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Share Market Today | May 03, 2024

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Synopsis:

Explore the latest market updates including Landmark Cars’ acquisition of Honda dealerships in Jaipur, Alwar, and Bhiwadi, a rise in April’s Coal production by 7.4% to 78.69 MT, Coforge’s acquisition of a majority stake in Cigniti Technologies, MOIL’s 22% surge in April's Manganese Ore production, Gujarat Industries’ ₹2,832 crore loan from NaBFID, and and more. Plus, get detailed insights on FII DII data, option chain analysis, and outlook on global and Indian share markets.

Latest Market News

  1. Coforge set to fortify tech portfolio, acquiring majority stake in Cigniti Technologies.
  2. DCX Systems forges partnership with Israel Aerospace India Services, amplifying operational prowess.
  3. Yes Bank's anticipated block deal, Carlyle, is to divest a 2% stake valued at ₹1,500 crore.
  4. Landmark Cars poised to expand with Honda dealership acquisitions in Jaipur, Alwar, and Bhiwadi.
  5. The Coal Ministry reports a robust 7.4% surge in April's coal production, hitting 78.69 million tonnes.
  6. Gujarat Industries secures substantial ₹2,832 crore loan from NaBFID, empowering infrastructural endeavours.
  7. FIIs sell equities worth ₹964.47 crore, countered by DIIs' ₹1,352.44 crore buying in yesterday's market session.

Additional ReadShare Market News

Detailed Global Market Insight: US and International Stocks, Other Asset Classes, and Asian Market

US Share Market News

1. Performance Overview:

  • On Wall Street, U.S. stocks surged as Fed Chair Jerome Powell signalled that although recent inflation figures suggest a longer wait for a decline, interest rate hikes are still improbable.

2. Economic Indicators:

  • Recent US economic data highlights a tight labour market, with Friday's awaited government payrolls report looming. Additionally, productivity growth appeared muted in the first quarter.

3. Sector-Specific Movements:

  • The Dow Jones Industrial Average climbed 0.85% to 38,225.66, the S&P 500 rose 0.91% to 5,064.20, and the Nasdaq Composite surged 1.51% to 15,840.96.
  • Tech shares and consumer discretionary led sector rose by about 1.6%. 

4. Corporate Earnings:

  • Qualcomm jumped 10% after its quarterly report while Amazon went up 3.2%.
  • Apple's CEO Tim Cook mentioned they anticipate sales growth soon. Apple's stock rose by 6% after the announcement, contributing to the overall tech sector rise.

Other Asset Classes

1. Treasury Yields:

  • US Treasury yields were up and down after news from the Fed and economic updates. The yield on 10-year US notes slightly dropped to 4.583% from 4.591%, and the 2-year note yield, linked to interest rate forecasts, fell to 4.8872% from 4.939%.

2. Currency:

  • The dollar index dropped by 0.35% to 105.34, showing the dollar's value against six key currencies.

3. Commodities:

  • Oil prices stayed about the same following a drop to their lowest point in seven weeks. They slightly dipped after the US labour market news. US crude settled at $78.95 a barrel, down 0.06%, while Brent settled at $83.67 per barrel, up 0.28% for the day.

Asian Markets

1. General Trends:

  • Asia-Pacific markets began on a positive note on Friday, following the positive trend on Wall Street, anticipating important US employment figures.

2. Specific Index Performance:

  • South Korea's Kospi increased by 0.60%, and the smaller Kosdaq increased by 0.77%. However, stock markets in Japan and mainland China were closed due to public holidays.

India Market Outlook

1. GIFT Nifty Projection:

  • Gift Nifty indicates a gap-up due to good global signs. Nifty is expected to open positively and trade in the range of 22850-22650 with a positive trend.

2. Nifty Short-Term Outlook:

  • Benchmark indices experienced high volatility and closed slightly higher amidst global market consolidation following the US Federal Reserve's decision to maintain interest rates within a 5.25% to 5.5% range, suggesting prolonged higher rates but ruling out immediate hikes.
  • The Nifty closed at 22648, up 0.2%, while the bank Nifty closed at 49231, down 0.3%. The session saw consolidation with a bull candle forming, indicating stock-specific activity amid ongoing quarterly earnings reports. A move above Tuesday's high (22783) may extend the uptrend towards 23000, otherwise, a consolidation between 22800-22300 levels is likely.
  • Short-term support for the Nifty is around 22000-22200 levels, marked by the lower band of a rising channel since Jan 2024, 61.8% retracement of the recent upswing (21777-22476), and the rising 50-day EMA at 22220.

3. Intraday Levels:

  • Nifty: Intraday resistance is situated at 22790, followed by 22850 levels. Conversely, downside support is located at 22640, followed by 22600.
  • Bank Nifty: Intraday resistance is positioned at 49630, followed by 49850, while downside support is found at 49230, followed by 49050.
  • Fin Nifty: Intraday resistance is positioned at 22000, followed by 22080, while downside support is found at 21870, followed by 21790

Derivative Market Analysis

1. Nifty:

  • The options market indicates a strong interest with the highest put Open Interest (OI) at 22000 and the highest call OI at 23000 for the Nifty index. The 22700 level stands out with the second highest call and put OI, suggesting it may be a pivotal level for the day. Put OI is concentrated below 22700, while call writers are concentrated above it.
  • The Overall Put-Call Ratio (PCR) OI has risen by 0.17 points, closing at 1.28, signalling a bullish bias in the market.

