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Share Market Today | May 08, 2024

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Synopsis:

Explore the latest market updates, including Lupin’s $200 million per quarter US sales expectations, Tata Motors’s JLR April UK sales up 19% to 5,627 units YoY, Jindal Stainless supplies special alloy steel sheets for Navy's SMART system, Dixon Electro’s partnership with Nokia for telecom product development, NSE’s live trading on Saturday the May 18th, LTIMindtree and IBM’s plan to establish joint Generative AI centre in India, 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. Tata Motors' Jaguar Land Rover saw a 19% increase in UK sales for April, selling 5,627 units compared to 4,722 units last year.
  2. LTIMindtree and IBM are teaming up to create a global centre for Generative AI excellence in India.
  3. Jindal Stainless provided special alloy steel sheets for DRDO's SMART system used by the Navy.
  4. Dixon Tech's subsidiary, Dixon Electro, has made a deal with Nokia to develop and manufacture telecom products.
  5. The National Stock Exchange (NSE) plans to hold a live trading session on May 18th, a Saturday, as they switch to their disaster recovery site.
  6. Lupin aims for $200 million quarterly US sales, but India growth disappoints. Predicts 10% revenue growth next year with steady 20% margins.
  7. FIIs sold equities worth ₹3,668.84 crore, while DIIs bought equities worth ₹2,304.50 crore yesterday.

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

US Share Market News

1. Performance Overview:

  • The S&P 500 made a slight gain on Tuesday as investors looked over lots of company earnings, including Disney's disappointing subscriber growth.
  • Positive financial results from the banking sector, along with hopes that the European Central Bank will lower rates as soon as next month, boosted stock markets across Europe.

2. Economic Indicators:

  • Federal Reserve officials like Vice Chair Philip Jefferson, Boston Fed President Susan Collins, and Fed Governor Lisa Cook are scheduled to speak during the day.

3. Sector-Specific Movements:

  • The Dow Jones Industrial Average rose by 31 points or 0.1%, the S&P 500 by 0.1%, but the NASDAQ Composite fell by 0.1%.
  • This was driven by a drop in Treasury yields, fueled by hopes for a rate cut after weak jobs data and remarks from Fed chairman Jerome Powell last week suggesting no imminent rate hikes.

4. Corporate Earnings:

  • Investors are focusing on earnings from Uber and Shopify on Wednesday. They'll also keep an eye on Wednesday morning's economic data about wholesale inventories.

Other Asset Classes

1. Treasury Yields:

  • The yield on the 10-year note dropped by 3 basis points to 4.459%, while the two-year note's yield, indicating expected interest rates, went up by 0.6 basis points to 4.828%.

2. Currency:

  • The dollar initially fell but later gained strength against other currencies, including the yen, despite Japan's warnings about supporting its currency. The dollar index increased by 0.3% and is now at 105.36.

3. Commodities:

  • Oil prices ended a bit lower because worries about too much oil eased up. U.S. crude finished at $78.38 per barrel, dropping by 0.13%, and Brent settled at $83.16 per barrel.
  • Gold prices fell yesterday, reversing the gains from the last session, as traders stayed attentive to the possibility of Fed rate reductions. US gold futures ended 0.3% down at $2,324.20 per ounce.

Asian Markets

1. General Trends:

  • Asia-Pacific markets, echoing Wall Street's Tuesday session, are mixed. Eyes are on China and Japan for key economic data tomorrow, including China's April trade figures and Japan's March pay statistics.

2. Specific Index Performance:

  • Japan's Nikkei 225 fell 0.6% at the open, the broad-based Topix down 0.3%.
  • South Korea's Kospi was almost flat with a 0.1% gain, while the Kosdaq saw a larger loss of 0.34%.

India Market Outlook

1. GIFT Nifty Projection:

  • Gift Nifty suggests a steady start for the Indian market today. The index is likely to continue its recent trading range of 22200 to 22400 throughout the session.

2. Nifty Short-Term Outlook:

  • Tuesday saw the benchmark index decline for the third consecutive session. Nifty started positively but couldn't sustain, ending with a 0.6% decrease at 22302, while Bank Nifty closed 1.25% lower at 48285. Both Nifty Midcap and Nifty Small also fell by 2.0% each.
  • The daily chart shows Nifty forming a third bear candle, signalling a continued corrective decline and testing the 50-day EMA.
  • We anticipate further consolidation within the range of 22800-22200, with short-term support at 22000-22200 levels, marked by various technical indicators.

3. Intraday Levels:

  • Nifty: Intraday resistance is situated at 22370, followed by 22450 levels. Conversely, downside support is located at 22230, followed by 22160.
  • Bank Nifty: Intraday resistance is positioned at 48530, followed by 48690, while downside support is found at 48080, followed by 47850.
  • Fin Nifty: Intraday resistance is positioned at 21610, followed by 21700, while downside support is found at 21450, followed by 21360.

Derivative Market Analysis

1. Nifty:

  • The option chain data indicates the highest Call OI addition at 23,000, with immediate resistance at 22,500. Conversely, significant Put OI accumulation at 22,000 indicates crucial support for the Nifty. Call writers’ dominance above 22,400 and unwinding of put writers indicates caution.
  • The immediate range for the Nifty is between 22,000 and 22,400. The Nifty's put-call ratio has decreased to 0.78, indicating evolving sentiment.

2. Bank Nifty:

  • The options data reflects significant activity with the highest call OI at 49,500 and immediate resistance at 48,500. Conversely, the highest put OI is concentrated at 47,000, with support at 48,000, suggesting a cautious stance.
  • Despite this, the Bank Nifty's weekly expiry is expected between 48,000 and 48,500, with a breakout likely prompting a directional move. The maximum pain level for the week is at 48,500.

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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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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