Stock Market Today  March 27, 2024

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Stock Market Today

Overview

Welcome to our exploration of the stock market today, a dynamic arena where fortunes are made and economic landscapes are shaped. In this overview, we delve into the fundamental workings of the stock market, the compelling reasons to invest, essential considerations for prospective investors, and the inherent risks that come with market participation. Moreover, we underscore the significance of staying informed about daily market movements to empower investors in making informed decisions that drive their financial success.

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Understanding the Stock Market: A Beacon of Economic Activity

The stock market serves as a vital platform for buying and selling shares of publicly traded companies. It operates on the principles of supply and demand, with investors trading securities such as stocks, bonds, and derivatives. Through the mechanism of stock exchanges, companies raise capital by issuing shares to investors, who, in turn, seek to profit from price appreciation and dividends.

Why Invest in the Stock Market: Unlocking the Benefits

Investing in the stock market offers a multitude of benefits for individuals seeking to grow their wealth and achieve financial goals:

  • Potential for Growth: Stocks have historically delivered higher returns compared to other asset classes over the long term, offering investors the opportunity for wealth accumulation and capital appreciation.
  • Dividend Income: Many companies distribute a portion of their profits to shareholders in the form of dividends, providing investors with a steady stream of income.
  • Portfolio Diversification: Investing in a diversified portfolio of stocks can help mitigate risk by spreading investments across various sectors and asset classes.
  • Ownership Stake: Investing in stocks grants individuals ownership stakes in companies, allowing them to participate in corporate growth and decision-making processes.

Things to Consider Before Investing: Essential Insights

Before diving into the stock market, it's crucial to consider the following factors:

  • Investment Goals: Clarify your investment objectives, whether it's long-term wealth accumulation, income generation, or capital preservation.
  • Risk Tolerance: Assess your risk tolerance and investment horizon to align your investment strategy with your financial circumstances and objectives.
  • Market Research: Conduct thorough research and analysis of companies, industries, and market trends to make informed investment decisions.
  • Diversification: Diversify your investment portfolio across different asset classes, sectors, and geographic regions to spread risk and enhance potential returns.
  • Choosing the right platform: There are plenty of fintech platforms and brokers who can get you access to the stock market in India. However, before investing your hard earned money, you must compare and evaluate them on factors such as brokerage charges and other fees, security, user-friendliness, technical superiority, market insights, and ease of usage.
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Risks Associated with Stock Market Participation: Navigating Uncertainties

While the stock market offers lucrative opportunities, it also entails inherent risks that investors must be aware of:

  • Market Volatility: Stock prices can fluctuate widely in response to economic indicators, geopolitical events, and company-specific news, leading to potential losses for investors.
  • Liquidity Risk: Some stocks may have low trading volumes or limited market liquidity, making it challenging to buy or sell shares at desired prices.
  • Company-Specific Risks: Individual companies may face risks such as management changes, competitive pressures, regulatory challenges, or financial distress, impacting their stock prices.
  • Market Timing: Attempting to time the market or predict short-term price movements can be speculative and may result in losses for investors.

The Value of Daily Market Insights: Empowering Informed Decision-Making

Staying informed about daily market happenings is essential for investors seeking to navigate the complexities of the stock market effectively. By monitoring market trends, economic indicators, corporate earnings reports, and geopolitical developments, investors can make timely and informed investment and trading decisions that align with their financial goals and risk preferences.

In conclusion, the stock market serves as a dynamic arena for wealth creation and investment opportunities. By understanding its fundamental workings, recognizing the benefits of investing, considering essential factors, and acknowledging inherent risks, investors can embark on their journey with confidence. Stay tuned to daily market insights to unlock the full potential of your investments and seize opportunities in the ever-evolving world of finance.

Top Headlines of the Day

  • Standard Chartered Bank is set to sell its entire 7.18% stake in CDSL via a block deal at a floor price of Rs 1672 per share, amounting to a deal size of Rs 1250 crore.
  • The Competition Commission of India (CCI) has approved Adani Power Limited's proposed acquisition of 100% equity share capital of Lanco Amarkantak Power Limited.
  • Olympus Capital Asia Investments is likely to sell up to 9.8% equity in Aster DM Healthcare via a block deal, with an offer price ranging from ₹400 to ₹432 per share.
  • The Reserve Bank of India (RBI) reports a current account deficit of $10.5 billion for the October-December quarter, compared to $11.4 billion in the previous quarter.
  • Shyam Metalics has obtained a composite licence for the Surjagad-1 iron ore block for an area of 1526 hectares through a joint venture with Natural Resources Energy Private Limited (NREPL).
  • Foreign Institutional Investors (FIIs) net bought equities worth ₹10.13 crore, while Domestic Institutional Investors (DIIs) net bought equities worth ₹5,024.36 crore yesterday.