2. Bank Nifty:

  • The weekly option chain reveals a broad range of 2000 points, with significant open interest (OI) seen at both ends: 48000 for puts and 50000 for calls. Key levels include 49500 as resistance and 49000 as support, with notable call writing at 49500 countered by put writing at 49000.
  • This suggests a potential directional move beyond the 49000-49500 range, with probabilities leaning towards surpassing 49500 and maintaining a bullish trend.

Stay on top of the latest market news with Bajaj Broking’s insights. Our point-to-point expert analysis digs deep into the surface, empowering you with a unique perspective on the events in the domestic as well as the global stock market. Get all the current share market news, including US share market updates in one place and make wise investment decisions.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

For Detailed Disclaimers Click Here: https://bit.ly/3Tcsfuc 

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Frequently Asked Questions

What exactly is the stock market, and how does it work?

Answer Field

The stock market is a platform where investors buy and sell shares of publicly traded companies. It operates through stock exchanges, where supply and demand for securities determine prices.

Why should I consider investing in the stock market?

Answer Field

Investing in the stock market offers the potential for long-term wealth growth, dividend income, portfolio diversification, and ownership stakes in successful companies.

How can I start investing in the stock market?

Answer Field

To begin investing in stocks, individuals can open a brokerage account, conduct research on companies and industries, and start building a diversified portfolio aligned with their investment goals and risk tolerance.

What factors should I consider before investing in stocks?

Answer Field

Important factors to consider include investment goals, risk tolerance, time horizon, market research, diversification, and staying informed about economic and market trends.

What are the risks associated with stock market investments?

Answer Field

Risks include market volatility, liquidity risk, company-specific risks, and the potential for loss of capital. It's essential for investors to assess their risk tolerance and diversify their portfolios accordingly.

How do I stay informed about daily market happenings?

Answer Field

You can stay informed by monitoring financial news websites, market analysis reports, earnings announcements, economic indicators, and utilising real-time market data provided by reliable brokerage platforms.

What is the difference between long-term investing and trading in the stock market?

Answer Field

Long-term investing involves holding stocks for extended periods, typically years or decades, with a focus on capital appreciation and dividend income. Trading involves buying and selling stocks more frequently, often based on short-term price movements.

How can I mitigate risks in the stock market?

Answer Field

Risk mitigation strategies include diversifying your portfolio, setting stop-loss orders, conducting thorough research, avoiding over-leveraging, and maintaining a long-term perspective on investments.

Are there any specific tax implications associated with stock market investments?

Answer Field

Yes, tax implications vary depending on factors such as investment duration, type of account (e.g., taxable brokerage account, retirement account), and realised gains or losses from selling stocks.

Can I invest in the stock market with a small amount of capital?

Answer Field

Yes, many brokerage platforms offer fractional investing or allow investors to purchase partial shares, enabling individuals with limited capital to start investing in the stock market with smaller amounts.

What are government bonds in India, and how do they work?

Answer Field

Government bonds in India serve as a financing tool for public initiatives, provided by the government. Investors buy these bonds, receiving fixed interest payments. They are a reliable option, offering security and predictable returns.

What are the benefits of investing in government bonds compared to other investment options?

Answer Field

Government bonds offer safety and stability, ideal for risk-averse investors. Compared to equities, they provide predictable returns, helping in portfolio diversification. Additionally, they are less volatile, making them suitable for long-term financial planning.

How can I buy government bonds in India, and what are the steps involved in the purchasing process?

Answer Field

To understand how to buy government bonds in India, investors can participate in Reserve Bank auctions, purchase through brokers, or invest in GILT mutual funds. A Demat account is necessary, followed by transaction completion on selected platforms.

What are the different types of government bonds available for investment in India?

Answer Field

India offers several government bonds, including treasury bills, sovereign gold bonds, and long-term bonds. Each type has distinct tenures and interest rates, catering to different investment needs, from short-term liquidity to long-term stability.

How do I determine the best government bonds to invest in India based on my financial goals?

Answer Field

Choosing the best government bonds to invest in India depends on individual goals. Short-term bonds offer liquidity, while long-term bonds provide stability. Consider factors like maturity, interest rates, and inflation protection for tailored investment decisions.

What factors should I consider when evaluating government bonds for investment?

Answer Field

Key factors include interest rates, inflation trends, and bond maturity. Evaluating these aspects helps in aligning bond choices with financial goals, especially for conservative portfolios. GILT mutual funds diversify risks across multiple government bonds.

How can I invest in government bonds through the online platform or through a broker?

Answer Field

Investors can invest in government bonds via online platforms, brokers, or banks. Online options facilitate participation in auctions and secondary markets, offering a streamlined process for how to invest in government bonds conveniently.

What are the tax implications of investing in government bonds in India?

Answer Field

Interest from government bonds is taxed according to the investor’s income bracket. However, some bonds may offer tax benefits. Understanding these implications helps optimise returns when considering how to invest in government bonds.

Are there any risks associated with investing in government bonds in India?

Answer Field

Although government bonds are low-risk, they are subject to interest rate fluctuations and inflation, which can impact returns. Understanding these risks is essential when considering how to invest in government bonds effectively.

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