Stock Market LIVE Updates: GIFT Nifty indicates a positive start; Asian markets gain, US markets mixed

Nifty remained volatile throughout the day after an initial weak start attributed to negative global cues. Despite this, the overall sentiment remains robust as the index sustains itself above key moving averages.

The Relative Strength Index (RSI) indicates bullish momentum in the short term. Over the short term, the index may trend towards 22,650. Support is positioned at 22,350 on the lower end.

The Indian government has raised its windfall tax on petroleum crude for the fifth time since February to Rs 6,800 a metric tonne from Rs 4,900 with effect from April 4. The windfall tax, which is revised fortnightly, remains at zero for diesel and aviation turbine fuel.

-Overweight call, target Rs 4,695 per share

-Standalone Q4 revenue of Rs 12,400 crore was up 20 percent YoY

-Standalone Q4 revenue is higher than 18 percent growth in 9MFY24 & nearly 1 percent higher than estimate

-Topline growth was led by implied SSSG of 11 percent, which is highest in last five quarters versus 10 percent estimate & 9 percent increase in store count on average

-On a 5-year CAGR basis, growth improved to 19.7 percent from 19.4 percent in Q3

-Growth still lower than the average of 20.4 percent in H1

The Department of Telecom on April 3 postponed the auction of spectrum by two weeks due to the upcoming Lok Sabha elections, according to UNI. The auction will now take place after two weeks on June 6, which is just two days after the election results are announced.

The Lok Sabha elections are set to take place from April 19 to June 1.

Though the auction, the government plans to assign right to radio spectrum frequencies in the bands of 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz, 2500 MHz, 3300 MHz, and 26 GHz. It is likely to deliver Rs 96,300 crore to the government if the bands are sold at the base price.

The National Stock Exchange (NSE) has on April 3 announced the launch of four new indices effective from April 8, in both the capital markets and Futures & Options segments.

These four new indices are Nifty Tata Group 25 percent Cap, Nifty 500 Multicap India Manufacturing 50:30:20, Nifty 500 Multicap Infrastructure 50:30:20, and Nifty MidSmall Healthcare.

“Consequently, the broadcast of the indices will be made available to F&O members in NEAT+ terminals under the multiple index inquiry screen,” NSE said in a circular.Read More

Asian markets rebounded following a sell-off in the previous session, as investors digest comments from US Federal Reserve Chairman Jerome Powell.

Nikkei index up 1.2 percent, Kospi gained 1 percent and Straits Times index rose 0.7 percent.

Trends on GIFT Nifty indicate a positive start for the broader index in India, with a gain of 65 points or 0.29 percent. The Nifty futures were trading around 22,589.50 level.

The Indian market ended on a flat note in the highly volatile session on April 3. At close, the Sensex was down 27.09 points, or 0.04 percent, at 73,876.82, and the Nifty was down 18.6 points, or 0.08 percent, at 22,434.70.

Amid weak global cues, the market opened on a negative note but erased all the losses in the initial hours and inched closer to record highs supported by IT, metal, oil & gas, power names. However, selling at final hour erased the intraday gains.

Shriram Finance, NTPC, TCS, Axis Bank and Tech Mahindra were among major gainers on the Nifty, while losers were Nestle India, Bajaj Auto, Kotak Mahindra Bank, Britannia Industries and Dr Reddy’s Laboratories.

On the sectoral front, the Realty index was down 2.5 percent and the Auto index slipped 0.4 percent. On the other hand, Power, PSU Bank indices rose 1 percent each, and Information Technology, Media indices were up 0.5 percent each.

Broader indices outperformed with BSE midcap index (up 0.6 percent) hitting fresh record high and smallcap index rose 1 percent.