← Go back Apr 04, 2023
Stock Market Live: Sensex, Nifty Recover Amid Volatility As Metal, Pharma Stocks DeclineIndian equity benchmarks recovered early losses to edge higher in trade through midday on Wednesday. While realty and capital goods led the gains, pharma and metal stocks declined in trade. The headlines indices rose to its highest level since April 17, as Nifty surpassed the 17,800 mark, whereas Sensex was above 60,200 level. Asian markets headed for their lowest close in a month, hit by renewed concerns about a global banking crisis. Contracts for European shares declined.A selloff in Chinese stocks showed signs of easing as focus shifted toward potential fresh policy support from Beijing. The benchmark CSI 300 Index gained 0.2%, while the MSCI gauge of Chinese shares climbed 1.2% after a six-day loss. U.S. stock futures recovered from Tuesday’s losses following better-than-expected earnings from Microsoft Corp. and Alphabet Inc. after markets closed in New York. The S&P 500 had slid 1.6% Tuesday and the Nasdaq 100 ended 1.9% lower.As of 12:43 p.m., the S&P BSE Sensex Index was up 151 points or 0.25% at 60,281.82 while the NSE Nifty 50 Index was higher by 33 points or 0.18% at 17,801.85.!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rIndusInd Bank Ltd., Maruti Suzuki India Ltd., Larsen & Toubro Ltd., Power Grid Corp of India Ltd., and Tata Consultancy Services Ltd. were positively adding to the change.Whereas, Hindalco Industries Ltd., Bajaj Finance Ltd., Kotak Mahindra Bank Ltd., Reliance Industries Ltd., and JSW Steel Ltd. were negatively contributing to the change in the Nifty 50 Index. !function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rAdani Group company stocks traded mixed, with Ambuja Cements Ltd., ACC Ltd., Adani Power Ltd., and Adani Enterprises Ltd. rising, while all the other group stocks declining in trade.!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rThe broader market indices were trading marginally higher; S&P BSE MidCap Index was up by 0.18%, whereas S&P BSE SmallCap Index was higher by 0.36%. Five out of the 20 sectors compiled by BSE declined, while 15 sectors advanced in trade with S&P BSE Realty and S&P BSE Capital Goods gaining the most. The market breadth was skewed in the favour of the buyers. About 1,897 stocks rose 1,437 declined, and 137 remained unchanged on the BSE.Shares of AU Small Finance Bank Fell Despite Strong Q4 ResultsShares of AU Small Finance Bank Ltd. fell during trade on Wednesday, despite reporting a strong performance during the quarter ended March 31, 2023.It reported its highest-ever quarterly profit of Rs 424.63 crore, which was up 23% year-on-year, while net interest income grew 30% year-on-year at Rs 1,213.21 crore.AU Small Finance Bank Q4 FY23 (Consolidated)Net interest income up 30% at Rs 1,213.21 crore (YoY).Net profit up 23% at Rs 424.63 crore (YoY), as against the Bloomberg estimate of Rs 388.06 crore.GNPA at 1.66% vs 1.81% (QoQ) and NNPA at 0.42% vs 0.51% (QoQ).The bank’s board recommended a dividend of Rs 1 per share, subject to shareholders’ approval.The stock fell 3.96% to Rs 634 apiece, compared to a flat Nifty 50, as of 11:06 a.m.Of the 28 analysts tracking the stock, 17 maintain a 'buy,' six suggest a 'hold', while five suggest a 'sell,' according to Bloomberg data.The average 12-month consensus price target implies a potential upside of 11.9%.!