Stock Market Live on Thursday, May 6: Indian equities may open higher on Monday, tracking global cues. The GIFT Nifty futures was trading nearly 111 points higher as against Nifty50 futures. In the Asia-Pacific region, stock markets opened on a positive note on Monday tracking Wall Street gains.
Hong Kong’s Hang Seng was up 0.11 per cent while Australia’s S&P/ASX 200 zoomed 0.59 per cent. Japan’s Nikkei and Korea’s Kospi will be shut for trading today.
On the other side of the globe, Wall Street closed higher on Friday following the release of fresh nonfarm payrolls data.
The report indicated that the US economy added fewer jobs than anticipated in April, along with a rise in unemployment, which alleviated concerns of an overheating economy. This prompted traders to speculate that the Federal Reserve might consider lowering interest rates sooner than expected.
The Nasdaq led with 1.99 per cent gains, followed by the S&P 500, which jumped by 1.26 per cent. The Dow also finished higher, with a gain of 1.26 per cent.
Brent crude oil prices rose 0.35 per cent to $83.25 per barrel.
Stocks to watch
BirlaCorp: The company profit zoomed 127 per cent to Rs 193 crore for the quarter ending March 2024 (Q4FY24). Its revenue rose nearly 7 per cent to Rs 2,682 crore
One 97 Communications: Payments aggregator Paytm announced that Bhavesh Gupta stepped down as COO and president of the company.
Avenue Supermarts: Avenue Supermarts profit soared 22 per cent year-on-year (Y-oY) to Rs 563 crore in Q4FY24, from Rs 460 crore in Q4FY23.
Kotak Mahindra Bank: The bank’s Profit After Tax (PAT) for FY24 rose to Rs 13,782 crore from Rs 10,939 crore in FY23, marking a 26 per cent year-on-year increase.
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