HDFC Bank Ltd

Indian equity indices ended with major gains on Monday, rising for the second consecutive trading session. The Nifty settled above the 22,300 level. All the other sectorial indices on the NSE ended in green with PSU bank, consumer durables and healthcare shares gaining the most.

As per provisional closing data, the barometer index, the S&P BSE Sensex jumped 560.29 points or 0.77% to 73,648.62. The Nifty 50 index gained 189.40 points or 0.86% to 22,336.40.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.93% and the S&P BSE Small-Cap index gained 1.26%.

The market breadth was strong. On the BSE, 2,621 shares rose and 1,283 shares fell. A total of 153 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 5.62% to 12.70.

Economy:

The provisional figures of Direct Tax collections for the Financial Year (FY) 2023-24 show that Net collections are at Rs. 19.58 lakh crore, compared to Rs. 16.64 lakh crore in the preceding Financial Year i.e. FY 2022-23, representing an increase of 17.70%.

The Budget Estimates (BE) for Direct Tax revenue in the Union Budget for FY 2023- 24 were fixed at Rs. 18.23 lakh crore which were revised and the Revised Estimates (RE) were fixed at Rs. 19.45 lakh crore. The provisional Direct Tax collections (net of the refunds) have exceeded the BE by 7.40% and RE by 0.67%.

Meanwhile, India’s foreign exchange (forex) reserves declined $5.401 billion to $643.162 billion during the week ended April 12, according to the latest RBI data. In the previous reporting week, overall reserves had risen $2.88 billion to a new high of $648.562 billion.

For the week ended April 12, the foreign currency assets, a major component of the reserves, decreased by $6.513 billion to $564.653 billion, according to the data released on April 19.

Gold reserves continued their rise and increased by $1.241 billion to $55.798 billion during the week. The special drawing rights (SDRs) were down $93 million to $18.077 billion, the RBI said.

India’s reserve position with the IMF was also down by $35 million to $4.634 billion in the reporting week, the central bank data showed.

Buzzing Index:

The PSU Bank index rallied 3.30% to 7,162.35. The index fell 4.89% in the past five trading sessions.

Union Bank of India (up 7.78%), Bank of Maharashtra (up 4.63%), Central Bank of India (up 4.35%), Bank of India (up 4.31%), Punjab National Bank (up 3.94%), Indian Overseas Bank (up 3.84%), Canara Bank (up 3.59%), UCO Bank (up 3.55%), Punjab & Sind Bank (up 3.48%) and State Bank of India (up 2.27%) advanced.

Stocks in Spotlight:

HDFC Bank slipped 1.03%. The bank said that its net profit jumped 37.06% to Rs 16,511.85 crore in Q4 FY24 as compared with Rs 12,047.45 crore posted in Q4 FY23. Total income jumped 66.46% YoY to Rs 89,6939 crore as compared with Rs 53,850.54 crore posted in corresponding quarter last year.

Wipro advanced 2.03% after the IT major's consolidated net profit grew 5.21% to Rs 2,834.6 crore in Q4 FY24 as against Rs 2,694.2 crore recorded in Q3 FY24. Revenue from operations rose marginally to Rs 22,208.3 crore in the March quarter as against Rs 22,205.1 crore reported in the preceding quarter same year.

Jio Financial Services rallied 3.46% after the company reported a net profit of Rs 310.63 crore in Q4 FY24 as against a net profit of Rs 293.82 crore posted in Q3 FY24. Total income rose to Rs 418.10 crore from Rs 414.33 crore.

HDFC Asset Management Company (HDFC AMC) fell 1.70%. The asset management company’s standalone net profit jumped 43.83% to Rs 541.09 crore on 33.4% rise in total income to Rs 850.89 crore in Q4 FY24 over Q4 FY23.

Indian Renewable Energy Development Agency (IREDA) jumped 5.88% after the company’s net profit jumped 33% to Rs 337.38 crore in Q4 FY24 as compared with Rs 253.62 crore in Q4 FY23. Revenue from operations increased 33.6% to Rs 1,339.77 crore in Q4 FY24 as compared with Rs 1,002.67 crore posted in corresponding quarter last year.

Persistent Systems tumbled 9.59%. The company said that its consolidated net profit increased 10.2% to Rs 315.31 crore in Q4 FY24 as compared with Rs 286.13 crore posted in Q3 FY24. Revenue from operations rose 3.7% QoQ to Rs 2,590.52 crore in Q4 FY24. During the quarter, EBIT margin remained flat at 14.5% as compared with Q3 FY24.

