Sensex, Nifty50 to open on a cautious note ahead of RBI MPC announcement: Reliance Industries, Avenue Supermarts, Nykaa among stocks to watch

• India’s equity markets are likely to open on a cautious note on Thursday ahead of the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) announcement on rate hike.
• SGX Nifty, an early indicator of how the markets may perform, was down 0.2% or 33 points early in the morning today.
• Reliance Industries, Avenue Supermarts, Nykaa are amongst stocks to watch today.

India’s equity markets are likely to open on a cautious note on Thursday ahead of the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) announcement on rate hike. SGX Nifty, an early indicator of how the markets may perform, was down 0.2% or 33 points early in the morning today.

Earlier on Wednesday, both Sensex and Nifty50 closed higher led by IT and financial services stocks. While Sensex closed 1% higher at 59,689 points, Nifty50 closed 0.91% higher at 17,557 points. Analysts now recommend investors to $4 to accumulate quality stocks.

Even as the Dollar index edged up, rupee appreciated 34 paise against the US dollar to close at 82 on Wednesday. Brent crude oil prices eased a tad on Thursday morning at $84.19 per barrel, while gold touched a high of $2,021 per ounce, just shy of its 52-week high of $2,032.

US markets mixed, Asian markets in the red
Markets in the US closed on a mixed note on Wednesday, with Dow Jones gaining 0.24%, while S&P 500 declined 0.25%. The tech-heavy Nasdaq fell 1.07%.

Asian markets were largely in the red on Thursday morning, with Nikkei 225 declining the most at 1.09%, followed by KOSPI which was down 0.72%. Taiwan Weighted fell 0.42%, while Shanghai Composite was down 0.15%. Hang Seng, on the other hand, was up 0.11%.

Stocks to watch
Reliance Industries: The company’s retail arm, Reliance Retail, launched an omni channel beauty retail platform Tira. The flagship Tira store will be opened at Jio World Drive in Bandra Kurla Complex in Mumbai.

Avenue Supermarts (DMart): The retail chain’s revenue grew 20% on year to ₹10,337 crore in March quarter as against ₹8,606 crore last year. The total number of stores as of March 2023 stood at 324.

FSN E-commerce (Nykaa): The company said it is expecting over 30% growth in revenue by the end of FY23. However, it estimated subdued growth in the fashion business due to consumers tightening their wallets on discretionary spending.

Tata Steel: The company has achieved highest ever annual crude steel production of around 19.9 million tonnes in FY23 with a growth of 4% on year. The deliveries also increased 3% on year despite a volatile operating environment during the financial year.

Hero MotoCorp: The two wheeler maker has announced a voluntary retirement scheme for its staff with an aim to improve efficiency and become a lean and more productive organisation.

Adani Ports & SEZ: The company has reported 9% growth in ports cargo volumes at 339 million metric tons (MMT) in FY23. This is the highest ever volume for the Adani Group company. However, reports say that they fall slightly short of guidance of 350-360 MMT, which the company had targeted after its December quarter results.


SEE ALSO: $4

$4

$4