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2024-06-0310:14

India’s Prime Minister Narendra Modi looks set for a rare third consecutive term in power, as local exit polls on Saturday suggested his Bharatiya Janata Party-led alliance will clinch a decisive parliamentary majority. According to an exit poll summary by local news channel NDTV, the BJP-led National Democratic Alliance is expected to secure around 365 out of the 543 seats in the lower house of parliament. Asian stocks gained on Monday, as a softer reading of the US Federal Reserve’s preferred measure for inflation bolstered rate-cut hopes. Nifty formed a long legged doji on May 31 and broke the 5-day losing streak. It formed a sideways candle compared to the previous session. On weekly charts, Nifty fell 1.86%, while on monthly charts, Nifty ended May 0.33% lower forming a long doji after a rise. Exit polls' outcome has been slightly better than median expectations. Nifty could see volatile moves early this week after a higher opening based on the outcome of exit polls and later the actual results of voting. Nifty could face resistance in the 22993-23110 band while 22150 could offer support for the early part of next week. *DJ (HDFCSec Retail Research)*
U.S. stocks ended mostly higher Friday, after erasing earlier losses shortly before the closing bell. India's gross domestic product (GDP) growth surpassed all expectations and stood at 7.8 percent in the January-March quarter, though slower versus 8.4 percent in the third quarter. The full-year 2023-24 GDP growth has been revised upwards to 8.2 percent from the second advance estimate of 7.6 percent. India's eight core sectors posted a growth of 6.2 percent in April, backed by strong electricity and steel output. India's gross goods and services tax (GST) collections rose to ₹1.73 lakh crore in May (vs Rs.2.10 lakh cr in April), growing 10 per cent year on year (YoY) driven by increased revenues from domestic transactions India’s Prime Minister Narendra Modi looks set for a rare third consecutive term in power, as exit polls on Saturday suggested his Bharatiya Janata Party-led alliance will clinch a decisive parliamentary majority. Asian stocks gained on Monday, as a softer reading of the US Federal Reserve’s preferred measure for inflation bolstered rate-cut hopes. Adani Ports signs 30-year deal to operate terminal at Tanzania's Dar es Salaam Port Coal production in May grew by 7.5% year-on-year to 64.4 million tonnes, and offtake increased by 7.2% year-on-year to 68.2 million tonnes. NMDC’s iron ore output falls 37% in May; sales down 22 % Indian markets could open sharply higher due to outcome of exit polls in favour of ruling dispensation
U.S. stocks closed lower on Thursday, pulled down by tumbling technology stocks, including the roughly 20% drop in shares of Salesforce Inc. US Gross domestic product rose 1.3% annualized in the first three months of the year, below the previous estimate of 1.6%, Bureau of Economic Analysis figures published Thursday showed. The economy’s main growth engine — personal spending — advanced 2.0%, versus the previous estimate of 2.5%. India's economy is expected to have grown at a slower pace in the January-March quarter than the previous three months, dampened by a moderation in manufacturing and urban spending. The gross domestic product is estimated to grow by 7% in the January–March period, according to economists, lower than the higher- than-expected 8.4% expansion in the previous quarter. The GDP figures will be released on Friday at 1200 GMT. MSCI's quarterly rejig will come into effect following the market close on May 31, leading to potential inflows of around $2 billion into the Indian equity markets. MSCI's quarterly rebalancing will lead to 13 new stocks being added to the MSCI Global Standard Index, while three stocks will be excluded. China's manufacturing activity unexpectedly fell in May, keeping alive hopes of fresh stimulus as a prolonged property crisis continues to weigh on businesses, consumers and investors. Asian stocks rose Friday as the latest round of US economic data signaled economic momentum is slowing, boosting the case for the Federal Reserve to start cutting interest rates this year. Federal Bank and Tata AIA Life Insurance Announce Strategic Bancassurance Partnership IDFC First Bank to issue shares worth Rs 3,200 cr via preferential issue Orient Electric appoints Ravindra Singh Negi as Managing Director and CEO Nifty fell for the fifth consecutive session on May 30, to close with the losses of 0.95% at 22488. From the recent high of 23110, Nifty has witnessed a fall of almost 700 points towards 22417. 50 days EMA for Nifty is placed near 22380, which can offer support for the short term. On the higher side, 22700 could act as an immediate resistance. Indian markets could open higher, in line with mostly higher Asian markets today and despite negative US markets on May 30
