Share Market Update | April 23, 2024

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Synopsis:

Explore the latest market updates including FSSAI’s actions against Nestle, ₹150 crore fraud detection by M&M Finance, Patel Engineering’s ₹400 crore QIP launch, US markets closing in green after breaking a six-day losing streak, and more. Plus, more insights on global and Indian share markets.

Latest Market News

  1. M&M Finance postpones earnings board meeting following a ₹150 crore fraud at a branch in North East India.
  2. FSSAI takes action against Nestle over concerns of high sugar content in Cerelac baby food.
  3. Paytm introduces a new Made-in-India Soundbox for UPI and Credit Card transactions.
  4. PSP Projects plans to raise up to ₹244 crore through QIP at an indicative price of ₹670 per share, offering a 2.79% discount to the NSE closing price on April 22, 2024.
  5. Patel Engineering launches a QIP with an issue size of ₹400 crore, offering shares at an indicative price of ₹56.53 each.
  6. Moody's Ratings is considering upgrading Samvardhana Motherson’s Ba1 rating, placing it under review.
  7. Foreign Institutional Investors (FIIs) sold equities worth ₹2,915.23 crore, while Domestic Institutional Investors (DIIs) bought equities worth ₹3,542.93 crore yesterday.

Detailed Global Market Insight: U.S. and International Stocks, Other Asset Classes, and Asian Market

U.S. Stock Market

1. Performance Overview:

  • After a decline over the past six sessions, Wall Street saw a positive uptick in stock prices on Monday as investors await corporate earnings.
  • Investors are now eagerly anticipating upcoming quarterly reports from major companies, which are expected to shed light on the current state of the U.S. economy.

2. Economic Indicators:

  • First-quarter gross domestic product (GDP) figures, releasing this week, will shed light on the US economic growth.
  • Investors also await March's Personal Consumption Expenditure (PCE) data, releasing later this week, which will guide the further course of monetary policy.

3. Sector-Specific Movements:

  • The S&P 500 rose by 43.37 points to reach 5,010.60, while the Nasdaq Composite gained 169.30 points, reaching 15,451.31. The Dow Jones Industrial Average climbed by 253.58 points to 38,239.98.

4. Corporate Earnings:

  • This week, four out of the Magnificent Seven stocks - Tesla, Meta Platforms, Alphabet, and Microsoft are getting ready to unveil their quarterly results as the market remains abuzz with anticipation.

Other Asset Classes

1. Treasury Yields:

  • The yield on standard U.S. 10-year notes dropped slightly to 4.613%, while the two-year note yield edged up to 4.9713% from 4.969% last Friday, tracking interest rate expectations.

2. Currency:

  • The dollar index rose slightly by 0.03% to reach 106.13. Meanwhile, the euro, after initially climbing, slipped by 0.01% to $1.0653.

3. Commodities:

  • U.S. gold futures plunged 2.8% to end at $2,346.4. Gold prices fell over 2% to a one-week low on Monday as concerns eased about a potential Middle East conflict, leading investors to shift from safe-haven assets to riskier ones such as equities.
  • Crude oil prices dropped today due to increased U.S. stockpiles. Brent crude settled at $87.00 a barrel, down 0.33%, while U.S. West Texas Intermediate fell to $82.85, down 0.35%. Prices rebounded slightly in morning trading on expectations of tighter supplies ahead, despite easing tensions between Iran and Israel.

Asian Markets

1. General Trends:

  • Bouncing back of Tech shares on Wall Street fueled further gains in Asia-Pacific markets, with investors awaiting the release of flash business activity figures from Australia, Japan, and India today.

2. Specific Index Performance:

  • Today, Japan's Nikkei 225 rose by 0.8%, with the Topix up 0.66%.
  • South Korea's Kospi gained 0.2%, and Kosdaq surged 0.62%.

India Market Outlook

1. GIFT Nifty Projection:

  • Gift Nifty suggests a bright start for the Indian Market despite global markets retreating. The nifty spot is likely to consolidate positively between 22270-22450, with a focus on individual stocks.

2. Nifty Short-Term Outlook:

  • Nifty opened strong as Middle East tensions eased, prompting investor interest and consolidated with a positive bias, closing near the day's high at 22336 (+0.9%), while Bank Nifty also gained (+0.7%).
  • A Doji candle has formed on Nifty, indicating a potential extension of Friday's rebound, with targets around 22500-22600.
  • Short-term support lies at 21700, marked by March 2024 low and key retracement levels.

3. Intraday Levels:

  • Nifty: Nifty’s primary resistance lies at 22420 and the next at 22480, with primary support at 22300 and next at 22240.
  • Bank Nifty: Bank Nifty is likely to face initial resistance at 48210 and then at 48450, with initial support at 47810 and the next one at 47630.
  • Fin Nifty: With Fin Nifty contracts expiring today, its resistance is at 21420 and 21500, with support at 21290 and 21200.

Derivative Market Analysis

Nifty:

  • Key call OI additions at 23,000, resistance at 22,500 and 22,600. Strong support at 22,000; puts active below 22,300, multiple supports indicated. Nifty's put-call ratio went up by 0.11, now at 1.14. Nifty futures show a 1.0% uptick in OI and price, signalling a long buildup.

Bank Nifty:

  • Major put OI at 47,000, and immediate support at 47,500. Highest call OI at 49,000, short covering if above 48,000. Straddle formation at 48,000 indicates a pivotal level. Break above 48,000 or below 47,500 may trigger directional movement in Bank Nifty futures, with a 1.4% rise in Open Interest and a 0.9% price increase suggesting a long build-up.

Fin Nifty:

  • Put writers are active at 21,000, hinting at support below 21,300. Call OI is high at 21,800, with resistance likely at 21,500; the option chain suggests consolidation between 21,500 and 21,300.

Stay updated with Bajaj Broking’s insightful share market update. Beyond the numbers, we uncover the narratives driving the Indian share market's latest news. Arm yourself with knowledge, empowering your decisions amidst the dynamic financial landscape today.

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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