Stock Market Live on Thursday, May 2: Indian equities may open with small gains on Thursday tracking mixed global cues. The Gift Nifty futures were up 28 points versus the Nifty 50 futures at 22,718 levels.
On Thursday morning, Asia-Pacific stock markets mostly declined following the U.S. Federal Reserve’s decision to maintain interest rates unchanged after its two-day meeting.
Fed Chair Jerome Powell’s assurance against a rate hike relieved concerns about the central bank’s ability to manage inflation.
Japan’s Nikkei 225 was down 0.29 per cent, while broad based Topix index shedded 0.11 per cent. South Korea’s Kospi was trading almost flat, down 0.08 per cent. Meanwhile, Australia’s S&P/ASX 200 rose by 0.33 per cent.
On the other hand, Wall Street’s stock indices closed with a varied performance on Wednesday following the conclusion of the Fed meeting. The Dow gained 87.37 points, marking a 0.23 per cent increase. Conversely, the S&P 500 declined by 0.34 per cent, and the Nasdaq Composite dropped 0.33 per cent.
Brent crude notched up by 0.20 per cent at $83.61 per bbl.
Stocks to watch:
Adani Wilmar: Its net profit rose by 59 per cent amounting to Rs 156 crore for the quarter ending on March 31, 2024 against Rs 98 crore reported in the corresponding period of the previous year. Despite this, there was a 3 per cent decline in revenue from operations, which stood at Rs 12,703.64 crore compared to Rs 13,121.89 crore in the corresponding quarter of the previous fiscal year.
Ambuja Cement: In the March quarter, Ambuja Cements saw a 64 per cent jump in consolidated net profit to Rs 1,055 crore from Rs 645 crore last year. Revenue from operations also climbed 12 percent to Rs 8,894 crore.
Adani Power: Gautam Adani-led Adani Power on Wednesday reported a 47.8 per cent decline in consolidated net profit to Rs 2,737 crore for the quarter ended March 2024 (Q4FY24). The power company had reported a net profit of Rs 5,242 crore in the year-ago period (Q4FY23).
