Stock Market Today: Sensex, Nifty Stretch Gains To Third Week Despite Subdued Friday Close

• The local currency strengthened about 16 paise to close at 83.29 against the U.S. Dollar.

• It closed at 83.45 on Thursday.

Source: Bloomberg

Recovering from day's low, India's benchmark share indices ended flat on Friday, but logged weekly gains for third time. Gains in shares of HDFC Bank Ltd., ITC Ltd. added to the index.

Today, the NSE Nifty 50 settled 10.85 points or 0.048% higher at 22,525.50, and the S&P BSE Sensex ended 20.59 points or 0.028% up at 74,248.22.

Moreover, the Reserve Bank of India's Monetary Policy Committee kept the benchmark repo rate unchanged at 6.5% on Friday, in line with market expectation, which supported the indices.

Intraday, the NSE Nifty 50 index declined 0.39% to 22,427.60, and the S&P BSE Sensex declined 0.38% to 73,946.92.

"The Nifty-50 Index and Sensex gained around 0.75% each over the past week, while the mid-cap. (+3.6%) and small-cap. (+6.5%) indices outperformed their large-cap peers significantly," said Shrikant Chouhan, head equity research, Kotak Securities.

The market sentiment remained positive in the run-up to the general elections. Domestic markets were unfazed by the volatility in global markets and remained in a buoyant mode before the start of Q4FY24 earnings season as well as the upcoming general elections. Meanwhile, crude prices have increased from $87 a barrel last week to $90.3 a barrel, Chouhan added.

"Following the RBI policy announcement, the Bank Nifty maintained its robust momentum, remaining above the crucial level of 48,000. This suggests the potential for reaching new all-time highs next week, possibly even touching the 50,000 mark. Notably, aggressive put writing has been observed at lower strikes, establishing a supportive base in the 48,200-48,000 zone, which is anticipated to serve as a cushion for bullish sentiment," said Kunal Shah, senior Technical and derivative Analyst at LKP Securities.

The NSE Nifty 50 rose 0.84%, and the S&P BSE Sensex rose 0.81% in the week ended on April 5.

HDFC Bank Ltd., Kotak Mahindra Bank Ltd., ITC Ltd., ICICI Bank Ltd. and State Bank of India added to the index.

Tata Consultancy Services Ltd., Infosys Ltd., Bajaj Finance Ltd., Bharti Airtel Ltd., and Larsen & Toubro Ltd. limited gains to the index.

On NSE, 11 sectors out of 12 ended higher this week, and one declined. The NSE Nifty Media was the top performer, while the NSE Nifty FMCG index was the worst performer among its peers.

Broader markets outperformed. The S&P BSE Midcap index and the S&P BSE Smallcap index ended 0.5% higher each.

On BSE, 11 sectors advanced, and nine sectors declined out of 20. The S&P BSE Realty rose the most.

Market breadth was skewed in favour of buyers. On BSE, 2,429 stocks rose, 1,413 stocks declined, and 106 remained unchanged.

• Godrej Properties Ltd. sold homes worth Rs 2,690 crore at the launch of its Mumbai project.

Source: Exchange filing

• Amber Enterprises India Pvt. Ltd. signed a definitive agreement to form joint venture with South-Korea based Yujin, Singapore's Sinkodia.

• Hong Kong's Dujin International is also part of JV.

• JV company will make driving gears, pantograph in India.

Source: Exchange Filing

• DCM Ltd. received an assessment order worth Rs 25.9 crore for AY 2019-20.

Source: Exchange Filing

The benchmark equity indices traded largely flat through midday on Friday after the RBI monetary policy committee kept the repo rate unchanged at 6.5% for the seventh straight meet.

At noon, the NSE Nifty 50 traded 13.90 points or 0.06% down at 22,500.75 and the S&P BSE Sensex was trading 38.99 points or 0.05% lower at 74,188.64.

The resistance levels of 22,500 and 22,540 are very important for the Nifty 50 and a clear breakout above these is needed for the bulls to go aggressive at the current juncture, according to Akshay Bhagwat, senior vice president - derivatives research at JM Financial. On the downside, the index can fall to 22,300–22,250 levels.

Realty and bank stocks also gained following RBI Governor Shaktikanta Das' speech.

"This prudent approach could be beneficial for home loan borrowers as any increase in rates might have made loans more expensive," Anuj Sharma, chief operations officer at India Mortgage Guarantee Corp., said. "Home loan borrowers and the real estate sector are hopeful for positive news that will make housing more affordable and boost the economy at large."

