Share Market Today | Gift Nifty Positive, US Markets Rise

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Synopsis:

Today’s latest market updates include HPCL and BPCL’s approval for 1:2 and 1:1 bonuses respectively, Bank of Maharashtra's AA+ rating upgrade, Brigade Enterprises’ ₹660 Cr Bengaluru project, Solara Active Pharma’s ₹449.95 Cr rights issue, along with other global market news.

Latest Market News

  1. HPCL's board approves bonus share issue, offering 1 share for every 2 held.

  2. BPCL's board approves bonus share issue, offering 1 share for each held.

  3. Bank of Maharashtra's rating was upgraded to AA+ by Brickwork Ratings, with a stable outlook replacing the previous positive one.

  4. Brigade Enterprises is set to develop a residential project in Bengaluru with a gross development value of ₹660 crore.

  5. Solara Active Pharma plans to raise up to ₹449.95 crore through a rights issue, with each share priced at ₹375.

  6. FIIs sold equities worth ₹6,994.86 crore, while DIIs bought equities worth ₹5,642.53 crore yesterday.

Additional Read: Commodities Market Today

In-Depth Market Insights: Global Outlook, Derivatives & More

US Share Market News

  1. Performance Overview:

    • On Thursday, the US stocks rebounded, with the S&P 500 nearing its record levels after a challenging April.

    • European markets, including London, surged as the Bank of England suggested a potential cut in its key interest rate from a 16-year high. Additionally, the German DAX reached a new all-time high.

  2. Economic Indicators:

    • The market strengthened by a report indicating increased layoffs. Last week, unemployment benefit applications surpassed economists' expectations, though they remain relatively low historically.

    • The April consumer price index (CPI) report, due next week, will be key. While expected to cool from recent highs, CPI is still forecasted to exceed the Fed's 2% target.

  3. Sector-Specific Movements:

    • All the benchmark indices in the US saw a positive session yesterday as the S&P 500 rose by 0.5% to 5,214.08, the Dow Jones Industrial Average surged 0.8% to 39,387.76, and the Nasdaq composite added 0.3% to reach 16,346.26.

Other Asset Classes

  1. Treasury Yields:

    • In the bond market, the yield on the 10-year Treasury decreased to 4.45%. Meanwhile, the two-year yield, reflecting expectations for the US Federal Reserve, fell to 4.81%.

  2. Currency:

    • The dollar declined against major currencies on Thursday following economic data indicating further softening in the US labour market. The dollar index dropped by 0.22% to reach 105.28.

  3. Commodities:

    • Citing positive demand indicators from China and the US, oil prices reached a one-week peak on Thursday. Brent futures settled at $83.88 a barrel, up 0.4%, while US WTI crude settled at $79.26, marking a 0.3% increase.

    • Gold prices surged over 1% on Thursday following the release of new Labor Department data. Spot gold experienced a 1.14% increase, reaching $2,335.04 per ounce. Meanwhile, U.S. gold futures for June delivery settled 0.8% higher at $2,340.3 per ounce.

Asian Markets

  1. General Trends:

    • Japan spearheaded growth in the Asia-Pacific markets on Friday, supported by strong consumer spending figures and renewed optimism fueled by potential rate cuts from the US Fed.

  2. Specific Index Performance:

    • The Nikkei 225 surged by 1.52%, with the broader Topix index following suit, rising by 1.22%.

    • South Korea's Kospi index and the small-cap Kosdaq both experienced a rise, climbing by 1% and 0.97%, respectively.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a favourable start for the Indian market, supported by stable global indicators. Today, Nifty is expected to consolidate within a range following yesterday's downturn. The nifty spot is anticipated to trade within the 22100-21900 range.

  2. Nifty Short-Term Outlook:

    • The benchmark indices, including Nifty and Bank Nifty, saw a significant drop of over 1% during the weekly expiry session. Nifty opened weakly and continued to decline, closing near its low at 21957, down by 1.55%. Bank Nifty also fell, closing at 47487, down by 1.1%. Broader markets fared worse, with Nifty Midcap and Smallcap down by 1.9% and 2.7% respectively.

    • Nifty's daily chart shows a bearish trend with lower highs and lows, breaching key support levels. An oversold reading suggests a possible technical rebound but sustained higher lows are needed for a significant recovery.

    • Due to technical rebound, Nifty may encounter strong resistance around 22300-22400, marked by the 20-day EMA and 50% retracement of the recent decline (22794-21932).

  3. Intraday Levels:

    • Nifty: Intraday resistance is situated at 22050, followed by 22120 levels. Conversely, downside support is located at 21900, followed by 21830.

    • Bank Nifty: Intraday resistance is positioned at 47780, followed by 47950, while downside support is found at 47330, followed by 47070.

    • Fin Nifty: Intraday resistance is positioned at 21200, followed by 21290, while downside support is found at 21040, followed by 20950.

Additional ReadGold Rate Today

Derivative Market Analysis

  1. Nifty:

    • The current options data suggests a straddle formation at the 22,000 level, with significant open interest for both calls and puts. The highest put OI at 22,000 implies potential downward momentum towards 21,500 if the price stays below 22,000.

    • Conversely, a major call OI at 22,300 indicates a potential short-covering rally if the price surpasses and holds above 22,000. Nifty's put-call ratio increased by 0.13 to reach 0.90.

  2. Bank Nifty:

  • The option chain analysis for Bank Nifty reveals that the highest call OI is at 48,000 with 47,800 closely behind, indicating a resistance zone. On the other hand, the highest put OI addition is seen at 46,500 and the immediate put OI addition at 47,000, suggesting a support zone.

  • If the price remains above 47,500, a move towards 47,800 and 48,000 is probable. The immediate range lies between 47,500 and 48,000, suggesting potential significant movements in either direction.

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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