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rS&P Upgrades Tata Motors Ratings On Earnings Improvements, Potential Deleveraging And Stable Outlook S&P Global Ratings has upgraded Tata Motors Ltd. and TML Holdings Pte. to 'BB' rating on earnings improvements, potential deleveraging and stable outlook.Tata Motors Ltd.'s cash flow should strengthen over the next 12-18 months on improving operating conditions in India and at its 100% subsidiary, Jaguar Land Rover Automotive Plc, the S&P statement added. Solid earnings and free operating cash flow are expected to support debt reduction. The debt reduction at Tata Motors Ltd. will accelerate if it successfully lists its subsidiary, Tata Technologies Ltd., as planned.S&P Global Ratings has raised the long-term issuer and issued credit ratings on Tata Motors and its core subsidiary, TML Holdings Pte. Ltd., to 'BB' from 'BB-'. "We may lower the ratings if Tata Motors' earnings decline materially and its cash flow drop such that its consolidated funds from operations to debt ratio remains below 20% on a sustained basis.," S&P Global Ratings said. Stock Market Live: Sensex, Nifty Volatile At Open As JSW Steel, HDFC Bank, RIL Drag Shares of Tata Motors Ltd. advanced 0.58% to Rs 476.3 apiece, as of 11:24 a.m., in trade on Wednesday compared to 0.02% advance in the benchmark, NSE Nifty 50 Index.The stock gained as much as 0.83% intraday. The relative strength index was at 68.3. Out of the 36 analysts tracking the company, 29 maintain a 'buy' rating, four recommend a 'hold' and three suggest to 'sell' the stock, as per the Bloomberg data. The average calculated from the 12-month price target given by analysts implies a potential upside of 9.5%.Source: S&P Global Ratings Statement, Bloomberg!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rGujarat Government Directs PSUs To Declare Higher Dividends, Bonus SharesUPL Shares Extend Losses Post Global Agrochemical Major ADAMA's Weak Earnings The shares of UPL Ltd. extended losses for the third straight day as global agrochemical major ADAMA Ltd.'s weak earnings dented sentiments.ADAMA, one of the leading crop protection companies in the world with a market capitalisation of over $19 billion, or Rs 1.55 lakh crore, on Monday, reported a decline in sales and volumes for the first quarter of the calendar year 2023.Sales declined 11% to $1,259 million, or Rs 10,311.46 crore, with a 1% increase in prices and an 8% decrease in volumes, according to the company.While adjusted Ebitda amounted to $165 million, or Rs 1,351.38 crore, compared to $201 million, or Rs 1,646.23 crore, in the first quarter of 2022, the company said.Shares of UPL Ltd. were trading 0.86% lower at Rs 708.8 apiece compared to a flat benchmark Nifty 50 as of 10:13 a.m. The stock has fallen about 2.87% since Monday. Of the 27 analysts tracking the stock, 25 maintain a 'buy,' one recommends a 'hold,' and one suggests a 'sell,' according to Bloomberg.The 12-month consensus price target implies a potential upside of 40.3%.!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rRallis India Shares Fall As Net Loss Widens In Q4Shares of Rallis India Ltd., as of 10:25 a.m., fell 3.11% to Rs 193 apiece in trade on Wednesday, compared to the decline in the benchmark, NSE Nifty 50 Index by 0.03%. The company reported a net loss for the fourth quarter of Rs 69.13 crore as compared to a loss of Rs 14.19 crore in the same quarter last fiscal. Rallis India recorded revenues of Rs 523 crore for the quarter ending March 31, 2023 with a 3% increase (Rs 508 crore) from the same quarter last year. It's revenue for FY23 stood at Rs 2,967 crore with an increase of 14% from Rs 2,604 crore in FY22.Their domestic crop care business grew by 12% and exports by 25% during the year. Exports recorded a revenue of Rs 979 crore in FY23 while the crop nutrition business grew by 22% in the year, according to an exchange filing.The Tata enterprise also reported a loss after tax of Rs 69 crore QoQ and profit after tax of Rs 164 crore YoY.!