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.

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