Sensex, Nifty50 edge up in morning trade: Tata Motors rallies nearly 8% riding on strong JLR Q4 numbers

• India’s equity markets edged up in morning trade on Monday amid mixed global cues.
  
• Tata Motors’ shares rallied nearly 8% riding on a strong set of numbers from its subsidiary JLR.
  
• SGX Nifty, an early indicator of how the markets may perform, was down 0.07% or 12 points early in the morning today.

India’s equity markets edged up in morning trade on Monday amid mixed global cues. Tata Motors’ shares rallied nearly 8% riding on a strong set of numbers from its subsidiary JLR.

SGX Nifty, an early indicator of how the markets may perform, was down 0.07% or 12 points early in the morning today.

While the 30-stock Sensex was up 0.12% or 77 points to 59,909, the 50-stock Nifty50 was up 0.2% or 36 points to 17,635. Realty, auto and oil & gas indices led the gains, while FMCG and bank indices declined.

Top gainers and losers on Nifty50

Source: NSE, April 10, 2023

Earlier last week, both Sensex and Nifty50 rallied 3.5% on the back of robust buying across IT, financial services and other sectors. This has also helped both the indices trim some of their losses in 2023 so far – while Sensex is now down 2.2% in this year so far, Nifty50 is down 3.3%. Earlier, both the indices were down nearly 5%.

Global markets mixed

Rising geopolitical tensions amid China encircling Taiwan and concerns around economic slowdown resulted in mixed sentiments in global markets.

In the US, markets closed in the green on Friday – while Dow Jones ended flat, S&P 500 gained 0.36%. The tech-heavy Nasdaq rallied 0.76%.

Asian markets opened the week on a mixed note – while KOSPI was up 1%, Nikkei 225 gained 0.42% and Hang Seng edged up 0.28%. Taiwan Weighted witnessed volatility and was up 0.2%, while Shanghai Composite was down 0.2%.

Gold prices cooled down a bit from their rally last week, to $1,992 per ounce. Crude oil prices continued to maintain their gains of the last week, with Brent crude hovering around $85 per barrel.

Stocks to watch

Tata Motors: The automaker’s global wholesale vehicle sales has recorded 8% growth in March quarter, more than analysts expectations, despite high inflation and rising borrowing costs.

Titan Company: The company has recorded double digit growth across all of its key businesses with revenues growing by 25% on year led by strong growth in watches and wearables segment and emerging businesses. Jewellery business clocked 23% growth in Q4, watches and wearables segment saw 41% growth, eyecare 22% and emerging businesses 84% on year growth.

Adani Wilmar: The FMCG player’s revenues grew 14% on year in FY23 at ₹55,000 crore from ₹54,213 crore in FY22. Food and FMCG business grew 55% on year to ₹3,800 crore in FY23.

Godrej Consumer Products: The FMCG player will invest ₹100 crore in a new early stage consumer fund being set up by Spring Marketing Capital.

Muthoot Finance: The gold loan financier has announced an interim dividend of ₹22 per share for FY23.

Nazara Technologies: The gaming company’s subsidiary Sportskeeda has completed an acquisition of 73.27% in Pro Football Network in an all cash deal worth $1.82 million.

SEE ALSO:

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RBI revises India’s FY24 growth outlook, expects softer inflation on the back of lower commodity prices

Banks to drive earnings growth in Q4 while IT services to report muted numbers