After a nine-day winning streak, Nifty and Sensex’s rally might be cut short on Monday, as the SGX Nifty is trading in the red in the morning session. Nifty futures on the Singaporean exchange are at the 17,783.5 level, down by 87.5 points, indicating a negative start for the domestic equity indices, BSE Sensex and NSE Nifty. On Thursday, the markets extended their gaining streak for the ninth day, as Nifty rose 0.09% to settle at 17,828 while Sensex ended 38 points higher, closing with gains at 60,431 points.
“Indian shares experienced a downturn, weighed down by IT stocks following weak quarterly earnings and a cautious outlook from the top IT firm, which flagged apprehensions over deferred spending and uncertainty in its BFSI segment. The decrease in CPI inflation to 5.66% in India, coupled with the moderation of core inflation, supports the decision of the MPC to keep policy rates on hold. While US inflation cooled to 5.0%, anxieties grew globally after the FOMC minutes hinted at a possible “mild recession” due to the impact of banking turmoil” said Vinod Nair, Head of Research, Geojit Financial Services.
VI
Vodafone Idea has recently awarded a network gear order of around Rs 200 crore to Chinese company ZTE, three sources aware of the development said. The company has given orders for broadband network equipment in telecom circles of Gujarat, Maharashtra and Madhya Pradesh-Chhattisgarh.
Zee
Punit Goenka, MD and CEO of Zee Entertainment paid Rs 50 lakh to settle the insider trading case related to shares of Zee. Last year, Sebi passed an interim order against 15 entities for carrying out insider trading activities with respect to the Zee scrip.
Infosys
Profit falls 7% sequentially and Q4 earnings come in below already sub-par expectations, and revenue falls 2.3% to Rs 37,441 crore.
Max Healthcare
The company acquired 34,000 additional shares in Eqova Healthcare for a total consideration of Rs 68.87 crore. The total shareholding has increased from 26% to 60%.
Torrent Power
CFO Lalit Malik resigned from his position. The board approved a new CFO, Saurabh Mashruwala, who took the position 14 April onwards.