Bhagwat recommends trading both Nifty 50 and Nifty Bank with caution. However, if the Nifty Bank crosses 48,200, he suggests a 'buy'. At 12:09 p.m., the Nifty Bank was at 48,273.55 points, up 0.44%.

Shares of Axis Bank Ltd., Bajaj Finance Ltd., Bharti Airtel Ltd., ICICI Bank Ltd. and Larsen & Toubro Ltd. dragged the Nifty the most.

HDFC Bank Ltd., Kotak Mahindra Bank Ltd., Reliance Industries Ltd., ITC Ltd. and Mahindra & Mahindra Ltd. led the gains.

Seven out of the 12 sectoral indices on the NSE gained, with the Nifty Realty rising the most.

The broader markets outperformed the benchmark indices as the BSE MidCap index was up 0.43% and the SmallCap gained 0.5%.

On the BSE, 13 sectors advanced and seven declined, with Realty rising the most.

The market breadth was skewed in favour of the buyers as 2,284 stocks rose, 1,375 declined and 143 remained unchanged on the BSE.

• Q4 consolidated revenue grew in low single digits

• Expect consolidated revenue growth to trend upwards

• Expect low double-digit operating profit growth

• Expect gradual uptick in growth of core categories

• Slight uptick in domestic volume growth in Q4

• Expect strong gross margin expansion on YoY basis

Mahindra Lifespace Developers Ltd. hit an all time high. It rose as much as 7.15% to Rs 669.50, the highest level since its listing on May 10, 2000. It was trading 4.67% higher at Rs. 654.00 as of 12:55 p.m., as compared to 0.06% decline in the NSE Nifty 50 index.

The Nifty Realty index rose over 1% tracking sharp gains in Mahindra Lifespace Developers Ltd., Godrej Properties Ltd.

Market cap of realty stocks on NSE increased Rs 9,816.98 crore to Rs 6.2 lakh crore as of 12:40 p.m.

• HDFC Life Insurance Co. Ltd. received a tax demand and penalty order worth Rs 103 crore from Gujarat tax authorities.

Source: Exchange filing

The scrip rose as much as 9.9% to Rs 1,596 apiece, the highest level since Jan 16, 2024. It pared gains to trade 6.7% higher at Rs 1,551 apiece, as of 11:25 a.m. This compares to a 0.13% decline in the NSE Nifty 50 Index.

It has risen 53.24% in the last twelve months. Total traded volume so far in the day stood at 0.20 times its 30-day average. The relative strength index was at 73.12, indicating that the stock may be overbought.

Out of 43 analysts tracking the company, 18 maintain a 'buy' rating, 15 recommend a 'hold,' and 10 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 9.2%.

• Globus Spirits Ltd. is to form equally-owned joined venture with ANSA McAL to manufacture, source, & distribute beer in India.

Source: Exchange Filing

The NSE Nifty Bank scaled an intraday high of 48,163.75 after the RBI Governor said the regulator is engaging with the stakeholders in the industry to reduce compliance burden.

• RBI approved the appointment of Anil Kumar Sharma as Part-time Chairman of Equitas Small Finance Bank Ltd.'s for three years effective April 25

• Alert: Anil Kumar Sharma is former Executive Director of the RBI

Source: Exchange Filing

India's benchmark indices were trading little changed after the Reserve Bank of India's Monetary Policy Committee held the benchmark repo rate steady at 6.5% for seven consecutive meetings in a row.

The policy regulators' decision is in line with the market expectation. Market participants expected the Indian central bank to stand pat on it's stance, and maintain the benchmark repo rate at 6.5%, according to a Bloomberg Survey.

As of 10:25 a.m., the NSE Nifty 50 was trading 24.65 points or 0.11% lower at 22,490.00, and the S&P BSE Sensex was trading 46.88 points or 0.063% lower 74,180.76.

• The yield on the 10-year bond trades 3 bps higher at 7.12%.

• It closed at 7.09% on Thursday.

Source: Bloomberg

• The local currency strengthened 3 paise to trade at 83.42 against the U.S. Dollar.

• It closed at 83.45 on Thursday

Source: Bloomberg

Shares of Sheela Foam jumped over 6% as the company got compensation regarding a matter of an insurance claim amounting to Rs. 21,38,77,055 along with an interest rate of 10% from the date of rejection July 27, 2020.

