Opening Bell - Morning Commentary

Record GST numbers since its launch.

U.S. stocks advanced on Thursday, with the Dow and S&P 500 posting their eighth straight session of gains after strong results from mega-caps Microsoft and Meta eased concerns about artificial intelligence spending.

Microsoft surged 7.6% and closed at its highest level since late January, driven by an upbeat quarterly growth forecast for its cloud-computing business Azure. The gains briefly pushed Microsoft above Apple to become the world's most valuable company.

Meta Platforms gained 4.2% and closed at its highest since April 9 after posting higher-than-expected revenue due to a strong advertising performance.

The results helped allay fears that the massive spending on AI in recent years would not be rewarded, and eased concerns that President Donald Trump's tariffs could dent economic growth.

Shares of Apple and Amazon.com eased in after-hours trading on Thursday, with forecasts, including Apple's estimated tariff costs, disappointing investors after U.S. tech-related shares jumped earlier in the day.

Amazon.com shares were down 2.5% after it reported first-quarter cloud revenue growth and forecast operating income below estimates.

The final S&P U.S. Manufacturing Purchasing Managers Index (PMI) for April held steady at 50.2, compared with forecasts for a drop to 48.5*. The figure remained above the key 50.0 mark, reflecting expansion for the fourth consecutive month.

The Institute for Supply Management (ISM) Manufacturing PMI for April declined modestly to 48.7, reflecting contraction but exceeding expectations for a larger drop to 48.0. Within ISM's components, supplier deliveries and inventories were the most significant positive contributors, while production, employment and new orders were the leading detractors.

Britain's FTSE 100 index edged higher, extending its winning streak to 14 consecutive sessions. Consumer staples and financial shares led the index.

The yen tumbled 1.7% to 145.00 per dollar—its biggest fall this year—after the Bank of Japan's 'dovish hold' on interest rates.

Oil prices recorded the most significant monthly drop in almost three and a half years after Saudi Arabia signalled a move toward producing more and expanding its market share, while the global trade war eroded the outlook for fuel demand.

Indian auto majors reported April monthly sales numbers in line with market expectations, with M&M leading the pack.

India's Goods and Services Tax (GST) collection rose 12.6% Year over Year to an all-time high of about ₹2.37 lakh crore in April. This is the highest monthly collection since the tax was introduced in 2017. GST revenue from domestic transactions rose 10.7 per cent to about ₹1.9 lakh crore, while imported goods were up 20.8 per cent to ₹46,913 crore.

Overall trend for the Nifty remains bullish, as it continues to trade above all key moving averages. Immediate support for the Nifty is placed at 24150, below which it could further fall towards 23870. On the higher side, 24450-24500 band is expected to continue acting as a significant resistance band.