Stock Market LIVE Updates: GIFT Nifty indicates a strong start; US markets mixed, Asia gains

-Q4 earnings were mixed with in-line revenues;margin beat but soft guide

-New CEO underscored five focus areas

-Focus will be on execution over strategic overhaul

-Margin performance was solid with 40 bps expansion led by operational efficiencies

-Company targets to maintain margins around 16.5% going ahead

-Gradual course correction underway

-We now build 12-13% loan growth, versus 15% earlier with deposits at 17% CAGR over FY24-26

-Estimate approximately 14-15% RoE over FY25-26

-Loan to deposit ratio came down sharply to 104% versus 110% in Q3FY24

-Deposits outpaced loans significantly in a seasonally strong Q4

-Management called out that bank would prioritise profitability over growth

-Build in a gradual improvement in NIM trajectory

Cut FY25-26F EPS by nearly 3% on softer loan growth

China keeps 1-year loan prime rate unchanged at 3.45 percent and 5-year loan prime rate unchanged at 3.95 percent.

On Friday, markets remained choppy for yet another day but managed to gain over half a percent. Weak global cues triggered a gap-down start, followed by a muted move in the first half. However, gradual recovery in the heavyweights across sectors pared all the losses and also pushed the index in the green. Meanwhile, a mixed trend continued on the sectoral front wherein financials, metal and banking performed well while realty and pharma closed lower. The broader indices also traded mixed wherein midcap lost nearly half a percent.

The rebound has eased some pressure, after four successive days of decline but it is too early to assume that we are out of the woods. A decisive close above 22,300 in Nifty would pave the way for further recovery else profit taking may resume. Traders should maintain hedged positions citing the prevailing swings and wait for clarity.

Asian markets rebounded from Friday’s sell-off as investors look to fresh data points out of China, Japan and South Korea this week.

Trends on GIFT Nifty indicate a positive start for the broader index in India, with a gain of 150 points or 0.68 percent. The Nifty futures were trading around 22,261 level.

The Nasdaq and the S&P 500 closed sharply lower on Friday and Treasury yields dipped as investors juggled lackluster earnings, uncertainties surrounding central bank policy and geopolitical strife.

Gold and crude oil prices advanced as market participants kept an uneasy eye on unfolding turmoil in the Middle East.

The Dow was the lone gainer among the three major U.S. equity indexes, while the Nasdaq, weighed down by megacap tech and tech-related momentum stocks, slid 2.05%.

The session marked six straight daily declines for the S&P 500 and the Nasdaq, the longest losing streak since October 2022.

The S&P 500 and the Dow registered their steepest weekly percentage losses since March 2023, while the Nasdaq saw its largest weekly drop since November 2022.

The Dow Jones Industrial Average rose 211.02 points, or 0.56%, to 37,986.4, the S&P 500 lost 43.89 points, or 0.88%, to 4,967.23 and the Nasdaq Composite dropped 319.49 points, or 2.05%, to 15,282.01.

The benchmark indices bounced back from the morning’s low to breaks a four-day losing streak in yet another volatile session on April 19, helped by gains in banking and metal names.

At close, the Sensex was up 599.34 points, or 0.83 percent, at 73,088.33, and the Nifty was up 151.20 points or 0.69 percent at 22,147.

The market opened lower on reports of Israel’s retaliatory missile strike on Iran and traded lower in the first half but turned around in the afternoon session, erasing the day’s losses to end near the day’s high.

But, for the week, the Sensex and the Nifty50 were fell 1.5 percent each.

Bajaj Finance, M&M, HDFC Bank, Maruti Suzuki and JSW Steel were among the top gainers on the Nifty, while losers were Bajaj Auto, HCL Technologies, Divis Labs, TCS and Nestle India.

On the sectoral front, bank and metal indices were up a percent each, and the FMCG index was up 0.5 percent. Healthcare, IT, power and realty were down 0.3-0.6 percent.

The BSE midcap index was down 0.4 percent and the smallcap index flat.