Markets across the Asia-Pacific region continued their upward trajectory on Tuesday, fueled by positive sentiment following overnight gains on Wall Street. Investors are optimistic about potential interest rate cuts by the Federal Reserve, further boosting risk appetite in the markets.
The Nikkei 225 surged by 1.36% to 38,757.87 points, while the S&P ASX 200 climbed 0.53% to 7,723.40 points as of 06:15 a.m. Investors are also closely monitoring the Reserve Bank of Australia’s policy decision, scheduled to be released today. The central bank is anticipated to maintain the benchmark rate steady at 4.35%.
In the U.S., the S&P 500 Index and Nasdaq Composite rose by 1.03% and 1.19% respectively on Monday, with the Dow Jones Industrial Average also registering a gain of 0.46%. Additionally, Brent crude oil prices saw a 0.58% increase to reach $83.81 per barrel, while gold prices edged up by 0.12% to $2,326.86 per ounce.
In India, the benchmark stock indices experienced a relatively flat session on Monday amidst volatility. The Nifty 50 ended the day down by 0.15% at 22,442.7 points, while the Sensex closed marginally higher, up by 0.02% at 73,895.54 points. Despite this, overseas investors continued to sell stocks for the third consecutive day, with foreign portfolio investors offloading equities worth Rs 2,168.75 crore. In contrast, domestic institutional investors remained net buyers for the ninth consecutive day.
The Indian currency weakened by 6 paise against the U.S. dollar, closing at 83.49.
Stocks to Watch
- Wipro: The company collaborated with Microsoft to launch a suite of generative AI-powered virtual assistants for financial services.
- Zee Media: The company announced the cessation of Abhay Ojha as CEO.
- Lupin: The company received US FDA approval for Travoprost Ophthalmic Solution USP. Travoprost ophthalmic is used for the reduction of elevated intraocular pressure.
- Bajaj Healthcare: The company appointed Dayashankar Patel as the CFO and KMP of the company, effective today.
- Mastek: The company announced its iConniX portfolio to enable GenAI-led innovation across industries.
- Firstsource Solutions: The company announced Hasit Trivedi as President and Chief Digital and AI Officer.
- Tube Investments: The company will subscribe shares aggregating to Rs 580 crore of TI Clean Mobility.
- Gujarat Gas: The company approved the appointment of Rajesh Sivadasan as the Chief Financial Officer and Key Managerial Personnel.
- Orient Electric: The company commenced commercial production from its greenfield manufacturing plant in Hyderabad, Telangana.
- Bajaj Finserv: The company Bajaj Alliance GIC recorded a gross direct premium underwritten at Rs 2,389 crore for the month of April and Bajaj Allianz Life Insurance Company’s new business premium stood at Rs 689 crore.
- Adani Total Gas: The company clarified that Dharma LNG is not part of the company’s corporate structure.
- Gillette India: LV Vaidyanathan resigned as MD effective April 30.
- Tamilnad Mercantile Bank: The company increased MCLR by 10-15 bps across tenures effective May 7.