Share Market Update | April 25, 2024

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Explore the latest market updates including Axis Bank’s ₹55,000 crore fundraising, ⁠RVNL’s lower bidder status for ₹239 crore rail project, RBI’s ban on Kotak Mahindra Bank for onboarding new customers, GPT Infra’s new orders worth ₹487 crore from Central Railway Mumbai, 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. Axis Bank to raise ₹55,000; ₹35,000 crore via debt and ₹20,000 crore through equity.
  2. Tejas Networks may gain significant benefits from the PLI scheme over the next four years.
  3. RBI bans Kotak Mahindra Bank from onboarding new mobile and online banking customers.
  4. GPT Infra awarded ₹487 crore order from Central Railway, Mumbai.
  5. Sterlite Technologies’ US-made fibre optic cables comply with Build America, Buy America (BABA) provisions of the Infrastructure Investment & Jobs Act (IIJA).
  6. ⁠RVNL emerges as lowest bidder, wins a southern railway project worth ₹439 crore.
  7. Coal Ministry's internal report raises concerns over demand, predicting a 58% decline from existing buyers in the next 2 years.
  8. FIIs sold ₹2,511.74 crore while DIIs bought ₹3,809.90 crore in equities on Wednesday.

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

U.S. Stock Market

1. Performance Overview:

  • US stock markets had a mixed day on Wednesday. While rising Treasury yields and weakness in industrials held some indices back, tech stocks got a boost from Tesla's surge before big tech earnings.
  • Concerns mounted as Treasury yields rose, signaling a potential impact on future growth and inflation data. Investors closely monitor the Federal Reserve's stance on interest rates. 

2. Economic Indicators:

  • This week, all eyes remain on the US GDP data, to be released on Thursday, and the personal consumption expenditures (PCE) price index data, coming on Friday. These numbers will help shape expectations about future U.S. interest rates.

3. Sector-Specific Movements:

  • The S&P 500 rose to 5,071.63 points, the NASDAQ Composite edged higher to 15,712.75 points, and the Dow Jones slipped to 38,460.92 points on Wednesday.

4. Corporate Earnings:

  • Meta's stock fell 15% after hours, hitting a three-month low, as they forecasted lower Q2 revenue due to AI spending, despite strong Q1 earnings.
  • This also dimmed expectations for tech giants' earnings reports—Microsoft and Alphabet—set to be released after Thursday's close.
  • Tesla stock surged 12%, bouncing back from a recent 15-month low, after announcing plans to speed up the release of new electric vehicle models, including more affordable options.

Other Asset Classes

1. Treasury Yields:

  • US Treasury yields went up on Wednesday as investors waited for new economic data to see if the Federal Reserve might cut rates soon.
  • The 10-year Treasury yield rose by 4.6 basis points to 4.644%, while the 2-year Treasury yield increased by 2.4 basis points to 4.929%.

2. Currency:

  • Following strong US inflation data, the yen hit its lowest point against the dollar since 1990. Investors are watching for Japan's response.
  • The dollar index rose by 0.2% to 105.84, comparing it to other major currencies. The dollar has hit a five-month high.

3. Commodities:

  • Gold prices held steady on Wednesday as tensions in the Middle East eased. Spot gold rose 0.1% to $2,323.92 per ounce, while U.S. gold futures fell 0.2% to $2,336.90.
  • U.S. crude oil edged below $83 per barrel on Wednesday, easing after a 2% rally. As attention shifted from Israel-Iran tensions, WTI crude futures settled at $82.81 per barrel (-0.7%), while Brent futures fell to $88.02 per barrel (-0.5%).

Asian Markets

1. General Trends:

  • After two days of gains, Asia-Pacific markets paused, following Wall Street's lead. Investors' eyes are on the upcoming U.S. first-quarter GDP release tonight.
  • South Korea is looking at an impressive 3.4% year-on-year growth in the first quarter, the strongest since late 2021.

2. Specific Index Performance:

  • Stocks in Japan fell today, with the Nikkei 225 dropping by 1.2% and the broader Topix index down by 0.65%.
  • South Korea's Kospi also saw a decline of 1%, while the Kosdaq edged down slightly.

India Market Outlook

1. GIFT Nifty Projection:

  • Gift Nifty suggests a gentle start for the Nifty today which may stabilise within the range of 22300 to 22430. A cautious start is advised for the Indian markets due to negative global cues. 

2. Nifty Short-Term Outlook:

  • The Nifty index opened at 22476, reaching a high of 22476 before closing at 22402, up 0.15%. Bank Nifty closed at 48189, up 0.46%. Nifty Midcap rose by 0.8% and Nifty Smallcap by 0.4%.
  • Market analysis suggests consolidation with a positive bias, aiming for 22600-22700 levels, though short-term consolidation is possible after a pullback from last week's low of 21777.
  • Nifty's short-term support at 22000 is determined by combining the lower band of the rising channel since January 2024 and the 61.8% retracement of the recent upward movement.

3. Intraday Levels:

  • Nifty: Ahead of monthly expiry, Nifty’s intraday resistance levels are at 22430 and 22500, with downside support at 22310 and 22260.
  • Bank Nifty: Intraday resistance levels for Bank Nifty stand at 48250 and 48430, with downside support at 47910 and 47650.
  • Fin Nifty: Intraday resistance levels for Fin Nifty are at 21480 and 21540, with downside support levels at 21340 and 21250.

Derivative Market Analysis

1. Nifty:

  • Option Chain Analysis indicates strong resistance at 22,500 and support at 22,000, with call writers active above 22,500 and put writers below 22,300, suggesting consolidation for the monthly expiry.
  • Nifty's put-call ratio decreased to 1.04, indicating a slight shift in sentiment towards calls.

2. Bank Nifty:

  • The call OI is highest at 48,500, with 48,200 as immediate resistance. Breaking 48,200 may trigger short covering towards 48,500.
  • The highest put OI is at 48,000, indicating immediate support. 48,200 is a pivotal level with both call and put OI, likely forming a straddle, suggesting a Bank Nifty range of 48,000 to 48,500.

Stay informed of market dynamics with Bajaj Broking’s in-depth share market update. Beyond just numbers, we decode the stories driving the latest trends in the Indian share market today. Empower yourself with insights to navigate the twists and turns of today's financial landscape.

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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