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Home / Markets / Live Blog /  Sensex slips 460 pts, Nifty holds 17,100; Axis Bank bleeds, all sectors in red

Sensex slips 460 pts, Nifty holds 17,100; Axis Bank bleeds, all sectors in red

Market Closing: Indian indices lost around 0.8% on Friday. (MINT_PRINT)Premium
Market Closing: Indian indices lost around 0.8% on Friday. (MINT_PRINT)

  • Market Closing: Indian indices on Friday erased all the gains before closing lower, despite positive global cues. The week witnessed heavy turbulence due to multiple headwinds including fears of a global economic slowdown and lockdown in China.

Indian indices wiped off gains on Friday, shedding over 900 points from day's high, as bears took control of the Dalal Street in the the last hour of the trading session, in a week that was hit by high volatility. Major heavyweights Maruti, Wipro, TechM, Reliance, SBI, L&T, and Infosys dragged the indices down, while Axis Bank tumbled over 6.4%. The indices started the session strongly after tracking gains in the global markets on the back of upbeat tech earnings in the US. However, the indices soon turned volatile before closing in the red as investors booked profits. In Asia, shares rose in South Korea, Hong Kong, Shanghai, and Australia on Friday. Market in Japan was closed for a holiday. 

29 Apr 2022, 03:47:16 PM IST

Sensex plunges 460 pts, Nifty ends above 17,100; Oil & gas, energy, power stocks bleed

Indian indices collapsed in the last hour of the session on Friday, despite global markets registering gains on positive earnings posted by the US tech firms. 

The Sensex slipped 460.19 points, or 0.8%, to close at 57,060.87, while Nifty50 lost 142.50 points to end at 17,102.55. Sectorally, all the sectors were in the red with energy, power, oil & gas stocks suffering the most.

On the 30-stock index, the most gains were made by Kotak Bank, HDFC Bank, and Sun Pharma, among others, while Axis Bank,  Power Grid, SBI, and Wipro were among the biggest losers.

On Nifty50, HDFC Life, Tata Consumer, and Kotak Bank made the most gains, while Axis Bank, Coal India, Adani Ports, and Wipro were among the biggest laggards.

Sensex at close
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Sensex at close
29 Apr 2022, 03:04:00 PM IST

JPMorgan upgrades this Rakesh Jhunjhunwala portfolio multibagger stock's rating, raises target price

Global brokerage JPMorgan has upgraded Indian Hotels' rating to overweight from Neutral with improved business travel momentum and favorable demand-supply signaling potential upcycle.

29 Apr 2022, 02:51:54 PM IST

Axis Bank shares slump 5.59 per cent after Q4 results

The share price of private sector lender Axis Bank slumped by around 6 per cent on Friday, a day after the company announced its financial results for the quarter ended March 2022.

At the BSE, the share of Axis Bank was trading 5.59 per cent lower at 736.35 at 2.05 pm. The scrip slumped to a low of 734.10 in the intra-day.

Axis Bank's share tumbled despite the general rally in the market. The benchmark Sensex of the BSE was trading 255.82 points or 0.44 per cent higher at 57,776.88 points. Axis Bank was the biggest Sensex loser.

On Thursday, Axis Bank reported a net profit of 4,117.8 crore for the quarter ended March 2022, which is 54 per cent higher when compared with 2,677 crore recorded in the corresponding period of the previous year.

29 Apr 2022, 02:37:47 PM IST

LIC shares will likely list on exchanges on 17 May, says top official

Life Insurance Corp. (LIC) will list on stock exchanges 17 May, Department of Investment and Public Asset Management (DIPAM) Secretary said Friday, according to media reports.

29 Apr 2022, 02:23:04 PM IST

Top Nifty50 gainers: HDFC Life, Kotak Bank, Tata Motors rise over 2%

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29 Apr 2022, 02:14:44 PM IST

Broad market indices: Nifty50 muted, MidCap, SmallCap in the red; India VIX at over 3.6%

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29 Apr 2022, 02:03:16 PM IST

Tata Group stock to consider stock split, dividend next week. Details inside

Tata Group's steel manufacturing arm, Tata Steel is set to consider a stock split proposal next week on Tuesday, May 3, 2022. Additionally, the company's board of directors will also look into dividend recommendations for the financial year FY22. The meeting will be held to consider the firm's financial results for the quarter and year ended March 31, 2022.

