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Share Market Update | April 26, 2024

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Synopsis:

Explore the latest market updates including Tata Steel’s ₹13,000 crore investment in collaboration with the UK Government, NHPC’s ₹337.6 crore fine to L&T over hydro project dispute, IndiGo’s 30 Airbus order, Inox Wind’s 3:1 bonus issue, Nestle India and Dr. Reddy’s Laboratories’ JV, 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. Tata Steel proceeds with ₹13,000 crore investment in collaboration with the UK Gov to build Furnace in Port Talbot.
  2. US Q1 GDP growth disappoints investors. The Treasury yields surge and market sentiments weaken.
  3. NHPC was directed to pay ₹337.6 crore to L&T in the hydro project dispute.
  4. IndiGo places a massive order of 30 Rolls Royce-powered Airbus A350-900 aircraft.
  5. Inox Wind approves the 3:1 bonus issue for its shareholders.
  6. Nestle India and Dr Reddy’s Laboratories to form a joint venture on nutritional health solutions.
  7. FIIs sell ₹2,823.33 crore while DIIs buy ₹6,167.56 crore in equities on Thursday.

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

US Share Market News

1. Performance Overview:

  • US stocks fell on Thursday as Meta's dismal forecasts hit the tech sector, and Japan's yen dropped below 155 per dollar for the first time since 1990. The market also faced pressure from weak US GDP data.
  • Treasury yields gained as the US economic growth in Q1 was lower than expected at 1.6%, while inflation surged higher than anticipated at 3.7%. Some economists are concerned about stagflation, but some argue that the growth wasn't as weak as the report indicated.

2. Economic Indicators:

  • Inflation in the US spiked this quarter, causing worries about the Fed possibly hiking interest rates to control it. Investors keep an eye out for the PCE price index, the Fed's favorite gauge of inflation, coming out later today.

3. Sector-Specific Movements:

  • The Dow Jones dropped almost 375 points to 38,085 (-0.98%), the S&P 500 slipped by about 23 points to 5,048 (-0.46%), and the Nasdaq fell nearly 101 points to 15,611 (-0.64%).

4. Corporate Earnings:

  • Shares of Alphabet and Microsoft rose after beating Wall Street expectations in their latest earnings reports.
  • On the flip side, Intel saw an 8% drop in after-hours trading as it predicted lower-than-expected revenue and profit for the next quarter.

Other Asset Classes

1. Treasury Yields:

  • The yield on US 10-year bonds rose by 5 basis points to 4.704% and that on the yield on 2-year notes went up by 6.3 basis points to 4.9996%.
  • US Treasury yields jumped to their highest level in more than five months because new data hinted at ongoing inflation. The possibility for lower interest rates by the Fed remains less likely.

2. Currency:

  • The dollar index dropped slightly by 0.21% to 105.58, just before the upcoming US Federal Reserve FOMC meeting next week.

3. Commodities:

  • Gold prices rose by 0.69% to $2,331.78 per ounce, while U.S. gold futures settled slightly lower at $2,319.90 per ounce, down 0.2%.
  • Brent crude futures closed up 1.1% at $89.01 per barrel, while U.S. West Texas Intermediate crude futures rose 0.9% to $83.57. This is due to optimism about the U.S. economy, despite weak first-quarter data and ongoing Middle East conflict drove the gains.

Asian Markets

1. General Trends:

  • Asia-Pacific markets began with mixed sentiments on Friday as investors remained focused on the Bank of Japan's policy decision and Tokyo's inflation data.

2. Specific Index Performance:

  • Japan's Nikkei 225 started with a slight increase of 0.17%, while the Topix remained slightly above the previous close.
  • South Korea's Kospi rose by 0.53%, and the smaller Kosdaq gained even more at 0.75%

India Market Outlook

1. GIFT Nifty Projection:

  • Gift Nifty suggests that the Indian Market today will likely open flat to positive. If Nifty stays above 22500, the outlook remains positive, with the index possibly reaching 22630.