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rRailk Vikas Nigams Slips After Rallying For Four Consecutive DaysShares of Rail Vikas Nigam Ltd. declined after advancing for four consecutive days in trade on Wednesday. The stock gained as much as 39.09% in the last four trading session. Rail Vikas Nigam Ltd. declined 1% to Rs 103.55 apiece, as of 10:33 a.m., in trade on Wednesday compared to no change in the benchmark, NSE Nifty 50 Index.The stock gained as much as 9.66% intraday. Total traded volume stood at 18.5 times its 30-day average. The relative strength index was at 85.3, implying that the stock maybe overbought. Two analysts tracking the company maintain a 'buy' rating on the stock, as per the Bloomberg data. Source: Bloomberg!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rIndiaMART InterMESH's Board To Consider Issuing Bonus SharesShares of IndiaMART InterMESH Ltd. rose as the company's board of directors will consider the proposal for issue of bonus shares on April 28, Friday. The following will be decided subject to the approval of shareholders of the company, in the aforesaid board meeting.Shares of IndiaMART InterMESH Ltd. gained 0.63% to Rs 5,350.05 apiece, as of 10:26 a.m., in trade on Wednesday compared to the declline in the benchmark, NSE Nifty 50 Index by 0.05%.The stock gained as much as 0.80% intraday. The relative strength index was at 67.4. Out of the 19 analysts tracking the company, 17 maintain a 'buy' rating, one recommends a 'hold' and one suggests to 'sell' the stock, as per the Bloomberg data. The average calculated from the 12-month price target given by analysts implies a potential upside of 7.4%.Source: Bloomberg, Exchange filing!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rMahindra CIE Gains The Most In Eight Weeks After Highest-Ever Margin Expansion In Q4Shares of Mahindra CIE Automotive Ltd. rose the most in over eight weeks in trade on Wednesday after the company reported its highest margin ever beating all estimates in the fourth quarter of the fiscal that ended on March 31, 2023. Company's overall positive performance was supported by growth and profitability in India and sales and margin recovery in Europe, as per the exchange filing. Margins were positively affected by energy price reduction after huge increases in last quarters, the filing added. It posted a consolidated net profit at Rs 279.1 crore, up by 72.92% year-on-year, as compared to Rs 161.4 crore in the same period of the previous fiscal. Company's March quarter revenue was up 18.41% at Rs 2,440.2 crore compared with Rs 2,060.8 crore, in the same period a year back. It beat the consensus analyst estimates pooled by Bloomberg, which stood at Rs 2,390.1 crore. Stock Market Live: Sensex, Nifty Volatile At Open As JSW Steel, HDFC Bank, RIL Drag Mahindra CIE Automotive Q1 CY24 (Consolidated, YoY)Revenue up 18.41% at Rs 2,440.2 crore vs Rs 2,060.8 (Bloomberg estimate: Rs 2,390.1 crore).Ebitda up 36% at Rs 380.7 crore vs Rs 280.4 (Bloomberg estimate: Rs 332.2 crore).Ebitda margin at 15.6% vs. 13.61% (Bloomberg estimate: 13.9%)Net profit up 72.92% at Rs 279.1 crore vs Rs 161.4 crore(Bloomberg estimate: Rs 188.6 crore).The board of directors approved a final dividend of Rs 2.5 per share for the year ended December 2022.Bajaj Auto Q4 Results Review: Analysts See Growth Ahead As Exports Bottom OutShares of Mahindra CIE Automotive Ltd. rose 8..29%, as of 09:57 a.m., to Rs 388.5 apiece in trade on Wednesday. The stock rose as much as 10.02% intraday, the most in over eight weeks since Feb. 24, 2023 The total traded volume stood at 2.4 times its 30-day average. The relative strength index was at 59.5.Six analysts tracking the company maintain a 'buy' rating on the stock, as per the Bloomberg data. The return potential as calculated by the consensus of analyst estimates, stand at an upside of 12% over the next 12 months. Source: Bloomberg, Exchange filing!