29 Apr 2022, 01:45:55 PM IST

Gold rises, but US rate hike bets set up monthly drop

Gold rose on Friday as worrying U.S. economic data rekindled some interest in the safe-haven metal, but bullion was likely to log its first monthly drop since January on bets for aggressive interest rate hikes by the Federal Reserve.

Spot gold was up 0.6% at $1,905.67 per ounce, as of 0546 GMT, but had lost about 1.6% so far this month. U.S. gold futures were up 0.9% at $1,908.10.

The disappointing U.S. GDP number could take some pressure off the Fed to tighten quite as aggressively as it has hinted, a rhetoric that has pressured gold in recent weeks, said Ilya Spivak, a currency strategist at DailyFX.

29 Apr 2022, 01:34:39 PM IST

Anand Rathi bullish on this multibagger stock

Being a market leader with market share in all the segments and various initiatives (capex, product differentiation, product plus solution approach ) undertaken by the company, Deepak Fertilisers and Petrochemicals Corporations (DFPCL) is getting itself future ready to ride on India’s growth story, highlighted brokerage Anand Rathi.

29 Apr 2022, 01:22:35 PM IST

BSE IPO stocks muted; Veranda Learning Solutions rises 10%, Zomato slips over 2.5%

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29 Apr 2022, 01:16:35 PM IST

Vedanta's massive dividend payout triggers rally in parent's bonds

Vedanta Ltd said it will pay 11,710 crore as dividend to shareholders in line with its robust performance on profitability and cash flows. This will also help the Vedanta group in deleveraging, in line with latest capital allocation policy, the company said Thursday.

29 Apr 2022, 01:11:16 PM IST

Holcim's likely exit key trigger for Ambuja now; cost headwind is another day's worry

Pan-India focused cement manufacturer Ambuja Cements Ltd. reported better-than-anticipated operating performance in the March-ended quarter, thanks to its cost savings efforts. Standalone Ebitda at 7,900 crore in Q1CY22, fell 19% on a year-on-year (y-o-y) basis, but was 16% ahead of consensus estimates. Ebitda is short for earnings before interest, tax, depreciation and amortization. The company follows a January to December accounting year.

29 Apr 2022, 01:06:46 PM IST

April auto volumes preview: Recovery to be seen across segments

Automakers are expected to have a good start to FY23 which is evident from analysts’ expectations of growth in April 2022 volumes. True, the low base of last year aids in volume growth. But the segments are poised for recovery.

29 Apr 2022, 01:04:54 PM IST

European Stocks Gain on China Stimulus, Earnings

Stocks in Europe rose Friday as China’s pledge to ramp up stimulus buoyed optimism and strong earnings continued to roll in.

The Stoxx Europe 600 Index gained almost 1%, helped by the region’s exporters for whom Chinese raw-material demand is key. Miners and technology firms led gains. U.S. equity futures pared losses sparked by post-earnings slumps in Amazon.com Inc. and Apple Inc. in extended U.S. trading on concerns about the outlooks for both tech giants.

The busy earnings season has also helped restore confidence after a turbulent start to the year, tempering April’s losses for European equities. The main regional benchmark is set for a 1.2% drop in the month. Novo Nordisk A/S climbed after raising its 2022 profit forecast.

29 Apr 2022, 12:45:43 PM IST

India woos semiconductor makers in quest to become key player

India will provide support for companies looking to invest in semiconductor manufacturing, Prime Minister Narendra Modi said on Friday, as the South Asian nation sets its sights on becoming a key player in the global supply chain for chips.

Even as more firms and countries seek to ensure access to the chips at the core of critical technologies such as 5G, and others of the future, the bulk of the world's chip output is limited to places such as Taiwan and the United States.

