Market Today
The benchmark Sensex and Nifty indices are likely to open flat on April 18 as trends in the GIFT Nifty indicate a muted start for the broader index with a loss of 3 points.
The Sensex and the Nifty closed lower for a third straight session on April 16, tracking weakness in global markets amid a worsening situation in West Asia. Rising US treasury bond yields, which shot to a five-month high, also weighed on investors’ risk appetite.
At close, the Sensex was down 456.10 points or 0.62 percent at 72,943.68, while the Nifty 50 fell 124.60 points or 0.56 percent at 22,147.90.
The pivot point calculator indicates that the Nifty 50 may take immediate support at the 22,096 level, and then at 22,064 and 22,013 levels. On the higher side, the index may face resistance at the 22,160 level followed by the 22,230 and 22,281 levels.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms, which could impact Indian as well as international markets.
GIFT Nifty
Trends in the GIFT Nifty indicate a flat start for the broader index in India, with a loss of 3 points . The Nifty futures were trading around the 22,150.50 level.
Trade setup for today: Top 15 things to know before the opening bell
US Markets
US stocks closed lower on Wednesday as crude prices tumbled and investors weighed cautious US Federal Reserve commentary and ongoing geopolitical strife against mixed quarterly earnings.
The Dow Jones Industrial Average fell 45.66 points, or 0.12 percent, to 37,753.31, the S&P 500 lost 29.2 points, or 0.58 percent, to 5,022.21 and the Nasdaq Composite dropped 181.88 points, or 1.15 percent, to 15,683.37.
Asian Markets
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.
Infosys to announce Q4 earnings today
Infosys Ltd.’s Q4 earnings will likely be marred by continued weak discretionary spending in the US, with revenue falling and net profit little changed quarter-on-quarter. The Street expects the operating margin to expand moderately as cost optimisation continues under Project Maximus.
India’s second-largest information technology company is set to declare its January-March earnings on April 18.
Bajaj Auto to declare its Q4 earnings
Two-wheeler major Bajaj Auto is likely to report strong Q4 financial results, driven by a surge in volume sales, coupled with a higher average selling price, as a robust economy and easy financing pushed demand for scooters and motorcycles.
India’s third largest two-wheeler maker is expected to see its fiscal fourth quarter net profit rise to Rs 1,816 crore, up 25 percent from a year ago, according to the median estimate of eight brokerages polled by Moneycontrol. Revenue from operations, too, is seen rising 25 percent on-year to Rs 11,096 crore during the January-March quarter.
IMF raises India’s FY25 GDP growth forecast by 30 bps to 6.8%
The International Monetary Fund on April 16 raised India’s FY25 GDP growth forecast by 30 bps to 6.8 percent from its January forecast of 6.5 percent, citing bullish domestic demand conditions and a rising working-age population.
With this, India continues to be the fastest growing economy of the world, ahead of China’s growth projection of 4.6 percent during the same period.
IMF sees India’s FY26 GDP growth at 6.5 percent. The global financial agency sees India’s retail inflation at 4.6 percent in FY25 and 4.2 percent in FY26.
Paytm denies government deferred approval of investment in payment services arm
Paytm Payment Services has clarified over speculation around deferral of its license application and potential penalties, and said in a blog post on April 16 that the company has not received any communication in this regard.
A Paytm spokesperson said, “The ongoing application process has seen us promptly provide the requested information, with no indication of rejection or penalties involved. Aligning with the government’s vision, supporting Paytm as a homegrown entity is pivotal for empowering Indian companies to compete globally and drive technological advancements. Their backing ensures seamless payment services for SMEs, preserving trust and fostering digital growth for businesses and consumers.”
RBI seeks comments on draft rules to regulate payment aggregators
The Reserve Bank of India (RBI) on April 16 sought public comments on draft directions on regulation of payment aggregators with respect to physical point of sale and amendments to certain existing directions.
RBI in its “Statement on Developmental and Regulatory Policies” on September 30, 2022 had announced regulation of offline payment aggregators, who handle proximity and face-to-face payments.
Additionally, given the growth in digital transactions and the significant role that payment aggregators play in this space, the current directions are proposed to be updated, the RBI said.
NSE to stop issuing new futures and options contract for Zee Entertainment
The National Stock Exchange (NSE) said it will stop issuing new futures and options contract for Zee Entertainment following the expiry of existing contract.
In a circular on April 16, NSE said contracts for new expiry months for Zee Entertainment will not be issued on expiry of existing contract months.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 4,468.09 crore, while domestic institutional investors (DIIs) purchased Rs 2,040.38 crore worth of stocks on April 16, provisional data from the NSE showed.
Stock under F&O ban on NSE
The NSE has added Vodafone Idea to the F&O ban list for April 18, while retaining Balrampur Chini Mills, Bandhan Bank, GNFC, Hindustan Copper, Metropolis Healthcare, National Aluminium Company, Piramal Enterprises, SAIL, and Zee Entertainment Enterprises to the said list. India Cements, and Exide Industries were removed from the said list.
With inputs from Reuters and other agencies