Shares of ABB India Ltd. rose as much as 2.11% higher at Rs 6,639.00, the highest level since its listing on Jan 8, 2010. It was trading 0.62% higher at Rs 6,541.85 as of 09:57 a.m., as compared to 0.14% decline in the NSE Nifty 50 index.

The scrip gained 93.88% in 12 months. The relative strength index was at 77.42, which implied the stock is overbought.

Out of 29 analysts tracking the company, 15 maintain a 'buy' rating, eight recommend a 'hold,' and six suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an downside of 17.9%

Top brokerages are bullish on Bajaj Finance Ltd. after the non-banking lender reported a robust asset under management in the fourth quarter of financial year 2024.

The AUM rose 35% year-on-year to Rs 3.3 lakh crore. The non-banking financial company's deposits grew 35% to Rs 60,100 crore, according to an exchange filing.

Bajaj Finance's stock fell as much as 1.47% during the day to Rs 7,176.45 apiece on the NSE. It was trading 0.68% lower at Rs 7,233.95 per share, compared to a 0.15% decline in the benchmark Nifty 50 as of 9:30 a.m.

The share price has risen 25.5% in the last 12 months and 11.5% in the last month. The relative strength index was at 69.

Twenty-nine out of 36 analysts tracking the company have a 'buy' rating on the stock, four recommend 'hold' and three suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 18.8%.

HDFC Bank Ltd. reported a quarter-on-quarter increase in deposits of and this was higher than the widely expected level and moreover it was drive by retail deposits, according to brokerages.

Private lender bank added Rs 1.66 lakh crore worth of deposits in the January-March quarter, led by growth in wholesale deposits. Deposits grew 7.5% quarter-on-quarter to Rs 23.8 lakh crore in the quarter ended March 31, according to an exchange filing on Thursday.

Shares of ICICI Prudential Life Insurance Co. Ltd. rose as much as 4.00% to Rs 630.00, the highest level since Jan 18, 2022. It was trading 2.71% higher at Rs 622.71 as of 09:38 a.m., as compared to 0.29% decline in the NSE Nifty 50 index.

The scrip gained 42.01% in 12 months. Total traded volume so far in the day stood at 6.8 times its 30-day average. The relative strength index was at 67.69.

Out of 33 analysts tracking the company, 24 maintain a 'buy' rating, seven recommend a 'hold,' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 2.3

HSBC Global Research has raised the target price of Voltas Ltd., citing a rise in the company's earnings for the next couple of years.

The scrip rose as much as 1.48% to Rs 1,236 apiece, the highest level since May 4, 2022. It pared gains to trade 0.5% higher at Rs 1,224.25 apiece, as of 9:27 a.m. This compares to a 0.22% decline in the NSE Nifty 50 Index.

It has risen 53.24% in the last twelve months. Total traded volume so far in the day stood at 0.20 times its 30-day average. The relative strength index was at 73.12, indicating that the stock may be overbought.

Out of 43 analysts tracking the company, 18 maintain a 'buy' rating, 15 recommend a 'hold,' and 10 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 9.2%.

India's benchmark indices opened lower on Friday as traders exercised caution ahead of the outcome of the Reserve Bank of India's Monetary Policy Committee's policy decision today.

Losses in shares of Larsen & Toubro Ltd., ICICI Bank Ltd., Axis Bank Ltd. weighed on the indices.

As of 09:23 a.m. the NSE Nifty 50 was trading 52.45 points or 0.23% lower at 22,462.20, the S&P BSE Sensex was trading 164.95 points or 0.22% down at 74,062.69.

Market participants expects the Indian central bank to stand pat on it's stance, and maintain the benchmark repo rate at 6.5% for seventh straight meetings, according to a Bloomberg Survey.

The index has broken on the higher side with higher bottom formations at 22,300 levels and closed at all time high, said Vikas Jain, senior research analyst at Reliance Securities.

Jain see the current momentum in the market can move higher target of 22,800 levels over the next few days and on the downside 22,300 will be strong support.

Bajaj Finance Ltd., Tata Consultancy Services Ltd., Axis Bank Ltd., Larsen & Toubro Ltd., and ICICI Bank dragged on the index.

HDFC Bank Ltd., NTPC Ltd., Nestle India Ltd., Power Grid Corp of India Ltd., and Shriram Finance Ltd. limited losses in the index.

On NSE, nine sectors declined, and three advanced out of 12 sectors. The NSE Nifty Energy was the worst performing sector in early trade, and the NSE Nifty FMCG index rose the most among sectoral indices.

