Benchmarks in Japan declined after data showed the country's inflation rose less than expected, which weighed on investors' expectation of a rate hike in near term.
Japan's CPI came at 2.7% on year in March, just below 2.8% forecasted by economists in a Bloomberg's survey. Traders expect the Bank of Japan to hold rate steady in the upcoming week, and hike in October, Bloomberg reported.
The Nikkei 225 was trading 744.80 points or 1.96% lower at 37,334.90 as of 06:34 a.m.
Markets in Australia, South Korea were trading in loss, tracking overnight decline on Wall Street after Treasury yields rose.
The KOSPI was trading 40.36 points or 1.53% lower at 2,594.34, and the S&P ASX 200 was 76.60 points or 1.00% down at 7,565.50 as of 06:36 a.m.
US Treasury yields edged higher after solid economic data spurred bets the Federal Reserve will be in no rush to cut interest rates, reported Bloomberg.
The S&P 500 index and Nasdaq Composite declined by 0.22% and 0.52%, respectively, as of Thursday. The Dow Jones Industrial Average rose by 0.06%.
Brent crude was trading 0.20% lower at $86.91 a barrel. Gold was up by 0.02% to $2,379.57 an ounce.
The GIFT Nifty was trading 76.5 points lower or 0.35% down 21,948.50 as of 06:36 a.m.
India's benchmark stock indices erased intraday gains to extend their losing streak to the fourth session on Thursday as Axis Bank Ltd., ICICI Bank Ltd. and HDFC Bank Ltd. dragged.
The benchmarks have now recorded the longest losing streak since Oct. 26. The NSE Nifty 50 closed 152.05 points, or 0.69%, lower at 21,995.85 and the S&P BSE Sensex ended 454.69 points, or 0.62%, lower at 72,488.99.
Overseas investors remained net sellers of Indian equities on Thursday for the fourth consecutive session. Foreign portfolio investors offloaded stocks worth Rs 4,260.3 crore and domestic institutional investors remained net buyers for the seventh day in a row and mopped up equities worth Rs 2,285.5 crore, the NSE data showed.
The Indian rupee closed at a new low of Rs 83.543 against the greenback.
Earnings Post Market Hours
Infosys Q4 Earnings (Consolidated, QoQ)
Revenue down 2.3% at Rs 37,923 crore vs Rs 38,821 crore.
EBIT down 4.3% at Rs 7,621 crore vs Rs 7,961 crore.
Margin at 20.1% vs 20.5%.
Net profit up 30.45% at Rs 7,975 crore vs Rs 6,113 crore. Note: Net profit was above estimates due to the Rs 1,934 crore interest on the income tax refund.
To pay a final dividend of Rs 20 per share and a special dividend of Rs 8 per share.
Bajaj Auto Q4 Earnings (Consolidated, YoY)
Revenue up 29% at Rs 11,485 crore vs Rs 8,905 crore (Bloomberg estimate: Rs 11,114 crore).
Ebitda up 34.3% at Rs 2,306 crore vs Rs 1,717 crore (Bloomberg estimate: Rs 2,187 crore).
Margin at 20.1% vs 19.3% (Bloomberg estimate at 19.7%).
Net profit up 35% at Rs 1,936 crore vs Rs 1,433 crore (Bloomberg estimate: Rs 1,844 crore).
Recommended a dividend of Rs 80 per share.
ICICI Securities Q4 Earnings (Consolidated, YoY)
Net profit at Rs 537 crore vs Rs 263 crore (Bloomberg estimate at Rs 478 crore).
Total income up 75% at Rs 1,544 crore vs Rs 885 crore.
Board approved the re-appointment of Vijay Chandok as MD and CEO, effective May 7.
Board approves appointment of T. K. Srirang as the joint MD effective May 1 for five years.
Earnings in Focus
Wipro, Hindustan Zinc, Jio Finance, HDFC AMC, Elecon Engineering.
Stocks to Watch
Nestle: The company clarified media reports and reaffirmed its commitment to high standards of nutrition, quality, and safety. It also mentioned that the media reports had no material impact on its operations or performance.
Gokaldas Exports: The Bengaluru-based apparel maker has launched a qualified institutional placement to raise Rs 600 crore. The issue price has been set at Rs 775 apiece, representing a discount of 4.05% to the last closing price. The floor price is Rs 789.99.
ITC: The company’s arm has acquired a 100% stake in Blazeclan Tech for Rs 485 crore.
