Share Market Today | April 30, 2024

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Synopsis:

Explore the latest market updates including Promoter Group’s 5.45% stake worth ₹536.5 crore, Uttarakhand revoking licence of 14 Patanjali and Divya Pharmacy products, RVNL’s new ₹438.95 crore project, KEC International’s ₹1,036 crore order, Coromandel International’s new plants worth over ₹1,000 crore in AP, 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. NMDC increased lump ore price by ₹400 to ₹6,200 and fines by ₹200 to ₹5,260 per tonne.
  2. Promoter group to sell entire 5.45% stake in SBFC Finance for ₹536.5 crore via block deal, between a price band of ₹87.50 - 91.65 per share.
  3. Uttarakhand Government revoked licences of 14 Patanjali, Divya Pharmacy products.
  4. RVNL receives another LoA for ₹438.95 crore project from Southern Railway.
  5. KEC International secures new orders worth ₹1,036 crore.
  6. Coromandel International to establish Phosphoric Acid & Sulphuric Acid plants worth over ₹1,000 crore in Kakinada, Andhra Pradesh.
  7. Both FIIs and DIIs net bought ₹169.09 crore and ₹692.05 crore worth of shares yesterday, respectively.

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

US Share Market News

1. Performance Overview:

  • On Monday, U.S. stocks rose while the yen strengthened, possibly due to intervention, as investors geared up for a week filled with significant events. All major US indexes finished higher, continuing the positive trend from Friday.

2. Economic Indicators:

  • This week, we'll get updates on key economic indicators like European inflation and the US job data. Also, the Federal Reserve begins its two-day meeting on Tuesday.
  • Most experts predict they'll keep the main interest rate steady but may express a cautious attitude about future changes.

3. Sector-Specific Movements:

  • The Dow Jones Industrial Average went up by 0.39% to 38,387.06, the S&P 500 increased by 0.32%, to 5,116.15, and the Nasdaq Composite gained 0.35% to close at 15,983.08.

4. Corporate Earnings:

  • This week, we're gearing up for the earnings of big companies like Amazon and Apple. The US markets are looking positive as we head into a week filled with crucial company earnings and important economic updates.

Other Asset Classes

1. Treasury Yields:

  • US Treasury yields stepped back from the highs of last week in anticipation of a Federal Reserve meeting and important economic updates scheduled for later in the week. The yield on the benchmark 10-year bond closed at 4.614%.

2. Currency:

  • Japan's yen surged by up to 5 yen per USD, sparking speculation that Tokyo might have intervened in the currency market for the first time in 18 months.
  • The dollar, in contrast, weakened against a range of global currencies. The dollar index concluded the session down by 0.3%, settling at 105.63.

3. Commodities:

  • Gold prices slightly declined as investors are anticipating important data and hints about the Federal Reserve's interest rate reduction plans. The price of spot gold fell by 0.1% to $2,335.71 per ounce.
  • Oil prices fell as discussions between Israel and Hamas reduced tensions in the region, alleviating concerns about a potential broader conflict. US crude decreased by 1.45% to reach $82.63 per barrel, while Brent settled at $88.40, down 1.23% for the day.

Asian Markets

1. General Trends:

  • Asian markets seemed poised to continue rising on Tuesday, following the trends seen on Wall Street. Investors were eagerly anticipating the release of China's manufacturing purchasing managers' index for April.

2. Specific Index Performance:

  • Australia's benchmark indices surged by 0.55% today, bouncing back from Friday's downturn.
  • Japan's Nikkei 225 rose by nearly 1% after traders came back from a holiday, and the broader Topix index gained 1.2%.
  • In South Korea, the Kospi index went up by 0.23%, and the smaller Kosdaq index increased by 0.26%.

India Market Outlook

1. GIFT Nifty Projection:

  • Gift Nifty predicts a potential rise in the market at the beginning, influenced by robust global indicators. Nifty is expected to trade with a favourable inclination within the range of 22570-22770.

2. Nifty Short-Term Outlook:

  • Benchmark indices surged at the start of the week, with Nifty closing at 22643 (+1.00%) and Bank Nifty reaching an all-time high of 49424 (+2.54%). Nifty Midcap and Small also posted gains of 0.4% and 0.2% respectively, maintaining a positive bias.
  • The bullish trend, marked by higher highs and higher lows, suggests further upside potential towards the all-time high of 22775. Short-term support is identified at 22000-21900 levels, encompassing the rising channel since Jan 2024 and a 61.8% retracement.
  • Traders can expect heightened volatility due to the upcoming FOMC meeting outcome on Wednesday.

3. Intraday Levels:

  • Nifty: The intraday resistance levels for Nifty are at 22710 and 22770, with downside support at 22570 and 22510.
  • Bank Nifty: Intraday resistance for Bank Nifty stands at 49680 and 49900, with downside support at 49250 and 49010.
  • Fin Nifty: Intraday resistance levels for Fin Nifty are at 21900 and 21980, while downside support can be found at 21730 and 21650.

Derivative Market Analysis

1. Nifty:

  • Nifty saw a strong rally past 22500 leading to a short covering rally. Option chain indicates the highest call OI at 23000 and put OI at 22500.
  • Nifty's immediate resistance is at 22850, indicated by the addition of call OI, while puts are written across all strikes up to 22950. The bullish sentiment is further supported by the rise of PCR to 1.23 due to aggressive put writing.

2. Bank Nifty:

  • Banknifty near weekly expiry, hits all-time high, with option chain data indicating a range of 49000-50000. An up move of 2.4% and an increased Future COI of 26% indicates a strong bullish sentiment.
  • However, there is a potential for sideways movement if momentum indicators stay overstretched. Sustaining movement above 49500 could lead to a further uptrend towards 50000.

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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