Stock Market LIVE Updates: Gift Nifty indicates lower opening for Indian markets; Asian indices trade weaker

Mutual funds purchased shares worth over Rs 8,100 crore inKotak Mahindra Bankin April following a significant sell-off triggered by the Reserve Bank of India’s ban on new customer onboarding by the bank via online and mobile banking, along with the suspension of new credit card issuance.

During the month, these funds acquired around 4.62 crore shares of the bank, following the purchase of over 96 lakh shares in the December quarter. This marked the ninth consecutive month of mutual fund buying activity in Kotak Mahindra Ban. (Read more)

Kalyan Jewellers reports robust momentum in footfalls and revenue since the beginning of the current financial year, with Akshaya Tritiya seeing strong footfalls from existing and new customers across India and the Middle East. Early double-digit same-store-sales-growth (SSSG) witnessed in the first 40 days of the quarter compared to the previous year. The quarter also saw the launch of 10 Kalyan showrooms and 7 Candere showrooms in India, bringing the total number of showrooms to 270 as of May 10th, 2024.

The Nifty Realty index (total return variant) delivered robust returns of 110 percent over last year, outperforming all other equity indices. Experts attribute this to rising real estate prices and increasing demand. Realty companies reported better revenue growth, higher margins, and profitability, which helped improve investor sentiment.

Deepak Jasani, Head, Retail Research, HDFC Securities, says, “Rising affordability and stable interest rates are resulting in higher sales of residential properties. Policy support from the government by way of up to 100 percent FDI for townships and settlements, and a rising commitment from the PM Awas Yojana has also been helpful. The Indian real estate sector has witnessed strong private equity investment over the last few years”. Read more

Biocon partners with Medix in Mexico for distribution of Liraglutide in weight management. Biocon to handle regulatory approval, manufacturing, and supply, while Medix focuses on commercialization in Mexican market.

FIIs sold shares worth Rs 2,117.50 crore. DIIs pumped in Rs 2,709.81 crore worth of stocks on May 10

UPL, DLF, Zomato, Jindal Steel & Power, Varun Beverages, Aditya Birla Capital, BLS E-Services, Chalet Hotels, GIC Housing Finance, INOX India, C E Info Systems

Hindustan Copper, Balrampur Chini Mills, Canara Bank, GMR Airports Infrastructure, Vodafone Idea, Punjab National Bank, SAIL, Zee Entertainment Enterprises

#1 Tax credit aids Tata Motors’ Q4 profit

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#3 Higher volumes, average selling price lifts Eicher Motors Q4

#4 ABB India Q1 profit jumps 87% YoY

#5 Zomato, JSPL, UPL, Varun Beverages earnings today

#6 Indegene set to list on bourses today

India’s benchmark Sensex surged over 260 points while Nifty ended above 22000 mark on May 10 tracking gains in the global equity markets.

Nifty Metal led gains, up 1.5%, with FMCG, Auto, and Pharma following at 1% each. Nifty IT led losses, down 0.8%, and Nifty Realty and Nifty PSU Bank are both down 0.4% and 0.3% respectively

The GIFT Nifty trends suggest a negative opening for the broader index in India, with a 0.18 percent decline or 36 points. Nifty futures are trading around the 22,092 level.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 105.35, up 0.05 percent from its previous close of 105.301.

Asian currencies were trading lower against the US dollar. Philippines Peso fell 0.4 percent, South Korean won lost 0.3 percent, China renminbi, Malaysian ringgit and Japanese yen were down 0.1 percent each, Taiwan dollar, Singapore dollar were down 0.05 percent.