The benchmark Sensex and Nifty indices are likely to open on a negative note on April 15 as trends in the GIFT Nifty indicate a weak start for the broader index with a gain of 134.50 points.
The indices faced a significant 1 percent decline on April 12 amid a broad-based selloff. Investor sentiment was dampened by US CPI inflation data, which dashed hopes of a June rate cut and led to a surge in treasury bond yields.
The Sensex was down 793.25 points or 1.06 percent at 74,244.90, and the Nifty 50 was down 234.40 points or 1.03 percent at 22,519.40.
The pivot point calculator indicates that the Nifty 50 may take immediate support at the 22,498 level followed by 22,446 and 22,360 levels. On the higher side, the index may face resistance at the 22,540 level followed by the 22,721 and 22,806 levels.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms, which could impact Indian as well as international markets.
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GIFT Nifty
Trends in the GIFT Nifty indicate a weak start for the broader index in India, with a loss of 134.50 points or 0.60 percent. The Nifty futures were trading around the 22,452.50 level.
Trade setup for today: Top 15 things to know before the opening bell
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US Markets
US stocks tumbled Friday following a mixed start to earnings reporting season. Worries about potentially escalating tensions in the Middle East rattled financial markets, pushing investors to look for safer places for their money.
The S&P 500 sank 1.5 percent to close out its worst week since October, when a huge rally on Wall Street began. The Dow Jones Industrial Average dropped 475 points, or 1.2 percent, and the Nasdaq composite fell 1.6 percent from its record set the day before.
The S&P 500 fell 75.65 points to 5,123.41. The Dow Jones Industrial Average dropped 475.84 to 37,983.24, and the Nasdaq composite sank 267.10 to 16,175.09.
Asian Markets
Asian markets were trading lower on Monday as traders weighed the impact of Iran’s drone attack on Israel over the weekend, with focus also on key economic data from China and Japan later in the week.
TCS Q4 net profit rises 9% to Rs 12,434 cr, firm declares final dividend of Rs 28 per share
Tata Consultancy Services (TCS) reported 9 percent rise in consolidated net profit at Rs 12,434 crore (attributable to shareholders) for the fourth quarter of FY24 as against Rs 11,392 crore in the year-ago period.
Revenue rose 3.5 percent to Rs 61,237 crore in the three months ended March 31, 2024, the IT major said in an exchange filing on April 12.
The EBIT margin or the operating margin was up at 26 percent for Q4, a 100 bps increased from 25 percent in the previous quarter.
India’s retail inflation eases to a 10-month low of 4.85% in March
India’s headline retail inflation rate eased to a ten-month low of 4.85 percent in the previous month, according to data released by the Ministry of Statistics and Programme Implementation on April 12.
The Consumer Price Index (CPI) inflation print in February was 5.09 percent.
At 4.85 percent, the latest headline retail inflation figure is the lowest since May 2023 when it came in at 4.31 percent. The March figure was also slightly lower than expectations, with economists having predicted prices likely to have eased to 4.91 percent compared to a month ago, according to a Reuters survey.
The latest inflation data comes a week after the RBI’s Monetary Policy Committee (MPC) on April 5 announced the decision to keep the policy repo rate unchanged at 6.5 percent for the seventh consecutive time.
India’s February IIP grows at 5.7% from 3.8% a month back
Growth in India’s industrial output accelerated to 5.7 percent in February, according to data released by the Ministry of Statistics and Programme Implementation on April 12.
At 5.7 percent, the latest industrial growth figure as per the Index of Industrial Production (IIP) is higher from the January 2023 figure of 3.8 percent.
The eight core industries – coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity – make up around 40 percent of the IIP. As such, it is seen as a lead indicator of industrial growth data.
RBI may not hurry in cutting rates despite easing CPI inflation, say experts
The Reserve Bank of India (RBI) may not hurry to cut interest rates despite the easing trend in the Consumer Price Index (CPI) numbers as global uncertainties weigh, experts said.
In March, India’s headline retail inflation rate eased to a nine-month low of 4.85 percent, according to data released by the Ministry of Statistics and Programme Implementation on April 12.
The Consumer Price Index (CPI) inflation print in February was 5.09 percent.
Japan’s MUFG, SMBC weigh majority stake buyout in Yes Bank
Japan’s Mitsubishi UFJ Financial Group (MUFJ) and Sumitomo Mitsui Banking Corp. (SMBC) have expressed interest and are considering a bid to acquire a majority stake in Yes Bank, four people familiar with the development said.
Another company from the Middle East has also shown interest, according to three of the people cited above. The development comes amid the State Bank of India-led consortium, which bailed out the lender in 2020, is now exploring a plan to sell its stake.
Bitcoin down by 7.9% to $61,842
Bitcoin fell 7.9 percent to $61,842 at 21:00 GMT on Saturday, losing $5,308 from its previous close.
Bitcoin, the world’s biggest and best-known cryptocurrency, is down 16.2 percent from the year’s high of $73,794 on March 14.
Ether, the coin linked to the ethereum blockchain network, fell 9.18 percent to $2,930 on Saturday, losing $296.1 from its previous close.
Gold Prices
Gold prices rose above $2,400 per ounce to an all-time high on Friday, heading for their fourth week of gains, as growing tensions in the Middle East prompted investors to seek refuge in the safe-haven assets.
Crude
Oil rose around 1% on Friday on geopolitical tensions in the Middle East but posted a weekly loss on a bearish world oil demand growth forecast from the International Energy Agency (IEA) and worries about slower U.S. interest rate cuts.
With inputs from Reuters and other agencies
