Sensex Today Trades Lower; Nifty Below 22,700
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Asian markets traded mixed on Friday tracking overnight movement on Wall Street and as investors await China trade data.
Japan's Nikkei 225 and the Topix gained 0.5%
US stocks ended higher on Thursday, rebounding from sharp losses in the previous session, led by a rally in tech-related stocks.
Here's a table showing how US stocks performed on Thursday:
| Stock/Index | LTP | Change ($) | Change (%) | Day High | Day Low | 52-Week High | 52-Week Low |
|---|---|---|---|---|---|---|---|
| Alphabet | 160.79 | 3.13 | 1.99% | 161.12 | 157.93 | 161.12 | 103.27 |
| Apple | 175.04 | 7.26 | 4.33% | 175.46 | 168.16 | 199.62 | 159.78 |
| Meta | 523.16 | 3.33 | 0.64% | 523.86 | 517.29 | 531.49 | 207.13 |
| Tesla | 174.6 | 2.84 | 1.65% | 175.88 | 168.51 | 299.29 | 152.37 |
| Netflix | 628.78 | 10.2 | 1.65% | 631.66 | 617.24 | 639 | 315.62 |
| Amazon | 189.05 | 3.1 | 1.67% | 189.77 | 185.51 | 189.77 | 97.71 |
| Microsoft | 427.93 | 4.67 | 1.10% | 429.37 | 422.36 | 430.82 | 275.37 |
| Dow Jones | 38459.08 | -2.43 | -0.01% | 38598.98 | 38197.28 | 39889.05 | 32327.2 |
| Nasdaq | 18307.98 | 296.33 | 1.65% | 18337.15 | 17998.25 | 18464.7 | 12724.24 |
Source: Equitymaster
At present, the BSE Sensex is trading 129 points lower and NSE Nifty is trading 39 points lower.
NTPC, Tata Motors, and L&T are among the top gainers today.
Sun Pharma, Grasim Industries, and Maruti Suzuki the other hand are among the top losers today.
Broader markets are trading on a positive note. The BSE Midcap index is trading 0.2% higher and the BSE Small Cap index is trading 0.3% higher.
Sectoral indices are trading mixed, with stocks in the power sector and capital goods sector witnessing buying. Meanwhile, stocks in the banking sector and financial sector witnessed selling pressure.
The rupee is trading at Rs 83.4 against the US dollar.
In commodity markets, gold prices are trading 1.1% higher at Rs 72,431 per 10 grams today.
Meanwhile, silver prices are trading 1.3% lower at Rs 83,900 per 1 kg.
TCS Q4 Result
Tata Consultancy Services Ltd (TCS) will report its March quarter results today, 12 April 2024, after market trading hours.
Along with the quarter results, the TCS board will also consider a final dividend proposal, which will be up for shareholder approval at the ensuing 29th Annual General Meeting (AGM).
To recall, TCS paid a special dividend of Rs 18 per share and an interim dividend of Rs 9 per share after its third-quarter results. The IT major has announced Rs 45 per share in total dividend in FY24 so far.
Following the results, TCS will address the media in a press conference at 5:30 pm IST. It would also host an earnings conference call at 7 pm IST, during which its leadership team will discuss the financial performance and take questions.
L&T Divest's Stake in L&T Infrastructure
Larsen & Toubro (L&T) has announced the completion of the divestment of L&T Infrastructure Development Projects, a joint venture between Larsen & Toubro and Canada Pension Plan Investment Board (CPP Investments) holding 51% and 49% shares respectively.
LTIDPL has been a pioneer in PublicPrivate-Partnership (PPP) model of Infrastructure development in India. Both L&T (51%) and CPP Investments (49%) stakes have been acquired by Epic Concesiones, an investee company of Edelweiss Infrastructure Yield Plus Strategy, managed by Edelweiss Alternative Asset Advisors (EAAA).
This deal is in line with L&T's strategy to exit non-core businesses to reduce its exposure to the asset-heavy developmental projects portfolio thereby enhancing its Return on Equity.
L&T, over the years, forayed into multiple business verticals, including infrastructure, power, hydrocarbon, metal and minerals, defense, aerospace, information technology (IT), products, systems and equipment, finance, and real estate.
L&T gained 69% in 2023.
Going forward, L&T plans to expand its focus on green hydrogen projects in global markets, aiming to strengthen its presence in the sustainable energy sector.
This makes L&T among the Best Green Hydrogen Stocks in India (2024) for Long-Term Investment.
Bank of Baroda Hikes lending rates
Public sector lender Bank of Baroda (BoB) hiked its marginal cost of funds linked lending rates by 0.05% across tenures. The bank, in an exchange notification, stated that it has hiked the lending rates up to 8.8%.
Overnight lending rates have been hiked to 8.1 from 8.05%. Three-month, six-month, and one-year tenor lending rates have been hiked by 0.05% each.
Rates for three-month tenors have been hiked to 8.5%, 8.6% for six-month tenors, and 8.9% for one-year tenors.
The new rates will be effective from 12 April 2024, the company stated. A company spokesperson said that the last revision of the MCLR rates was in January 2024.
Earlier, HDFC Bank, India's largest private sector lender, increased its repo-linked home loan interest rates by 0.1% to 0.15%.
According to information on the bank's website, the change in the rate is due to the merger of HDFC Bank and HDFC on 1 July 2023, and it will no longer be linked to the retail prime lending rate (RPLR).
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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity ...
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