Stock Market Today: GIFT Nifty indicates a bearish start; Hyundai Motor India net profit jumps 62.3 percent

Stock Market Today: GIFT Nifty on the NSE IX fell 48 points, or 0.24 percent, to trade at 19,857.50, indicating that Dalal Street would begin the day negatively. On the daily chart, the Nifty index on Wednesday closed 232 points down, forming a lengthy bear candle with an upper shadow that showed the emergence of a short-term top reversal pattern near the swing high of 2022 levels.

Rupee goes up; Wall Street lower

The rupee increased by 21 paise to settle at 83.11 against the US dollar on Wednesday, staging a dramatic recovery from its lifetime low levels. This was made possible by declines in global petroleum prices and a weak dollar in foreign exchange markets. After the U.S. Federal Reserve kept key interest rates constant, as was largely anticipated, and raised growth projections while issuing cautions that the fight against inflation was far from done, U.S. markets fell on Wednesday.

Stock Market Today: Hyundai Motor India

The fiscal year that concluded on March 31, 2023, saw a 62.3 percent increase in Hyundai Motor India Ltd's consolidated net profit to Rs 4,709.25 crore. The business, which is India's second-largest manufacturer of passenger cars, reported a combined net profit of Rs 2,901.59 crore in 2021–22. From Rs 47,378.43 crore in FY22 to Rs 60,307.58 crore in FY23, the company's operating revenue grew. In FY22-23, the company produced 7.27 lakh units overall, compared to 6.06 lakh units the year before, a 20% increase.

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