Broader markets were also in early trade on Friday, with the S&P BSE Midcap trading 0.02% low, and the S&P BSE Smallcap 0.04% lower.

On BSE, 17 sectors declined, and three advanced out of 20. The S&P BSE Realty sector rose the most among sectoral indices. The S&P BSE Oil and Gas sector declined the most among sectoral indices.

Market breadth was skewed in favour of the buyers. Around 1,597 stocks advanced, 1,180 stocks declined, and 11 stocks remained unchanged on BSE.

The NSE Nifty 50 was 28.25 points or 0.13% lower at 22,486.40, and the S&P BSE Sensex 350.81 points or 0.47% lower at 74,227.63.

• The local currency opened flat at 83.43 against the U.S. Dollar.

Source: Bloomberg

• The yield on the 10-year bond opened flat at 7.09%.

Source: Bloomberg

• Highest-ever quarterly sales in Q4 sales at Rs 1,947 crore, up 93%.

• Highest-ever FY sales in FY24 at Rs 5,914 crore, up 90%.

• Highest ever annual customer collections from real estate business in FY24 at Rs 3,609 crore, up 60%.

Source: Exchange filing

• Q4 collections at Rs 3,510 crore, up 20%

• FY24 collections at Rs 11,260 crore, up 6%

• Net debt further reduced to Rs 3,010 crore

• Q4 pre-sales at Rs 4,230 crore, up 40%

Source: Exchange filing

• Nomura reiterate 'Neutral' on HDFC Bank with a target price of Rs 1,625 with a 6% upside.

• Gross loan growth was soft at 1.6% QOQ, which is lower than expectations.

• Deposit growth strong in a seasonally strong quarter

• LDR has come down 600bps to 105%

• Run down of low yielding corporate loans to aid NIM

• Citi re-iterated Buy on IndusInd Bank with a target price Rs 2,010

• Deposit growth ahead of Citi estimates (12-13% YOY)

• Retail deposits saw a one-time net outflow

• Deposit growth supported advances growth, LDR expanded to 89.1%

• Expect flattish NIMs, credit cost in guided range

• Q4 recorded consolidated revenue growth of about 34% YoY

• Q4 recorded revenue growth of about 38% for India operations

• FY24 recorded consolidated revenue growth of about 31% YoY

• FY24 recorded revenue growth of about 36% for India operations

• Upbeat about the ongoing quarter, witnessing encouraging trends in advance collections

Source: Exchange filing

• U.S. Dollar Index at 104.20

• U.S. 10-year bond yield at 4.32%

• Brent crude up 0.46% at $91.07 per barrel

• Nymex crude up 0.29% at $86.84 per barrel 

• Bitcoin was up 0.05% at $67,980.50

• Jefferies maintained a 'Buy' on Bajaj Finance; TP: 9400

• BAF is a key top pick in NBFCs

• Pre-quarter update shows robust AUM growth, above estimate

• Growth in customer base is healthy

• Citi Research retained a 'buy' rating on Bajaj Finance with a target price Rs 8,975 apiece.

• Consolidated AUM has sustained robust traction.

• Bank borrowing might have become expensive, NIMs to have possibly declined

• The brokerage expects ROA / ROE profile to be healthy at 4.3%/>20%

• Remedial measures on RBI action is to be tracked.

• Deposit accretion continues, but slower than Q1, Q2, Q3 FY24

• Disbursements at Rs 18,900 crore, up 39% QoQ in Q4

• AUM as of March 31 at Rs 17,300 crore, up 22% YoY

• Gross stage-3 assets as of March 31 at 0.95%, down 14 bps QoQ

• Alert: Provisional figures

Source: Exchange filing

• Citi retains 'buy' on Aavas Financiers with a target price of Rs 1,830 apiece.

• AUM growth is in line with Citi estimates, disbursement momentum scaled

• GS3 improving should contain credit cost below 15bps for Q4FY24

• Forecast AUM growth of 24-25% in FY25-26E

• Declining trend in NIMs expected to be arrested

• Branch roll-out has picked up pace

• Citi Research reiterated 'sell' rating with target price to Rs 500 apiece from 520 apiece earlier.

