Nifty below 19,500; bank shares decline.

The domestic equity barometers traded with minor losses in morning trade. The Nifty traded below the 19,500 level after hitting day's high of 19,523.60 in morning trade. Bank shares saw a bit of selling pressure.

The barometer index, the S&P BSE Sensex, was down 78.81 points or 0.12% to 65,706.83. The Nifty 50 index lost 25.10 points or 0.13% to 19,472.20.

In the broader market, the S&P BSE Mid-Cap index slipped 0.11% while the S&P BSE Small-Cap index gained 0.16%.

The market breadth was positive. On the BSE, 1,752 shares rose and 1,380 shares fell. A total of 148 shares were unchanged.

New Listing:

Shares of Ideaforge Technology were currently trading at Rs 1,296.65 at 10:28 IST on the BSE, representing a premium of 92.95% compared with the issue price of Rs 672.

The scrip was listed at a price of Rs 1,305.10, at a premium of 94.21% as compared to the issue price.

So far, the stock has hit a high of 1,344 and a low of 1,257.80. On the BSE, over 3.80 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Bank index advanced 0.42% to 45,151. The index rose 0.42% in the past trading session.

AU Small Finance Bank (down 1.53%), Federal Bank (down 0.85%), IndusInd Bank (down 0.79%), Punjab National Bank (down 0.68%), ICICI Bank (down 0.64%), Kotak Mahindra Bank (down 0.28%), IDFC First Bank (down 0.25%), HDFC Bank (down 0.22%), State Bank of India (down 0.14%) declined.

On the other hand, Axis Bank (up 0.33%), Bandhan Bank (up 0.17%) and Bank of Baroda (up 0.07%) edged higher.

Stocks in Spotlight:

Indian Oil Corporation (IOCL) rose 1.95% while Praj Industries (Praj) jumped 7.69%. IOCL and Praj Inds signed a term sheet to advance plans to strengthen biofuels production capacities in India. Various biofuels are covered under this MoU include Sustainable Aviation Fuel (SAF), Ethanol, Compressed Bio-Gas (CBG), Biodiesel and Bio-bitumen among others. Earlier in October 2021, both the Companies had entered into an agreement to form a 50:50 joint venture to this end.

Sobha advanced 4% after the company's total sales value jumped 27.87% to Rs 1,464.7 crore in Q1 FY24 as compared with Rs 1,145.5 crore recorded in corresponding quarter last year.

Dabur India fell 1.23%. The company said that the trends in both urban and rural India had shown signs of improvement during the quarter, primarily due to reduction in inflation. The company said that its consolidated business, including recently acquired Badshah Masala, is expected to register growth exceeding 10%.

Global Markets:

Asian stocks declined across the board after Wall Street sold off on stronger-than-expected U.S. jobs data, leaving room for more rate hikes ahead by the Federal Reserve.

U.S. Secretary of Treasury Janet Yellen is in Beijing for a four-day trip to meet Chinese officials, marking a deepening thaw in ties between the U.S. and China.

Wall Street's main indexes ended sharply lower on Thursday in a broad sell-off after data showing a strong labor market boosted bond yields and fanned fears the Federal Reserve will be aggressive in raising U.S. interest rates.

Companies created far more jobs than expected in June, payroll processing firm ADP reported Thursday. Private sector jobs surged by 497,000 for the month. May's total was revised lower to 267,000, down 11,000 from the initial estimate.

The number of Americans filing new claims for unemployment benefits increased moderately last week. Initial claims for state unemployment benefits rose 12,000 to a seasonally adjusted 248,000 for the week ended July 1, the Labor Department said on Thursday.

Nifty ends near 19,500; Sensex adds 340 pts; realty shares climb.

The benchmark indices ended a volatile session with significant gains on Thursday. Trading was volatile due to expiry of weekly index options on the NSE. The Nifty closed around the 19,500 level. Realty, oil & gas and media stocks were in demand while IT and FMCG shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex rose 339.60 points or 0.52% to 65,785.64. The Nifty 50 index added 98.80 points or 0.51% to 19,497.30.