Market Overview

  • The S&P 500 failed to sustain its gains on Tuesday due to concerns about weakening consumer confidence in the U.S. This was especially significant as investors awaited important speeches from Federal Reserve officials and an upcoming report on inflation trends. The Dow Jones Industrial Average experienced a modest decline of 31 points, representing a 0.2% decrease, while both the S&P 500 and NASDAQ Composite also saw declines of 0.2% and 0.4%, respectively. The Conference Board reported a slight decrease in consumer confidence to 104.7 from the previous figure of 104.8, marking the lowest level since November 2023. All eyes are now on upcoming statements from Federal Reserve officials, particularly Waller, for insights into future monetary policy decisions.

 

Other Asset Classes:

  • Gold prices rose on Tuesday as expectations of interest rate cuts by the U.S. Federal Reserve strengthened, while investors awaited data on underlying inflation trends later in the week. Spot gold increased by 0.2% to $2,176.59 per ounce after surging as much as 1.3% earlier in the session. Meanwhile, the 10-year U.S. Treasury yield ticked lower as investors analysed previous data points and anticipated key inflation figures later in the week. The benchmark rate dropped slightly by more than 1 basis point to 4.238%, while the yield on the 2-year Treasury yield saw a minor increase of less than 1 basis point to 4.593%. The US Dollar Index remained relatively stable around 104.20, registering mild gains on Tuesday following Durable Goods and Housing market data.

Asian Market Update:

  • In Asia, investors are closely monitoring February inflation numbers from Australia, particularly after the country’s central bank indicated uncertainty about potential interest rate hikes. The S&P/ASX 200 started the day with a 0.11% increase, extending gains from Tuesday. Japan’s Nikkei 225 rebounded to climb by 0.24%, while futures for Hong Kong’s Hang Seng index indicated a weaker open compared to the previous close, with futures standing at 16,569 against the HSI’s close of 16,618.32.

Gift Nifty and Intraday View:

  • Gift Nifty indicates a flat opening for the Indian market, with expectations of the Nifty spot trading within a broad range of 21,900-22,200 in today's session.

Nifty Outlook:

  • Benchmark Indices experienced a gap-down opening and witnessed buying interest in the first half of the trading session amid soft global cues. However, both the Nifty and Bank Nifty traded sideways for the remainder of the session, with the Nifty concluding at 22,004, marking a 0.4% decline, and the Bank Nifty closing at 46,617, down by 0.5%. Nevertheless, the broader market index saw gains, with the Nifty Midcap and Small Cap closing higher by 1% each. On a daily time scale, the index closed with a positive candle and has been consolidating in a broader range of 22,200-21,850 for the past three sessions, indicating the formation of a base and potential for an upward move in upcoming sessions. Looking ahead, the Nifty holding above the 22,080 level, which coincides with the 20 days EMA, is expected to witness an upside towards 22,300. However, a breach below Friday's low of 21,883 could extend the decline towards the 21,700-21,500 level in the coming week. The key support area for the Nifty is situated at 21,500 levels, comprising the 89 days EMA and 80% retracement of the entire up move from January to March 2024.

Intraday Levels for Nifty, Bank Nifty, and Fin Nifty:

  • Nifty: Intraday resistance levels are at 22,070 and 22,130, while downside support is located at 21,940 and 21,870.
  • Bank Nifty: Intraday resistance is positioned at 46,790 and 47,020, with downside support found at 46,460 and 46,200.
  • Fin Nifty: Intraday resistance levels are at 20,780 and 20,830, with downside support at 20,630 and 20,540.