• Q4FY24 trading update points to a weaker-than-expected performance

• Profitability also below expectations they estimate Ebitda grew +8% YoY

• Ebitda at 19.1% below management’s guidance of 19.5%

• Believes Q4 profitability was impacted by an inferior category mix

• Estimate Q4 salience of F&B segment in the domestic business has increased to 22-23%

• Forecasts +6% consolidated revenue growth YoY to Rs. 2830 crores

• Expects gross margin to expand +120bps YoY

• Forecasts Ebitda to grow +8% YoY to Rs 440 crores

• Demand trend is continuing to remain muted and competitive intensity remaining elevated

• FY25E/FY26E EPS estimates are 7%/8% below consensus estimates

• For Q4FY24E expects 6% revenue growth and 20% Ebitda margin

• Wipro Arabia to acquire additional 45% stake in Women's Business Park Technologies for Saudi Riyal 10.35 million.

Source: Exchange filing

• U.S. Food and Drug Administration's inspection at Patalganga facility in Maharashtra closes with six observations.

Source: Exchange filing

• Q4FY24E earnings may disappoint consumer discretionary and retail companies.

• Expects Bata India to report 2% YoY revenue growth.

• Expects Ebitda margin (post IND AS 116) of 23.5%.

• FY25E/FY26E EPS estimates are 12%/20% below their estimates estimates.

The Indian rupee depreciated 2 paise to its record closing low of Rs 83.45 against the U.S. dollar amid a rally in Brent crude oil price.

• Nifty April futures up by 0.42% to 22,612.25 at a premium of 97.6 points.

• Nifty April futures open interest down by 3.16%.

• Nifty Bank April futures up by 0.73% to 48,199.1 at a premium of 138.3 points.

• Nifty Bank April futures open interest down by 11.4%.

• Nifty Options April 10 Expiry: Maximum Call open interest at 23,000 and Maximum Put open interest at 22,500.

• Bank Nifty Options April 10 Expiry: Maximum Call Open Interest at 48,000 and Maximum Put open interest at 48,000.

• Securities in ban period: Hindustan Copper, Sail, and Zee Entertainment Enterprise.

• Price band changes from 5% to 20%: D B Realty, Indostar Capital Finance, Indraprastha Medical, Indian Renewable Energy Development Agency, Nucleus Software Exports, Paramount Communications, Saksoft, and Shipping Corporation of India.

• Price Band changes from 10% to 20%: Allcargo Terminals, Data Patterns, Force Motors, Housing and Urban Development, IIFL Finance, Indian Overseas Bank, IRB infrastructure developers, JTL Industries, Jupiter Wagons, Khadim India, KIOCL, LLOYDS Engineering Works, and Mangalore Refinery and Petrochemicals.

• Price band changes from 20% to 10%: GE Power India, RAMKY Infrastructure.

• Price band changes from 5% to 10%: BEML Land Assets, Global Surfaces, Hind Rectifiers, HMA Agro Industries, IFCI, India Tourism Development Corporation, Jaiprakash Associates, Kesoram Industries, MMTC, Mahanagar Telephone Nigam, NBCC (INDIA), Sanghi Industries, Sterling and Wilson Renewable Energy.

• Ex/record dividend: Esab India.

• Moved into short-term ASM framework: Indo Amines, Manorama Industries, Mold-Tek Technologies, Ramky Infrastructure, and Shipping Corporation of India Land and Assets.

• PB Fintech: To meet analysts and investors on June 11.

• ACC: To meet analysts and investors on April 12.

• Info Edge: To meet analysts and investors on April 10.

• Ambuja Cements: To meet analysts and investors on April 12.

• Aavas Financiers: Smallcap World Fund sold 5.82 lakh shares (0.73%) at Rs 1,420.19 apiece.

• K&R Rail Engineering: Gangavarapu Prasanth sold 1.08 lakh shares (0.56%) at Rs 605.05 apiece.

• Cupid: Cliff Trexim sold 6.75 lakh shares (5.06%) at Rs 123 apiece.

• Bharti Hexacom: The public issue was subscribed to 1.11 times on day 2. The bids were led by institutional investors (0.81 times), non-institutional investors (1.68 times), and retail investors (1.14 times).

• Bajaj Finance: The company reported AUM at Rs 3.3 lakh crore, up 34% YoY, in the fourth quarter, while deposits stood at Rs 60,100 crore, up 35%.

• UltraTech Cement: The company has completed a 100 MW solar energy project under the Group captive scheme in Rajasthan. The company now has a capacity of 612 MW of renewable power and 278 MW of WHRS.

• Nestle India: The National Consumer Dispute Redressal Commission dismissed a complaint filed by the Dept. of Consumer Affairs on MAGGI Noodles in 2015.