"We have shown that India means business, now it is over to you," Modi told the country's first semiconductor conference in the southern tech hub of Bengaluru, reiterating his government's support for the industry.

The Indian semiconductor market, worth $15 billion in 2020, is estimated to reach $63 billion by 2026, the government says.

A $10-billion plan to attract semiconductor and display makers has drawn applications from companies such as a joint venture between Indian conglomerate Vedanta and Taiwan's Foxconn, and Singapore's IGSS Ventures.

29 Apr 2022, 12:44:33 PM IST

Dovish India rate-setter a little surprised by food inflation

Food prices, particularly edible oils and some grains, have risen more than India’s monetary authorities had expected, according to a dovish member of its rate-setting committee.

“On the overall inflation, there was an expectation that energy prices in general would be affected," Shashanka Bhide, an external member on the central bank’s Monetary Policy Committee and an agricultural economist, said in an interview on Wednesday. “But in case of food, it has been a little bit of a surprise."

India’s headline inflation surged more than anticipated to near 7% in March, stoked by higher prices of food items such as edible oils, cereals and vegetables. While the spillover from Russia’s invasion of Ukraine is fanning fertilizer, food and fuel price shocks globally, the South Asian nation -- the world’s biggest importer of palm, soybean and sunflower oils -- faces a further spike in consumer prices from Indonesia’s surprise decision to ban exports of cooking oils.

29 Apr 2022, 12:31:00 PM IST

China tech rally takes Asia shares to best day in six weeks in tense markets

Asian shares were set for their best day in six weeks on Friday led by Chinese tech stocks after reports of a possible resolution to the Sino-U.S. audit dispute, giving investors much needed respite from worries of a global economic slowdown.

Still, a key regional share index was set for its worst month in nine as the Ukraine war and expectations for aggressive U.S. rate hikes in coming months have added to the anxieties, propelling the safe-haven dollar to near 20-year peaks.

Hong Kong listed tech stocks rose as much as 10% on Friday as trading resumed after the lunchtime pause. Ecommerce players JD.com and Alibaba each rose as much as 15% and Meituan gained around 12%.

All three are listed in both the U.S. and Hong Kong bourses. They and their peers' stock prices had been affected by U.S. moves to delist Chinese companies because Beijing restricted the U.S. audit regulator's access to their audit documents.

Reports on Friday that a resolution to the dispute was in sight had driven the sharp gains, said Steven Leung executive director of institutional sales at brokerage UOB Kay Hian in Hong Kong.

The gains from Chinese index heavyweights sent MSCI's broadest index of Asia-Pacific shares outside Japan 1.9% higher, which would be its best day since March 17.

29 Apr 2022, 12:15:43 PM IST

Improved margins over sequential cost decline: YES Securities on Ambuja Cements

ACEM’s total capacity to reach 40MTPA (+24% of current capacity), post newly announced expansion along with the ongoing 1.5MTPA expansion at Ropar, Punjab. As Ropar expansion is expected to commence by CY23E end and with the current lack of utilization headroom, we trimme our volume growth to +8/4% y/y (previously +9/7% y/y) led revenue correction by 1/5% in CY22/23E. While, due to the elevated fuel & diesel price, we lowered our EBITDA/PAT estimate by 25/28% for CY22E and for 15/18% CY23E. The ongoing & recent announced capacity addition would outlay CAPEX of Rs38.1bn, which will be funded by internal accruals. We valued ACEM on SOTP based valuation with standalone entity valued at 14x EV/EBITDA and ACEM’s stake in ACC at 10x EV/EBITDA on CY23E by adding Rs107.6bn net cash, we arrived at TP of Rs391 (earlier Rs420) with ADD rating (earlier BUY).

29 Apr 2022, 12:05:53 PM IST

Axis Bank shares tank post Q4 results. Should you buy?

Shares of Axis Bank tumbled over 5% in Friday's session to 739 apiece on the BSE a day after the company reported a 54% jump in its standalone net profit for the March quarter at 4,118 crore on the back of higher income and lower provisions.

