Pre-market report – Given that the GIFT Nifty is showing signs of strength and has gained 71.50 points, the benchmark Sensex and Nifty indices are expected to open higher on April 29.
Following a tumultuous session on April 26, Indian equity indices concluded the day down, ending a five-day winning streak that saw the Nifty dip below 22,400.
The Nifty was down 150.30 points, or 0.67 percent, at 22,420 at the closing, while the Sensex was down 609.28 points, or 0.82 percent, at 73,730.16.
According to the pivot point calculation, resistance is anticipated for the Nifty 50 at 22,441, 22,620, and 22,710 points. The index may find quick support at 22,386 on the bottom end, then go on to 22,330 and 22,240 points.
Pre-Market Report GIFT Nifty
The GIFT Nifty, which gained 71.50 points, or 0.32 percent, suggests that the wider index in India is off to a good start. Around 22,661.50 was the trading range for the Nifty futures.
Top 15 things to know before the opening bell for today’s trade setting
US Exchanges
US equities ended the week higher, helped by a surge in megacap growth firms in the wake of strong quarterly results from Microsoft and Alphabet, two of the biggest names in technology, as well as data on modest inflation.
The S&P 500 climbed 51.54 points, or 1.02 percent, to 5,099.96, the Nasdaq Composite gained 316.14 points, or 2.03 percent, to 15,927.90, and the Dow Jones Industrial Average increased by 153.86 points, or 0.40 percent, to 38,239.66.
Asian Markets
Following another higher-than-expected US inflation figure on Friday, traders’ attention turned to the Federal Reserve’s meeting this week, which led to a rise in Asian markets on Monday.
Maruti Suzuki’s net profit growth of 48% in Q4
For the fourth quarter that concluded on March 31, 2024, Maruti Suzuki India recorded a 48 percent increase in net profit to Rs 3,878 crore. The company attributed this increase to better sales volume and favorable commodity prices. During the same time the previous year, the company’s profit after tax (PAT) was Rs 2,624 crore.
The biggest automaker in the nation reported revenue for the three months that concluded on March 31 of Rs 38,235 crore. In addition, the business announced a dividend of Rs 125 per share, its highest-ever payout.
HCLTech’s Q4 net profit of Rs 3,986 crore was slightly higher.
HCL Technologies (HCLTech) said on April 26 that its Q4FY24 net profit was Rs 3,986 crore, compared to Rs 3,983 crore in the same time last year. The IT company declared a dividend of Rs 18.
The quarter’s net profit decreased 8.4% sequentially but up 0.1 percent year over year. This fell short of the Rs 4,054.71 crore net profit prediction.
The company reported revenue growth of 7.1 percent in Q4FY24, coming in at Rs 28,499 crore as opposed to Rs 26,606 crore in the same quarter last year. This figure was slightly below our projection of Rs 28,552.64 crore. Consolidated revenue increased by 0.2% sequentially.
Operating margin, or EBIT margin, for the fourth quarter was 17.6%, far lower than our projected 18.8%.
The Q4 net profit of ICICI Bank soars 17% to Rs 10,707 crore.
The private sector lender ICICI Bank announced on April 27 that its net profit for the January-March quarter of the fiscal year 2023–24 was Rs 10,707 crore, a 17 percent increase over the Rs 9,122 crore recorded during the same time the previous year.
The net profit of Rs 10,331 crore is in line with market predictions. For each share, the bank suggested a dividend of Rs 10.
Comparing the net interest income (NII) for the same quarter of the previous fiscal year, which came in at Rs 17,667 crore, to Rs 19,093 crore, showed an increase of 8%. The NII is somewhat higher than the Rs 18,958 crore expectations.
Yes Bank’s Q4 Net Profit
On April 27, the private sector lender Yes Bank revealed a net profit of Rs 451 crore for the January–March quarter of the fiscal year (FY) 2023–24. This is a 123 percent increase over the Rs 202 crore recorded during the same period the previous year.
Gross non-performing assets (NPA) for the bank were 1.7%, compared to 2.2% during the same period the previous year. However, net non-performing assets (NPA) for the quarter were down from 0.80% of the previous year to 0.6%. In Q4FY24, gross slippages were Rs 1,356 crore as opposed to Rs 1,233 crore in Q3FY24.
The lender’s net interest income (NII) was Rs 2153 crore, a slight rise of 2% over the Rs 2105 crore recorded in the same quarter of the previous fiscal year.
Know more about Yes Bank Q4 results here.
RBL Bank’s Q4 net profit increased by 30% to Rs 353.
On April 27, RBL Bank Ltd. revealed a 30% increase to Rs 353 crore for the March quarter of FY 2023–2024. In the same period last year, the bank made a net profit of Rs 271 crore.
The bank’s net interest income was Rs 1600 crore, 18% more than Rs 1357 crore, and its net interest margin was 5.45 percent, down from 5.62 percent.
A dividend of Rs 1.50 per equity share was announced by the bank.
While NNPA increased 36 bps YoY to 0.74 percent, gross non-performing assets (GNPA) improved 72 bps YoY to 2.65 percent.