The global currency system needs to be diversified with the adoption of liquid currencies to de-risk the system from dependence on a few reserve currencies, according to Reserve Bank of India Deputy Governor T Rabi Sankar. He also called for the wider adoption of central bank digital currencies (CBDCs) and warned against allowing private virtual currencies like Bitcoin to grow. The Indian central banker said the right infrastructure and liquidity are possible regardless of the currency involved and efficiency can be improved. India began its efforts to internationalise the rupee last year with 18 countries opening rupee accounts.

The brokerage said with the Nifty above 18,000, which is its year-end target for the index, there is little room for more upside. If the Nifty falls to 16,000, it would be a buying opportunity, said BofA. The Nifty rose 165.95 points, or 0.92%, to close at 18,255.80 on Thursday.

Experts suggest that ABB India may continue its rally despite hitting a fresh record high in May 2023. Short-term traders can consider buying the stock now or on dips for a possible target of Rs 3,900 in 2-4 months.

“ABB has been trading in a steady uptrend since Feb 2021, after a breakout from a multi-year consolidation phase. It moved sharply from 1475 and made a new record high at 3446.30 in Sep 2022. Participants can consider accumulating in the mentioned range,” Ajit Mishra, VP - Technical Research, Religare Broking Ltd, said.

Indian equities ended Thursday’s session in the green after the US Fed increased interest rates on expected lines. Nifty at the close-ended above 18,250 points. Meanwhile, broader markets underperformed the headline indices. “Two days' consolidation provided a much-needed breather before the further rally. The current uptrend might remain in force as long as it sustains above 18200. On the higher end, the rally might extend towards 18500,” Rupak De, Senior Technical Analyst at LKP Securities, said.Here are stock recommendations for Friday:

During the month, BSE received 401 complaints against 184 companies. Of the total complaints received, 396 were against active companies and five were against suspended firms, as per the exchange.The grievances received by the exchange from the investors pertained to non-receipt of money, non-receipt of equity shares, non-receipt of debt securities and non-receipt of corporate benefits and entitlements, among others

he 52-week high represents the highest price at which a stock has traded within the past year and is used to evaluate its current value and predict future price movements.

When choosing schemes, investors should be mindful of the associated risks, while looking at their percentage returns. A risk-adjusted return calculates likely profit in an investment, considering possible risks.

The Dow Jones Industrial Average fell 66.46 points, or 0.20%, at the open to 33,347.78

India's dependence on foreign capital is decreasing as the share of domestic institutional investors (DIIs) and individual investors in companies listed on the National Stock Exchange has surpassed 25% for the first time. The net inflow from DIIs reached Rs83,200 crore during the quarter.

“Nifty is now placed to witness a sharp upside breakout of the crucial resistance zone of around 18,200-18,300 levels. Hence a decisive move above this area could open the next upside targets of around 18,600-18,700 levels in the near term. Immediate support is placed at 18,150-18,100 levels, he said.

Go First filed for voluntary insolvency before the National Company Law Tribunal Suspended flights for May 3, 4 and 5, 2023. The flights have been cancelled due to operational issues and pending payments to oil companies. Neha Vashishth of ET Markets explains what exactly happened and what's in store for the Go First customers?

The central bank for the 20 countries that share the euro has now lifted rates by a combined 375 basis points since last July, its fastest pace of tightening, but further action is still likely given mounting wage and price pressures.

Adani Enterprises' board has approved the re-appointment of Gautam S Adani as executive chairman for a further five years, starting on 1 December 2023. The company has also revealed robust quarterly and annual numbers, with a tripled YoY net profit and a 97% increase in revenue for FY23. The reappointment follows allegations of stock price manipulation through shell companies, high leverage and corporate misgovernance by US-based Hindenburg Research, which wiped a total of $100bn in market value from Adani Group stocks. However, shares in Adani Enterprises have already risen 88% from their February low.

SME firm Network People Services Technologies (NPST) reported a net profit of INR6.52 crore ($870,000) in the last financial year, a significant rise of 337.58% YoY. This coincided with a share price rise of 5% to INR651.50, its 52-week high, in Thursday's trading session. The company's revenues for the year totalled INR41.13 crore, while EBITDA reached INR12.37 crore, both a substantial YoY increase. NPST delivered more than 800% returns for investors over the past year on high demand for its software and digital payment solutions.