Derivative Data Analysis - 27/03/24:

  • Nifty: Major put Open Interest (OI) addition has been observed at the 22,000 level, likely to act as crucial support. The highest call OI addition is at 22,500, while immediate call OI addition is at 22,100, serving as a resistance level. Short covering may occur if the price sustains above 22,100, with an immediate range of 22,000 to 22,100 and a put-call ratio of 1.10.
  • Bank Nifty: The highest call OI addition is at 47,000, followed by 46,800, acting as immediate resistance. Major put OI addition is at 46,000, with 46,500 as the key level. Put writers have shifted positions to lower levels, suggesting caution. The immediate range is likely between 46,500 and 47,000, with a potential build-up of short positions.

International Markets

  • The yen traded at 151.97 per dollar in the Asia session, marking a 0.2% decline and its weakest level since the middle of 1990.
  • Chinese-owned TikTok is tightening its enforcement of internal rules amidst threats of divestment or bans in the U.S.
  • LG Group plans to invest $74.4 billion over the next five years, allocating half of the domestic investment to future technologies like AI.
  • Six workers are presumed dead after a container ship collision led to the collapse of Baltimore’s Francis Scott Key Bridge, disrupting port operations.
  • Profits at China's industrial firms surged 10.2% in the first two months of the year compared to the same period last year.
  • Alibaba plans to acquire the remaining stock of Cainiao for up to $3.75 billion, reversing its restructuring plan.
  • Vodafone Germany will cut 2,000 jobs as part of a cost-cutting drive announced nearly a year ago.
  • Apple will hold its Worldwide Developers Conference from June 10, featuring updates to software powering iPhones, iPads, and other devices.
  • The US FTC may bring a lawsuit or reach a settlement with TikTok over a privacy probe, though neither the FTC nor TikTok commented.
  • Elon Musk's xAI will offer the chatbot Grok to all premium subscribers of X.
  • All six workers missing after the Baltimore bridge collapse are presumed dead, and the active rescue search is suspended until Wednesday morning.
  • Pakistan's Prime Minister Shehbaz Sharif stated that the cash-strapped country must seek another IMF bailout.
  • The container ship involved in the Baltimore bridge collapse was crewed entirely by Indians.
  • A report lists 35 major bridge collapses worldwide due to ship or barge collisions, resulting in 342 fatalities between 1960 and 2015.
  • Cocoa prices reached a record $10,000 per ton, indicating a potential third consecutive annual supply deficit.
  • King Charles III will attend Easter Mattins Service at St. George's Chapel, Windsor Castle, marking his first public appearance after a cancer diagnosis.
  • Rumy Alqahtani, an influencer and model, announced Saudi Arabia's participation in the Miss Universe competition for the first time.
  • Indian-origin mathematician Subramaniam, founder director of General Motors, passed away at 76.
  • A UK court orders a delay in Julian Assange's extradition to the US on espionage charges unless US authorities provide further assurances.

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

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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?

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.

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Bajaj Financial Securities Limited ("Bajaj Broking" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities.  

This Report has been prepared by Bajaj Financial Securities Limited in the capacity of a Research Analyst having SEBI Registration No. INH000010043 and distributed as per SEBI (Research Analysts) Regulations 2014. This report does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable. This report is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this report should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors.  

This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Bajaj Financial Securities Limited and associates / group companies to any registration or licensing requirements within such jurisdiction. The distribution of this report in certain jurisdictions may be restricted by law, and persons in whose possession this report comes, should observe, any such restrictions. The information given in this report is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice. Bajaj Financial Securities Limited reserves the right to make modifications and alterations to this statement as may be required from time to time. Bajaj Financial Securities Limited or any of its associates / group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Bajaj Financial Securities Limited is committed to providing independent and transparent recommendation to its clients. Neither Bajaj Financial Securities Limited nor any of its associates, group companies, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including loss of revenue or lost profits that may arise from or in connection with the use of the information. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. Past performance is not necessarily a guide to future performance .The disclosures of interest statements incorporated in this report are provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. The information provided in these reports remains, unless otherwise stated, the copyright of Bajaj Financial Securities Limited. All layout, design, original artwork, concepts and other Intellectual Properties, remains the property and copyright of Bajaj Financial Securities Limited and may not be used in any form or for any purpose whatsoever by any party without the express written permission of the copyright holders.  

We offer our research services to clients as well as our prospects. Though this report is disseminated to all the customers simultaneously, not all customers may receive this report at the same time. We will not treat recipients as customers by virtue of their receiving this report.  

