Markets end flat

Nifty50: 18,691 ▲ 25 (+0.1%)
Sensex: 62,970 ▼ 9.3 (-0.01%)

Namaste, friends!

John B. Goodenough, the father of the rechargeable lithium-ion battery, passed away yesterday, a month short of turning 101. For his pioneering work that revolutionised portable electronics, from smartphones to laptops and beyond, he was awarded the Nobel Prize in Chemistry in 2019. We pay a fond tribute to the man who literally energised the way we interact with technology. Meanwhile, the markets started the week on a not-so-energising note. More on that in a bit.

• Benchmark indices closed flat after a range-bound trading session 
• In all, 35 of the Nifty50 stocks closed in the green
• Auto, Pharma stocks shines in lackluster session

Among the Nifty sectoral indices, Pharma (+1.5%) and Auto (+1.1%) were the top gainers, while PSU Bank (-0.1%) and Oil & Gas (-0.07%) were the top losers.

What’s trending

⭐ Infosys signs $454 million deal with Danske Bank

Infosys announced a 5-year deal with Danske Bank worth $454 million, to accelerate the bank's digital transformation. Danske Bank is headquartered in Denmark and provides banking services to individuals and businesses. Infosys will also buy Danske Bank's IT centre in India, as part of this deal. The company expects the transactions to be completed by the second quarter of FY24.

⭐ Capacite Infraprojects bags new order

Shares of the Mumbai -based construction company rose by nearly 7% after it announced winning a new order worth ₹452.5 crore for constructing residential and commercial towers in Delhi NCR.  In Q4, the company posted a 27% YoY growth in revenue to ₹439 crore, while its net profit rose 88% YoY to ₹21 crore.

⭐ Ideaforge IPO fully subscribed 

The ₹567 crore public issue of drone manufacturer IdeaForge was fully subscribed on Day 1. The IPO was subscribed 3.69 times overall, with the retail portion being subscribed 12.48 times. The issue will remain open for subscription till 29 June 2023. To know more and subscribe to the IPO, click here.

⭐ Oil trades in a range

Oil prices traded steady on Monday, with MCX Crude July futures up 0.6% tracking international oil prices. This comes amid geopolitical instability in Russia, where a revolt by a militant group was averted over the weekend. As per experts, this event does not pose an immediate threat to oil supply.

In Focus

India’s growth set to pick up pace?

Global ratings agency Fitch Ratings recently raised its India’s GDP forecast to 6.3% from 6% for FY24. Meanwhile, S&P Global Ratings in its reports retained India’s growth projection at 6%, calling it the fastest-growing economy in the Asia-Pacific region. What factors led to these upbeat growth projections? Let’s find out. 

Fitch Ratings cited better-than-expected domestic growth in the first quarter of 2023 as the key factor behind the revised outlook. The Indian economy expanded 6.1% YoY in Q1 2023 boosted by private consumption, services exports and manufacturing activities, amid easing input cost pressures.

Along with this, the government’s thrust on increased capital expenditure, robust credit growth despite interest rate hikes continues to support the domestic economy. 

Meanwhile, S&P Global Ratings has kept India's growth forecast unchanged at 6%, which is also a  positive indicator. S&P expects retail inflation likely to soften to 5% this fiscal from 6.7% in FY23 under the assumption of normal monsoon and softer crude prices.

Robust GDP growth outlook is sentimentally positive for the investors and stock market as well. 

All in all this robust GDP growth outlook is sentimentally positive for investors and stocks markets in near term. However, some threats remain, like the potential impact of El Nino on monsoon as well as the slowdown in the global economy. 

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