The Nifty 50 and the Sensex hit all-time highs in late trade at 19,512.20 and 65,832.98, respectively.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.79% while the S&P BSE Small-Cap index gained 0.67%. Both the indices hit record high in today's intraday session.

The market breadth was positive. On the BSE, 2,055 shares rose and 1,397 shares fell. A total of 144 shares were unchanged.

Automobile Sales Grow 10% YoY In June: FADA

According to the report released by the Federation of Automobile Dealers Associations (FADA), Auto retail sales in June demonstrated a 10% YoY growth, encompassing positive performances across all vehicle categories including 2W, 3W, PV, Tractor and CV with respective growth rates of 7%, 75%, 5%, 41%, and 0.5%.

Despite a slight decline of -3% compared to pre-COVID levels, the overall retail figures relatively improved, except 2W sales (-14%) being the primary segment which continued to experience setback. For the first time, CV came out of the effect of covid and grew by 1.5% when compared to June'19.

IPO Updates:

The IPO of Senco Gold received bids for 63.30 crore shares as against 94.18 lakh shares on offer, according to stock exchange data at 15:39 IST on Thursday (6 July 2023). The issue was subscribed 67.21 times.

The issue opened for bidding on Tuesday (4 July 2023) and it will close on Thursday (6 July 2023). The price band of the IPO is fixed at Rs 301-317 per share. An investor can bid for a minimum of 47 equity shares and in multiples thereof.

Stocks in Spotlight:

Tata Power Company advanced 3.72% after the company has received Letter of Award 'LoA' to implement smart metering project in Chhattisgarh State Power Distribution Company Limited (CSPDCL). The value of project awarded to Tata Power is about Rs 1,744 crore and the project will be spanned over a period of 10 years.

JSW Steel added 0.57%. The steel major said that its consolidated crude steel production in Q1 FY24 stood at 6.43 million tonnes, recording a growth of 11% from 5.77 million tones posted in Q1 FY23. Meanwhile, JSW Steel will replace Housing Development Finance Corporation (HDFC) in the 30-share benchmark S&P BSE Sensex, with effect from 13 July 2023. The rejig is a result of the completion of the biggest corporate merger of HDFC with HDFC Bank.

Adani Green Energy rose 0.88%. The power generation company announced that its board has approved a proposal to raise funds upto Rs 12,300 crore through qualified institutional placement (QIP).

Marico fell 1.94% after the FMCG major said that its India business reported low-single digit volume growth in Q1 FY24 due to significant trade destocking in Saffola edible oils and channel inventory adjustments in core portfolios. The company stated that the domestic volumes grew in low-single digits, with a minor volume drop in Parachute coconut oil, low double digit volume growth in saffola edible oils and flattish quarter for Value Added Hair Oils.

Hindustan Zinc jumped 7.93% after the company said its board will meet on Saturday, 8 July 2023, to consider interim dividend on equity shares, if any, for the Financial Year 2023-24. The record date for eligibility of interim dividend, if any so declared will be Saturday, 15 July 2023.

Adani Wilmar added 0.01% after the edible oil major announced that it has reported 25% year on year volume growth in Q1 FY24, driven by robust consumer demand in both food and edible oil categories.

G M Breweries declined 1.02%. The company reported 23.21% rise in net profit to Rs 19.91 crore on 5.09% increase in revenue from operations to Rs 579.39 crore in Q1 FY24 over Q1 FY23. Sequentially, the company's net profit slumped 43.28% and revenue declined by 3.97% in Q1 FY24.

BSE jumped 3.68% after the company announced that its board has approved a share buyback of upto Rs 374.80 crore at a price not exceeding Rs 816 per equity share via tender offer route.

Biocon rallied 0.78%. Biocon Biologics (BBL), a subsidiary of Biocon announced that the company has completed the integration of the acquired biosimilars business in over 70 countries in emerging markets effective 1 July 2023, increasing the scale and scope of its business.

Puravankara gained 9.62% to Rs 103.27 after its sales value zoomed 119% to Rs 1,126 crore in Q1 FY24 from Rs 513 crore recorded in Q1 FY23.

Global Markets:

Markets in Europe and Asia tumbled on Thursday following overnight losses in the US stocks after hawkish signals from the Federal Reserve's latest meeting minutes.