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rMukesh Ambani Is Gung-Ho. His Investors? Not So MuchAdani Group Company Stocks Open MixedAdani Group company stocks opened mixed in trade, with Adani Green Energy Ltd., ACC Ltd., Adani Wilmar Ltd., NDTV Ltd. and Adani Total Gas Ltd. rose, while all the other group stocks declined in trade. !function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rBroader Markets Open MixedThe broader market indices opened mixed; S&P BSE MidCap Index was lower by 0.17%, whereas S&P BSE SmallCap Index was higher by 0.12%. Nine out of the 19 sectors compiled by BSE declined, while 10 sectors advanced in trade. The market breadth was skewed in the favour of the buyers. About 1,276 stocks rose 952 declined, and 91 remained unchanged on the BSE.Source: BSETop Movers On The Nifty 50 IndexIndusInd Bank Ltd., Tata Consultancy Services Ltd., Maruti Suzuki India Ltd., Nestle India Ltd., Power Grid Corp of India Ltd. were positively adding to the change.Whereas, Axis Bank Ltd., Hindalco Industries Ltd., Reliance Industries Ltd., HDFC Bank Ltd., JSW Steel Ltd. were negatively contributing to the change in the Nifty 50 Index. !function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rSensex, Nifty Off To A Volatile StartIndian equity benchmarks were muted at the opening bell amid volatility on Wednesday after rising for four consecutive sessions on Tuesday. Asian markets fell following declines in the U.S. benchmarks as fears of a banking crisis resurfaced. Robust earnings from Microsoft Corp. and Alphabet Inc. buoyed U.S. futures.Sentiment was better in South Korea after battery maker LG Energy Solution Ltd. posted first-quarter net income that beat analysts’ estimates and Apple Inc.-supplier SK Hynix Inc. forecast a rebound in the memory-chip sector later this year.U.S. futures recovered from Tuesday’s losses following better-than-expected earnings from Microsoft and Alphabet after markets closed in New York. The S&P 500 had slid 1.6% Tuesday and the Nasdaq 100 ended 1.9% lower.At pre-open, the S&P BSE Sensex Index was down 43 points or 0.07% at 60,087.98 while the NSE Nifty 50 Index was lower by 2 points or 0.01% at 17,767.30.!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rSensex, Nifty Decline At Pre-OpenAt pre-open, the S&P BSE Sensex Index was down 43 points or 0.07% at 60,087.98 while the NSE Nifty 50 Index was lower by 2 points or 0.01% at 17,767.30.Source: BloombergYield On The 10-Year Bond Declines The yield on the 10-year bond opened 2 bps lower at 7.11% on Wednesday.It closed at 7.13% on Tuesday. Source: BloombergRupee Weakens Against The U.S. Dollar The local currency weakened by 4 paise to open at 81.96 against the greenback on Wednesday.It closed att 81.92 on Tuesday. Source: BloombergOptimistic Sentiments For Two-wheeler Stocks: Trade Setup Global CuesU.S. Dollar Index at 101.8U.S. 10-year bond yield at 3.40%Brent crude up 0.24% to $80.96 per barrel Nymex crude up 0.35% to $77.34 per barrel SGX Nifty down 0.19% at 17,753.5 as of 8:12 a.m. Bitcoin up 1.42% at $28,376.14Asia Stocks Set for One-Month Low; US Futures Gain: Markets WrapPledge Share DetailsGati: Promoter TCI Finance released a pledge of 4.88 lakh shares on April 18.U.S.-Listed China Stocks See $100 Billion Wipeout In Jittery MonthTrading TweaksEx-Date Interim Dividend: Vesuvius IndiaRecord-Date Interim Dividend: Vesuvius IndiaMove Out Short-Term ASM Framework: Prime FocusMahindra Veteran Arun Nanda Announces Retirement After 50 Years Of ServiceBulk DealsCMS Info Systems: WF Asian Reconnaissance Fund sold 14.83 lakh shares (0.96%) at Rs 280.01 a piece, and ICICI Prudential Mutual Fund bought 7.81 lakh shares (0.51%) at Rs 280 apiece.Prime Focus: A2R Holdings bought 35.26 lakh shares (1.17%), and Naresh Mahendranath Malhotra sold 35.26 lakh shares (1.17%) at Rs 85.70 apiece.Stove Kraft: Emerging Business Fund bought 3.03 lakh shares (0.91%) at Rs 373 apiece.Former Punjab Chief Minister Parkash Singh