Gift Nifty indicates a positive opening for the Indian stock indices; The US markets ended higher led by tech and banking stocks; The Asian markets also traded higher following the Wall Street


The domestic equity market indices, Nifty 50 and Sensex are expected to open higher following positive global market cues amid improved sentiment.

Gift Nifty was trading around the 22,415 level this morning, a premium of nearly 55 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

The US stock market ended higher on Monday led by gains in technology and banking stocks. The S&P 500 rose 43.37 points, or 0.87%, to 5,010.60, while the Nasdaq Composite rallied 169.30 points, or 1.11%, to 15,451.31. The Dow Jones Industrial Average ended 253.58 points, or 0.67%, higher at 38,239.98.

Asian markets traded higher on Tuesday following overnight gain on Wall Street. Japan’s Nikkei 225 gained 0.8%, while the Topix rose 0.66%. South Korea’s Kospi added 0.2%, and the Kosdaq rose 0.62%. Hong Kong’s Hang Seng index futures indicated a weak opening.


Reliance Industries: The oil-to-telecom-to-retail major recorded a net profit of Rs 21,243 crore for the March FY24 quarter, growing 0.1 percent YoY, dented by higher tax costs. Gross revenue for the quarter at Rs 2,64,834 crore jumped 10.8 percent on-year, supported by double-digit growth in oil-to-chemical (O2C) and consumer business. EBITDA rose by 14.3 percent on-year to Rs 47,150 crore with a strong contribution from all businesses, with a margin expansion of 50 bps at 17.8 percent. On an annual basis, Reliance became the first Indian company to cross the Rs 1 lakh crore mark in pre-tax profit.

IndusInd Bank: The lender announced the execution of the RBI’s programmable CBDC pilot. This pilot project is executed in collaboration with Circularity Innovation Hub India (CIH) as an alternate form of CBDC in which the bank can program the end-use of funds being disbursed to farmers instead of the generation of carbon credits.

Rallis India: The Tata Group company and subsidiary of Tata Chemicals posted a net loss of Rs 21 crore for the March FY24 quarter, which narrowed from a loss of Rs 69 crore in the corresponding period of the last fiscal. Revenue from operations declined by 16.6 percent year-on-year to Rs 436 crore during the quarter. The board has recommended a dividend of Rs 2.50 per share.

KP Energy: The company has received an order for the development of a 9 MW wind power project, which is part of the wind-solar hybrid power project to be developed in Gujarat. This project was awarded by Bhathwari Technologies to the company under the captive power project segment. The project will be connected to the state transmission utility’s (STU) network.

Tejas Networks: The wireline and wireless networking products maker has recorded a consolidated net profit of Rs 146.8 crore for the quarter ended March FY24, driven by a healthy topline. The net loss in the year-ago period was Rs 11.5 crore. Revenue from operations increased sharply by 343.3 percent on-year to Rs 1,326.88 crore in Q4 FY24.

Hatsun Agro Product: The dairy company has reported a massive 109 percent on-year growth in net profit at Rs 52.2 crore for the March FY24 quarter, driven by strong operating performance. Revenue from operations for the quarter grew by 14.4 percent to Rs 2,047 crore compared to the same period last fiscal.

Tamilnad Mercantile Bank: The lender has reported a net profit of Rs 253.06 crore for the quarter ended March FY24, against a profit of Rs 253.05 crore in the corresponding period of the last fiscal. Net interest income grew by 7.5 percent year-on-year to Rs 567 crore for the quarter. Asset quality improved with the gross NPA falling 25 bps sequentially to 1.44 percent and the net NPA declining 13 bps QoQ to 0.85 percent for the quarter.

Mahindra Logistics: The logistics services provider has posted a net loss of Rs 11.9 crore for the quarter ended March FY24, against a profit of Rs 0.20 crore in the year-ago period, impacted by weak operating numbers. Consolidated revenue from operations for the quarter, at Rs 1,450.8 crore, grew by 14 percent over the same period last fiscal.