US stocks dipped after the minutes from the Federal Reserve's June monetary policy meeting showed officials intend to resume raising interest rates after a pause last month. The minutes come ahead of US payrolls data, due out on Friday.

?Almost all? officials who participated in the June Federal Open Market Committee meeting said that additional increases in interest rates would be appropriate, citing risks including the ?tight? labour market, the minutes revealed on Wednesday.

Indices nudge higher, Nifty above 19,400.

The key equity indices were trading with decent gains in early trade. The Nifty traded above the 19,400 level. Realty, media and PSU bank stocks advanced while IT, metal and financial services shares saw a bit of selling pressure.

The barometer index, the S&P BSE Sensex, was up 59.69 points or 0.09% to 65,505.73. The Nifty 50 index added 20.75 points or 0.11% to 19,419.25.

In the broader market, the S&P BSE Mid-Cap index rose 0.29% while the S&P BSE Small-Cap index gained 0.50%.

The market breadth was strong. On the BSE, 1,842 shares rose and 785 shares fell. A total of 112 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,603.15 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 439.01 crore in the Indian equity market on 5 July, provisional data showed.

Stocks in Spotlight:

Tata Power advanced 2.37%. Tata Power has received Letter of Award 'LoA' to implement smart metering project in Chhattisgarh State Power Distribution Company Limited (CSPDCL). The value of project awarded to Tata Power is about Rs 1,744 crore and the project will be spanned over a period of 10 years.

Biocon added 0.16%. Biocon Biologics (BBL), a subsidiary of Biocon announced that the company has completed the integration of the acquired biosimilars business in over 70 countries in emerging markets effective 1 July 2023, increasing the scale and scope of its business.

KEC International jumped 2.83%. The global infrastructure EPC major secured new orders of Rs. 1,042 crore across its various business verticals.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper advanced 0.39% to 7.133 from previous close of 7.105.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.3950, compared with its close of 82.2575 during the previous trading session.

MCX Gold futures for 4 August 2023 settlement gained 0.28% to Rs 58,638.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.01% to 103.38.

The United States 10-year bond yield jumped 0.30% to 3.957.

In the commodities market, Brent crude for September 2023 settlement shed 13 cents or 0.17% to $76.52 a barrel.

Global Markets:

Asian stocks were trading lower on Thursday following overnight losses in the US stocks after hawkish signals from the Federal Reserve's latest meeting minutes.

US stocks dipped after the minutes from the Federal Reserve's June monetary policy meeting showed officials intend to resume raising interest rates after a pause last month. The minutes come ahead of US payrolls data, due out on Friday.

?Almost all? officials who participated in the June Federal Open Market Committee meeting said that additional increases in interest rates would be appropriate, citing risks including the ?tight? labour market, the minutes revealed on Wednesday.

Market drifts higher in early trade, Nifty above 19,350.

The headline equity indices were trading with modest gains in early trade on buying demand in index pivotals. The Nifty scaled above the 19,350 mark. Media, financial services and IT stocks were in demand while oil & gas, metal and FMCG shares declined.

The barometer index, the S&P BSE Sensex, was up 240.36 points or 0.37% to 65,445.41. The Nifty 50 index added 59.10 points or 0.31% to 19,381.65.

The Nifty and the Sensex hit all-time highs in early trade at 19,413.50 and 65,586.60, respectively. Further, the Nifty Bank index also registered its fresh record high at 45,362.80.

In the broader market, the S&P BSE Mid-Cap index rose 0.18% while the S&P BSE Small-Cap index gained 0.36%.

The market breadth was strong. On the BSE, 1,700 shares rose and 1,004 shares fell. A total of 113 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,995.92 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 337.80 crore in the Indian equity market on 3 July, provisional data showed.

Stocks in Spotlight:

Reliance Industries (RIL) declined 0.74%. RIL said that its telecom arm Reliance Jio unveiled JioBharat with the objective of empowering every Indian with the power of digital services, especially those who cannot afford a smartphone. Beta trial for first 1 million Jio Bharat phones will begin from 7 July 2023.