Equity benchmark indices ended nearly 1 per cent higher on Thursday amid continuous foreign fund inflows and buying in index majors HDFC twins and Reliance Industries. The 30-share BSE Sensex climbed 555.95 points or 0.91 per cent to settle at 61,749.25. During the day, it rallied 604.61 points or 0.98 per cent to 61,797.91. The broader NSE Nifty advanced 165.95 points or 0.92 per cent to end at 18,255.80.

The 30-share BSE benchmark Sensex hit a 3-month high and advanced 556 points or 0.91% to settle at 61,749. The broader NSE Nifty hit a 4-month high and surged 166 points or 0.92% to end at 18,256.

SME firm Network People Services Technologies (NPST) reported a net profit of INR6.52 crore ($870,000) in the last financial year, a significant rise of 337.58% YoY. This coincided with a share price rise of 5% to INR651.50, its 52-week high, in Thursday's trading session. The company's revenues for the year totalled INR41.13 crore, while EBITDA reached INR12.37 crore, both a substantial YoY increase. NPST delivered more than 800% returns for investors over the past year on high demand for its software and digital payment solutions.

The shares of Indian tyre manufacturer MRF have risen by 8% in just two sessions, thanks to an 86% YoY rise in profit in Q1 2022. Trading at Rs95,200 ($1,289), shares have surged 32% over the past year.

Investors keep a close eye on big investors' portfolios, and today ETMarkets.com has analysed the portfolio of successful investor Ashish Dhawan.As per the latest data for the March quarter, Dhawan has holdings in about 13 stocks, worth approximately Rs 2500 crore. Out of these 13 stocks, seven have given negative returns so far in 2023. However, the remaining six not only delivered positive but also double-digit returns to investors. It is noteworthy that according to Trendlyne's SWOT analysis, these six stocks have more strengths than weaknesses. Let's take a closer look.

ABB India's shares rose by 6% to a 52-week high following the publication of Q1 results, with the company reporting a post-tax profit of Rs 245 crore, up from Rs 149 crore last year, and revenue growth of 22% YoY to reach Rs 2,411 crore. ABB India's cash position also rose to Rs 3,942 crore as orders surged to the highest level for Q1 in five years, at Rs 3,125 crore. Analysts predict that the stock's steady uptrend that began in February 2021 will continue, with some consolidation and a potential target price of Rs 3950 over the next two to four months.

Passenger vehicle sales increased in April, while commercial vehicle sales plummeted due to pre-buying in March before the stricter BS-VI Phase 2 norms kicked in. Market leader Tata Motors saw sales drop by 52%, while Ashok Leyland trucks and buses declined by 53%. The tractors segment experienced a double-digit fall in sales because of unseasonal rains. Experts predicted CV sales would recover to pre-pandemic levels by FY24 because of government infrastructure projects. Motorcycle sales slumped slightly, but Maruti Suzuki and Tata Motors both experienced growth.

Investors are convinced that central banks across Asia will follow the Federal Reserve in swiftly closing out this policy tightening cycle and are bracing for interest-rate cuts later this year. But before analysing what lies ahead, here's a look at the Asian central banks' 2023 scorecard. (Source: Bloomberg)

On Thursday, European shares declined as investors awaited the interest rate decision by the European Central Bank, whilst absorbing mixed signals from the US Federal Reserve. STOXX 600 index fell 0.8%, due to significant losses in the automotive shares which dropped 2.3%, whilst the oil and gas index surged 1.3%. Yesterday, the Fed lifted its benchmark rate 25 basis points (bps) to 5.00% - 5.25%, as expected, but eliminated its forecast for future rate hikes. Attention now turns to the ECB's rate decision, with many expecting a quarter-point hike; however, the possibility of a larger hike is also being considered.

BofA Securities recommends investors to book profits in Indian equities and advises buying into the dips if Nifty50 moves towards 16,000 level. While domestic flows remain resilient, global slowdown risks and potential volatility in commodity prices do not reflect in the earnings growth expectations for India Inc. The brokerage expects large-cap stocks to outperform mid and small-cap stocks and is bullish on financials, industrials, cement, steel, select automobile names, and utilities and healthcare as defensive plays. BofA Securities suggests investors follow a “buy on dips” strategy in case of a fall in Indian markets during a US recession situation.