29 Apr 2022, 11:53:43 AM IST

Sensex at 11:50 AM: Sun Pharma, DRL, HDFC Bank lead, Axis Bank, Wipro drag

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29 Apr 2022, 11:50:29 AM IST

Top BSE losers: Future Consumer, Sterlite Technologies, Shoppers Stop, Gujarat Gas biggest drags

29 Apr 2022, 11:33:39 AM IST

LIC IPO: GMP rises ahead of subscription opening next week

Country's largest life insurer Life Insurance Corporation of India's (LIC) three-day initial public offering (IPO) will open for public subscription next week on Wednesday, May 4 and conclude on May 9. The price band of LIC IPO has been set at 902-949 per share.

29 Apr 2022, 11:28:32 AM IST

Solid quarter and outlook pushes up estimates for the year; maintain ADD: YES Securities on Varun Beverages

Continued retail outlet expansion driving market share gains in CSD coupled with success in categories like dairy and energy drinks should remain key growth drivers. We believe the company is a good compounding story for the long‐term with a growth potential in the mid‐teens coupled with stable margins and return ratios. We maintain our ADD rating for now and would expect further re‐rating once the company delivers on its aggressive growth plans on the markets acquired in South and West India in the next couple of years and we get more clarity on organic/inorganic expansion plans.

29 Apr 2022, 11:13:41 AM IST

Wipro Q4 earnings today: Five things to watch out for

Wipro Ltd is the last among tier-1 Indian IT services companies to declare its fourth-quarter earnings. The earnings of its larger peers Tata Consultancy Services Ltd (TCS), Infosys Ltd, and HCL Technologies Ltd were below Street expectations and reflected supply-side pressures that dragged margins. All eyes are on Wipro now to see whether it will follow its peers or buck the trend.

29 Apr 2022, 11:04:41 AM IST

Maruti stock slips ahead of Q4 results

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29 Apr 2022, 11:02:04 AM IST

Axis Bank slumps over 4% in early trade despite strong Q4 show

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29 Apr 2022, 10:56:46 AM IST

Top BSE gainers in early trade: Chennai Petroleum Corporation, IFB Industries lead

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29 Apr 2022, 10:45:23 AM IST

Sluggish sequential growth and flattish margin YoY both transient phenomena: YES Securities on SBI Life Insurance

VNB margin has inched lower on YoY basis for the quarter on account of SBIL choosing not to remain margin neutral during re-pricing: The calculated VNB margin in 4QFY22 is 26.9%, which is 77 bps lower than the calculated VNB margin in 4QFY21. The VNB margin has been flattish to lower on YoY basis despite an apparent improvement in product mix. This is because when SBI Life re-priced products in August, the re-pricing was not fully margin neutral, especially for the non-par savings product basket.

Management averred that VNB margin should expand going forward due to rising share of Non-Par Guaranteed business, Deferred Annuities and Protection.

The sequential de-growth in APE was mainly on account of the third wave of Covid19, from which SBIL has already bounced back: Total APE was down 10% QoQ to 41.2bn in 4QFY22. This was primarily due to the third wave of Covid-19 impacting sales in January and February. We think the third wave might have impacted SBIL more than peers since a greater proportion its, generally mass market, customers would be dependent on human mobility. Growth has recovered in March and trends are encouraging.

We maintain ‘BUY’ rating on SBIL with a revised price target of 1580: We value SBIL at 3.4x FY23 P/EV for an FY23E/24E RoEV profile of 19.8/20.1%.

29 Apr 2022, 10:38:04 AM IST

Asian shares mostly higher after tech-led rebound on Wall St

Stocks were mostly higher in Asia on Friday after a rally on Wall Street led by technology companies.

US futures and oil prices were mixed as investors await signals on Chinese economic policy from a meeting of the ruling Communist Party's powerful Politburo.

The Shanghai Composite index gained 0.3% to 2,983.11 while Hong Kong's Hang Seng index slipped 0.4% to 20,203.97.

Tokyo was closed for a holiday, the first of several in Japan's coming “Golden Week".

