Markets continue in green

Nifty50: 17,398 ▲ 38 (+0.2%)
Sensex: 59,106 ▲ 114 (+0.1%)

Namaste, friends!

What happens when a five-year-old girl gets her hands on her mum's phone and clicks ‘Buy Now’ on Amazon?

A mother from Massachusetts, US, found it out the hard way when her daughter Lila Varisco ordered 10 motorcycles and 10 pairs of cowgirl boots worth over $3,000!

Luckily, they were able to cancel most of the orders. The mother plans to use this experience as a learning moment for her daughter rather than punish her. Hilarious, right? Well, today's market was a lot like Lila's Amazon order - it got off to a rocky start but turned out to be okay in the end.

• Markets closed marginally higher supported by auto stocks.
• Out of the Nifty50 stocks, 32 stocks closed in green.
• India’s manufacturing PMI climbed to a three-month high of 56.4 in March. A number above 50 indicates an expansion of manufacturing activities.

Among the Nifty sectoral indices, Auto (+1.4%) and PSU Bank (+1.0%) were the top gainers, while Oil & Gas (-0.4%) and Metal (-0.3%) were the top losers.

What’s trending

⭐ M&M sales rise in March

Shares of the Mahindra Auto (+1.1%) rose intraday after the company reported a 30% YoY jump in its passenger vehicle sales to 35,997 units in March 2023. Meanwhile, its commercial vehicle segment clocked 12% YoY sales growth to 22,282 units. As per management, robust sales came on the back of good demand across the portfolio. 

⭐ NTPC stocks in focus

The power generator (+1.6%) recorded 400 BU of power generation in FY23, a rise of 11% YoY. The company recently commissioned a 50 MW capacity Nokhra Solar PV Project in Rajasthan.

⭐ CSB Bank’s shares soar

The bank’s (+3.3%) share price rose after its provisional data for Q4FY23 showed healthy growth. Its total deposits grew by over 21% to ₹24,505 crore, while gross advances increased to ₹20,841 crore, a rise of 30% YoY.

⭐ Rama Steel shines in Q4 sales

The steel tube maker (+4.8%) reported a sales volume of 67,077 tonnes in Q4FY23, a rise of over 86% YoY. As per management, sales volume could get a further boost from commissioning and ramp-up of a new capacity at the Khopoli plant.

In Focus

Oil prices rise as OPEC cuts oil production

International oil prices rose by over 6% today to a one-month high. This comes after the Organization of Petroleum Exporting Countries (OPEC) made a surprise cut in oil production of around 1.1 million barrels per day (bpd). How will this impact the Indian economy? Keep reading…

Oil imports to get costlier 

As per experts, an unexpected oil production cut could make India’s oil import costlier as the country imports more than 80% of its oil requirement. Furthermore, a price rise will add to inflationary pressure, forcing the Central Bank to keep interest rates higher for a longer period. 

Impact on Indian market 

Following this announcement, shares of Indian oil marketing companies (OMC) – HPCL and BPCL fell over 4% intraday. Meanwhile, the oil and gas sector index was among the top losers. 

As crude oil prices rise, the margins that these companies earn on each litre of petrol and diesel could fall. This will, in turn, impact their revenue.

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Phrase of the day

Going Long

When you buy a stock, futures or an option contract with the hope that its price will rise, it is called going ‘long’.  When should you go long, find out from this chapter What does going Long mean? 

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