Sensex rises 170 pts, Nifty tops 17,800; GSFC leaps 20%, MCX crashes 6%

CLOSING BELL: There were 21 gainers of the 30-pack index, and 33 on the 50-pack index, led by Power Grid, Nestle India, Tata Consumer Products, IndusInd Bank, L&T, HCL Tech, Tata Motors, SBI Life, HUL

SI Reporter New Delhi

(Photo: Bloomberg)

8:28 AM

Alphabet reports revenue and earnings beat for first quarter

Here are the key numbers:

Earnings: $1.17 per share vs. $1.07 per share expected, according to Refinitiv.

Revenue: $69.79 billion vs. $68.9 billion expected, according to Refinitiv.

The beat on the top and bottom lines breaks a string of four straight quarters in which the company missed consensus estimates.

YouTube advertising revenue: $6.69 billion vs. $6.6 billion, according to StreetAccount.

Google Cloud revenue: $7.45 billion vs. $7.49 billion, according to StreetAccount.

Traffic acquisition costs (TAC): $11.72 billion vs. $11.78 billion, according to StreetAccount.

Source: CNBC

8:24 AM

Microsoft results top forecasts, shares jump 8% as AI juices sales

>> Microsoft Corp beat Wall Street's estimates quarterly revenue and profit on Tuesday, driven by growth in its cloud computing and Office productivity software businesses, and Microsoft said artificial intelligence products were stimulating sales.

>> Shares gained 8.3% in after-market trading following a report by Redmond, Washington-based Microsoft that profits were $2.45 per share in the fiscal third quarter, beating Wall Street estimates of $2.23, according to data from Refinitiv and up 10% from the same quarter last year.

>> Revenue rose 7% to $52.9 billion in the quarter ended March, inching past the average analyst estimate of $51.02 billion, according to Refinitiv. The bulk of Microsoft sales still come from selling software and cloud computing services to customers.

Source: Reuters

8:21 AM

Stocks to watch: Maruti, Bajaj Finance, Glenmark Pharma, IHCL, Raymond

Tata Consumer: The company clocked 23.5 per cent YoY net profit to Rs 268.6 crore, due to strong operational performance in Q4FY23. Revenue, meanwhile, was up 14 per cent at 3,618.7 crore, driven by 15 per cent growth in the Indian business, and 6 per cent in the international business.

AU Small Finance Bank: The lender reported 23 per cent YoY growth in its net profit to Rs 425 crore in Q4FY23, on the back of healthy growth in net interest income. Net interest income (NII), too, saw 30 per cent YoY rise to Rs 1,213 crore in the March quarter. READ MORE

8:16 AM

HDFC Securities recommends Buy on Triveni Engineering, NFL

Buy NFL

Target: Rs 83; Rs 88

Primary trend of the stock has been bullish as stock has been holding above its 50, 100 and 200 days EMAs. The stock price recently witnessed a sharp correction from Rs 89.70 to Rs 73.25 levels. READ MORE

8:13 AM

Nifty Auto likely to exhibit range-bound trade

If the index breaks above 12,950, it will likely face stiff resistance at 13,125. Alternatively, if it falls below 12,830, it will find support at 12,650. Given the current scenario, traders are advised to exercise caution and adopt a sell-on-resistance and buy-on-support approach until a clear breakout occurs on the charts. READ MORE

8:10 AM

Fund Flow :: DIIs bought equities worth Rs 563.61 crore on Tuesday

8:07 AM

Fund Flow : FIIs sold equities worth Rs 407.35 crore on Tuesday

8:04 AM

ALERT :: Gujarat announces new policy for dividend distribution, bonus shares for state PSUs, says report

>> According to TV channel, CNBC TV18, Gujarat government on Tuesday announced a new policy for minimum levels of dividend distribution and bonus shares for its state public sector undertakings (PSUs) including listed companies.

>> With this new policy of compulsory dividends and bonus shares, the state aims to add to the valuation of Gujarat states’ PSUs. All 7 listed PSUs of Gujarat are making profits.

>> Stocks in focus: Gujarat Gas, Gujarat Alkalies, Gujarat State Fertilizers, Gujarat State Petronet, GNFC, GMDC, and Gujarat Industries Power

8:00 AM

First Republic shares hit record low after depositors pull $100bn in March quarter

>> First Republic Bank’s shares plunged to a record low after the lender announced that depositors withdrew more than $100bn, prompting fears of further bank collapses after the failures of Silicon Valley Bank and Signature Bank.

>> First Republic’s stock closed down nearly 50 per cent on Tuesday, after the San Francisco-based lender disclosed that it lost 40 per cent of its deposits in the first quarter as the banking sector suffered its biggest crisis of confidence since the 2007-2008 financial crash.