In Seoul, the Kospi added 0.6% to 2,683.61, while Australia's S&P/ASX 200 advanced 0.8% to 7,415.50.

The price of US benchmark crude oil fell 5 cents to $105.31 per barrel. It jumped $3.34 to 105.36 per barrel on Thursday.

Brent crude, the basis for pricing international oils, gained 22 cents to $107.48.

29 Apr 2022, 10:31:25 AM IST

Rupee trades in narrow range against US dollar in early trade

The rupee witnessed a range-bound trading in early trade on Friday as the strength of the dollar in the overseas market and elevated crude oil prices offset the support of positive domestic equities.

At the interbank foreign exchange, the rupee opened at 76.62 against the American dollar and moved in a narrow range. It touched an early high of 76.53 and a low of 76.63 in initial deals.

On Thursday, the rupee declined by 4 paise to settle at 76.61 against the US currency.

Traders said gains in domestic equities and fresh foreign fund inflows helped the rupee restrict losses.

Meanwhile, global oil benchmark Brent crude futures rose 0.01 per cent to USD 107.60 per barrel.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.14 per cent to 103.48 as the indication of an aggressive tightening by the US Fed and geopolitical uncertainties pushed investors to the safety of the greenback.

29 Apr 2022, 10:27:35 AM IST

Consistent strong performance: Prabhudas Lilladher on Persistent Systems

Rating: BUY | CMP: Rs4,309 | TP: Rs4,915

Persistent delivered consistently strong (9%+ QoQ) revenue growth since past four quarters. We believe it will continue to deliver industry leading growth and model 33.5% YoY USD growth in FY23E given – 1) strong TTM ACV of $943.1mn with book-to-bill at 1.23x, 2) incremental revenue contribution (~11%) from acquisitions, 3) opportunity to capture higher share of fast growing cloud services market led by strengthened hyperscalar partnerships due to Data Glove and Media Agility acquisitions and expansion of Payments BU (SCI acquisition). Flattish QoQ EBIT margins in Q4, dip in LTM attrition (-30bps QoQ) and aspiration to maintain EBIT margins at FY22 levels (~14%) is impressive. We believe margins can be maintained (13.8% in FY23E) aided by tailwinds from revenue growth leverage, pyramid optimization, improvement in margin profile of one of the IP deal, improved pricing and currency depreciation.

Our EPS estimates remain largely unchanged. We arrive at DCF based target price of Rs. 4915 (earlier Rs. 5160) with implied target multiple of 38x (earlier: 40x) factoring increase in risk free rate to 7.2% (earlier 6.8%). Persistent is currently trading at 37x/33x earnings multiple on FY23/24 EPS of INR 116/131 respectively with Revenue/EPS CAGR of 24%/23% over FY22-24. Maintain Buy.

29 Apr 2022, 10:15:16 AM IST

BSE indices in early trade: Sensex off day's high amid volatility

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29 Apr 2022, 10:04:00 AM IST

Mixed quarter; NIM the key monitorable: Prabhudas Lilladher on Axis Bank

Rating: BUY | CMP: Rs780 | TP: Rs940

Axis bank earnings were mixed as operating income missed estimates by 4% due to weaker margins although PAT was a beat at Rs41.2bn (PLe: Rs39.8bn) driven by lower provisions (due to stronger recoveries). Loan growth was a tad higher led by retail, however the management was a bit cautious on credit growth in FY23E owing to a tougher global environment. The likelihood of reaching the guided RoE of ~16% seems lower in the medium term as margin recovery could be protracted and opex may remain elevated. However, balance sheet strength and improving asset quality provide some cushion. Valuation discount to ICICIBC might widen to 20-25% (currently 16%) unless NIM improves. With RoE of 14.2% in FY24E, we maintain multiple for AXSB at 2.3x FY24E ABV though cut TP from Rs975 to Rs940. Maintain BUY.

