The Indian stock market started on a cautious note today, as both major indices, BSE Sensex and Nifty50, opened lower. The Sensex dropped by 58.06 points, or 0.07%, to reach 80,058.43, while Nifty50 slipped by 51.05 points, or 0.21%, settling at 24,777.90. Investors were also focusing on the upcoming Nifty Futures & Options (F&O) expiry and quarterly results from major companies, including Tech Mahindra and Nestlé India.
U.S. Market Boosts Investor Sentiment Globally
Overnight, U.S. stock markets showed positive movements, driven by hopes that U.S.-China trade tensions may ease. In addition, there was relief that Federal Reserve Chair Jerome Powell’s job security seemed assured, despite President Trump’s criticism of Powell for not lowering interest rates to stimulate growth. On the back of this optimism, the Dow Jones Industrial Average surged by 419.59 points, or 1.07%, closing at 39,606.57. The S&P 500 gained 1.67% to reach 5,375.86, and the Nasdaq Composite rose 2.50%, ending at 16,708.05.
U.S. Dollar Index and Rupee Movement
The U.S. Dollar Index (DXY), which measures the value of the dollar against a basket of six major foreign currencies, fell by 0.11%, settling at 99.73. This index includes currencies such as the British Pound, Euro, and Japanese Yen. Meanwhile, the Indian Rupee weakened by 0.25%, closing at 85.42 against the U.S. Dollar on April 23.
Gold Prices Retreat After U.S. Signals on China Tariffs
Gold prices pulled back from their recent highs, following signals from the U.S. government that it may relax tariffs on Chinese imports. The price of 24-carat gold today is Rs 94,970 for 10 grams, reflecting a 7.9% increase compared to the previous month. Meanwhile, 22-carat gold is priced at Rs 87,056 for 10 grams, and 18-carat gold is at Rs 71,228.
Crude Oil Prices Show Small Gains
Crude oil prices saw a modest increase on Thursday. West Texas Intermediate (WTI) crude rose by 0.33% to $62.47, while Brent crude climbed by 0.34% to $66.34 during the morning trading session.
Corporate Earnings Updates
- LTIMindtree reported a consolidated net profit of ₹1,128.5 crore for Q4 FY25, marking a 3.97% increase sequentially and a 2.6% increase year-on-year. Revenue stood at ₹9,771.7 crore, reflecting a 1.1% rise. The company also declared a final dividend of ₹45 per share.
- Bajaj Housing Finance posted a 53.8% year-on-year jump in net profit, which reached ₹586.7 crore in Q4 FY25. Net total income surged by 34% to ₹958 crore.
- Tata Consumer Products reported a 59.2% increase in consolidated net profit, reaching ₹344.85 crore in Q4 FY25. Revenue increased by 17.3% to ₹4,608.2 crore, and the company announced a dividend of ₹8.25 per share.
- Biocon’s board approved a proposal to raise up to ₹4,500 crore through equity, non-convertible debt (NCDs), and warrants. The funds are aimed at supporting future growth projects.
- Bharat Petroleum Corporation (BPCL) has partnered with GPS Renewables to set up compressed biogas plants, supporting India’s clean energy transition.
- Adani Green Energy signed a Power Purchase Agreement (PPA) with Uttar Pradesh Power Corporation for a 1,250 MW pumped-hydro storage project.
- Tamilnad Mercantile Bank reported a net profit of ₹291.90 crore in Q4 FY25, an increase from ₹253.06 crore during the same period last year, driven by growth in its core lending and deposits.
- Rallis India faced a net loss of ₹32 crore in Q4 FY25, which was higher than the ₹21 crore loss recorded in the previous year. Revenues remained almost unchanged at ₹430 crore.
- Syngene International reported a slight dip in its net profit by 3% to ₹183 crore in Q4 FY25, despite total income rising to ₹1,037 crore.
- Dalmia Bharat reported a 37.2% increase in its net profit, which reached ₹439 crore, despite a 5% decline in revenue.
- Bajaj Finance has scheduled a board meeting on April 29 to discuss a special interim dividend, stock split, and bonus share proposals. Market attention will be on these discussions, along with the company’s financial performance.
Conclusion
The Indian markets started off lower today, with the global market rally providing mixed signals. Investors are closely monitoring developments, including corporate earnings and key global news such as trade tensions between the U.S. and China. Market conditions remain volatile, and cautious investment strategies seem to be the order of the day.
