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A total of 5,234 shares changed hands on the counter till 10:15AM (IST)

Golden Cross is an important technical indicator of bullishness. It occurs when the short-term moving average crosses over the major long-term moving average on the upside.

Disney has reduced streaming losses by $400m from the previous quarter but has lost subscribers, the company said as it reported its quarterly earnings. Shares in the company dropped 4.4% un after-hours trading after total subscribers to its flagship Disney+ service fell by four million to 157.8 million; most of the defections came from the Disney+ Hotstar offering in India after it lost streaming rights to Indian Premier League cricket matches. Subscribers also dropped in the US and Canada. However, operating income increased by 23% year on year at its theme parks, while a new streaming service combining Disney+ and Hulu will launch, said CEO Bob Iger.

During the March quarter earnings season, Eicher Motors is expected to see a 15% YoY rise in revenue to INR 3,687.9 crore led by an 18% volume growth, however, revenue is expected to be down 1% QoQ. Nomura predicts that EBITDA margin could come in at 23.9% due to price hikes. Asian Paints is expected to report revenue growth of 10% YoY to INR 8,679 crore in Q4FY23E due to a 13% YoY increase in volume. It is expected to have an EBITDA margin expansion of 79 bps YoY to 19.1%.

Earlier when FIIs were net sellers, they had their reasons for high Indian market valuations but now, that concern has been solved given the flat performance by the market and similarly FII buying is back given the valuation comfort coupled with better economics and fundamentals of Indian markets.

Gold prices rose slightly due to a weaker dollar, while awaiting further information on the monetary policy of the US Federal Reserve. Spot gold increased by 0.2% to $2,032.48 per ounce, and US gold futures rose by 0.1% to $2,039.00. The drop in the US consumer prices annual increase rate might cause the central bank to pause further interest rate increments next month. Meanwhile, investors expect a hold on the rates of the US central bank in June, and the Bank of England is forecasting a potential increase in borrowing costs.

While some stability in the markets has emerged since last month, uncertainties on the global front prevails. Therefore, Bandhan AMC’s Sumit Agrawal recommends continuing with staggered investments.

Foreign portfolio investors (FPIs) bought $2.2 billion of Indian equities in the first nine days of May, taking the total inflow since March to $4.5 billion.

Amid the tug-of-war between the bears and bulls, the volatility gauge rose for the fourth straight session on Wednesday. The index ended 3% higher at 13.0825 points.

Engineering behemoth Larsen & Toubro reported a 10% year-on-year (YoY) growth in consolidated net profit for the March quarter to Rs 3,987 crore. Consolidated revenue from operations rose 10.4% YoY to Rs 58,335.15 crore.