2. Nifty Short-Term Outlook:

  • Stocks started the day weak but bounced back, with Nifty closing 0.75% higher at 22570 and Bank Nifty up 0.63% at 48494. The broader market also rose, with Nifty Midcap and Smallcap up 0.4% and 0.8% respectively.
  • The index shows bullish signs, closing above 22500 and aiming for 22775. However, with daily stochastic indicating overbought conditions, some consolidation is expected.
  • Short-term support is at 22000, being a mix of the rising channel’s lower band since Jan 2024 and a 61.8% retracement level between 21777 and 22476.

3. Intraday Levels:

  • Nifty: Today's resistance levels for Nifty are at 22630 and 22690. On the other hand, the downside support stands at 22500 and 22430.
  • Bank Nifty: The current resistance levels for Bank Nifty are at 48650 and 48890, with support levels at 48280 and 48050.
  • Fin Nifty: Fin Nifty is likely to face resistance around 21610 and 21700 during the day. If it inches downward, it might find support at 21460 and 21380.

Derivative Market Analysis

1. Nifty:

  • The 22,500 level holds the highest Put OI, with 22,400 as immediate support. If the price dips below 22,400, a correction could occur. On the flip side, major call OI is at 22,900, with immediate resistance at 22,600. Both put and call OI at 22,500 suggest a straddle formation, a key level for the day.
  • The immediate range is likely between 22,400 and 22,600, with breaks potentially prompting directional shifts.

2. Bank Nifty:

  • The highest call OI is at 50,000, with immediate resistance at 48,500. If the price holds above 48,500, it may move towards 49,000. Major put OI at 48,000 forms strong support.
  • The Bank Nifty's immediate range is 48,000 to 48,500, with potential for movement beyond this range.

Stay ahead of the game with Bajaj Broking’s real-time market insights. Our expert analysis goes beyond the surface, unravelling the complexities of the global stock market. Stay updated with the latest market news, including US share market updates and maximise your investment potential.

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?

Answer Field

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?

Answer Field

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?

Answer Field

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?

Answer Field

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?

Answer Field

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?

Answer Field

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?

Answer Field

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?

Answer Field

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?

Answer Field

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?

Answer Field

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.

What are government bonds in India, and how do they work?

Answer Field

Government bonds in India serve as a financing tool for public initiatives, provided by the government. Investors buy these bonds, receiving fixed interest payments. They are a reliable option, offering security and predictable returns.

What are the benefits of investing in government bonds compared to other investment options?

Answer Field

Government bonds offer safety and stability, ideal for risk-averse investors. Compared to equities, they provide predictable returns, helping in portfolio diversification. Additionally, they are less volatile, making them suitable for long-term financial planning.

How can I buy government bonds in India, and what are the steps involved in the purchasing process?

Answer Field

To understand how to buy government bonds in India, investors can participate in Reserve Bank auctions, purchase through brokers, or invest in GILT mutual funds. A Demat account is necessary, followed by transaction completion on selected platforms.

What are the different types of government bonds available for investment in India?

Answer Field

India offers several government bonds, including treasury bills, sovereign gold bonds, and long-term bonds. Each type has distinct tenures and interest rates, catering to different investment needs, from short-term liquidity to long-term stability.

How do I determine the best government bonds to invest in India based on my financial goals?

Answer Field

Choosing the best government bonds to invest in India depends on individual goals. Short-term bonds offer liquidity, while long-term bonds provide stability. Consider factors like maturity, interest rates, and inflation protection for tailored investment decisions.

What factors should I consider when evaluating government bonds for investment?

Answer Field

Key factors include interest rates, inflation trends, and bond maturity. Evaluating these aspects helps in aligning bond choices with financial goals, especially for conservative portfolios. GILT mutual funds diversify risks across multiple government bonds.

How can I invest in government bonds through the online platform or through a broker?

Answer Field

Investors can invest in government bonds via online platforms, brokers, or banks. Online options facilitate participation in auctions and secondary markets, offering a streamlined process for how to invest in government bonds conveniently.

What are the tax implications of investing in government bonds in India?

Answer Field

Interest from government bonds is taxed according to the investor’s income bracket. However, some bonds may offer tax benefits. Understanding these implications helps optimise returns when considering how to invest in government bonds.

Are there any risks associated with investing in government bonds in India?

Answer Field

Although government bonds are low-risk, they are subject to interest rate fluctuations and inflation, which can impact returns. Understanding these risks is essential when considering how to invest in government bonds effectively.

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