GIFT Nifty traded up 68 points or 0.36% at 19,096, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously on Friday, the NSE Nifty 50 soared 190 points or 1.01% to settle at 19,047.25, while the BSE Sensex climbed 634.65 points or 1.01% to 63,782.80.
“Ongoing unrest in West Asia and concerns over the potential impacts of higher interest rates on future economic growth have resulted in a decline in investor confidence. FIIs selling is affecting the domestic market invariably to heavy buying by DIIs. Domestic indices have displayed some recovery in the last trading day of the week, due to favourable US Q3 GDP growth and moderating US inflation leading to moderation in bond yield. Decent Q2 results in India, which were in line with optimistic estimates, may also support the market’s rebound. However, the volatility of the global market is expected to delay the recovery trend of the domestic market, since the global market is focused on the risk of further slowdown of the global economy due to elevated interest rate and geo-political tension,” said Vinod Nair, Head of Research at Geojit Financial Services.
Stocks to Watch: RIL, Dr Reddy’s Labs, UltraTech Cement, IDFC First Bank
“Amidst the ongoing market consolidation, sectors such as FMCG, consumption, fertilizers, and core segments like infrastructure, housing, are expected to present potential growth opportunities. Contributing factors include the mitigation of risks associated with raw material costs and a stable long-term demand outlook from external sectors, which may specifically support sectors like Chemical and Pharma in the medium-term. In the short-term, market sentiment remains cautious, with investors closely monitoring developments in West Asia, upcoming corporate earnings, and key economic data, including domestic PMI figures; to be announced next week,” Vinod Nair added.
Will Nifty trade above 24,800, or will it experience profit booking? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty trade above 24,800 ahead of weekly expiry? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty scale up to 24,500, or will it face further decline? See GIFT Nifty, FII data, F&O ban, crude, more before market opens Will Nifty scale up to 24,500 or see profit booking from higher levels? See GIFT Nifty, FII data, F&O ban, crude, more before market opens
Key things to know before share market opens on October 30, 2023
Wall Street
US stocks closed mostly lower on Friday, losing momentum as investors digested a hectic week of mixed earnings, and economic data that seemed to support the ‘higher for longer’ interest rate scenario, reported Reuters.
The tech-heavy Nasdaq Composite gained 47.41 points or 0.38% at 12,643.01. The S&P dropped 19.86 points or 0.48% at 4,117.37, while the Dow Jones Industrial Average tumbled 366.71 points or 1.12% to 32,417.59.
US Dollar
The US Dollar Index (DXY) , which measures the value of the dollar against a basket of six foreign currencies, traded up 0.05% at 106.61.
Crude Oil
WTI crude prices are trading at $84.91 down 0.7%, while Brent crude prices are trading at $89.92 down 0.62%, on Monday morning.
Asian Market
Shares in the Asia-Pacific region are trading mixed on Monday morning. The Asia Dow is trading down 0.17% and Japan’s Nikkei 225 is down 1.13%, while the benchmark Chinese index, the Shanghai Composite is up 0.99%. Meanwhile, Hong Kong’s Hang Seng index is up 2.08%.
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US economic data soothes investor nerves
FII, DII Data
Foreign institutional investors (FII) offloaded shares worth net Rs 1,500.13 crore, while domestic institutional investors (DII) added shares worth net Rs 313.69 crore on October 27, 2023, according to the provisional data available on the NSE.
Technical View
Commenting on the technical outlook of the NSE Nifty 50, Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas, said, “The Nifty opened gap up on Friday and continued to inch higher throughout the day to close in the green after a sharp decline during the week. We expect this pullback to continue till 19,160 – 19,220 where resistance in the form of a Fibonacci retracement level and the 40 hour moving average is placed. The hourly momentum indicator has a positive crossover which is a buy signal. Thus, considering the above parameters we expect the pullback to continue. On the weekly charts we can observe that the nifty has respected the support zone of 18,800 – 18,925 where multiple support parameters in the form of the 40 week average and a crucial Fibonacci retracement level was placed. Thus, going ahead the Nifty can consolidate within 18,800 – 19,200 before resuming next leg of the fall. In terms of levels, 19,160 – 19,220 shall act as a support zone while 18,930 – 18,900 shall act as an immediate support zone.”
Bank Nifty Outlook
The Bank Nifty index added as much as 501.85 points or 1.19% to settle at 42,782 on Friday. “After a consolidation breakdown on the daily chart, Bank Nifty experienced a 2000-point correction in a short span of time. The index appeared somewhat oversold, leading to a pullback on Friday. However, the sentiment remains predominantly bearish, and any upward movements may still face selling pressure. On the upper side, 43,000 could serve as a significant resistance level, as call writers have established substantial positions there. Support can be observed at 42,500, where writers have a strong presence,” said Rupak De, Senior Technical analyst at LKP Securities.
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The company also reported a flat Ebit margin of 14.5% during the March quarter, against a market expectation of margin improvement during Q4.
Sunil Sapre, CFO and executive director, Persistent Systems, said margin did not improve because of the deal ramp-ups in BFSI, healthcare and a couple of deals in the software high-tech segment, which led to a significant increase in headcount on site.
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The Indian equity indices on Monday closed flat after a rangebound session. The Nifty 50 closed 33.15 points or 0.15% lower at 22,442.70. Sensex gained 17.39 points or 0.02% to close the day’s trading at 73,895.54. The losers included Titan Company, Adani Enterprises, BPCL, Coal India, and SBI. The Indian Volatility Index (India VIX) shot up 13.54%, indicating investor uncertainty and fear in the market.
Sharp drop in sectoral indices
The Nifty Midcap lost 273 points or 0.54% to finish the session at 50,662.20. Following the trend, Nifty Bank closed in the red, down 28.25 points or 0.06% at 48,895.30.
On the sectoral front, PSU bank and consumer durables pulled the indices lower. In the broader market, smallcap and midcap stocks closed in the red.
PM Modi expresses ‘concern’ over Ukraine, West Asia conflicts; advocates for peace talks Markets edge higher in range-bound session! Nifty over 24,800, Se…
Investors may have to prune their returns’ expectation from equities post Budget as the market could enter consolidation phase after the bumper post-election rally seen in the last one month, said market experts.
As the BSE Sensex closed above the historic 80,000 points mark for the first time on Thursday, it has also set another record: The 30-stock index registered its best post-election rally since 2009 with over 11% gains in a monthCome from Sports betting site. In this one month, investor wealth has soared by Rs 52.5 trillion, rising in all but three trading sessions.
On Thursday, Sensex closed 0.1% higher at 80,049.67 points. The Nifty also ended 0.1% higher at 24,302.15 points. Market participants said investors seem to have factored in most of the positives ahead of the Budget, leaving little room for upside in the near-term if the announcements in the Budget are along expected lines.
Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed the trading session on a negative note on May 28. The BSE Sensex fell 262 points or 0.35% to finish the day’s trading at 75,128.52, while the NSE Nifty 50 closed 64.10 points or 0.28% lower at 22,868.35. Bank Nifty closed up 222.65 points or 0.45% at 49,059.15. Nifty Midcap 100 closed in the red down 498 points or 0.94% at 52,263.85.
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15:30 (IST) 28 May 2024
Markets today at close
The NSE Nifty 50 closed 0.28% lower at 22,868.35, while the BSE Sensex closed 0.35% higher at 75,128.52.
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New Zealand expansion:
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The Mohegan Tribe will officially step down from its management role at Atlantic City’s Resorts casino at the conclusion of 2024, both sides revealed on February 26.
End of deal:
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