Sterling and Wilson Renewable Energy was locked in 10% upper circuit after the company has reported a net profit of Rs 1 crore in Q4 FY24 as against a net loss of Rs 421 crore posted in Q4 FY23. Revenue from operations in the fourth quarter surged to Rs 1,178 crore. The company’s revenue for the same period last year was Rs 88 crore.

Oberoi Realty added 2.40% after the company reported booking value of Rs 1,775 crore during the quarter. In Q4 FY24, in terms of volume, the Mumbai based realty developer company booked 4,48,844 square foot (Sq.ft) area while 228 units were booked.

Pavna Industries was locked in 5% upper circuit after the company announced that it has inked an agreement with OLA Electric to supply ignition switches and latches.

Global Markets:

The US Dow Jones index futures were currently up by 183 points, signaling a positive opening for US stocks today.

European shares advanced while Asian stocks ended mixed on Monday as the focus shifted from Middle East tensions to company earnings and economic data for insight into the direction of central bank policy.

Investors look to fresh data points out of China, Japan and South Korea this week.

China’s central bank left its one- and five-year loan prime rates unchanged at 3.45% and 3.95%, respectively on Monday. The one-year LPR is seen as the peg for most household and corporate loans, while the five-year LPR is the benchmark for most property mortgages.

In US, the Nasdaq and the S&P 500 closed sharply lower on Friday as investors juggled lackluster earnings, uncertainties surrounding central bank policy and geopolitical strife.

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Total income jumped 66.46% YoY to Rs 89,6939 crore as compared with Rs 53,850.54 crore posted in corresponding quarter last year.

The bank’s net revenue grew by 47.3% to Rs 47,240 crore (including transaction gains of 7,340 core from stake sale in subsidiary HDFC Cedila Financial Services) for the quarter ended 31 March 2024 from Rs 32,080 crore for the quarter ended 31 March 2023.

Profit before tax (PBT) in Q4 FY24 stood at Rs 15,762.60 crore, down 1.09% from Rs 15,935.53 crore posted in Q4 FY23.

The bank's provisions and contingencies surged to Rs 13,511.64 crore during the quarter as against 2685.37 crore in Q4 FY23.

Net interest income (interest earned less interest expended) for the quarter ended 31 March 2024 grew by 24.5% to Rs 29,080 crore from Rs 23,350 crore for the quarter ended 31 March 2023. Core net interest margin for the quarter was 3.44% on total assets and 3.63% on interest earning assets.

On the asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 31,173.32 crore as on 31 March 2024 as against Rs 31,011.67 crore as on 31 December 2023 and Rs 18,019.03 crore as on 31 March 2023.

The ratio of gross NPAs to gross advances increased to 1.24% as on 31 March 2024 as against 1.26% as on 31 December 2023 and 1.12% as on 31 March 2023.

The ratio of net NPAs to net advances stood at 0.33% as on 31 March 2024 as against 0.31% as on 31 December 2023 and 0.27% as on 31 March 2023.

The total credit cost ratio was at 0.42%, as compared to 0.67% for the quarter ending 31 march 2023.

Total deposits were at Rs 2,37,980 crore as of 31 March 2024, an increase of 26.4% over 31 March 2023. CASA deposits increased by 8.7%, comprising 38.2% of total deposits as of 31 March 2024.

Gross advances stood at Rs 2,50,780 crore as on 31 March 2024, registering a growth of 55.4% YoY. Domestic retail loans soared 108.9%, commercial and rural banking loans grew by 24.6% and corporate and other wholesale loans (excluding non-individual loans of eHDFC of approximately Rs 8,070 crore) grew by 4.2%.

The bank's total capital adequacy ratio (CAR) as per basel III guidelines was at 18.8% as on 31 March 2024 as compared to 19.3% as on 31 March 2023. Tier 1 CAR was at 16.8% and common equity tier 1 capital ratio was at 16.3% as of 31 March 2024.

Year on Year basis, the company’s net profit jumped 37.87% to Rs 60,812.27 crore on 59.53% increase in total income to Rs 3,07,581.55 crore in FY24 over FY23.

Meanwhile, the board has declared a dividend of Rs 19.5 per equity share for the year ended 31 March 2024.

Further, the board has approved the annual renewal of issuance of Long-Term Bonds (Financing of Infrastructure and Affordable Housing), Perpetual Debt Instruments (part of Additional Tier I capital) and Tier II Capital Bonds up to total amount of Rs 60,000 crore over the period of next twelve months through private placement mode.

