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

Indian rupee opened marginally higher at 83.37 per dollar versus Thursday’s close of 83.40.

Benchmark indices are trading mixed in the pre-opening session.

The Sensex was up 193.64 points or 0.26 percent at 74,208.19, and the Nifty was down 7.30 points or 0.03 percent at 22,454.70.

Mahindra Aerostructures on Monday announced it has signed a multi-year contract worth around USD 100 million with Airbus Atlantic for the manufacturing and delivery of metallic components for the entire Airbus commercial aircraft family, including the A320 family planes.

Under the contract, the company will supply close to 2,300 varieties of metallic components to Airbus Atlantic in France from its manufacturing base in India, Mahindra Aerostructures Pvt Ltd (MASPL) said in a statement. Under the contract, the company will supply close to 2,300 varieties of metallic components to Airbus Atlantic in France from its manufacturing base in India, Mahindra Aerostructures Pvt Ltd (MASPL) said in a statement. Read More

With a continued double-digit growth, the CGST collections have exceeded the FY2024 RE, even as there is a modest shortfall in the GST compensation cess inflows, which are now being used to repay the loans undertaken during the covid period

With the CGST collections surpassing the FY2024 RE, the implicit growth needed to meet the Interim Budget Estimate for FY2025 has come down to single-digits, which appears likely to be exceeded.

Oil prices gained in early Asian trading on Tuesday, underpinned by signs of improved demand and escalating Middle East tensions that had sparked a rally in U.S. futures to a five-month high in the previous session.

Brent futures for June delivery rose 37 cents to $87.79 a barrel by 0046 GMT. The May contract for U.S. West Texas Intermediate (WTI) crude futures rose 32 cents to $84.03 a barrel.

Software services major Infosys said on April 1 that it has received a tax demand of Rs 341 crore from the Income Tax department for the assessment year 2020-21.

“The company is in the process of evaluating the implications of this order on the financial statements for the quarter and year ending March 31, 2024, and also evaluating filing appeal against this order,” Infosys said in an exchange filing.

Additionally, a subsidiary of the IT firm has received an order for refund of Rs 15 crore from the tax authorities for the assessment year 2014-15. The company is evaluation the implications of the order on the financial statements for the quarter and year ending March 31, it said.

The orders are according to various sections of the Income Tax Act, 1961. Read More

The U.S. dollar hovered near a 4-1/2-month high against major peers on Tuesday as traders rushed to push back bets for the Federal Reserve’s first interest rate cut this year.

The dollar held close to a six-week peak versus the euro and sterling reached on Monday, after U.S. data unexpectedly showed the first expansion in manufacturing since September 2022.

The dollar index, which measures the currency against the yen, euro, sterling and three other peers, edged 0.02% higher to 105.02, following a 0.51% rally to as high as 105.07 on Monday.

The euro slipped 0.08% to $1.0733, sticking close to the overnight low of 1.0731. Sterling was 0.04% lower at $1.25455 after sliding to $1.2540 in the prior session.

The Japanese yen firmed slightly on Tuesday to 151.565 per dollar, after dipping to 151.77 the previous day.

Maharashtra-based supermarket chain Patel Retail has filed preliminary papers with the capital markets regulator SEBI for fundraising through a maiden public issue.

The IPO is a mix of a fresh issue of 90.18 lakh equity shares by the company and an offer-for-sale (OFS) of 10.02 lakh shares by promoters Dhanji Raghavji Patel and Bechar Raghavji Patel.

Dhanji Patel will offload 7.68 lakh equity shares and Bechar Patel 2.34 lakh shares via OFS. The issue includes a reservation of up to 51,000 equity shares for company employees.

Prior to filing the red herring prospectus with the RoC, Patel Retail said it may consider fundraising through a private placement, preferential allotment, or rights issue of up to 5 lakh equity shares. Read More

Gold prices hit fresh all-time peaks on Monday with stocks on Wall Street closing mixed as optimism that the Federal Reserve was near to cutting interest rates faded due to a strong U.S. economy that rebuts the need for cuts anytime soon.

Gold pared gains as the dollar and bond yields rose. Gold prices tend to move inversely with interest rates because as rates rise, gold becomes relatively less attractive.

Spot gold hit an all-time high of $2,265.49 an ounce earlier in the session. U.S. gold futures settled 0.9% higher at $2,236.50 an ounce.