29 Apr 2022, 09:56:52 AM IST

BSE Power index muted in early trade; Adani Power, Adani Green, JSW Energy drag, NHPC, Adani Transmission gain

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29 Apr 2022, 09:44:43 AM IST

Beat on estimates; Clarity on Holcim’s exit holds the key: Prabhudas Lilladher on Ambuja Cement

Rating: HOLD | CMP: Rs383 | TP: Rs400

Ambuja Cement (ACEM) started the new calendar year with better than expected earnings. EBITDA fell 19% YoY to Rs7.9bn, above our/consensus estimates (CE) by 10%/16%. Higher clinker sales volume and lower other expenses drove the beat. While, we maintain our estimates as elevated other expenses in H2, a usual trend, would keep margins under check.

ACEM delivered material turnaround in earnings over last couple of years. The major contributors to this turnaround were multifold increase in volumes under MSA, optimisation of fixed costs and reduction in specific energy consumption. On the incremental basis, we don’t see meaningful scope for further cost reduction. Theme of capacity expansion would get delayed due to likely exit of parent. As the valuations have surged to rich territory with EV/EBITDA of 14x and EV/t of USD170/t, we downgrade rating on stock to Hold with TP of Rs400 with EV/EBITDA of 14.5x CY23e.

29 Apr 2022, 09:37:36 AM IST

Deferral of RM cost to impact margins in 1HFY23: Prabhudas Lilladheron Bajaj Auto

Rating: ACCUMULATE | CMP: Rs3,834 | TP: Rs4,120

Bajaj Auto’s 4QFY22 EBITDA margin surprised positively at 17.1% (+190bps QoQ, PLe: 14.9%) driven by 1) deferral of raw material cost (RM cost at 71.9% of sales vs 74.7% QoQ), 2) positive impact of price increase, 3) improved USD realization in exports and 4) favorable sales mix. Deferred RM cost will cause an impact of 3.5-4% in 1QFY23, against which ~1.5% price hike taken in Apr22.

We remain positive on BJAUT’s growth prospects as (1) domestic 2W volumes are expected to grow in near-term led by marriage season, opening up of colleges and offices (however genuine demand needs to be monitored post Jun-22), (2) exports demand will likely remain steady and (3) 3W volumes (+28% in FY22) to pick-up momentum post opening up of the economy and increasing CNG demand. Considering near-term risks like commodity cost inflation and chip shortage, we trim our margin estimates by 90/60bps for FY23/24. Maintain ‘ACCUMULATE’, with a revised TP of 4,120 at 17x FY24E EPS (earlier 16x) on improving domestic outlook for 2Ws and 3Ws, along with increasing volumes of EVs.

29 Apr 2022, 09:35:34 AM IST

Gold rates today rise but still down ₹2,000 in 10 days

Gold and silver rates today edged higher in Indian markets, tracking a pullback in global rates after the precious metals fell to two-month lows. On MCX, gold futures were up 0.58% to 51,560 per 10 gram but are still down down about 2,000 from April 18 highs. Silver futures today rose 0.5% to 64,915 per kg.

29 Apr 2022, 09:22:10 AM IST

Nifty50 at open: Trades above 17,300; Sun Pharma, IndusInd Bank, DRL, M&M lead, SBI Life, Axis Bank drag

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29 Apr 2022, 09:18:28 AM IST

Sensex at open: Surges over 200 points; Sun Pharma, Tata Steel lead, Axis Bank slips 3%

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29 Apr 2022, 09:12:00 AM IST

Nifty50 at pre-open: Trades above 17,300; Bajaj Finserv, Reliance, Coal India lead, Axis Bank, Bajaj Auto drag

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29 Apr 2022, 09:10:23 AM IST

Sensex at pre-open: Jumps 300 points; TechM, Bajaj twins, Wipro, Reliance lead, Axis Bank drags

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29 Apr 2022, 08:54:29 AM IST

Gold inches higher, but faces worst month in seven

Gold prices edged higher on Friday as lower U.S Treasury yields outweighed pressure from an elevated dollar, but bullion was still headed for its biggest monthly drop since September on fears of aggressive interest rate hikes by the Federal Reserve.

Spot gold was up 0.1% at $1,897.01 per ounce, as of 0054 GMT. U.S. gold futures rose 0.4% to $1,898.10.