HDFC Bank is private sector lender, As of 31 March 2024, the bank's distribution network was at 8,738 branches and 20,938 ATMs across 4,065 cities / towns as against 7,821 branches and 19,727 ATMs across 3,811 cities / towns as of 31 March 2023.

The scrip declined 0.91% to Rs 1,517.35 on the BSE.

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The domestic equity benchmarks traded with modest gains in early trade. The Nifty traded above 22,250 mark. All the sectorial indices on NSE were in the green with PSU bank, realty and pharma shares gaining the most.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 324.79 points or 0.44% to 73,408.24. The Nifty 50 index added 115.40 points or 0.52% to 22,262.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.90% and the S&P BSE Small-Cap index added 1.20%.

The market breadth was strong. On the BSE, 2,380 shares rose and 532 shares fell. A total of 117 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 129.39 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 52.50 crore in the Indian equity market on 19 April, provisional data showed.

Economy:

India’s foreign exchange (forex) reserves declined $5.401 billion to $643.162 billion during the week ended April 12, according to the latest RBI data. In the previous reporting week, overall reserves had risen $2.88 billion to a new high of $648.562 billion.

For the week ended April 12, the foreign currency assets, a major component of the reserves, decreased by $6.513 billion to $564.653 billion, according to the data released on April 19.

Gold reserves continued their rise and increased by $1.241 billion to $55.798 billion during the week. The special drawing rights (SDRs) were down $93 million to $18.077 billion, the RBI said.

India’s reserve position with the IMF was also down by $35 million to $4.634 billion in the reporting week, the central bank data showed.

Stocks in Spotlight:

HDFC Bank shed 0.28%. The bank said that its net profit jumped 37.06% to Rs 16,511.85 crore in Q4 FY24 as compared with Rs 12,047.45 crore posted in Q4 FY23. Total income jumped 66.46% YoY to Rs 89,6939 crore as compared with Rs 53,850.54 crore posted in corresponding quarter last year.

Wipro advanced 1.06% after the IT major's consolidated net profit grew 5.21% to Rs 2,834.6 crore in Q4 FY24 as against Rs 2,694.2 crore recorded in Q3 FY24. Revenue from operations rose marginally to Rs 22,208.3 crore in the March quarter as against Rs 22,205.1 crore reported in the preceding quarter same year.

Jio Financial Services added 2.16% the company reported a net profit of Rs 310.63 crore in Q4 FY24 as against a net profit of Rs 293.82 crore posted in Q3 FY24. Total income rose to Rs 418.10 crore from Rs 414.33 crore.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.18% to 7.238 as compared with previous close 7.225.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.4300, compared with its close of 83.4400 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement fell 0.83% to Rs 72,204.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.08% to 106.08.

The United States 10-year bond yield grew by 1.04% to 4.664.

In the commodities market, Brent crude for May 2024 settlement slipped 68 cents or 0.78% to $ 86.61 a barrel.

Global Markets:

Most of the Asian stocks were trading higher on Monday as the focus shifted from Middle East tensions to company earnings and economic data for insight into the direction of central bank policy. Investors look to fresh data points out of China, Japan and South Korea this week.

China’s central bank left its one- and five-year loan prime rates unchanged at 3.45% and 3.95%, respectively on Monday. The one-year LPR is seen as the peg for most household and corporate loans, while the five-year LPR is the benchmark for most property mortgages.

In US, the Nasdaq and the S&P 500 closed sharply lower on Friday as investors juggled lackluster earnings, uncertainties surrounding central bank policy and geopolitical strife.

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Total income jumped 66.46% YoY to Rs 89,6939 crore as compared with Rs 53,850.54 crore posted in corresponding quarter last year.

The bank’s net revenue grew by 47.3% to Rs 47,240 crore (including transaction gains of 7,340 core from stake sale in subsidiary HDFC Cedila Financial Services) for the quarter ended 31 March 2024 from Rs 32,080 crore for the quarter ended 31 March 2023.

Profit before tax (PBT) in Q4 FY24 stood at Rs 15,762.60 crore, down 1.09% from Rs 15,935.53 crore posted in Q4 FY23.

The bank's provisions and contingencies surged to Rs 13,511.64 crore during the quarter as against 2685.37 crore in Q4 FY23.

Net interest income (interest earned less interest expended) for the quarter ended 31 March 2024 grew by 24.5% to Rs 29,080 crore from Rs 23,350 crore for the quarter ended 31 March 2023. Core net interest margin for the quarter was 3.44% on total assets and 3.63% on interest earning assets.

