During early trading session on Monday, Australian benchmarks surged, buoyed by overnight gains on Wall Street and an improved risk appetite following softer-than-expected U.S. jobs data.
The S&P ASX 200 climbed 40.50 points or 0.53%, reaching 7,669.50 as of 06:38 a.m. However, financial markets in Japan and South Korea remained closed for the day.
Wall Street interpreted the slowdown in the US jobs market as a signal that the Federal Reserve might begin cutting rates as early as September. Consequently, traders pushed stocks higher while bond yields dipped, as reported by Bloomberg. The S&P 500 index and Nasdaq Composite surged by 1.26% and 1.99% respectively on Friday, while the Dow Jones Industrial Average gained 1.18%.
Brent crude experienced a marginal decrease of 0.02%, trading at $82.94 per barrel, while gold saw a slight increase of 0.10%, reaching $2,304.13 per ounce.
Meanwhile, in India, the GIFT Nifty was trading 7 points or 0.03% lower at 22,686.00 by 06:39 a.m. The Indian benchmark stock indices witnessed a reversal in early gains and ended lower on Friday due to profit-booking and caution ahead of US non-farm payroll data.
Notably, heavyweights such as Reliance Industries Ltd., Larsen & Toubro Ltd., and HDFC Bank Ltd. dragged down the indices, limiting weekly gains in both the NSE Nifty 50 and S&P BSE Sensex. The Nifty 50 closed 172.35 points or 0.76% lower at 22,475.85, while the Sensex fell by 732.96 points or 0.98% to close at 73,878.15.
Foreign portfolio investors remained net sellers of Indian equities for the second consecutive session on Friday, offloading stocks worth Rs 2,392 crore. However, domestic institutional investors continued to be net buyers for the eighth consecutive day, acquiring equities worth Rs 690.5 crore.
In the Indian stock market, several companies are expected to be in the spotlight today:
- HDFC Bank received approval from the RBI for the re-appointment of Atanu Chakraborty as part-time chairman for three years.
- Dr. Reddy’s announced the launch of Doxycycline capsules in the US market.
- Vodafone Idea plans to focus on expanding 4G services in 17 priority circles to enhance competitiveness.
- Life Insurance Corp. has been permitted by IRDAI to replenish excess expenses from holders’ accounts starting Q1 FY25.
- Aurobindo Pharma‘s arm’s Rajasthan facility received 7 observations from the USFDA following an inspection from April 25 to May 3.
- Adani Energy’s arm, Adani Electricity Mumbai, completed the acquisition of a 100% stake in Pointleap Projects.
- Goa Carbon temporarily shut down operations at its Odisha plant for maintenance purposes.
- DCM Shriram commissioned its Caustic Soda Expansion Project in Gujarat, making the Bharuch complex the single largest caustic soda complex in the country.
Additionally, Indegene India is set to offer its shares for bidding on Monday, with the price band set from Rs 430 to Rs 452 per share apiece. The Rs 1,841.76 crore IPO includes a fresh issue of Rs 760 crore and the rest as an offer for sale, having raised Rs 548 crore from anchor investors.
In block deals, Gravita India saw Abudhabi Investment Authority Monsoon buying 7.5 lakh shares (1.08%), while Rajat Agrawal sold an equal number of shares at Rs 934.4 apiece. In bulk deals, Yes Bank witnessed CA Basque Investments selling 59.40 crore shares (2.06%) at Rs 24.27 apiece, while Goldman Sachs (Singapore) PTE.- ODI bought 36.92 crore shares (1.28%) at Rs 24.26 apiece. Moreover, Rajasthan Global Securities acquired 2.77 lakh shares (1.01%) of Cigniti Technologies at Rs 1,348.76 apiece.
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