Share Market Update | April 16, 2024

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Latest Market News

1. IMD Monsoon Forecast for 2024: The Indian Meteorological Department (IMD) has forecasted that the monsoon rainfall in 2024 is expected to be above normal, quantifying it at 106% of the long period average. This prediction indicates a potentially higher rainfall than usual, which could impact agriculture and water resources positively across the country.

2. Gujarat Gas and Indian Oil Collaboration: Gujarat Gas has entered into a non-binding Memorandum of Understanding (MoU) with Indian Oil Corporation. This partnership aims to enhance the scope and accessibility of energy solutions for consumers, signifying a strategic move to expand energy infrastructure and services across their operational areas.

3. March Aviation Market Share - IndiGo: According to recent aviation data, IndiGo Airlines has slightly increased its market share from 60.1% to 60.5% month-over-month. This increment underscores IndiGo’s dominant position in the Indian aviation market, continuing its lead over other competitors.

4. Jio Financial Services and BlackRock Joint Venture: Jio Financial Services has formed a 50:50 joint venture with global investment management corporation BlackRock. The partnership focuses on developing wealth management and brokerage services, aiming to capitalise on each other's strengths to tap into the growing financial services market in India.

5. Windfall Tax Increase on Petroleum Crude: The Indian government has raised the windfall tax on petroleum crude from ₹6,800 per tonne to ₹9,600 per tonne, effective from April 16, 2023. This increase in tax is part of the government's strategy to capitalise on the higher profits of oil producers and importers due to fluctuating global oil prices.

6. Market Activity by FIIs and DIIs: Foreign Institutional Investors (FIIs) sold equities worth ₹3,268 crore, showing a net selling position in the market. In contrast, Domestic Institutional Investors (DIIs) bought equities amounting to ₹4,762.93 crore, indicating a strong buying trend. This activity reflects the divergent strategies and market sentiments between foreign and domestic investors in the Indian equity market.

Global Market Insights 

  • Wall Street Performance: The major U.S. stock indexes ended lower, with the Dow Jones falling 248.13 points, the S&P 500 losing 61.59 points, and the Nasdaq Composite dropping 290.08 points.

  • U.S. Treasury Yields: The yield on the 10-year U.S. Treasuries rose to 4.61%, the highest level since November, influenced by robust U.S. retail sales data.

  • Currency and Precious Metals: The dollar reached its highest level since November, while spot gold surged 1.8% due to safe-haven demand amid Middle East tensions.

  • Oil Prices: Increased due to tensions in the Middle East, with Brent futures and U.S. crude both rising.

Asian Market Trends:

  • China's Economic Data: Attention on China’s GDP growth and industrial production figures. Expected GDP growth is 4.6% year-over-year.

  • Japan and South Korea: Stock markets in both countries opened lower, with Japan’s Nikkei 225 and South Korea’s Kospi falling by 1.5% and 1.31%, respectively.

Indian Market Outlook:

  • Gift Nifty and Intraday View: Anticipates a negative opening for Indian markets influenced by weak global cues. Nifty expected to trade within 22050-22280.

  • Short-term and Intraday Levels: Nifty has short-term support around 22000-22200 levels. Bank Nifty sees intraday resistance at 47780 and support at 47270.

  • Nifty Futures: Indicate a short buildup with a put-call ratio at 0.81. Resistance and support levels are set around 22,700 and 22,000 respectively.

  • Bank Nifty and Fin Nifty: Show signs of potential range-bound trading with identified support and resistance levels.

Stay informed with Bajaj Broking’s share market update, where we bring you not just the numbers, but the stories behind the figures. Explore the nuances of the Indian share market latest news, and equip yourself with knowledge to make informed decisions in the ever-evolving financial markets.

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?

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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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.

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