Infosys: The company's arm will acquire a 100% stake in In-Tech Holding GmbH, engaged in engineering R&D services.
GMR Airports Infrastructure: The company's Delhi, Hyderabad, and Mopa airports reported increased passenger traffic and handled the highest-ever cargo volumes in FY 24.
BSE: The company clarified that the CEO doesn't endorse any investment advisory communication based on a fake video of MD and CEO Sundararaman Ramamurthy being circulated on social media.
Rail Vikas Nigam: The company signed a MoU with Turkish engineering consulting and contracting firm TUMAS India for collaboration in public transportation and infrastructure projects in India.
Torrent Power: The company acquired SPV MSKVY Ninth Solar as part of the 306 MW Nasik project for Rs 50 lakh.
Container Corporation of India: The company signed a MoU with PSA Mesa Supply Chain to collaborate in offering seamless and cost-effective end-to-end logistics services to customers.
Hindustan Construction Company: Rahul Rao has resigned from the position of Chief Financial Officer and Key Managerial Personnel of the company effective April 18 and appointed Girish Gangal for the same.
Oriental Hotels: The company appointed Paras Puri as CFO effective April 19. Nitin Bengani will step down as CFO due to internal transfers.
Goa Carbon: The operations at the company's Bilaspur Unit have been temporarily shut down for maintenance work starting today.
SJVN: The company’s unit incorporated a JV with an Assam power distribution company named “SGEL Assam Renewable Energy Limited” to carry out business in the field of power generation from all renewable energy sources, including hydropower, by setting up power plants.
Hinduja Global Solutions: The company’s unit entered into an agreement to acquire 51% of Seven Star Balaji Broadband for Rs 18.36 crore. The acquisition will open growth opportunities in internet services, especially in Mumbai.
Mahindra Lifespace Developers: The company sold homes worth Rs 350 crore at the Bengaluru project in 2 days.
Federal Bank: The company received an RBI nod to open a representative office in Saudi Arabia.
Vesuvius India: The company inaugurated a new Mould Flux plant in Visakhapatnam to increase investment outlay to up to Rs 1,000 crore to strengthen manufacturing capabilities in India.
Landmark Cars: The company’s Q4 pro forma revenue was up 8.2% at Rs 1,311 crore and partnered with three new OEMs and entered new geographies in FY24.
FPO
Vodafone Idea: The Fund offer was subscribed to 0.26 times on day 1. The bids were led by institutional investors (0.61 times), non-institutional investors (0.28 times), and retail investors (0.06 times).
Bulk Deal
GMR Power and Urban Infra: Saraswati Commercial (India) bought 40 lakh shares (0.66%) at Rs 54.96 apiece. Varanium India Opportunity sold 34.5 lakh shares (0.57%) at Rs 54.97 apiece.
Trading Tweaks
Moved out of short-term ASM framework: Coffee Day Enterprises, Indostar Capital Finance, Paramount Communications, Ujjivan Small Finance Bank.
Price Band change from 10% to 5%: Dolphin Offshore Enterprises (India).
Price Band change from 20% to 10%: Ramco Systems
Ex/record AGM: Schaeffler India.
Ex/record dividend: Schaeffler India.
F&O Cues
Nifty April futures down by 0.54% to 22,055.2 at a premium of 99.35 points.
Nifty April futures open interest up by 4.13%.
Nifty Bank April futures down by 1.01% to 47,175.05 at a premium of 105.6 points.
Nifty Bank April futures open interest up by 2.83%.
Nifty Options April 25 Expiry: Maximum Call open interest at 23,000 and Maximum Put open interest at 22,000.
Bank Nifty Options April 24 Expiry: Maximum Call Open Interest at 49,000 and Maximum Put open interest at 45,000.
Securities in ban period: Balrampur Chini Mills, Bandhan Bank, Exide Industries, GNFC, Hindustan Copper, Idea, Metropolis, National Aluminium, Piramal Enterprises, SAIL, and Zee Entertainment Enterprise.
Money Market Update
The India rupee closed at a new low of Rs 83.543 against the greenback.
Research Reports
Ambuja Cement - Buckling Up For Ambitious Growth: ICICI Securities
Oil Marketing Companies - Earnings Volatility A Risk; But Attractively Placed: Motilal Oswal
Ashok Leyland - Demand Consolidation Phase Currently Prior To Downcycle: ICICI Securities
FMCG, Alco Bev, QSR Q4 Results Preview - Challenging Demand Environment: HDFC Securities
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