Market Wrap-Up: Sensex Dips 45 Points, Nifty Stays Steady; Banking, Financial Services, and IT Sectors Decline, While Broader Markets, Oil & Gas, Public Sector Banks, and Auto Industries Make Gains.
“Asia Stocks Slide Amid Earnings Uncertainty: Market Wrap-Up”
Stocks across Asia experienced a decline following a lackluster US session, as investors await concrete signs of an earnings recovery before propelling this month’s surge further.
Japanese stocks notably struggled, with Nintendo’s decline due to a weak outlook, while anticipation mounts for Toyota Motor’s earnings. Mainland China’s benchmarks opened lower after a recent rally, while Hong Kong shares rose in anticipation of major tech earnings next week. Most Asian currencies weakened against the dollar, with the yen slipping amid US caution on intervention.
Finance Minister Shunichi Suzuki pledged the government’s readiness to take necessary measures. Kyle Rodda, a senior market analyst at Capital.com, noted limited corporate earnings data causing minimal market concern and ongoing debates among markets and policymakers regarding interest rates. Meanwhile, US stock contracts remained stable during Asian trading after the S&P 500’s modest gains. Global stocks aim to rebound after April’s downturn, buoyed by expectations of Fed rate cuts and robust earnings.
In other news, oil prices remained steady amidst Middle East tensions and a moderately bearish US stockpiles report. On the domestic front, Indian benchmark indices closed lower or flat for the second consecutive day amid cautious investor sentiment surrounding the progress of the 2024 Lok Sabha elections. Despite opening lower, the Sensex managed to rebound, ultimately closing down 45.46 points at 73,466.39, while the Nifty 50 ended flat at 22,302.50. Key drags on the indices included Asian Paints, Hindustan Unilever, and UltraTech Cement, while Tata Motors and Power Grid Corp. were among the top gainers.
In the broader market, the BSE MidCap index gained 0.78%, and the BSE SmallCap index rose by 0.50%. Across sectors, banking, financial services, PSU banks, IT, and healthcare closed in the red, while oil & gas, auto, and metal sectors saw gains. Corporate highlights included Balaji Amines reporting a 44% YoY increase in Q4 net profit, driving shares up by 10%, while Bharat Forge posted a 59% jump in Q4FY24 net profit. Hero MotoCorp reported a 19% YoY increase in net profit, with shares climbing by 2.5%.
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