Bajaj Finance jumped 7.36%. On a consolidated basis for the quarter ended 30 June 2023, customer franchise stood at 72.98 million as compared to 60.30 million as of 30 June 2022. New loans booked during Q1 FY24 grew by 34% to 9.94 million as compared to 7.42 million in Q1 FY23.

IDFC First Bank tumbled 4.39% and IDFC shed 0.05%. IDFC First Bank said its board has approved the composite Scheme of Amalgamation amongst IDFC Financial Holding Company and IDFC and the Bank. The Share Exchange Ratio for the amalgamation of IDFC into and with IDFC First Bank shall be 155 equity shares of IDFC First Bank for every 100 equity shares of IDFC.

Avenue Supermarts fell 0.25%. Standalone revenue from operations for the quarter ended 30 June 2023 stood at Rs 11,584.44 crore as compared to Rs 9,806.89 crore for the quarter ended 30 June 2022.

Lupin rose 0.74%. Global pharma major Lupin announced that it has received approval from the United States Food and Drug Administration (U.S. FDA) for its Abbreviated New Drug Application for Cyanocobalamin Nasal Spray, 500 mcg/spray (One Spray per Device), a generic equivalent of Nascobal Nasal Spray, 500 mcg/spray of Par Pharmaceutical, Inc.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper shed 0.01% to 7.115 from previous close of 7.117.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.9050, compared with its close of 81.9175 during the previous trading session.

MCX Gold futures for 4 August 2023 settlement gained 0.09% to Rs 58,328.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.01% to 103.

The United States 10-year bond yield jumped 1.03% to 3.858.

In the commodities market, Brent crude for September 2023 settlement rose 45 cents or 0.60% to $75.10 a barrel.

Global Markets:

Asian stocks were trading mixed on Tuesday following marginal overnight gains in equities on Wall Street ahead of the Independence Day holiday.

US stocks ended higher on Monday in a holiday-shortened session led by a rally in Tesla and strength in bank shares. US markets will remain closed Tuesday in observance of Independence Day.

Sensex adds 296 pts; oil & gas shares rise.

The benchmark indices traded with decent gains in mid-morning trade. The Nifty traded above the 19,250 mark. Oil & gas shares gained for the third consecutive trading session.

The barometer index, the S&P BSE Sensex, was up 296.07 points or 0.46% to 65,014.63. The Nifty 50 index added 86.70 points or 0.45% to 19,275.75.

The Nifty and the Sensex hit all-time highs in morning trade at 19,336.10 and 65,240.57, respectively. Further, the Nifty Bank index also registered its fresh record high at 45,353.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.43% while the S&P BSE Small-Cap index gained 0.59%.

The market breadth was strong. On the BSE, 2,023 shares rose and 1,452 shares fell. A total of 175 shares were unchanged.

Economy:

The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) declined to 57.8 in June from 58.7 in May. The PMI has been above the neutral level of 50 consistently for two years now, indicating expansion rather than contraction.

Pollyanna De Lima, economics associate director at S&P Global Market Intelligence, said, June's PMI results again showed robust demand for Indian-made products, both in the domestic and international markets. Positive client interest continued to support the manufacturing industry, driving growth of output, employment, quantities of purchases and input stocks.

IPO Updates:

The initial public offer (IPO) of PKH Ventures received bids for 42.93 lakh shares as against 2.56 crore shares on offer, according to stock exchange data at 11:30 IST on Monday (3 July 2023). The issue was subscribed 0.17 times.

The issue opened for bidding on Friday (30 June 2023) and it will close on Tuesday (4 July 2023). The price band of the IPO is fixed at Rs 140 -148per share. An investor can bid for a minimum of 100 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Oil & Gas index rose 1.82% to 7,672.85, extending gains for the third straight session. The index rallied 3.28% in three trading sessions.

Hindustan Petroleum Corporation (up 6.45%), Indian Oil Corporation (up 4.38%), Bharat Petroleum Corporation (up 3.63%), Mahanagar Gas (up 3.3%) and Gujarat Gas (up 2.47%) Indraprastha Gas (up 1.82%), Castrol India (up 1.74%), Aegis Logistics (up 1.45%), Oil & Natural Gas Corpn (up 1.06%) and Gujarat State Petronet (up 0.83%) edged higher.