Foreign investors became net buyers of Asian stocks in April, boosted by the weaker dollar, strong Q1 earnings and the possibility of the US Federal Reserve suspending its tightening cycle. Seven major stock markets in the region saw foreigners buying a total of $872m of equities, the largest monthly purchase since January. The March quarter saw Asian companies beat net income expectations by 3%, according to Refinitiv data. While Indian equities drew the biggest amount of foreign money, Taiwan experienced $1.73bn worth of net selling, with Thai equities seeing outflows of $231m.

The shares of Indian tyre manufacturer MRF have risen by 8% in just two sessions, thanks to an 86% YoY rise in profit in Q1 2022. Shares were trading at INR95,200 ($1,289), having surged 32% over the past year. Although MRF's fundamental outlook is muted, technical analysts are optimistic about the future, with a bullish move possible towards INR100,000.

Tata Power's stock price broke out above a falling trendline resistance on the daily charts, giving it room to head towards Rs 217 in the short term. The stock had previously witnessed support above Rs 190 in June 2022 and hit a new low of Rs 182 on March 28, 2023, before bouncing back. The stock is currently trading above crucial short-term moving averages such as 5, 10, 30, and 50-DMA, but below the long-term averages of 100 and 200-DMA on the daily charts. The Relative Strength Index is at 59.3, indicating a trend reversal to signal a buy.

The US benchmark oil contract, WTI, traded under $70 per barrel for the first time since OPEC+ cut output a month ago in a bid to bolster prices. Brent futures also declined to $73.3 a barrel on recession fears. As the crude oil prices are declining, paints, rubber, plastic and chemicals stocks will be benefited from this. Here is a list of stocks that will be benefited from the crude oil prices drop, according to StockEdge data

If one looks at the Q4 results of large players like Bajaj auto in the two wheeler space and Maruti in the car segment, it appears that headwinds like rising input cost, stagnant demand are becoming things of the past. However, analysts are not secularly, but selectively bullish. Stock Reports Plus, powered by Refinitiv, is a comprehensive research report that evaluates five key components of 4,000+ listed stocks - earnings, fundamentals, relative valuation, risk and price momentum to generate standardized scores.

On the list is the auto major, which after many quarters has shown improvement on all counts. Also coming on the list is a finance company which after the recent change in ownership has been expanding into new areas after shedding its housing finance business. These companies have come on the list because their scores have inched up and also their prices have moved up in the last one month. ET screener powered by Refinitiv’s Stock Report Plus applies different algorithms & filters to all BSE and NSE stocks, and lists down stocks which fulfill the various criteria as specified into the algorithms & filters.

The Sensex rose by up to 187 points, as the US Federal Reserve announced a 25-basis point rate hike, with Nifty hitting the 18,140-mark. The Federal Reserve implied that this would be the last rate hike of the cycle, a sentiment that was welcomed by the markets.

ET screener powered by Refinitiv’s Stock Report Plus lists down quality stocks with high upside potential over the next 12 months, having an average recommendation rating of “buy” or "strong buy". This predefined screener is only available to ET Prime users.

Foreign portfolio investors (FPIs) have consistently increased their stakes in three smallcap private banks in India over the past year, with data revealing a reduction in their holdings in largecap private banks. Karur Vysya Bank has seen a year-on-year rise in FPI holdings to 17.93% as at the end of March, while City Union Bank and Karnataka Bank likewise attracted increased stakes from foreign investors. However, holdings in Kotak Mahindra Bank decreased while Bank of Baroda saw a rise.

Mukesh Ambani has secured approval from shareholders and creditors to demerge Reliance Strategic Investments from Reliance Industries. The resulting standalone, Jio Financial Services, could be India's fifth-largest financer by net worth, based on estimations by Centrum Broking. ICICI Bank’s former boss KV Kamath will act as its non-executive chairman. Centrum Broking suggested that Jio Financial shares may be listed in October. The idea is to unlock shareholder value and attract investors, strategic partners, lenders and other stakeholders with a specific interest in financial services.

Tata Steel's Q4FY23 earnings beat estimates, resulting in positive ratings from several top brokerages. Kotak and Nuvama retained a 'Buy' rating, while Motilal Oswal maintained a 'Neutral' stance. Tata Steel reported a consolidated net profit of Rs 1,705 crore, an 82% fall YoY, but beating the ET Now poll estimate of Rs 749 crore. Revenue from operations also declined 9% YoY at Rs 62,961 crore. Kotak retained its price target of Rs 130, Motilal Oswal provided a target of Rs 110, and Nuvama maintained a target of Rs 131.