Badal Dies At 95Offerings: Mankind Pharma IPO, Day 2Mankind Pharma: The pharmaceutical company received bids for 14% of the offer size on the first day of its IPO. Institutional investors subscribed 8% of their basket, whereas HNIs bid for 33% of their portion. The retail portion was subscribed 10% on the opening day.Mankind Pharma IPO Subscription Status: Day 1 Live UpdatesStocks To Watch: Bajaj Auto, HDFC Life, Maruti, SBI Life, and JSW Holdings In FocusKPI Green Energy: The company commissioned a 26.1 MW wind-solar hybrid power project at the Bhungar site in Bhavnagar under the Gujarat Wind-Solar Hybrid Power Policy, 2018.UCO Bank: The board will convene on May 2 to consider raising equity capital via follow-on public offer, qualified institution placement, preferential issue, etc. for the fiscal 2024. The board will also consider the financial results for the quarter and year ended March 2023, as well as the dividend for the fiscal 2023.Bata India: The company appointed Anil Ramesh Somani as chief financial officer of the company for five years with immediate effect. The board also approved the appointment of Ravindra Dhariwal as a non-executive, non-independent director for two years, starting May 27, 2023.Bajaj Auto: The board of the two-wheeler manufacturer approved the reappointment of Rakesh Sharma as whole-time director of the company for another five years, effective Jan. 1, 2024.JSW Holdings: The company denied reports claiming that it is in talks to acquire stock in auto companies BYD India and MG Motor India.Cipla: The company will dissolve its wholly owned step-down subsidiary Madison Pharmaceuticals with effect from April 28. Madison is a dormant entity, and its dissolution will not affect the performance or revenue of the company, Cipla said.Thermax: The company liquidated its wholly owned subsidiary, Thermax Sustainable Energy Solutions, as per the order of the Mumbai bench of the National Company Law Tribunal. The voluntary liquidation will not have any impact on the company's finances.Rahul Gandhi Goes To Gujarat High Court After No Relief In Defamation Case Q4 Earnings Results Today Maruti Suzuki India, SBI Life Insurance Company, HDFC Life Insurance, Voltas, UTI Asset Management Company, Bajaj Finance, L&T Technology Services, IIFL Finance, Can Fin Homes, Indus Towers, JTL Industries, KPIT Technologies, Poonawalla Fincorp, Oracle Financial Services Software, Shoppers Stop, Supreme Petrochem, Syngene International, Tanla Platforms!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rAir India Pilots Seek Ratan Tata's Intervention In Salary Structure Revamp RowEarnings FineprintBajaj Auto Q4 FY23 (Consolidated, YoY)Revenue rose 12% to Rs 8,904.7 crore (Bloomberg estimate: Rs 8,567 crore).Ebitda rose 26% to Rs 1,716.6 crore (Bloomberg estimate: Rs 1,572 crore).Ebitda margin stood at 19.28% vs. 19.07% (Bloomberg estimate: 18.3%).Net profit fell 2% to Rs 1,432.9 crore (Bloomberg estimate: Rs 1,353 crore).The company approved a dividend of Rs 140 per share for fiscal 2023.Tata Consumer Products Q4 FY23 (Consolidated, YoY)Revenue up 14% at Rs 3,618.7 crore (Bloomberg estimate: Rs 3,511.2 crore).Ebitda up 15% to Rs 511.67 crore (Bloomberg estimate: Rs 442.9 crore).Ebitda margin at 14.1% vs. 13.9% (Bloomberg estimate: 12.6%).Net profit up 23% at Rs 268.6 crore (Bloomberg estimate: Rs 267.6 crore).The company declared a final dividend of Rs 8.45 per share for the year ended March 2023.Tata Steel Long Products Q4 FY23 (Consolidated, QoQ)Revenue up 42.76% at Rs 3,015.8 crore.Ebitda loss narrows to Rs 41.99 crore from Rs 372.05 crore.Net loss narrows to Rs 501.6 crore from a loss of Rs 769.5 crore.AU Small Finance Bank Q4 FY23 (Consolidated)Net interest income up 30% at Rs 1,213.1 crore (YoY).Net profit up 23% at Rs 424.6 crore (YoY) (Bloomberg estimate: Rs 388.06 