Major U.S. stock indexes rose Friday, with the Nasdaq Composite scoring a fresh record peak ahead of the three-day weekend honouring Memorial Day. US stocks got a degree of relief as University of Michigan data showed consumers expect prices to climb at a 3.3% annual rate over the next year, down from the 3.5% expected earlier in the month. The chances of a Fed interest rate cut were pushed back to the Fed's November FOMC meeting, instead of the first cut occurring in September, according to the CME's FedWatch Tool. China’s industrial profits rose 4.3% year on year in the January to April period (unchanged from Jan-March period), data from the National Bureau of Statistics showed. India's total trade deficit in the last fiscal narrowed to $238.3 billion as against $264.9 billion in the previous fiscal. Asian stocks followed gains in US peers as an easing in US consumer inflation expectations boosted the case for the Federal Reserve to cut rates this year. Adani Ports and Special Economic Zone Ltd (APSEZ) will replace Wipro Ltd in the 30-stock blue-chip S&P BSE Sensex from June 24. GAIL's 10 MW green hydrogen plant in Madhya Pradesh inaugurated Reliance Industries seeks CCI approval for Viacom18-Star India merger Excel Industries enters into a long-term supply agreement with a multinational company After making fresh highs above 23,000 in early trade, Nifty settled flat on May 24. At close, Nifty was down 0.05% or 10.6 points at 22957. The low of May 24 i.e. 22908 should be protected on a closing basis for the rally to continue. Nifty could now face resistance at 23175 while 22794 could provide support in the near term. Indian markets could open mildly higher, in line with mixed Asian markets today and positive US markets on May 24
U.S. stocks finished lower Thursday, with the Dow sliding about 600 points on renewed concerns about the US Fed's next move on interest rates. Stocks retreated as data showing US business activity accelerated amid a pickup in inflation strengthened bets the Federal Reserve will remain on hold. As bond yields rose, the stock market's most interest-rate sensitive segments fell, with the S&P 500's real-estate sector ending almost 2.2% lower, Boeing Co. shares also dropped about 7.6%, creating a major drag on the blue-chip index. Asian stocks tracked Wall Street lower following activity data that signaled the Federal Reserve may keep rates on hold for most of this year. Astral Limited Launches New Paint Line as Astral Paints Tech Mahindra, Fuji TV ink pact to produce content globally L&T Technology Services announces Establishment of Simulation Centre of Excellence for Airbus Nifty ended at record high level on May 23 after the RBI announced a mega dividend to the Govt the previous evening. At close, Nifty was up 1.64% or 369.9 points at 22967.7. Nifty rose the most in percentage terms in almost 6 months on May 23. It could now head towards 23175 on the upside while 22794 could offer support on corrections in the near term. Indian markets could open flat to mildly lower, in line with mostly negative Asian markets today and lower US markets on May 23
U.S. stocks traded lower Wednesday as the minutes from the Federal Reserve’s May meeting raised concerns of persistent inflation, indicating the central bank may not cut interest rates soon. Post market, Nvidia’s results sent its shares as much as 7% higher in after-hours trading. Nvidia said second-quarter revenue will be about $28 billion, beating analysts’ estimates. The company also announced a 10-for-1 stock split and boosted its quarterly dividend by 150% to 10 cents a share. The Reserve Bank of India's (RBI) Central Board of Directors has approved the transfer of Rs 2.11 lakh crores as surplus to the government for the financial year 2023-24. The government had budgeted a dividend of Rs 1.02 lakh crore for 2024-25. BPCL Boosts Aviation Fueling Capabilities with New Hydrant Facilities at Manohar International Airport, Goa. NHPC expects to complete all 4 units of the Parbati-II hydroelectric project by Dec 2024 Karur Vysya Bank has set a target of opening 100 new branches during the current financial year across the country, Asia-Pacific markets were mixed after minutes of the last U.S. Federal Reserve meeting revealed Fed officials’ concerns over persistent inflation, with members seemingly becoming unsure of possible interest rate cuts. Nifty ended a range-bound session on May 22 in the positive. At close, Nifty was up 0.31% or 68.8 points at 22597.8. Nifty settled higher for the fifth consecutive session and recorded its longest winning streak since April 25 Nifty could now rise towards the 22710-22794 band while 22404 can provide support on falls in the near term. Indian markets could open flat, in line with mixed Asian markets today and despite lower US markets on May 22