Stocks in Spotlight:

Bajaj Auto fell 1.77% after the auto major's total auto sales declined 2% to 3,40,981 units in June 2023 as against 3,47,004 units sold in June 2022.

TVS Motor Company declined 0.48%. The company said that it has sold 316,411 units of two and three-wheelers in June 2023 as compared with 308,501 units sold in June 2022, thereby registering a growth of 3% on YoY basis.

Hero MotoCorp fell 1.15% after the company's total sales decreased by 9.87% to 436,993 units in June 2023 from 484,867 units in June 2022.

Global Markets:

Asian stocks advanced across the board as investors digest a slew of manufacturing activity reports from the region.

China's factory activity grew at a slower rate in June, according a private survey by Caixin/S&P Global. The country's manufacturing purchasing managers' index fell to 50.5 in June, down from 50.9 in May.

Sentiment among Japan's businesses improved in the second quarter, according to the Bank of Japan's quarterly Tankan survey. The headline index, measuring big manufacturers' mood stood at +5 in June, rebounding from a +1 reading in the first quarter.

US stocks logged strong gains on Friday as inflation showed signs of cooling while Apple closed with a $3 trillion market valuation for the first time.

Market reverses gains; Nifty near 18,700; realty shares slide.

The key equity indices gave up all the gains and traded with minor losses in early afternoon trade. The Nifty traded around the 18,700 level after hitting day's high of 18,777.90 in mid-morning trade. Realty shares witnessed profit booking after rising for six consecutive trading sessions. Trading could be volatile due to expiry of weekly index options on the NSE.

The barometer index, the S&P BSE Sensex, was down 52.26 points or 0.08% to 63,090.70. The Nifty 50 index lost 24.95 points or 0.13% to 18,701.45.

In the broader market, the S&P BSE Mid-Cap index declined 0.59% while the S&P BSE Small-Cap index shed 0.32%.

The market breadth was negative. On the BSE, 1,444 shares rose and 1,988 shares fell. A total of 126 shares were unchanged.

RBI Maintains Status Quo on Rates:

The Reserve Bank of India (RBI) monetary policy committee (MPC) has voted unanimously to keep the repo rate unchanged at 6.5%.

The standing deposit facility (SDF) rate remains unchanged at 6.25% and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.

The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth.

These decisions are in consonance with the objective of achieving the medium term target for consumer price index (CPI) inflation of 4% within a band of +/- 2 per cent, while supporting growth, RBI stated.

The central bank has cut inflation aim to 5.1% from 5.2% forecast in April policy.

Meanwhile, the RBI Governor Shaktikanta Das said real GDP growth is projected at 6.5% for FY24, ? Q1 at 8%, Q2 at 6.5%, Q3 at 6% and Q4 at 5.7%.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 0.65% to 11.37. The Nifty 29 June 2023 futures were trading at 18,752.40, at a premium of 50.95 points as compared with the spot at 18,701.45.

The Nifty option chain for the 29 June 2023 expiry showed maximum Call OI of 38.9 lakh contracts at the 19,000 strike price. Maximum Put OI of 57.1 lakh contracts were seen at 18,000 strike price.

Buzzing Index:

The Nifty Realty index declined 1.60% to 498.20. The index jumped 6.54 in past six trading sessions.

DLF (down 2.65%), Godrej Properties (down 2.14%), Brigade Enterprises (down 2.13%), Macrotech Developers (down 1.99%), Oberoi Realty (down 1.43%), Sobha (down 0.6%), Indiabulls Real Estate (down 0.6%), Phoenix Mills (down 0.03%) slipped.

On the other hand, Prestige Estates Projects (up 0.64%) ,Mahindra Lifespace Developers (up 0.34%) advanced.

Stocks in Spotlight:

Gati surged 5.91% after the company's total volume, including surface and air express, stood at 98 kiloton (kt) in May 2023, up 1% from 97 kt in May 2022.

Spicejet jumped 4.90% after the company said that it will partner with FTAI Aviation to restore fleet under CFM56 revitalization program.

