Sensex Today Trades Higher as Fed Signals Rate Hike Pause | Bajaj Consumer Rallies 8% | Asian Paints, Tata Steel Among Top Gainers

Thu, 4 May 10:30 am

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Asian share markets had a weak start today over concern that turmoil in the US banking sector will squeeze lending and trigger a recession.

The Nikkei is trading up marginally and the Hang Seng index is trading higher by 1%. The Shanghai Composite is trading higher by 0.6%.

US stocks ended lower on Wednesday, reversing gains after comments by Federal Reserve Chair Jerome Powell left investors wondering what the US central bank's next move would be with interest rate hikes.

Wall Street Indices initially held gains following the Fed's statement. It increased interest rates by a quarter of a percentage point, as expected, and signalled it could pause further hikes.

The Dow Jones Industrial Average fell 0.8% and the tech heavy Nasdaq Composite ended 0.6% lower.

Here's a table showing how US stocks performed on Wednesday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	106.12	0.14	0.13%	108.13	105.62	123.26	83.45
Apple	167.45	-1.09	-0.65%	170.92	167.16	176.15	124.17
Meta	237.03	-2.21	-0.92%	241.75	232.75	244.92	88.09
Tesla	160.61	0.3	0.19%	165	159.91	318.5	101.81
Netflix	319.3	1.75	0.55%	324.62	315.85	379.43	162.71
Amazon	103.65	0.02	0.02%	105.96	103.28	146.57	81.43
Microsoft	304.4	-1.01	-0.33%	308.61	304.09	309.18	213.43
Dow Jones	33,414.24	-270.29	-0.80%	33,811.84	33,396.05	34,712.28	28,660.94
Nasdaq	13,030.21	-83.45	-0.64%	13,231.71	13,026.04	13,720.91	10,440.64

Source: Equitymaster

Back home, Indian share markets are trading on a positive note following the trend on SGX Nifty.

At present, the BSE Sensex is trading higher by 110 points. Meanwhile, the NSE Nifty is trading up by 38 points.

Benchmark indices opened in the green today. As the session progressed gains were erased.

Bajaj Finance and Asian Paints are among the top gainers today.

Power Grid and IndusInd Bank on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is up 0.6% and the BSE Small Cap index is trading higher by 0.7%.

Sectoral indices are trading on a positive note with the exception of FMCG sector and realty sector. Stocks in the metal sector, and telecom sector are witnessing buying.

Shares of Indiamart Intermesh and Dr Reddy's Laboratories hit their 52-week high today.

The rupee is trading at Rs 81.7 against the US dollar.

In commodity markets, gold prices  hit an all-time high level of Rs 61,400 per 10 grams today.

Meanwhile, silver prices are trading flat at Rs 75,400 per 1 kg.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Speaking of stock markets, India recently became the most populous country, displacing China. Of the many factors that influence whether this population becomes a demographic dividend or disaster, infrastructure in the country will be a key determinant.

In the below video, Richa Agarwal talks about a specific sector under infra, Railways. It seems railways sector is set for a massive growth, thus opening up the opportunities for the railway companies.

Tune in to the video below to know about stocks that could ride the railway capex cycle.

Tata Chemicals Q4 results

Tata Chemicals announced its quarterly results yesterday.

During Q4 of the financial year 2023, the company's consolidated revenue from operations stood at Rs 44.1 billion (bn), up by 26.6% YoY from Rs 34.8 bn during Q4 of the last financial year.

During the same quarter, the consolidated net profit of Tata Chemicals reached Rs 7.1 bn, up by 61.9% YoY from Rs 4.4 bn during the year-ago quarter.

The consolidated EPS of the Tata group company reached Rs 27.9 during March 2023 quarter as against Rs 18.2 during March 2022 quarter.

The board has recommended a dividend of Rs 17.5 per share for the financial year 2022-23 subject to the approval of the shareholders at the ensuing annual general meeting.

The chemical company is the third-largest manufacturer of soda ash and sodium bicarbonate in the world, it also has the largest saltworks in Asia.

Tata Chemical share price is on the rise after posting healthy quarterly numbers. However, last month its share price was under pressure.

To know why its share price was under pressure during the last month, read our editorial on why Tata Chemicals share price was falling.

Rail Vikas Nigam get Navratna status

Rail Vikas Nigam (RVNL), a central public sector unit (PSU) under the Ministry of Railways, has been granted Navratna status, the Ministry of Railways announced on Wednesday.

The PSU was incorporated in 2003 with the objective of implementing rail infrastructure projects on a fast track basis and raising extra budgetary resources for SPV projects.

The company began operations in 2005 after the appointment of its board of directors. It was granted Mini-Ratna status in 2013.

With the grant of Navratna status, RVNL will enjoy enhanced delegation of powers, more operational freedom and financial autonomy, which will give a huge impetus to the company's progress, particularly as it expands its footprint beyond the railways sector and into international projects.

Lately, RVNL share price was rallying like there is no tomorrow on the back of growing order book and healthy growth prospects.

SJVN bags a new order

State-owned SJVN on Wednesday bagged a 200 MW grid connected solar power project worth Rs 12 bn from Gujarat Urja Vikas Nigam.

The company obtained the project in Khavda Solar Park through e-Reverse auction conducted by Gujarat Urja Vikas Nigam.

The power company bagged at a tariff of Rs 2.88 per unit, the project will be set on build own and operate (BOO) basis.

The project is expected to generate 505 m units in the first year of commissioning and cumulative energy generation over a period of 25 years would be around 11,756 m units.

Commissioning of the project is expected to reduce 576,067 tonnes of carbon emission. With the allotment of this project, the company's solar & wind portfolio stands at 17,620 MW out of which 179.5 MW is under operation and the rest is under various stages of implementation.

SJVN, formerly known as Satluj Jal Vidyut Nigam, is an Indian public sector undertaking involved in hydroelectric power generation and transmission. It was incorporated in 1988 as Nathpa Jhakri Power Corporation, a joint venture between the Government of India and the Government of Himachal Pradesh.

To know what's moving the Indian stock markets, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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