On the asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 31,173.32 crore as on 31 March 2024 as against Rs 31,011.67 crore as on 31 December 2023 and Rs 18,019.03 crore as on 31 March 2023.

The ratio of gross NPAs to gross advances increased to 1.24% as on 31 March 2024 as against 1.26% as on 31 December 2023 and 1.12% as on 31 March 2023.

The ratio of net NPAs to net advances stood at 0.33% as on 31 March 2024 as against 0.31% as on 31 December 2023 and 0.27% as on 31 March 2023.

The total credit cost ratio was at 0.42%, as compared to 0.67% for the quarter ending 31 march 2023.

Total deposits were at Rs 2,37,980 crore as of 31 March 2024, an increase of 26.4% over 31 March 2023. CASA deposits increased by 8.7%, comprising 38.2% of total deposits as of 31 March 2024.

Gross advances stood at Rs 2,50,780 crore as on 31 March 2024, registering a growth of 55.4% YoY. Domestic retail loans soared 108.9%, commercial and rural banking loans grew by 24.6% and corporate and other wholesale loans (excluding non-individual loans of eHDFC of approximately Rs 8,070 crore) grew by 4.2%.

The bank's total capital adequacy ratio (CAR) as per basel III guidelines was at 18.8% as on 31 March 2024 as compared to 19.3% as on 31 March 2023. Tier 1 CAR was at 16.8% and common equity tier 1 capital ratio was at 16.3% as of 31 March 2024.

Year on Year basis, the company’s net profit jumped 37.87% to Rs 60,812.27 crore on 59.53% increase in total income to Rs 3,07,581.55 crore in FY24 over FY23.

Meanwhile, the board has declared a dividend of Rs 19.5 per equity share for the year ended 31 March 2024.

Further, the board has approved the annual renewal of issuance of Long-Term Bonds (Financing of Infrastructure and Affordable Housing), Perpetual Debt Instruments (part of Additional Tier I capital) and Tier II Capital Bonds up to total amount of Rs 60,000 crore over the period of next twelve months through private placement mode.

HDFC Bank is private sector lender, As of 31 March 2024, the bank's distribution network was at 8,738 branches and 20,938 ATMs across 4,065 cities / towns as against 7,821 branches and 19,727 ATMs across 3,811 cities / towns as of 31 March 2023.

The scrip rallied 2.46% to Rs 1,531.30 on Friday, 19 April 2024.

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HDFC Bank has fixed 10 May 2024 as record date for determining the eligibility of members entitled to receive dividend of Rs 19.50 per equity share.

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HDFC Bank announced that the Board of Directors of the Company at its meeting held on 20 April 2024, inter alia, have recommended the final dividend of Rs 19.5 per equity Share (i.e. 1950%) , subject to the approval of the shareholders.

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Net profit of HDFC Bank rose 39.92% to Rs 17622.38 crore in the quarter ended March 2024 as against Rs 12594.47 crore during the previous quarter ended March 2023. Total Operating Income rose 67.06% to Rs 79433.61 crore in the quarter ended March 2024 as against Rs 47548.34 crore during the previous quarter ended March 2023.

For the full year,net profit rose 39.27% to Rs 64062.04 crore in the year ended March 2024 as against Rs 45997.11 crore during the previous year ended March 2023. Total Operating Income rose 66.12% to Rs 283649.02 crore in the year ended March 2024 as against Rs 170754.05 crore during the previous year ended March 2023.

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The Board of HDFC Bank at its meeting scheduled to be held on 20 April 2024 may consider annual renewal of issuance of Long-Term Bonds (Financing of Infrastructure and Affordable Housing), Perpetual Debt Instruments (part of Additional Tier I capital) and Tier II Capital Bonds over the period of next twelve months through private placement mode.

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Indian equity indices ended with moderate gains on Thursday. The Nifty settled above 22,500 level after hitting the day’s low of 22,303.80 in morning trade. Private bank, IT and bank stocks advanced while oil & gas, PSU bank and FMCG stocks declined. Trading was volatile due to the expiry of weekly index options on the NSE.

As per provisional closing data, the S&P BSE Sensex, gained 350.81 points or 0.47% to 74,227.63. The Nifty 50 index added 80 points or 0.36% to 22,514.65.

The Sensex and Nifty clocked an all-time high of 74,501.73 and 22,619, respectively in early trade.

In the broader market, the S&P BSE Mid-Cap index shed 0.11% and the S&P BSE Small-Cap index rose 0.54%.

