The Gift Nifty recorded a gain of 91 points or 0.38% in the early hours of Monday morning, after which it settled at 24,238. According to the preliminary data, this development indicates that the Indian stock market could have a positive start.
According to market experts, despite this increase, investors need to remain cautious, as factors such as continued selling by foreign institutional investors, weaker rupee, higher crude oil prices and global geopolitical tensions could cause market volatility.
Mixed signals from global markets
Internationally, the S&P 500 and the Nasdaq closed strongly on Friday. A slight drop in crude oil prices supported US markets, with both major indexes nearing record levels. Asian markets also saw gains during early trade on Monday. Investors are currently keeping an eye on developments in the Middle East and the status of Iran-US talks, which may have an impact on the Indian market as well.
Corporate Outcomes and Sectoral Movements
In today’s business, several companies are scheduled to release their quarterly results, including Tata Technologies, Aditya Birla Capital, Ambuja Cements, Bharat Heavy Electricals Limited, Exide Industries and Godrej Properties. Based on these results, volatility can be seen in the respective sectors.
Adani Enterprises posted a loss of ₹220.7 crore in the January-March quarter, compared to a profit in the same period last year, but the company’s revenue grew by over 20%. Kotak Mahindra Bank reported a profit of ₹4,026.6 crore, up 13.4%.
Avenue Supermarts’ profits grew by over 19%, while ACC Limited recorded a decline in profits. Central Bank of India’s profit fell, but its net interest income rose. RailTel Corporation of India and Godrej Agrovet posted better results.
Developments in auto and infrastructure sector
Maruti Suzuki registered 33% sales growth in the month of March. NCC Limited has received new orders. Tata Power has announced an investment of ₹6,500 crore to expand its solar manufacturing capacity. Vodafone Idea gets relief on AGR arrears. Bank of India has planned to raise funds for future capital requirements.
A rise in Gift Nifty provides a signal for the market to open, however, according to experts, the market may trade in a limited range in the near term. Global factors, crude oil prices and foreign investor activity will influence the direction of the market.
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