the China Enterprises Index added 2.0%.
Europe’s stocks opened lower Thursday before an expected rate hike from the European Central Bank, after the US Federal Reserve lifted borrowing costs and indicated it would not cut anytime soon.
London’s FTSE 100 fell on Thursday, with losses from miners dragging the commodity-heavy index down, while broader market sentiment was also downbeat after U.S. Federal Reserve chair Jerome Powell said inflation was still a concern.
Total retail vehicle sales in India decline 4 pc in April: Federation
The new financial year 2023-24 kicked off on a relatively weaker note for retail vehicle sales in India as data showed they declined in the month of April.
April saw a four per cent decline in total retail vehicle sales.
Category-wise, two-wheelers and personal vehicle sales declined 7.30 per cent and 1.35 per cent to 1,229,911 units and 282,674 units, respectively, data released by the Federation of Automobile Dealers Associations showed.
On the other hand, sales in the three-wheelers and tractors segment rose 57.22 per cent and 1.48 per cent to 70,928 units and 55,835 units, respectively. (ANI)
Go First cancels flights until May 9 citing ‘operational reasons’
Indian airline Go First has announced that it has cancelled all flights until May 9, 2023, citing operational reasons.
“We regret to inform that due to operational reasons, Go First flights scheduled till 9th May 2023 have been cancelled,” read the official statement.
The statement further noted that a full refund will be issued to the original mode of payment shortly. (Read More)
04 May 2023, 03:12:12 PM IST
India’s Tata Steel CEO expects Europe operations to improve from July-Sept on the back of falling energy costs
Tata Steel expects its European operations to improve from the next quarter on the back of falling energy costs, its chief executive and managing director said on Thursday.
“Europe is still struggling but things are getting better because energy prices have come down,” T.V.
Narendran told Reuters in an interview.
“So costs are coming down, not yet realised in our bottomline because we have some hedges on gas prices, which will play out over the next quarter or two.”
Falling demand in Europe and weaker steel prices hurt the company’s revenue in the March quarter.
European operations, which account for roughly 35% of total revenue, fell about 17% to 220.36 billion rupees ($2.70 billion) during January-March.
The company, backed by India’s Tata Group, expects the ongoing quarter to be challenging for European operations. However, the Indian market is expected to be stable, boosted by infrastructure spending. (Reuters)
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