• Hero MotoCorp: The company received income tax demand of Rs 310 crore and interest of Rs 296 crore for the AY 2013-14 to 2017-18 and 2019-20.

• Prestige Estates: The company acquired 21 acres of prime land in Whitefield, Bengaluru, for residential development spanning approximately 4 million sq ft of developable area, comprising around 1,800 apartments.

• Sobha: The company reported sales value at Rs 6,644 crore, up 28% YoY for the end of FY 24, and average realisation at Rs 10,922 per sq ft, up 19% YoY. The total sales value stood at Rs 1,504 crore at the end of the fourth quarter, and the average price realisation stood at Rs 1,123 crore.

• IndusInd Bank: The company reported net advances at Rs 3.4 lakh crore, up 18% YoY for the end of the fourth quarter, and deposits stood at Rs 3.81 lakh crore, up 14% YoY.

• Grasim Industries: The company acquired a 26% stake in Clean Max Decimus, a special-purpose vehicle for the generation and transmission of renewable energy.

• Aeroflex Industries: The company has acquired Hyd-Air Engineering for Rs 17.2 crore.

• Rashi Peripherals: The company received new orders worth Rs 1,510 crore from Hinduja Group-backed NMDC Data Centre to supply ICT products.

• Bandhan Bank: The company reported total deposits at Rs 1.35 lakh crore, up 25% YoY, for the quarter ending March, and total advances at Rs 1.3 lakh crore, up 18%.

• LTIMindtree: The company has partnered with Aforza to set up a training academy to deliver digital transformation in CRM and TPM across the consumer products industry. The company filed a petition with the Karnataka High Court challenging the legality and validity of the SCN issued by GST. The quantum of the claims is Rs 683 crore.

• ESAF Small Finance Bank: The company reported total deposits at Rs 19,868 crore, up 35% YoY, for the quarter ending March, gross advances at Rs 18.878 crore, up 34%, and AUM stood at Rs 19,765 crore, up 21%.

• Canara Bank: The company has outstanding bonds of Rs 41,640 crore as of March 31.

• Cello World: The company announced the commissioning of the manufacturing facility in Rajasthan.

• United Spirits: The company bought a 15% stake in Inspired Hospitality for Rs 5.65 crore by subscribing to 3,494 compulsory convertible preference shares.

• Sula Vineyards: The company approved the purchase of ND Wines for around Rs 14 crore.

• Nazara Technologies: The company’s unit bought Ultimate Teen Patti's intellectual property rights for Rs 10 crore.

• Rate-sensitive stocks: The RBI's Monetary Policy Committee will announce its repo rate decision during market hours on Friday. Banking and finance, auto and real estate stocks will be in focus.

Share indices in the Asia-Pacific region were trading lower, tracking overnight losses on Wall Street amid rate-cut uncertainty and a sharp rise in crude oil prices.

The Nikkei 225 was trading 1.76% lower at 39,074.11, and the S&P ASX 200 was trading 0.44% down at 7,782.60 as of 6:24 a.m.

Financial markets in Mainland China and Taiwan are closed for Qingming Festival on Friday.

On Wall Street, stocks gave up early gains to end lower as investors shifted their focus to the release of U.S. non-farm payroll data later today. The S&P 500 index and Nasdaq Composite ended 1.23% and 1.40% down, respectively, on Thursday. The Dow Jones Industrial Average settled 1.36% lower.

Brent crude was trading 0.47% higher at $91.12 a barrel. Gold was down 0.27% to $2,284.73 per ounce.

The GIFT nifty was trading 3.5 points, or 0.02%, lower at 22,567.00 as of 06:56 a.m.

India’s benchmark equity indices snapped a two-day losing streak to close at a record high on Thursday amid gains in global markets after US Federal Reserve Chair Jerome Powell restored hopes of rate cuts this year.

The NSE Nifty 50 closed 80 points, or 0.36%, higher at 22,514.65 and the S&P BSE Sensex closed 350.81 points, or 0.47%, higher at 74,227.63.

Overseas investors remained net sellers of Indian equities for the fourth consecutive session on Thursday.

Foreign portfolio investors offloaded stocks worth Rs 1,136.5 crore, while domestic institutional investors turned net sellers and sold equities worth Rs 893.1 crore, the NSE data showed.

The Indian rupee weakened by 2 paise to close at Rs 83.45 against the U.S. dollar.