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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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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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