World stocks scored a third straight record high on Thursday as renewed hopes of interest rate cuts in the United States and other major economies extended a month-long global bull run. U.S. stocks closed with small gains on Tuesday, sending the S&P 500 and Nasdaq to record levels, as investors evaluated the latest comments from Federal Reserve officials for clues on the timing of a rate cut while quarterly earnings from Nvidia drew closer. India is likely to grow by 7.5 per cent in the first quarter of the current financial year, driven by rising aggregate demand and non-food spending in the rural economy, according to an article in the RBI's May Bulletin released on Tuesday. Vodafone Idea to raise Rs 2,075 crore via preferential allotment of shares to AB Group Muthoot FinCorp records highest-ever loan disbursement in FY24 at Rs 61,703 crore Glenmark unit ties up with BeiGene to market cancer drugs in India Most stocks in the Asia-Pacific region were trading mixed Nifty struggled to find a direction on May 21 as India moves closer to the election results day. At close, Nifty was up 0.12% or 27.1 points at 22529.1. The sideways move continues, and Nifty could now face resistance in the 22578-22775 band while 22198 could offer support in the near term. Indian markets could open flat to mildly higher, in line with mixed Asian markets today and positive US markets on May 21
Asian stocks got off to a shaky positive start on Thursday after the US Federal Reserve flagged delays to interest rate cuts but downplayed the prospect of further interest-rate hikes. Nifty erased all the intraday gains in the last hour of trade and ended in the negative zone in a highly volatile session on April 30. At close, The Nifty was down 0.17% or 38.6 points at 22604.9. Nifty formed a higher top and could form a higher bottom in the short term. On monthly charts, Nifty gained 1.24% for the month of April. Nifty could now face resistance at 22783 while 22447 could offer support in the near term.
Bank Nifty made a record high while Nifty is about 120 points short so far. The short-term uptrend of Nifty seems to have resumed after one day of weakness. The next upside levels to be watched are around 22726-22775 band for the near term. Immediate support is at 22447. Indian markets could open mildly higher, in line with mostly higher Asian markets today and positive US markets on Apr 29
Nifty ended lower on April 26, snapping a five-day rally. At close, Nifty was down 0.67% or 150.4 points at 22419.9. N Nifty could now remain in the 22625-22336 band for the near term. A breach of the lower band could take it to 22148. Indian markets could open higher, in line with higher Asian markets today and positive US markets on Apr 26
Nifty extended its gains for the fourth session on April 24, though it gave up a significant part of its intra-day gains. At the close, Nifty was up 0.15% or 34.4 points at 22,402.2. The movement in Nifty seems rangebound in the near term within the 22,503-22,214 band. A breach of this band could decide the future trend of the Nifty. Indian markets could open lower, in line with mostly lower Asian markets today and mixed US markets on Apr 24
US stocks recorded gains across the board on Tuesda. Tesla rose as much as 8% in after-hours trading after the company said its future vehicle lineup would include more affordable models. Easing concerns about the risk of a major re-escalation of tension in the Middle East and a focus on company earnings brought renewed risk appetite from investors. Germany returned to growth in early April after months of contraction, while activity in the broader euro zone expanded at its fastest clip in nearly a year. The U.S. economy lost momentum in April as businesses reported a decline in new orders and reduced employment for the first time since the pandemic. The flash U.S. manufacturing purchasing managers index slipped to a four-month low of 49.9 in April from 51.9 in March. The S&P flash U.S. services PMI fell to a five-month low of 50.9 this month from 51.7 in March. Nikkei led gains in Asia as markets in the region rose across the board, following Wall Street's sustained rally for a second straight day. Mastek wins a new deal from Yanbu Cement Company After reporting losses in the last two quarters, MCX earned a net profit of Rs 87.8 crore during the January-March quarter of FY24. LTIM could report revenue growth of 3% YoY to Rs 8,950 crore in Rupee terms. Nifty rose for the third session on the trot on April 23, to close at 22368, with a minor gain. Unfilled Gap between 22503 and 22427 is expected to remain a resistance zone for the Nifty in the near term. Support for the Nifty is now shifted up to 22212. Indian markets could open higher, in line with higher Asian markets today and positive US markets on Apr 23.