Cholamandalam Investment and Finance's standalone profit for the quarter ended March 31 surged to Rs 852.8 crore, and its total income rose by 44% to Rs 3,794.3 crore YoY. Additionally, for the financial year ending March 31, the standalone total income grew by 28% to Rs 12,978 crore YoY. The company reported disbursements during Q4 FY22 grew 65% to Rs 21,020 crore and increased to Rs 66,532 crore YoY. Shares rose 9.4% to Rs 970.2 during intraday trade, while on a year-to-date basis, the stock surged over 30%.

The company's revenue reached 5.73 billion euros ($6.35 billion) over the period, 10.9% above the first three months in 2022.

Mukesh Ambani has secured approval from shareholders and creditors to demerge Reliance Strategic Investments from Reliance Industries. The resulting standalone, Jio Financial Services, could be India's fifth-largest financer by net worth, based on estimations by Centrum Broking. ICICI Bank’s former boss KV Kamath will act as its non-executive chairman. Centrum Broking suggested that Jio Financial shares may be listed in October. The idea is to unlock shareholder value and attract investors, strategic partners, lenders and other stakeholders with a specific interest in financial services.

The company had reported a net profit of Rs 165 crore in the January-March quarter of 2021-22 fiscal from the continuing operations.

In the NSE list of stocks with a market cap of over Rs 1000 crore, five stocks crossed their previous 5-year high value at the close on May 03, suggesting bullishness in counters, according to stockedge.com's technical scan data. Take a look.

The 10-year benchmark 7.26% 2033 bond yield was at 6.9786% as of 9:05 a.m. IST, its lowest since April 8, 2022. They closed at 7.0057% in the previous session.

"Mrs. Bectors Foods Specialities is one of the leading companies in the premium and mid-premium biscuits segment and the premium bakery segment in North India. Consistent double-digit earnings growth will act as a key trigger for a valuation uptick in the years to come. The stock is trading at 31.5x/24.7x its FY2024E/25E earnings and we have a target of Rs. 740," Kruttika Mishra, Research Analyst, Sharekhan by BNP Paribas, said.

Macquarie has an outperform rating on ABB India, with a target price of Rs 3750. Growth across several segments and double-digit EBIT margins in most segments were seen in the March quarter. Jefferies retained a hold rating on Havells India with a target price of Rs 1335, citing that most positives appear priced-in at the current PE. JPMorgan has an overweight rating on Cholamandalam Investment & Finance with a target price of Rs 1020 as the company recorded a margin improvement and maintained system-leading growth. Emkay maintained its hold rating on Titan Company with a target of Rs 2620, post March quarter results.

Foreign institutional investors (FIIs) have been steadily increasing their stakes in over 110 Indian stocks for the past four quarters. ACE Equity data shows that the top 10 of these investments have delivered returns of up to 300% in the past year. One of the most successful investments for FIIs in India is in Axita Cotton, which has rewarded the investors' conviction with a 305% return in the last 12 months. However, not all FII picks have been successful in the near term. As of writing, analysts expect the worst of FII outflow to be over.

Titan reported higher-than-estimated Q4FY23 earnings with a standalone net profit of INR 734 crores, up 50% YoY, and a 33% YoY surge in revenue to INR 9,704 crores. The future outlook for the company remains mixed, with Phillip Capital maintaining a 'Buy' citing the company's long-term drivers remaining intact, whereas Emkay prefers to remain conservative and hold due to weak macros. Prabhudas Lilladher has maintained a 'Buy' recommendation for Titan as strong revenue print continues across all key business segments despite disappointment in margins.

From the Sensex pack, Tata Steel, L&T, Bajaj Finance, Nestle, NTPC, TCS and Tata Motors opened with gains, while HCL Tech, Tech Mahindra, Power Grid, and ICICI Bank opened with cuts. Shares of ABB India rose over 4% after its Q4 earnings. GR Infraprojects gained over 3% as it emerged as the lowest bidder for road transport tender worth Rs 737 crore.

Sensex flat, Nifty holds above 18,000; Bajaj Consumer rallies 8%, Havells sheds 2%; Rail Vikas Nigam, Vodafone Idea, Ircon International are some of the top gainers in the morning trade.

The US monetary policy committee, seeking to achieve inflation at the rate of 2 per cent in the long run, hiked key interest rate by another 25 basis points to 5.0-5.25 per cent at its latest two-day review meet held during May 2-3.