29 Apr 2022, 08:51:16 AM IST

Oil heads for longest run of monthly gains since early 2018

Oil is poised to eke out a fifth monthly advance after another tumultuous period of trading that saw prices whipsawed by the fallout of Russia’s war in Ukraine and the resurgence of Covid-19 in China.

West Texas Intermediate futures fluctuated near $105 a barrel on Friday and are almost 5% higher in April. The war has entered its third month despite diplomatic efforts for a cease-fire, and the European Union appears to be making gradual progress toward a ban on Russia crude imports.

China’s virus outbreak has added another source of volatility to the market. The nation has extended mass testing to more cities, with lockdowns leading to swelling oil stockpiles and putting the world’s biggest crude importer on track for the largest hit to demand since the early days of the pandemic.

29 Apr 2022, 08:44:56 AM IST

Petrol, diesel prices today: Check fuel rates in Delhi, Mumbai, other metros

The prices of petrol and diesel have remained unchanged for the last 23 days on Friday, 29 April. Petrol and diesel prices were last hiked by 80 paise a litre each on 6 April,Wednesday, taking the total increase in rates in 16 days to 10 per litre.

29 Apr 2022, 08:43:10 AM IST

Maruti Suzuki Q4FY22 preview: Expect a healthy quarter, PAT likely to record strong growth sequentially

Automobile manufacturer, Maruti Suzuki is set to announce its financial performance for the quarter and year ended March 31, 2022 (Q4FY22), today. Ahead of the earnings, on Thursday, Maruti shares witnessed positive sentiment from investors on stock exchanges.

29 Apr 2022, 08:40:09 AM IST

Biocon Q4 profit declines by 4% to ₹283 cr

Biocon Ltd on Thursday reported a 4 per cent decline in consolidated net profit to 283.9 crore in the fourth quarter ended on March 31, 2022.

The company, which posted a consolidated net profit of 296.4 crore in the same quarter previous fiscal, has appointed former HSBC India Chairperson Naina Lal Kidwai as an independent director, Biocon Ltd said in a regulatory filing.

29 Apr 2022, 08:39:17 AM IST

Cryptocurrency prices today: Bitcoin, ether, Litecoin gain while dogecoin, Shiba Inu slip

Cryptocurrency prices today were mixed with Bitcoin trading above the $39,000 mark. The world's largest and most popular cryptocurrency rose 0.6% to $39,704. The global crypto market’s value today gained nearly a per cent in the past 24 hours to $1.92 trillion, according to pricing from CoinGecko.

29 Apr 2022, 08:31:17 AM IST

Lower provisions propel Axis Bank Q4 net up by 49.77 pc to ₹4,434 cr

Axis Bank on Thursday reported a 49.77 per cent jump in its consolidated net profit for the March quarter to 4,434 crore on a consolidated basis, helped by a steep reduction in money set aside for bad debts.

On a standalone basis, the third-largest private sector lender reported a 54 per cent jump in its post-tax net at 4,118 crore. For the fiscal year 2021-22, it reported a 98 per cent jump in its post-tax profit at 13,025 crore.

29 Apr 2022, 08:22:17 AM IST

Day trading guide for Friday

6 stocks to buy today — 29th April

29 Apr 2022, 08:12:18 AM IST

Amazon reports rare quarterly loss as online shopping slows

Amazon reported its first quarterly loss since 2015 on Thursday, its money-making juggernaut stalled by a slowdown in pandemic-induced online shopping and a huge write-down of its investment in an electric-vehicle startup.

The Seattle-based e-commerce giant's stock fell 9% in after-hours trading.

Amazon reported a loss of $3.84 billion, or $7.56 a share, for the first three months of the year. A year ago, it reported a profit of $8.1 billion, or $15.79 a share, for the first quarter. Wall Street analysts expected a profit of $8.35 a share in the latest quarter, according to FactSet.

29 Apr 2022, 07:59:51 AM IST

Hong Kong shares open flat

Hong Kong stocks barely moved at the open of trade Friday as traders struggled to track a strong rally on Wall Street, with tech firms in the spotlight after Apple and Amazon reported below-forecast earnings.

