Gift Nifty indicates a muted start for the Indian indices; The US markets ended lower amid the Fed bank's stance on interest rates; The Asian markets traded mixed tracking the Wall Street

PRE-MARKET REPORT

Indian markets are set to open on a muted note on Thursday following mixed trade in Asian peers after Wall Street ended lower in overnight deals.

Further, Gift Nifty was trading 3 points lower than the previous close of Nifty futures, indicating a flat start for the benchmark Nifty.

The US stock market ended lower on Wednesday as investors assessed the Federal Reserve’s interest rate stance and a batch of soft corporate earnings.

The Dow Jones Industrial Average declined 45.66 points, or 0.12%, to 37,753.31, while the S&P 500 dropped 29.20 points, or 0.58%, to 5,022.21. The Nasdaq Composite ended 181.88 points, or 1.15%, lower at 15,683.37.

Asian markets traded mixed following overnight losses on Wall Street. Japan’s Nikkei 225 declined 0.82%, while the Topix fell 0.38%. South Korea’s Kospi rallied 1.04% and the Kosdaq jumped 1.16%. Hong Kong’s Hang Seng index futures indicated a weaker opening.

STOCKS TODAY

Adani Enterprises: Mumbai Travel Retail, a step-down subsidiary of Adani Enterprises, has completed the incorporation process of a joint venture company, King Power Ospree Pte (KPO), in Singapore, with KING Power International Pte, Singapore, for retail and wholesale business. Mumbai Travel Retail will hold 50 percent of the share capital of KPO.

One 97 Communications: The Paytm operator has received the go-ahead from the National Payment Corporation of India (NPCI) to start the user migration to the new Payment System Provider (PSP) bank handles immediately. Accordingly, it started transitioning ‘@paytm’ handles users to Axis Bank, HDFC Bank, SBI, and YES Bank, ensuring seamless UPI payments. All four banks are now operational on the TPAP (third-party application provider), streamlining the process for Paytm to shift user accounts to these PSP (payment system provider) banks.

Biocon: The biopharmaceutical company has signed an exclusive licensing and supply agreement with Biomm SA, a specialty pharmaceutical company in Brazil, for the commercialization of its vertically integrated drug product, Semaglutide (gOzempic). The drug is used to improve glycemic control in adults with type 2 diabetes.

HDFC Bank: The bank said the board of directors on April 20 may consider the annual renewal of the issuance of long-term bonds (financing of infrastructure and affordable housing), perpetual debt instruments (part of additional Tier I capital), and Tier II capital bonds over the next 12 months through private placement mode.

Infosys: The country’s second-largest IT services company, announced a collaboration with Proximus, Belgium’s leading digital services and communications solutions provider, on the ServiceNow platform. Infosys helped Proximus standardize its existing processes on the ServiceNow platform and transform its customer service management (CSM) operations.

Tata Consumer Products: The FMCG company has completed the acquisition of 8,26,07,277 equity shares (equivalent to 99.99 percent of paid-up equity) of Organic India from Fabindia. In January 2024, the board approved acquiring a 100 percent stake in Organic India from Fabindia.

Ambuja Cements: The Adani family has fully subscribed to the warrants program in Ambuja by further infusing Rs 8,339 crore, taking the total capital infusion to Rs 20,000 crore. They have increased their stake in Ambuja by a further 3.6 percent to 70.3 percent, up from 63.2 percent. Ambuja intends to double its capacity to 140 MTPA by 2028.