crore)GNPA at 1.66% vs. 1.81% (QoQ)NNPA at 0.42% vs. 0.51% (QoQ)The bank’s board recommended a dividend of Re 1 per share, subject to shareholders’ approval.Dalmia Bharat Q4 FY23 (Consolidated, YoY)Revenue up 15.74% at Rs 3,912 crore (Bloomberg estimate: Rs 3,867 crore).Ebitda up 3.51% at Rs 707 crore (Bloomberg estimate: Rs 797.4 crore).Ebitda margin at 18.07% vs. 20.21% (Bloomberg estimate: 20.6%)Net profit up 121.43% at Rs 589 crore (Bloomberg estimate: Rs 343.1 crore)The company announced a final dividend of Rs 5 per share for the fiscal ended March 2023.Mahindra CIE Automotive Q1 CY24 (Consolidated, YoY)Revenue up 18.41% at Rs 2,440.2 crore (Bloomberg estimate: Rs 2390.1 crore).Ebitda up 35.74% at Rs 380.7 crore (Bloomberg estimate: Rs 332.2 crore).Ebitda margin at 15.6% vs. 13.61% (Bloomberg estimate: 13.9%)Net profit up 72.92% at Rs 279.1 crore (Bloomberg estimate: Rs 188.6 crore).The board of directors approved a final dividend of Rs 2.5 per share for the year ended December 2022.Mahindra Lifespace Developers Q4 FY23 (Consolidated, YoY)Revenue up 57.87% at Rs 255.4 crore.Ebitda loss of Rs 27.4 crore vs. Ebitda loss of Rs 35.7 crore.Net profit down 99.61% at Rs 0.54 crore.The board recommended a dividend of Rs 2.30 per share for the fiscal ended March 2023.Lloyds Metal and Energy Q4 FY23 (Consolidated, YoY)Revenue up 163% at Rs 876.3 crore vs Rs 333.2 crore.Ebitda up 35% at Rs 164.6 crore vs Rs 122.1.Ebitda margin at 18.78% vs. 33.65%.Net profit up 118% at Rs 269.1 crore vs Rs 123.4 crore.Anant Raj Q4 FY23 (Consolidated, YoY)Revenue up 29.75% at Rs 280.2 crore.Ebitda up 195% at Rs 73.7 crore.Ebitda margin at 26.3% vs. 11.58%Net profit up 118% at Rs 49.4 crore.The company declared a final dividend of Rs 0.50 per share for the previous fiscal.Ipca Labs Explains Unichem Deal Rationale As Shares TumbleSGX Nifty Indicates Lower Open For BenchmarksStocks fell in Asia following declines in U.S. equities as fears of a banking crisis resurfaced. Robust earnings from Microsoft Corp. and Alphabet Inc. buoyed U.S. futures.Benchmark indices from Hong Kong, Japan to Australia all dropped. Asia’s iron-ore miners and steelmakers also slipped as iron ore fell below $100 a tonne for the first time since December, a signal of a frail recovery for China’s commodities demand.U.S. futures recovered from Tuesday’s losses following better-than-expected earnings from Microsoft and Alphabet after markets closed in New York. The S&P 500 had slid 1.6% Tuesday, and the Nasdaq 100 had ended 1.9% lower.First Republic Bank shares tumbled 49% after the lender’s disappointing earnings on Monday, rekindling fears over the health of the U.S. banking sector. UBS Group AG shares slid after results fell short of expectations, while Spotify Technology SA rose 5% after subscriber numbers surged.The yield on the 10-year Treasury note in the U.S. was trading at 3.40%. Crude oil prices traded below the $81 mark, while Bitcoin was trading above the $28,000 level.At 8:12 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.19% at 17,753.5.Domestic benchmark indices, the Sensex and the Nifty, pared losses to close near the day’s high, both rising 0.1% with the advances in public sector banks and energy stocks.The Indian rupee closed flat against the U.S. dollar as the rise in domestic equities was countered by forex outflows due to hardening crude prices.Foreign investors were net sellers for the seventh day on Tuesday and offloaded equities worth Rs 407.4 crore, according to data from the National Stock Exchange. On the other hand, domestic institutional investors were buyers for the fourth straight day and mopped up stocks worth Rs 563.6 crore.Stock Market Today: All You Need To Know Going Into Trade On April 26. Read more on Markets by BloombergQuint.
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