Indian stock market: 11 things that changed for market over weekend- Gift Nifty, US-Iran talks, China LPR to gold prices

Indian stock market: The domestic equity market benchmark indices, Sensex and Nifty 50, are expected to open on a tepid note on Monday, following mixed cues from global markets.

Asian markets traded mixed, while the US stock market ended mostly lower over the weekend, with investors focusing on China’s loan prime rate decision, US-Iran talks and Russia-Ukraine ceasefire.

This week, investors will monitor key stock market triggers, including the next set of Q4 results, global tariff announcements, the scheduled derivatives expiry, and global cues that will dictate the market direction.

The Indian stock market was closed on Friday, April 18, on account of Good Friday.

On Thursday, the Indian stock market extended the bull run for the fourth consecutive session and ended with strong gains.

The Sensex rallied 1,508.91 points, or 1.96%, to close at 78,553.20, while the Nifty 50 settled 414.45 points, or 1.77%, higher at 23,851.65.

“With the Nifty 50 now hovering around its previous swing high near 23,800, focus will shift to the earnings announcements from heavyweights like Infosys, HDFC Bank, and ICICI Bank. We continue to advocate a ‘buy on dips’ strategy, with a preference for rate-sensitive sectors for long trades, while remaining selective in other segments,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mixed on Monday after China’s loan prime rate decision. Japan’s Nikkei 225 declined 1.16%, while the Topix index fell 1.24%. South Korea’s Kospi index rose 0.14%, while the Kosdaq rose 0.13%. Hong Kong and Australian markets are closed for the Easter holiday.

Gift Nifty Today

Gift Nifty was trading around 23,801 level, a discount of nearly 50 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.

Wall Street

US stock market ended higher on Thursday as investors weighed progress in US trade negotiations with Japan.

The Dow Jones Industrial Average declined 1.33% to 39,142.23, while the S&P 500 gained 0.13% to end at 5,282.70. The Nasdaq closed 0.13% lower at 16,286.45.

Eli Lilly shares surged 14% and Apple share price gained 1.4%. UnitedHealth stock price plunged 22%, CVS Health stock fell 2% and Humana shares declined 7.4%. Netflix stock price added 2.5%, while Alphabet shares dropped 1.4%.

Q4 Results

Infosys Q4 Results: Infosys net profit in Q4FY25 rose 3.3% QoQ to ₹7,033 crore, while revenue fell 2% QoQ to ₹40,925 crore. Revenue in dollar terms fell 4.2% QoQ to $4,730 million. EBIT declined 4% QoQ to ₹8,575 crore, while EBIT margin dropped 30 bps QoQ to 21%.

HDFC Bank Q4 Results: HDFC Bank’s net profit in Q4FY25 rose 6.7% YoY to ₹17,616 crore, while its net interest income (NII) increased 10.3% YoY to ₹32,070 crore. The bank’s net interest margin (NIM) stood at 3.54% on total assets and 3.73% based on interest-earning assets. The bank’s board recommended a dividend of ₹22 per share FY25.

ICICI Bank Q4 Results: ICICI Bank’s net profit in Q4FY25 rose 18% YoY to ₹12,629.58 crore, while NII increased by 11% YoY to ₹21,193 crore. Net interest margin rose to 4.41% from 4.25% QoQ and 4.40% YoY. ICICI Bank board has recommended a dividend of ₹11 per share.

China LPR

China kept the benchmark lending rates unchanged for the sixth successive month. The one-year loan prime rate (LPR) was kept at 3.1%, while the five-year LPR was unchanged at 3.6%.

ECB Rate Cut

The European Central Bank cut interest rates for the seventh time in a year and warned that economic growth will take a big hit from US tariffs, bolstering bets for even more policy easing in the months ahead. The ECB cut the interest rate by 25 bps to 2.4% from 2.65%, taking borrowing costs to their lowest level since late 2022.

US-Iran Talks

US and Iran agreed to begin drawing up a framework for a potential nuclear deal, Iran’s foreign minister said, after talks that a US official described as yielding “very good progress”, Reuters reported.

Russia-Ukraine Truce

Ukrainian President Volodymyr Zelenskyy has proposed a 30-day suspension of long-range drone and missile strikes targeting civilian infrastructure. President Zelenskyy accused Russian forces of breaching the Easter truce announced by President Vladimir Putin.

Dollar

The US dollar tumbled, sinking to a three-year low against the euro, hitting a seven-month trough on the yen and sliding 0.9% against the Swiss franc. Against a basket of currencies, the dollar index slid to a three-year low of 98.623.

The euro scaled a three-year top of $1.1476, while the dollar last traded 0.58% lower at 141.40 yen. Sterling peaked at $1.3339, its highest since October 1, while the offshore yuan was up roughly 0.1% at 7.2966 per dollar, Reuters reported.

Gold Prices

Gold prices touched a record high on the weak US dollar and trade war concerns raised safe-haven demand. Spot gold gained 1% to $3,361.53 an ounce, while US gold futures rose 1.4% to $3,375.90.

Crude Oil Prices

Crude oil prices declined more than 1% as US - Iran nuclear talks progressed. Brent crude futures slipped 1.10%, to $67.21 a barrel, while US West Texas Intermediate crude fell 1.14% to $63.94 a barrel.

(With inputs from Reuters)

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