Broader mkt outperforms; IT shares in demand

The key equity indices traded with tiny gains in mid-morning trade. The Nifty hovered above the 22,450 mark after hitting the day�s low of 22,346.50 in early trade. IT shares advanced after declining in the past trading session.

At 11:29 IST, the barometer index, the S&P BSE Sensex, was up 45.06 points or 0.06% to 73,948.97. The Nifty 50 index added 5.40 points or 0.02% to 22,458.70.

The broader market outperformed the key indices. The S&P BSE Mid-Cap index rose 0.37% and the S&P BSE Small-Cap index gained 1.05%.

The market breadth was strong. On the BSE, 2,624 shares rose and 1,006 shares fell. A total of 132 shares were unchanged.

The three-day meeting of the Monetary Policy Committee of the Reserve Bank of India (RBI) begins today. RBI Governor Shaktikanta Das will unveil the decision of the first monetary policy meeting of the financial year 2024-25 on Friday, 5 April 2024.

Economy:

The World Bank on April 2 raised its GDP growth projection for India by 20 basis points to 6.6% in FY25. The global agency`s projection for FY25 is significantly moderate compared to the estimate of a real GDP growth of 7.5% in the current financial year. However, it expects growth to pick up in subsequent years as a decade of robust public investment starts yielding dividends.

IPO Update:

The initial public offer (IPO) of Bharti Hexacom received 18,53,150 bids for shares as against 4,12,50,000 shares on offer, according to stock exchange data at 1.21 IST on Wednesday (3 April 2024). The issue was subscribed 0.04 times.

The issue opened for bidding on Wednesday (3 April 2024) and it will close on Friday (5 April 2024). The price band of the IPO is fixed at Rs 542 to 570 per share. An investor can bid for a minimum of 26 equity shares and in multiples thereof.

Buzzing Index:

The Nifty IT index gained 1.40% to 35,281. The index declined 0.71% in the past trading session.

L&T Technology Services (up 3%), Tech Mahindra (up 1.65%), Tata Consultancy Services (up 1.65%), HCL Technologies (up 1.13%), Coforge (up 1.06%), Mphasis (up 0.92%), Wipro (up 0.69%), Infosys (up 0.5%), LTIMindtree (up 0.06%) edged higher.

Stocks in Spotlight:

JSW Energy rose 1.30% after the company�s board approved to raise Rs 5,000 crore through qualified institutional placement (QIP) of equity shares with floor price of Rs 510.09 per share.

Sona BLW Precision Forgings added 0.29%. The company has received certification for its second hub wheel motor for electric two-wheelers under the Production-Linked Incentive (PLI) Scheme for Automobile and Auto Component Industry in India (PLI-Auto) from the Ministry of Heavy Industries on 2nd April 2024 for availing the benefits/incentive under PLI Scheme.

Global Markets:

Asian stocks declined on Wednesday as U.S. yields held near four-month highs, while a powerful earthquake in the region raised concerns about possible disruptions to the vital chip-making industry. A powerful earthquake with a magnitude of 7.2 rocked Taipei, the capital, sparking a tsunami warning for the islands of southern Japan and the Philippines.

China�s service sector activity expanded at its fastest pace since December, according to surveys from Caixin. The services purchasing managers index in China rose to 52.7 in March, up from 52.5 in February.

US stocks fell on Tuesday as investors weighed chances that the Federal Reserve could delay cutting interest rates. Tesla�s first-quarter vehicle deliveries dropped 8.5% from a year ago, sending shares of the U.S. EV.

Powered by Capital Market - Live News