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India’s benchmarks, the BSE Sensex and NSE Nifty, are set to fall at the open of trade on Wednesday, following weak signals from global peers. Stocks in the Asia-Pacific region were rocked by selling pressure, following the massive sell-off in tech on Wall Street overnight, amid renewed fear over aggressive US interest rate hikes. Negative trends on SGX Nifty also signaled a lower open for domestic exchanges, with SGX Nifty futures trading 212 points, or 1.23%, down to 16,984 on the Singapore Stock Exchange as of 8:05 a.m.

National stocks closed higher on Tuesday, ending two straight losing streaks, amid a bargain hunt in energy, autos and consumer stocks. Market sentiment was also boosted by strong buying interest from domestic investors and strong global indices. The 30-stock BSE Sensex rose 777 points, or 1.37%, to 57,357, while the broader NSE Nifty climbed 247 points, or 1.46%, to 17,201. Sensex pack top winners were PowerGrid, Titan, M&M, IndusInd Bank, Bajaj Finance, Reliance Industries, Larsen & Toubro, SBI, Bharti Airtel and HUL. On the sector front, all BSE indices ended in the green, led by power, real estate and utilities, each gaining more than 3%.

Preferred actions:

Trusted Industries: The Mukesh Ambani-led company has signed an agreement with Abu Dhabi Chemicals Derivatives Company RSC (TA’ZIZ) for a $2 billion chemical joint venture in the United Arab Emirates. RIL has partnered with Abu Dhabi National Oil Company (ADNOC) and ADQ, an Abu Dhabi-based investment and holding company, in TA’ZIZ EDC & PVC, a world-class chemical development in the industrial chemical zone from TA’ZIZ to Ruwais, UNITED ARAB EMIRATES.

Eureka Forbes: Shapoorji Pallonji Mistry and six other directors have resigned from the board of Eureka Forbes as new owner Lunolux Ltd took control of the maker of vacuum cleaners and water purifiers.

Wipro: The Bengaluru-based IT major on Tuesday announced the acquisition of Rizing Intermediate Holdings, a global SAP consulting firm, for $540 million (about ₹4,060 crore).

Bajaj Finance: The Bajaj Group company reported an 80% growth in net profit to ₹2,420 crore for the fourth quarter ended March 2022 from ₹1,347 crore in Q4FY21. The board has recommended a dividend of ₹20 per share (1,000%) with a nominal value of ₹2 each on participating shares for the financial year 2021-22.

Nippon Life India Asset Management (NAM): The company recorded a profit after tax (PAT) of ₹175 crore in the fourth quarter of FY22, compared to ₹167 crore in the same period last year, registering a growth of 5%.

AU Small Financial Bank: The lender’s net profit jumped 105% year-on-year to ₹346 crore for the fourth quarter ended March 2022 (Q4FY22) on improved interest margins. The company’s board also recommended a dividend of ₹1 per share (10% of par value) on share capital before bonus for FY22.

Aditya Birla Sun Life AMC: The Aditya Birla Group company on Tuesday reported a 1% growth in after-tax profit to ₹158.5 crore in the three months to March 2022 from ₹156.7 crore a year ago. Operating revenue jumped 3% to ₹323.5 crore from ₹315.3 crore in the three months to March 2021.

Tata Coffee (TCL): The Tata Group company reported a 12% growth in its consolidated profit to ₹64.28 crore in the fourth quarter ended March 2022 from ₹57.37 crore in the corresponding quarter a year earlier. Operating revenue jumped 11% to ₹656.26 crore from ₹591.23 crore in the fourth quarter of FY22.

HDFC Life Insurance Company: The life insurer recorded an after-tax profit of ₹357.52 crore for the quarter ended March 31, 2022, up 12.44% from ₹317.94 crore a year ago. Net premium income increased to ₹14,289.66 crore from ₹12,868.01 crore during this period.

Here are the key things investors should know before the market opens today:

Tech stocks drag Wall Street down

In overnight trading, all three major U.S. indexes closed lower in choppy trade as growth-focused tech stocks tumbled on concerns over rising rates. Electric car maker Tesla was the worst performer with a 12.2% loss after CEO Elon Musk acquired Twitter for $44 billion. There is speculation in the market that the US Federal Reserve may raise rates by 0.5 percentage points at each of its next two meetings to contain rising inflation. The Dow Jones Industrial Average ended down 2.4%, while the S&P 500 lost 2.8%. The tech-heavy Nasdaq Composite plunged 4%, hitting its lowest level since December 2020.

Asian stocks follow Wall Street lower

Stocks in the Asia-Pacific region flashed red as trade opened, after finishing negative on Wall Street overnight. Ongoing concerns over the coronavirus-induced lockdown in China and the ongoing conflict between Russia and Ukraine also rattled market sentiment.

Japan’s benchmark Nikkei 225 fell 1.9%, South Korea’s KOSPI 1% and Hong Kong’s Hang Seng index 0.5%.

Similarly, Singapore’s Straits Times Index fell 0.2%, Taiwan’s weighted index plunged 2.5% and Indonesia’s Jakarta Composite Index fell 0.25%.

In mainland China, the Shenzhen Component and the Shanghai Composite rose 0.8% and 0.4% respectively in early trade.

Oil prices rise slightly

The price of Brent and U.S. crude oil rose in early trading on Wednesday after the Chinese government pledged to support its economy struggling with Covid-19 lockdowns. In Asian trading hours on Wednesday, Brent oil for July delivery climbed 0.85% to $105.5 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 0. .76% to 102.47 dollars a barrel.

Meanwhile, gasoline and diesel prices held steady for Wednesday’s 21st day, after several increases in more than a month. National oil companies have raised fuel tariffs by ₹10 per liter since the end of a four-and-a-half-month long hiatus in tariff review on March 22, when the results of five Assembly polls were announced .

FIIs remain net sellers, DIIs net buyers

the Foreign Institutional Investors (FIIs) remained net sellers in the Indian stock market on April 26, while Domestic Institutional Investors (DIIs) continued to support the market. According to exchange data, FIIs sold shares worth ₹1,174.05 crore, while DIIs bought shares worth ₹1,643.84 crore.

business profits

The main companies expected to report results today are Hindustan Unilever, Bajaj Auto, HDFC Asset Management Company, Indian Hotels Company. Among others, Persistent Systems, Syngene International, Trent, Mahindra Lifespace Developers, Hatsun Agro Product, Indian Energy Exchange, 5paisa Capital, Chennai Petroleum Corporation, KPR Mill, MPL Plastics, Shree Digvijay Cement, Supreme Petrochem and Swaraj Engines will also release their March quarter on April 27.


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