Bajaj Financial Securities Limited and its associates, officer, directors, and employees, research analyst (including relatives) worldwide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies), mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company(ies) discussed herein or act as advisor or lender/borrower to such company(ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance. Bajaj Financial Securities Limited may have proprietary long/short position in the above-mentioned scrip(s) and therefore should be considered as interested. The views provided herein are general in nature and do not consider risk appetite or investment objective of any particular investor; readers are requested to take independent professional advice before investing. This should not be construed as invitation or solicitation to do business with Bajaj Financial Securities Limited.  

Bajaj Financial Securities Limited or its associates may have received compensation from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have managed or co-managed public offering of securities for the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report. Research analyst or his/her relative or Bajaj Financial Securities Limited’s associates may have financial interest in the subject company. Bajaj Financial Securities Limited, its associates, research analyst and his/her relative may have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance.  

Research analyst has served as an officer, director or employee of subject Company: No  

Bajaj Financial Securities Limited has financial interest in the subject companies: No  

Bajaj Financial Securities Limited’s Associates may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report.  

Research analyst or his/her relative has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No  

Bajaj Financial Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No  

Subject company may have been client during twelve months preceding the date of distribution of the research report.  

There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. A graph of daily closing prices of the securities is also available at https://www.nseindia.com/

ANALYST CERTIFICATION

The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.  

RISK DISCLOSURE ON DERIVATIVES

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to ₹ 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

BROKERAGE DISCLAIMER

All leveraged intraday positions will be squared off on the same day. There is no restriction on the withdrawal of the unutilised margin amount. Brokerage will not exceed the SEBI prescribed limit.  

MTF 

As subject to the provisions of SEBI Circular CIR/MRD/DP/54/2017 dated June 13, 2017, and the terms and conditions mentioned in the lights and obligations statement issued by the TM (if applicable).  

US INVESTING

International investment is not supervised by any regulatory body in India. Thus, any claim or dispute relating to such investment or enforcement of any agreement/contract /claim will not be under laws and regulations of the recognized stock exchanges and investor protection under Indian Securities Law. The account opening process will be carried out on Vested platform and Bajaj Financial Securities Limited will not have any role in it.  

PICKRIGHT / MARKETSMITH / GOLDENPI / SOVEREIGN GOLD BONDS

Bajaj Financial Securities Limited is only distributor of this product. These are not exchange traded products and all disputes with respect to the distribution activity, would not have access to exchange investor redressal forum or Arbitration mechanism. Bajaj Financial Securities Limited is not a registered Investment Advisory. User discretion is required before investing. Client is requested to independently evaluate and/or consult their professional advisors before arriving at any conclusion to make any investment. The decision to invest shall be the sole responsibility of the Client and shall not hold Bajaj Financial Securities Limited, its employees and associates responsible for any losses, damages of any type whatsoever. 

IPO 

This should not be construed as soliciting investment. Investors’ discretion is required. Kindly consult your financial expert before investing. No need to issue cheques by investors while subscribing to IPO. Investments in securities markets are subject to market risks, read all the related documents carefully before investing.  

IPO FINANCING

IPO Financing is done through Bajaj Finance Limited. Bajaj Finance Limited (BFL or Lender) reserves the sole right to decide participation in any IPO and financing to the client shall be subject to credit assessment done by the lender. Also, BFL shall have full rights to decide the commercial terms for IPO and final application and financing shall be subject to all requirements being met by the client in a timely manner including documentation, account setup and payment of required Interest and Margin. Bajaj Finance Limited also reserves the exclusive rights to change any of the above-mentioned terms and conditions without prior notice to clients. The scheme margin is subject to change. UPI is mandatory to bid in all IPOs through our platform. As per exchange guidelines, all the UPI mandates will only be accepted till 5:00 PM on IPO closure day. 

SCREENERS 

Screeners is not Exchange-approved products and any disputes related to the same will not be dealt on the Exchange platform. 

SECURITIES 

Securities quoted are exemplary and not recommendatory. 

IPV 

Account would be open after all procedure relating to IPV and client due diligence is completed. 

IMAGES 

The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites. 

DISCLOSURE TO CLIENTS REGARDING PAYOUT OF FUNDS

As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.