Stock Market LIVE Updates: GIFT Nifty indicates a flat start; US, Asian markets down

Oil prices rose in early trade on Thursday, slightly paring the previous session’s losses after the United States said it would reinstate oil sanctions Venezuela, while the European Union talked of fresh curbs on Iran.

Brent futures were up 10 cents, or 0.11%, at $87.39 a barrel, while U.S. crude futures traded 2 cents higher at $82.71 a barrel at 0053 GMT. The two benchmarks slid 3% in the previous session on demand worries.

The dollar was soft on Thursday as traders assessed the U.S. interest rates outlook in the wake of comments from Federal Reserve officials that cemented expectation of monetary settings remaining restrictive for a while longer.

The dollar has been rising in recent weeks as a slew of strong U.S. economic data and persistent inflation dashed expectation of rate cuts in the near term. Simmering tension in the Middle East also added to the dollar’s safe-asset appeal.

The dollar index, which measures the U.S. currency against six peers, was last at 105.97, inching away from the five-and-a-half-month high of 106.51 hit on Tuesday as traders consolidated positions. The index is up 4.5% this year.

Infosys, Bajaj Auto, HDFC Life Insurance Company, ICICI Securities, Mastek, Network18 Media & Investments, TV18 Broadcast, Eimco Elecon (India), Gujarat Hotels, Accelya Solutions India, Oriental Hotels, Reliance Industrial Infrastructure, Surana Solar, and Swaraj Engines will be in focus ahead of quarterly earnings on April 18.

Jubilant Pharmova’s subsidiary Jubilant Cadista Pharmaceuticals Inc., USA has decided to close the manufacturing operations of its solid dosage formulation facility at Salisbury, Maryland, USA.

The expected date of cessation of manufacturing operation and first separations at the said facility will be on June 17, 2024.

Jubilant Cadista will continue the sales and marketing operations for US market.

The said facility manufactures tablets and capsules for the US market and has the capacity to serve 1.5 billion doses.

Rekha Jhunjhunwala, the widow of legendary investor Rakesh Jhunjhunwala and the inheritor of his portfolio, brought about significant changes to her investments during the quarter ended in March.

As of the December 2023 quarter, Rekha Jhunjhunwala was holding shares in 26 firms, valued at $4.9 billion, according to Bloomberg. Out of this, so far 13 companies in which she holds stakes disclosed their shareholding patterns for the March quarter. Five of them — Crisil, Tata Communications, Fortis Healthcare, Raghav Productivity Enhancers, NCC, and Canara Bank — recorded a reduction in Jhunjhunwala’s stake, while there was no change in six companies.

One new stock, KM Sugar Mills Ltd, entered her portfolio during the quarter in which she added around 5 lakh shares or 0.54 percent stake in the firm. Read More

The share allotment committee of Max Life have approved the allotment of 14,25,79,161 fully paid-up equity shares to Axis Bank on a preferential basis on April 17, 2024, for an aggregate investment up to Rs 1611,99,99,943.

With the above allotment to Axis Bank by Max Life, the shareholding of Max Financial in Max Life stands reduced to 80.98% of the total paid-up capital of Max Life.

-Company has underperformed ICICI Pru Life/Max Fin/SBI Life/Nifty 50 By 22%/45%/13%/10% in 1 year

-Expect company’s efforts to strengthen its agency base in FY24

-Any likely revival in growth at HDFC Bank will aid further

The National Stock Exchange on April 16 has decided to remove Zee Entertainment Enterprises from the Futures & Options segment, with effect from June 28. The existing unexpired contracts of expiry months April, May and June 2024 would continue to be available for trading till their respective expiry and new strikes would also be introduced in the existing contract months, but no contracts will be available for trading in the stock with effect from June 28.

Meanwhile, ZEEL has decided to withdraw the merger implementation application filed before the National Company Law Tribunal (NCLT), Mumbai bench against Sony. The decision was taken by the Board after seeking appropriate legal advice.

Asian markets were trading mixed in early trade on Thursday, following Wall Street’s overnight losses which saw the S&P 500 and the Nasdaq Composite fall for a fourth straight day.