IndusInd Bank rose 0.01%. The bank said that it has been appointed as an authorized 'agency bank' by the Ministry of Finance, Madhya Pradesh State Government. This appointment will enable IndusInd Bank for online collection of state government revenue and receipts such as GST and VAT, collection of stamp duty and pension amounts on behalf of the Madhya Pradesh state government.

Broader market outperforms; pharma shares edge lower.

 

The key equity indices traded in a narrow range in mid-morning trade. The Nifty continued to trade above the 18,300 level after hitting the day's low at 18,289.35 in morning trade. Pharma shares witnessed significant selling pressure.

The barometer index, the S&P BSE Sensex, was up 54.96 points or 0.09% to 61,995.16. The Nifty 50 index added 15.85 points or 0.09% to 18,330.95.

In the broader market, the S&P BSE Mid-Cap index gained 0.38% while the S&P BSE Small-Cap index advanced 0.72%.

The market breadth was strong. On the BSE, 2121 shares rose and 1153 shares fell. A total of 159 shares were unchanged.

On the political front, the Congress party is reportedly likely to get a majority of the seats in Karnataka, predicted various exit polls. The majority mark in the 224-seat Karnataka assembly stands at 113 seats. The results of the election will be declared on May 13.

Buzzing Index:

The Nifty Pharma index fell 1.04% to 12,584.75. The index had advanced 0.86% in the past three sessions.

Aurobindo Pharma (down 2.23%), Natco Pharma (down 1.31%), Alkem Laboratories (down 1.1%) and Zydus Lifesciences (down 1.07%) were the top losers.

Among the other losers were Laurus Labs (down 0.93%), Divis Laboratories (down 0.74%), Torrent Pharmaceuticals (down 0.46%) and Cipla (down 0.41%).

On the other hand, Sanofi India (up 4.38%), Ipca Laboratories (up 1.53%) and Pfizer (up 1.18%) moved up.

Dr Reddys Laboratories slumped 6.48%. The drug major reported consolidated net profit of Rs 959.2 crore in Q4 FY23, which was steeply higher than Rs 87.5 crore reported in Q4 FY22. Revenues increased 15.82% year on year to Rs 6,296.8 crore in the quarter ended 31 March 2023.

Stocks in Spotlight:

Hindalco Industries fell 2.93%. The company's wholly-owned subsidiary Novelis Inc has reported a 27% fall in net income to $156 million for the quarter ended 31 March 2023. The company had posted a net income of $215 million in the corresponding period of the previous fiscal. Net sales decreased 9% YoY to $4.4 billion for the fourth quarter of fiscal year 2023.

Gujarat Gas __ . The gas distribution company's standalone net profit declined 16.9% to Rs 369.22 crore on 15.9% fall innet sales to Rs 3,928.57 crore in Q4 FY23 over Q4 FY22.

Ratnamani Metals & Tubes surged 9.89% to Rs 2466.25 after the company's consolidated net profit jumped 71.59% to Rs 191.55 crore on 53.90% increase in net sales to Rs 1499.08 crore in Q4 March 2023 over Q4 March 2022.

H.G. Infra Engineering rallied 3% to Rs 938 after the company's net profit jumped 64.43% to Rs 170.92 crore on 44.22% increase in revenue from operations to Rs 1,535.43 crore in Q4 FY23 over Q4 FY22.

Global markets:

Asian stocks are trading mixed after Wall Street saw a tech rally as U.S. consumer price index rose less than expected for April.

China's consumer price index rose 0.1% in April year-on-year, the slowest since early 2021. Month-on-month, prices declined by 0.1%. April's reading comes after China's inflation rate eased to 0.7% in March after marking a recent peak of 2.8% in September.

US stock markets closed mixed on Wednesday on lower-than-expected growth in inflation in April.

US inflation was slightly weaker than forecast in April. The Consumer Price Index (CPI) increased 4.9% from April 2022 to April 2023, Bureau of Labor Statistics report showed on Wednesday. That's just below the 5.0% forecast and under the year-over-year percent increase of 5.0% in March.

The White House said in a statement on Wednesday that easing gas and food prices were providing ?some welcome breathing room for families? at a time when the US economy and job market are strong.