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The Nifty50 has lost over 1% this week, mainly due to profit booking after achieving over 5% gains. According to analysts, the index is in a consolidation phase, which is expected to continue in the upcoming week. However, until the support of 17,500 holds, there is no sign of caution for the market

The Mukesh Ambani-led telco’s March quarter revenue from operations rose 11.9% on-year and 1.7% sequentially, at Rs 23, 394 crore.Shares of Reliance Industries (RIL), Jio’s parent, closed around 0.14% higher at Rs 2348.9 on the Bombay Stock Exchange Friday. The Jio results were declared after market hours

Retail demand is likely to improve on Akshay Tritiya, which is considered an auspicious day to buy valuables and gold, Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said. Akshay Tritiya is falling on Saturday.In the overseas markets, gold and silver were quoting lower at USD 1,988 per ounce and USD 25.12 per ounce, respectively

Former CEO of Care Ratings, Rajesh Mokashi, has been banned from associating with any Sebi-registered intermediary for two years after he was found guilty of interfering with rating decisions involving distressed borrowers such as Dewan Housing and Finance (DHFL), Yes Bank, Anil Ambani-promoted Reliance Communications and Infrastructure Leasing & Financial Services (IL&FS). Sebi initiated legal action after receiving several whistle-blower complaints of interference that brought undue pressure on analysts giving ratings. Sebi found information to support the fact that weakness and interference occurred in the rating system at the debt-rating agency.

Strong demand at a recent Indian government bond auction has caused local traders to aggressively shorts, resulting in increased trading activity and a decline in bond yields, with the 7.26% 2032 bond yield ending at 7.1856%, its lowest since September. Foreign banks were said to have led demand, with anticipation the bond will eventually replace the current benchmark later in the year. That anticipatory sentiment appeared to run contrary to the hawkish tone adopted by the Reserve Bank of India.

The Nifty Bank index closed 0.36 per cent down at 42118.0.

Dairy stocks have surged due to concerns over milk shortages during soaring summer temperatures as peak demand kicks in. Heritage Foods shares have risen 23% while Parag Milk has gained 10% on expectations of further price hikes, which would increase their margins.

Hindustan Zinc reported a 12% YoY fall in Q4 consolidated net profit to INR 2,583 crore ($360m) and a 4% fall in revenue to INR 8,281 crore due to lower zinc, lead and silver prices. The company achieved a record profit after tax (PAT) of INR 10,511 crore for the year and an increase in revenue of 16%. Hindustan Zinc has approved Sandeep Modi as the new chief financial officer of the company, effective 21 April. The company expects refined metal production in the range of 1,050-1,075 kt for FY24.

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The dollar index is set for its biggest weekly gain since February on expectations the Fed would hike rates by 25 basis points next month, following mixed inflation and retail sales data.