Stock Market Live: Global markets mixed, Gift Nifty suggests lower start for Indian bourses

Stock market updates on April 10, 2024: Nifty 50, Sensex are looking at a gap-down start on Friday. At 07:00 AM, the Gift Nifty futures were quoting nearly 150 points lower than Nifty 50 futures at 22,666. 

The Indian bourses remained closed for a holiday on Thursday when the global markets shedded on account of higher than expected inflation rate in the US keeping hopes of interest rate cut by the US Fed at bay. 

On Friday, however, Asia-Pacific markets showed a mixed trend as investors evaluated economic data from Singapore and South Korea and also awaited China’s trade numbers.

In Asia, this morning the sentiment among investors remained mixed, with Japan’s Nikkei 225 rising 0.29 per cent in early trade, while the broad-based Topix rose by 0.55 per cent.

South Korea’s Kospi fell by 0.33 per cent while the Kosdaq was up by 0.85 per cent. In Australia, the S&P/ASX 200 declined by 0.41 per cent. Hong Kong’s Hang Seng index was quoting 1.68 per cent lower in early trade.

In the U.S. overnight, tech stocks boosted both the S&P 500 and Nasdaq Composite, with gains of 0.74 per cent and 1.68 per cent, respectively. While the Dow and Jones ended range bound. 

On Friday, the Brent crude prices were quoting 0.48 per cent lower at 90.17 per barrel. 

Stocks that may see action today: 

Metropolis Healthcare: Core business revenue grew by 15 per cent YoY in Q4, with B2C revenues up 18 per cent. Achieved debt-free status as of March 31 by repaying debt.

Wipro: Appointed Malay Joshi as CEO for Americas 1 Strategic Market Unit.

TCS: The company will release its fourth quarter results for FY2024. 

Bharti Hexacom: Shares to debut on stock exchanges Friday at Rs 570 each from the Rs 4,275-crore IPO, oversubscribed 29.88 times on the final day.

Telecom service provider Bharti Hexacom Ltd. is set to start trading in Mumbai after an initial public offering that raised 4,275 crore rupees ($514 million) to become India’s largest in about a year. Read more

Exchange-traded currency derivatives thrived in India for over a decade, fueled by retail investors and proprietary traders. Then the central bank broke up the party.

TCS: The IT major is expected to report the strongest quarterly performance among its peers. Analysts expect reversal of furloughs and incremental contribution from the BSNL and other deals to fuel the revenues. 

 

Bharti Hexacom: To debut on the bourses today. The Grey Market Premium indicates a listing gain of up to 15 per cent for the stock.

Mining and natural resources major Vedanta Limited (VEDL) has seen a surge in share price after a recent upgrade by CLSA. Indeed, the stock is up more than 30 per cent in the last month. The company has been hard to evaluate for a while because it is due for a complicated corporate restructuring into six separate companies and also the commodity cycle for industrial metals has been in a bearish trend. Read more

The US seemed headed for an economic fairy-tale ending in late 2023. The painfully rapid inflation that had kicked off in 2021 appeared to be cooling in earnest, and economic growth had begun to gradually moderate after a series of Federal Reserve interest rate increases.