Share Market Today | Gift Nifty Positive, Nasdaq Hits New High

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Synopsis:

Today’s latest market updates include Signature Global’s ₹350 crore land purchase, surge in copper prices to ATH at $11,000/ton, HAL’s anticipated order book of ₹1.2 Lakh Cr, US FDA’s inspection reports on Solara Active Pharma and Lupin, plus other global market news.

Latest Market News

  1. Signature Global purchases 14.65 acres of land in Gurugram for approximately ₹350 crore.

  2. The US FDA finishes inspecting Solara Active Pharma’s Visakhapatnam facility without any observations.

  3. Copper prices surpass $11,000 a tonne, setting a new record.

  4. After inspecting Lupin's Somerset facility, the US FDA issues a Form-483 with six observations.

  5. HAL anticipates continued growth, expecting an order book of ₹1.20 lakh crore by FY25 and projects extending to 2032.

  6. FIIs turned net buyers in the cash market for the first time this month, buying ₹1617 crore, while DIIs bought ₹1556 crore.

Additional Read: Share Market News

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

US Share Market News

  1. Performance Overview:

    • On Monday, the Nasdaq hit a new high while gold reached its highest point ever. Investors considered the Federal Reserve's hawkish comments alongside signs of decreasing US inflation. The Nasdaq, especially driven by chip companies like Nvidia Corp, led the way among US stock indexes.

  2. Economic Indicators:

    • Today, Richmond Fed President Tom Barkin and New York Fed President John Williams will share their views, both being members of the Fed’s rate-setting committee.

    • Recent statements by Fed officials show the central bank's careful approach to managing inflation and deciding when to adjust interest rates. 

    • In the next session, attention will be on the central bank's April meeting minutes releasing on Wednesday.

  3. Sector-Specific Movements:

    • On Monday, the Dow Jones Industrial Average fell by 196.82 points to 39,806.77, while the S&P 500 gained 4.86 points to reach 5,308.13. The Nasdaq Composite added 108.91 points, reaching 16,794.87.

  4. Corporate Earnings:

    • NVIDIA Corporation will announce quarterly earnings after Wednesday's market close, with all eyes on whether they'll meet the market's high earnings expectations.

Additional ReadShare Market News

Other Asset Classes

  1. Treasury Yields:

    • US Treasury yields rose slightly as Fed officials hinted at uncertainty regarding rate cuts. The benchmark 10-year notes dropped 7/32 in price, pushing the yield to 4.4453% from Friday's 4.42%.

  2. Currency:

    • The dollar edged up against global currencies as investors awaited news on interest rates. The dollar index climbed 0.15%, while the euro slipped 0.11% to $1.0858.

  3. Commodities:

    • Crude prices held steady despite mixed signals from the Fed, easing inflation concerns, and Raisi’s death. US crude settled at $79.80 per barrel, down 0.32%, while Brent settled at $83.71 per barrel, also down 0.32%.

    • Gold hit new highs, driven by recent inflation news, while silver reached levels not seen in over a decade. Spot gold rose 0.4% to $2,424.69 per ounce.

    • Copper soared to a record high following China's efforts to stabilise its property market. Copper climbed 2.97% to $10,985.00 per tonne.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets are poised to build on Monday's gains, driven by a surge in tech stocks that pushed the Nasdaq Composite to record highs.

  2. Specific Index Performance:

    • Japan's Nikkei 225 rose 0.53% to stay above 39,000, and the Topix increased by 0.35%.

    • In South Korea, the Kospi fell 0.37%, while the Kosdaq remained nearly flat.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty indicates a positive start for the Indian market, supported by strong global trends. We expect the Nifty spot to trade with an upward bias in the range of 22,470-22,640 during today's session.

  2. Nifty Short-Term Outlook:

    • Last week, benchmark indices saw a strong rebound despite heavy foreign investor selling. The Nifty rose by 2.03% to close at 22502, while Bank Nifty increased by 1.64% to 48199.50. Global markets hit new highs, with the broader market outperforming as Nifty Midcap and small-cap indices gained 4.64% and 5.57%, respectively.

    • A bullish piercing line candle formed, suggesting buying demand from the 21700-21800 support area. Market direction in the coming weeks will be influenced by expectations related to the General Election outcome, leading to increased volatility.

    • The Nifty is expected to consolidate between 22800-22000 with a positive bias, and sectors like capital goods, PSU, Auto, Banking, and FMCG show a bullish trend. Short-term support for Nifty is at 22000-21900.

  3. Intraday Levels:

    • Nifty: Intraday resistance is situated at 22590, followed by 22650 levels. Conversely, downside support is located at 22470, followed by 22410.

    • Bank Nifty: Intraday resistance is positioned at 48480, followed by 48700, while downside support is found at 48070, followed by 47850.

    • Fin Nifty: Intraday resistance is positioned at 21590, followed by 21670, while downside support is found at 21440, followed by 21360.

Derivative Market Analysis

  1. Nifty:

    • The Nifty's highest call OI addition is at the 23,000 level, with immediate call OI at 22,500, indicating potential short covering above 22,500 that could drive prices towards 23,000.

    • Significant put writing at 22,400 and 22,000 levels suggests strong support at 22,400; a breach below this could lead to a drop towards 22,000. The accumulation of call and put OI at 22,500 points to a straddle formation, making it a key level.

    • Option chain analysis shows call unwinding below 22,400 and put writers moving to higher levels, suggesting a positive outlook.

    • The Nifty's put-call ratio increased slightly to 1.24, with a 0.1% decline in open interest and a 0.2% rise in price, indicating short covering.

  2. Bank Nifty:

  • The highest call OI addition at 48,500 suggests resistance at this level, with potential upward movement towards 48,500 if the index stays above 48,000. Conversely, a significant put OI at 48,000 provides strong support, and a sustained drop below this level could lead to a decline towards 47,500.

  • The accumulation of call and put OI at the 48,000 level indicates a straddle formation, making it a pivotal point for the Bank Nifty. 

  • The immediate range for the Bank Nifty is between 47,500 and 48,500, with a breach on either side likely prompting directional movement. A 0.5% decline in OI alongside a 0.2% price increase indicates short covering.

  1. Fin Nifty:

  • Major call OI is at 22,000, followed by 21,500, suggesting that if the price surpasses and sustains above 21,500, a short-covering rally towards 21,700 is likely.

  • The highest put OI additions are at the 21,000 level, followed by 21,500, indicating that if the price remains below 21,500, consolidation is expected as put writers dominate below this level.

  • Consequently, option chain analysis indicates that Fin Nifty is expected to consolidate within the range of 21,300 to 21,700 for the weekly expiry.

Additional ReadQuarterly Results

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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