Nifty ended higher for the second consecutive day on April 22. At close, Nifty was up 0.86% or 189.4 points at 22336.4. The Nifty has reversed the intermediate downtrend and is now headed higher. It could in the near term stay in the 22213-22504 band. Indian markets could open flat, despite mostly higher Asian markets today and higher US markets on Apr 22
Nifty reversed a four-day losing streak to end Apr 19 higher. At close, Nifty was up 0.69% or 151.2 points at 22147. It could in the near term face resistance from the 22427-22503 band while 21710-21778 band could offer support. Indian markets could open higher, in line with mostly higher Asian markets today and despite mostly lower US markets on Apr 19
Nifty extended losses for the third consecutive day on April 16 as geopolitical concerns weighed on investor sentiments. At close, Nifty was down 0.56% or 124.6 points at 22147.9. Nifty fell with a downgap on April 16 and made a bearish candle. Nifty could continue to display weak bias in the near term and head towards 21947, while 22503 could be a strong resistance.
While the Nifty remains in an intermediate uptrend, sell off seen on Friday's, as well as anticipated fall on today's opening trade will break the nearby supports thereby leading to a short term reversal. Nifty could now head towards the next major supports of 22303-22142 in the coming sessions. The 22303 level corresponds to the previous swing low and the 22142 level corresponds to the 50 day SMA. As the intermediate uptrend is intact, we expect any correction to halt at lower levels and the intermediate uptrend to resume. The the Israel-Iran conflict, domestic and global economic macroeconomic data, crude oil prices, January-March quarter results for Q4FY24, general elections 2024,and global cues are likely to keep investors on their toes and will guide market direction this week. Indian markets to open lower, in line with lower asian markets, sharply lower US markets on 12th April and in response to hightened geo-political uncertaininties.
Nifty started new week by climbing to a fresh record high and closing level on Apr 08 led by gains in automobile stocks. With this, the market cap of BSE-listed firms crossed the Rs 400 lakh crore mark. At close, Nifty was up 0.68% or 152.6 points at 22666.3. It has formed a higher top higher bottom formation compared to the previous sessions. Nifty could now stay in the 22529-22810 band for the near term. Indian markets could open mildly higher, in line with positive Asian markets today and despite flat US markets on Apr 08
Asian stocks followed gains on Wall Street after better-than-expected US payrolls data on Friday. The focus will soon shift to US March inflation data due mid-week. Nifty recovered from early morning weakness and closed flat on April 05. At close, Nifty was down 0.9 points at 22513.7. Nifty closed flat after a 110-point high low range day on Apr 05. On weekly charts it rose 0.84%, up for the third consecutive week. A breach of this week’s low of 22304 could denote a change in trend to down. Nifty could remain in the 22453-22619 band over the near term. Indian markets could open flat to mildly higher, in line with positive Asian markets today and higher US markets on Apr 05.
Nifty ended higher in the volatile session on Apr 04 snapping a two-day losing streak. At close, Nifty was up 0.36% or 80 points at 22514.7. Nifty made a new high at 22619 but closed below the earlier high of 22529. Nifty could now remain in the 22453-22619 band for the near term. Indian markets could open lower, in line with lower Asian markets today and negative US markets on Apr 04.
Nifty ended a choppy session flat on April 03 At close, Nifty was down 0.08% or 18.7 points at 22434.7. Nifty closed nominally lower on April 03. The Nifty closes over the last three days are in a small band of 22435-22462 despite intra day volatility, suggesting tug of war between bulls and bears. Nifty will have to break the 22204-22529 band for further cues on direction.
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