The market breadth was strong. On the BSE, 2,457 shares rose and 1,392 shares fell. A total of 98 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, shed 1.34% to 11.22.

The RBI Monetary Policy Committee (MPC) kicked off its 3-day meeting deliberating interest rates and analysing the state of the economy on April 3 and will end on April 5. While the RBI is widely expected to keep rates on hold, any signals on inflation and economic growth will be closely watched, as per reports.

Economy:

The HSBC India Services Purchasing Managers' Index , compiled by S&P Global, rose to 61.2 last month from February's 60.6, pointed to one of the strongest growth rates seen in over 13-and-a-half years. The upturn was largely attributed to healthy demand conditions, efficiency gains and positive sales developments.

Ines Lam, Economist at HSBC, said, “India’s services PMI rose in March, following a small dip in February, on the back of strong demand that spurred sales and business activity. Service providers increased hiring at the fastest pace since August 2023 in order to expand production capacity. Input costs rose at a faster rate, yet service providers were able to broadly maintain margins by charging higher output prices.”

The HSBC India Composite PMI Output Index increased to 61.8 in March from 60.6 in February, highlighting the second-strongest upturn in over 13-and-ahalf years (behind July 2023).

IPO Update:

The initial public offer (IPO) of Bharti Hexacom received 3,63,19,27 bids for shares as against 4,12,50,000 shares on offer, according to stock exchange data at 15:40 IST on Thursday (4 April 2024). The issue was subscribed 0.88 times.

The issue opened for bidding on Wednesday (3 April 2024) and it will close on Friday (5 April 2024). The price band of the IPO is fixed at Rs 542 to 570 per share. An investor can bid for a minimum of 26 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Private Bank index rose 1.12% to 24,012.35. The index shed 0.21% in the past trading sessions.

HDFC Bank (up 3.17%), Muthoot Finance (up 2.35%), Kotak Mahindra Bank (up 1.09%), Bajaj Finserv (up 1.07%), IDFC (up 1.04%), LIC Housing Finance (up 0.54%), Cholamandalam Investment & Finance Company (up 0.35%), SBI Life Insurance Company (up 0.31%), ICICI Bank (up 0.3%) and Axis Bank (up 0.18%) advanced.

On the other hand, ICICI Lombard General Insurance Company (down 2.94%), ICICI Prudential Life Insurance Company (down 2.24%) and Shriram Finance (down 1.66%) edged lower.

HDFC Bank advanced 3.17% after the Private lender's gross advances jumped 55.4% to Rs 25,08,000 crore as of 31 March 2024 as compared with Rs 16,14,200 crore as of 31 March 2023.

Stocks in Spotlight:

Dabur India slipped 4.57%. The company said that its demand trends will remained sluggish during the quarter.

Suryoday Small Finance Bank zoomed 10.01% after the bank reported 50% jump in total deposits to Rs 7,775 crore as on 31 March 2024 as against Rs 5,167 crore as on 31 March 2023.

L&T Finance Holdings added 1.15% after the company recorded retail disbursements for Q4 FY24 is estimated at approximately Rs 15,030 crore, i.e., a growth of nearly 33% on a YoY basis.

Angel One dropped 4.73%. The brokerage company announced that it its client base jumped 61.5% to 22.24 million in March 2024 as against 13.78 million recorded in March 2023.

Avenue Supermarts (DMart) rallied 4.09% after the company reported standalone revenue of Rs 12,393.46 crore in quarter ended 31 March 2024, recording a growth of 19.89% from Rs 10,337.12 crore posted in the same period a year ago.

Vedanta advanced 2.92% after the miner company informed that its total aluminum production jumped 4% to 5,98,000 tonnes in Q4 FY24 as compared with 5,74,000 tonnes in Q4 FY23.

Meanwhile, the company’s board has approved to raise 2,50,000 non-convertible debentures (NCDs) of face value Rs 1 lakh each aggregating upto Rs 2,500 crore in one or more tranches on private placement basis.

G M Breweries tumbled 5.11%. The breweries & distilleries company reported a standalone net profit of Rs 86.44 crore in Q4 FY24, steeply higher than Rs 35.10 crore recorded in Q4 FY23. Revenue from operations (excluding excise duty) grew by 2.49% year on year to Rs 159.85 crore in the quarter ended 31 March 2024.

Meanwhile, the firm’s board has proposed a dividend of Rs 7 per equity share for the year ended 31 March 2024. Further, the company’s board has recommended a bonus issue in proportion of 1:4.

