Indian Stock Market: 7 Important Things That Changed the Market Overnight – Gift Nifty, Meta Stocks Drop to Treasury Yields

Indian Stock Market: Indian stock market indices, Sensex and Nifty 50, are expected to open lower on Thursday following weakness in global peers.

Asian markets fell and U.S. stocks ended the night mixed, dragged by tech stocks as investors reacted to Metaplatform’s results and rising U.S. Treasury yields.

Indian stock market indexes closed higher for the fourth consecutive session on Wednesday, led by gains in some heavyweight stocks amid positive global signs.

The Sensex rose 114.49 points (0.16%) to close at 73,852.94 and the Nifty 50 rose 34.40 points (0.15%) to close at 22,402.40.

“We expect this bullish momentum to continue in the market. Moreover, the sharp decline in India’s VIX amid the start of the election signals less market volatility in the short term. The momentum will continue,” said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.

Also read: Buy or sell: Vaishali Parekh recommends 3 stocks to buy today — April 25

Here are the key clues for Sensex domestic and global markets today.

asian market

Asian markets fell on Thursday, tracking overnight movements on Wall Street ahead of the release of key economic data. Amid a weak yen, the Bank of Japan’s monetary policy meeting begins today.

Japan’s Nikkei Stock Average fell 1.2% and TOPIX fell 0.65%. South Korea’s Kospi fell 1% and the Kosdaq fell slightly. Hong Kong’s Hang Seng Index futures showed a weak start.

Give a thoughtful gift today

Gift Nifty is trading around 22,365 levels, at a discount of nearly 50 points from the previous closing price of Nifty futures, indicating a negative start for the Indian stock market index.

Also read: Market fear indicator VIX suffers steepest decline in five years before Nifty lot size change

wall street

U.S. stock markets ended in mixed trading on Wednesday, weighed down by a rise in U.S. Treasury yields as corporate earnings reports continued.

The Dow Jones Industrial Average fell 42.77 points, or 0.11%, to $38,460.92. The S&P 500 rose 1.08 points, or 0.02%, to 5,071.63, and the Nasdaq Composite Index rose 16.11 points, or 0.10%, to close at 15,712.75.

Among stocks, shares of Metaplatforms fell 11% in after-hours trading following reports that capital spending could reach up to $40 billion in 2024. Tesla shares rose 12% on plans to expand production and roll out more affordable models.

In extended trading, Alphabet shares fell 3% and Microsoft shares fell 2%. Nvidia stock fell 1.4%, and Amazon stock fell 2.6%.

Boeing shares fell 2.8% after the company reported its first quarterly revenue decline in seven quarters, even though the results beat analysts’ expectations. Enphase Energy stock fell 5.5%, Texas Instruments stock rose 5.6%, while Biogen stock rose 4.5% after the medical device maker raised its full-year profit forecast, Boston Scientific The stock rose 5.7%.

meta share sink

Shares of Metaplatforms fell about 15% in after-hours trading after the company forecast higher expenses and lower-than-expected revenue. Meta’s market capitalization fell by $200 billion to about $1 trillion.

Meta, the parent company of Facebook and Instagram, expects sales in the April-June period to range from $36.5 billion to $39 billion, with a median of $37.8 billion, according to LSEG data, compared with analysts’ forecasts. It was $38.3 billion, Reuters reported.

The company raised its total spending forecast for 2024 to $96 billion to $99 billion from $94 billion to $99 billion. It also expects capital spending to be in the range of $30 billion to $40 billion in 2024, up from its previous forecast of $35 billion to $37 billion.

Read here: Meta Q1 results: Facebook parent more than doubles profit to $12.37 billion, revenue up 27% to $36.46 billion

US government bond yield

The U.S. bond market remains under pressure after a $70 billion five-year bond auction “slightly stalled,” with the winning bid at 4.659%, slightly above the pre-bid yield of 4.655%. The two-year bond yield rose 6 basis points to 4.66%, having topped 4.95% during the session.

RBI action against Kotak Mahindra Bank

The Reserve Bank of India (RBI) has directed Kotak Mahindra Bank to immediately stop registering new customers and issuing new credit cards through online and mobile banking channels. The central bank banned new issuance by private financial institutions in 2022 and 2023, citing deficiencies in the bank’s IT systems.

Read here: RBI has prohibited Kotak Mahindra Bank from adding new customers. Is the money I keep in the bank safe?

4th quarter results

Axis Bank Q4 Results: Axis Bank reported net profit INRThis compared to a loss of 713 billion yen in the March quarter. INRIn the same period last year, it was $5,728.4 million. The lender’s net interest income (NII) increased by 11.5% year-on-year; INRNet interest margin (NIM) contracted to 4.06% from 4.22% YoY, but rose from 4.01% QoQ. The quality of banks’ assets has improved.

HUL Q4 Results: FMCG major Hindustan Unilever (HUL) has posted a standalone net profit. INRFourth quarter of FY2024 was 240.6 billion yen, down 6% from the previous year INRIn the same period last year, it was $2.552 billion.Operating revenue is INR1,463.8 billion to 1,469.3 billion compared to the previous year. EBITDA decreased by 1%; INREBITDA margin contracted by 20 bps to 23.1%. Major FMCG companies are INR24 pieces per share

LTIMindtree Q4 Results: LTIMindtree Q4 net income decreased by 5.9%. INRFrom 1.17 billion yen INRSales for the third quarter were 1,169.3 million yen, a decrease of 1.4%. INRFrom 889.3 billion INR9,016.6 million, compared to the previous quarter. Operating profit or EBITDA for Q4 FY24 decreased 5.6% QoQ; INREBITDA margin contracted by 70 bps to 14.7%.

(Information provided by Reuters)

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