Business News Highlights: Market Ends Higher, Sensex Closes 941 Points Higher, Nifty At 22,643
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The stock market last week traded on a strong note before reversing the trend on Friday. In the last trading session, the Sensex plunged more than 600 points to close at 73,730, while the NSE Nifty50 slipped about 150 points to settle at 22,420.
The markets this week will take their cues from the upcoming Federal Open Market Committee (FOMC) scheduled for May 1, 2024. Vinod Nair, Head of Research, Geojit Financial Services, noted, “The upcoming US Fed policy, US non-farm payroll data will dictate the global market, while the ongoing Q4 earnings reports are poised to influence the domestic market dynamics.”
The markets will also remain closed for trading on Wednesday due to Maharashtra Day. With the ongoing earnings season, the major Q4 results expected in the week include UltraTech Cement, Adani Total Gas, Adani Power, Adani Green Energy, MRF, Titan, IOC, and Coal India, among others.
Further, on the global front, the US is scheduled to release manufacturing PMI data, unemployment rate, along with other economic indicators in the week. China is also expected to release macroeconomic data in the week.
Official depository data revealed on Sunday that foreign portfolio investors remained cautious towards Indian equities and debt market in the month so far. As of April 26, the investors pulled out Rs 10,640 crore from the Indian debt market and dumped equities worth Rs 6,304 crore, the data showed. This sentiment was attributed to the worries surrounding the changes in the India-Mauritius tax treaty and consistent surge in the US bond yields.
Himanshu Srivastava, Associate Director - Manager Research, Morningstar Investment Research India, stated, “While the tweak in India's tax treaty with Mauritius on investments made in India via the island nation continues to bother foreign investors, weak cues from the global markets with uncertain macro and interest rate outlook didn't augur well for emerging market equities.”
PNB Housing Finance Q4: Net Profit Soars 57 Per Cent YoY
PNB Housing Finance reported a 57 per cent gain in net profit to Rs 444 crore in the last quarter of the 2023-24 fiscal year (FY24), against a profit of Rs 283 crore in the same quarter a year earlier. The firm's income increased to Rs 1,806 crore from Rs 1,628 crore on a YoY basis.
UltraTech Q4: Net Profit Climbs 35 Per Cent To Rs 2,258.58 Crore
UltraTech Cement Ltd reported a 35 per cent jump in consolidated net profit at Rs 2,258.58 crore in the January-March quarter in the 2023-24 fiscal year (FY24), against Rs 1,670.10 crore clocked in the corresponding quarter a year earlier.
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