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PRE-MARKET REPORT
The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open flat on Friday amid positive global market cues.
Gift Nifty was trading at around 24,290 levels, a discount of nearly 10 points from the Nifty futures’ previous close, indicating a flat start for the Indian stock market indices.
The US stock market ended higher on Thursday, boosted by a 25 bps Federal Reserve interest rate cut. This extended a sharp rally sparked by Donald Trump’s return as president.
The Dow Jones Industrial Average ended flat at 43,729.34, while the S&P 500 rose 44.06 points, or 0.74%, to 5,973.10. The Nasdaq Composite ended 285.99 points, or 1.51%, higher at 19,269.46.
Asian markets traded higher on Tuesday, tracking Wall Street’s overnight rally, which was fueled by the US Federal Reserve’s interest rate cut of 25 basis points (bps).
Japan’s Nikkei 225 rose 0.74%, while the Topix gained 0.49%. South Korea’s Kospi rallied nearly 1%, and the Kosdaq jumped 1.71%. Hong Kong’s Hang Seng index futures indicated a stronger opening.
STOCKS TODAY
Embassy REIT: Embassy REIT has appointed Ritwik Bhattacharjee as its interim CEO. Bhattacharjee, who last held the position of Chief Investment Officer at the company, has been associated with the REIT since its listing and was a founding member of the team that helped list Embassy REIT in 2019.
JK Lakshmi Cement: The company reported a consolidated net loss of Rs 14 crore for Q2 FY25, compared to a profit of Rs 92.7 crore in the same period last year. Revenue from operations also declined by 22 percent YoY to Rs 1,234.3 crore.
Hindalco: Metals major Hindalco saw its shares tumble over six percent during the early session after its US-based subsidiary Novelis Inc. reported a fall in net income for the July-September quarter. The US-based aluminum producer posted an 18 percent decline in net income to $128 million in the September quarter of 2024-25.
Shakti Pumps: Shares were locked in a 5 percent upper circuit at Rs 4,822.55, following the announcement of a Rs 116.4 crore order under the PM-KUSUM scheme. This new contract, awarded by the Haryana Renewable Energy Department (HAREDA), involves the supply, installation, and commissioning of 3,174 solar water pumping systems.
Waaree Energies: Following a stellar debut on the bourses and sustained buying thereafter which resulted in a massive 150 percent gain from its issue price, the Waaree Energies stock slipped into the red, falling as much as 8 percent to Rs 3,354 as investors took partial profits off the table. This comes just a day after the solar power stock rallied 8 percent.
Aptus Value Housing Finance: Centrum Institutional Research initiated coverage on Aptus Value Housing Finance with a target price of Rs 430, indicating a 26 percent upside. The housing finance player’s shares rallied 3 percent intraday. The brokerage is bullish on the firm’s enhanced productivity through new mobile software launched in April and an expansion strategy to add 40 branches this year.