The Hang Seng Index inched down 4.77 points to 20,271.40.

The Shanghai Composite Index rose 0.36 percent, or 10.58 points, to 2,986.06, while the Shenzhen Composite Index on China's second exchange added 0.80 percent, or 14.44 points, to 1,822.91.

29 Apr 2022, 07:53:21 AM IST

Apple sees bigger supply problems after strong start to year

Apple Inc on Thursday forecast bigger problems as COVID-19 lockdowns snarl production and demand in China, the war in Ukraine dents sales and growth slows in services, which the iPhone maker sees as its engine for expansion.

Shares were down 2.2% in late trade after executives laid out their glum outlook on a conference call. The news outweighed record profit and sales for Apple's fiscal second quarter, which ended in March.

29 Apr 2022, 07:45:28 AM IST

Asia stocks up; US futures fall on tech outlook

Most Asian stocks climbed Friday following a Wall Street rally, though slumps in Amazon.com Inc. and Apple Inc. in late trading dented some of the optimism and left U.S. equity futures in the red.

An Asia-Pacific share gauge rose, helped by South Korea, while China and Hong Kong fluctuated. Contracts on the S&P 500 and technology-heavy Nasdaq 100 retreated but came off session lows. Japan is closed for a holiday.

Amazon projected sluggish sales growth and Apple flagged supply constraints. E-commerce giant Amazon shed 9% in extended trading and Apple lost 2%. That partly clouded the S&P 500’s best climb since early March in regular hours.

The yen pared a tumble while staying near 20-year lows. The dollar dipped but is set for its best week since 2021 amid investor caution and as the Federal Reserve readies sharp interest-rate hikes to slow inflation.

Oil was near $105 a barrel, as traders evaluated the prospect of a European Union ban on Russian crude in retaliation for the invasion of Ukraine.

Corporate earnings are just the latest variable to whipsaw markets. There are concerns that tightening U.S. monetary policy, the war in Ukraine and China’s Covid outbreak all herald more challenges for investors.

29 Apr 2022, 07:39:16 AM IST

US economy shrinks, threats loom, but growth likely to last

The U.S. economy shrank in the first three months of the year, and faces threats from high inflation and rising interest rates, yet economists foresee a return to growth for the rest of 2022 based on the strength of the job market and consumer spending.

The first quarterly decline in gross domestic product since the pandemic hit in 2020 - a 1.4% drop on an annualized basis - is not likely a prelude to recession, economists say. That may bring little comfort to President Joe Biden and Democrats, who face mid-term elections this year in which rising prices for food, energy and other essentials will be a major theme of Republican opposition.

29 Apr 2022, 07:30:11 AM IST

Wall Street ends sharply higher, lifted by Meta and Apple

Wall Street ended sharply higher on Thursday after a strong quarterly report from Meta Platforms lifted beaten down technology and growth stocks and offset worries about the U.S. economy's contraction in the first quarter.

The Facebook parent surged 17.6% after the social network reported a larger-than-expected profit and rebounded from a drop in users.

Apple Inc, the world's most valuable company, and e-commerce giant Amazon.com Inc both rallied more than 4% ahead of their quarterly reports later in the day.

In extended trade, Amazon tumbled about 10% after the company forecast current-quarter sales below Wall Street estimates.

The S&P 500 has gained or lost 2% or more in a day some 32 times so far in 2022, compared to 24 such days in all of 2021.

The U.S. economy unexpectedly contracted in the first quarter as Covid-19 cases surged again, and government pandemic relief money dropped.

The first decrease in gross domestic product since the short and sharp pandemic recession nearly two years ago, reported by the Commerce Department, was mostly driven by a wider trade deficit as imports surged, and a slowdown in the pace of inventory accumulation.

Unofficially, S&P 500 climbed 2.47% to end the session at 4,287.50 points.

The Nasdaq gained 3.06% to 12,871.53 points, while Dow Jones Industrial Average rose 1.85% to 33,916.39 points.

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