AU Small Finance Bank gained 2.64% after the bank reported 26% increase in total deposits to Rs 87,182 crore as on 31 March 2024 as against Rs 69,365 crore as on 31 March 2023.

RBL Bank rose 0.93%. The bank’s total deposits jumped 22% to Rs 103,454 crore as on 31 March 2024 from Rs 84,887 crore recorded in 31 March 2023.

Poonawalla Fincorp shed 0.51%. The company announced that it has recorded highest ever total disbursements at Rs 9,680 crore, up 52% YoY as compared Rs 6,371 crore posted in Q4 FY23.

Global Markets:

European stocks advanced while most of Asian stocks ended mixed on Thursday taking some positive cues from a mildly stronger overnight close on Wall Street. Markets in Hong Kong, mainland China and Taiwan are closed for a public holiday.

U.S. stocks closed mixed on Wednesday as investors digest comments from U.S. Federal Reserve Chairman Jerome Powell. Powell said it would take a while for policymakers to evaluate the current state of inflation, keeping the timing of potential interest rate cuts uncertain.

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The headline equity benchmarks traded with modest gains in the mid-afternoon trade. The Nifty traded above 22,500 level after hitting the day’s low of 22,303.80 in morning trade. IT shares advanced for the second consecutive trading session. Trading was volatile due to the expiry of weekly index options on the NSE.

At 14:27 IST, the S&P BSE Sensex, was up 448.79 points or 0.60% to 74,330.74. The Nifty 50 index added 109.30 points or 0.49% to 22,544.65.

The Sensex and Nifty clocked an all-time high of 74,501.73 and 22,619, respectively in early trade.

In the broader market, the S&P BSE Mid-Cap index shed 0.05% and the S&P BSE Small-Cap index rose 0.54%.

The market breadth was strong. On the BSE, 2,377 shares rose and 1,432 shares fell. A total of 107 shares were unchanged.

The RBI Monetary Policy Committee (MPC) kicked off its 3-day meeting deliberating interest rates and analysing the state of the economy on April 3 and will end on April 5. While the RBI is widely expected to keep rates on hold, any signals on inflation and economic growth will be closely watched, as per reports.

Economy:

The HSBC India Services Purchasing Managers' Index , compiled by S&P Global, rose to 61.2 last month from February's 60.6, pointed to one of the strongest growth rates seen in over 13-and-a-half years. The upturn was largely attributed to healthy demand conditions, efficiency gains and positive sales developments.

Ines Lam, Economist at HSBC, said, “India’s services PMI rose in March, following a small dip in February, on the back of strong demand that spurred sales and business activity. Service providers increased hiring at the fastest pace since August 2023 in order to expand production capacity. Input costs rose at a faster rate, yet service providers were able to broadly maintain margins by charging higher output prices.”

The HSBC India Composite PMI Output Index increased to 61.8 in March from 60.6 in February, highlighting the second-strongest upturn in over 13-and-ahalf years (behind July 2023).

Buzzing Index:

The Nifty IT index rose 1.16% to 35,454.20. The index gained 1.89% in two trading sessions.

Coforge (up 3.1%), Persistent Systems (up 1.9%), Tech Mahindra (up 1.56%), Tata Consultancy Services (up 1.54%), L&T Technology Services (up 1.5%), Mphasis (up 1.2%), LTIMindtree (up 0.8%), HCL Technologies (up 0.7%), Wipro (up 0.67%) and Infosys (up 0.56%) advanced.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was down 0.15% to 7.073 as compared with previous close 7.097.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.4500, compared with its close of 83.5300 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement rose 0.03% to Rs 69,801.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.15% to 104.10.

The United States 10-year bond yield rose 0.12% to 4.359.

In the commodities market, Brent crude for June 2024 settlement lost 15 cents or 0.17% to $89.20 a barrel.

Stocks in spotlight:

HDFC Bank advanced 2.66% after the Private lender's gross advances jumped 55.4% to Rs 25,08,000 crore as of 31 March 2024 as compared with Rs 16,14,200 crore as of 31 March 2023.

Suryoday Small Finance Bank zoomed 8.55% after the bank reported 50% jump in total deposits to Rs 7,775 crore as on 31 March 2024 as against Rs 5,167 crore as on 31 March 2023.

Vodafone Idea shed 1.18%. The telco informed that its board is scheduled to meet on 6 April 2024 to consider proposal for issuance of equity shares and/or convertible securities on a preferential basis upto Rs 2,075 crore.

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