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07:23 PM
US stocks open higher as investors cheer Apple earnings
U.S. stocks opened higher on Friday as Apple’s upbeat results underscored resilience in corporate earnings, while a stronger-than-expected jobs report tempered expectations of interest rate cuts from the Federal Reserve.The Dow Jones Industrial Average rose 120.81 points, or 0.36%, at the open to 33,248.55. The S&P 500 opened higher by 23.51 points, or 0.58%, at 4,084.73, while the Nasdaq Composite gained 106.63 points, or 0.89%, to 12,073.03 at the opening bell.
The domestic market continued to be positive at the beginning of the week, aided by strong FII inflow and favourable domestic macroeconomic data. The manufacturing PMI and the GST collection in April were better due to an increase in new business, a strong pickup in consumer demand, and improved supply chain conditions. As of today, half of the Nifty 50 companies announced their results, and the earnings growth of those stocks were below estimates, mainly due to weak performance by IT, metal, and cement stocks. While the results for banks, financials, and auto were better than estimates.However, volatility emerged in the global market due to the FED’s concerns over elevated inflation despite softening its language on future rate hikes and the ECB’s hawkish policy action. We expect continued foreign inflows and favourable domestic macroeconomic conditions to protect the downside. The Q4FY23 earnings estimate of the Nifty is at 11% YoY; therefore, the next set of results is likely to be better and will support the investor sentiment. In the week ahead, the release of US and Indian CPI inflation data will be keenly watched by the market to get a direction.
– Vinod Nair, Head of Research at Geojit Financial services
06:29 PM
Sebi comes out with testing framework for IT systems of stock exchanges
Transition bond is one of the sub-categories of ‘green debt security’. These bonds are generally used for raising funds for transitioning to a more sustainable form of operations in line with India’s intended nationally determined contributions.
In its circular, Sebi said that an issuer wishing to issue transition bonds will have to make additional disclosures in the offer document for public issues or private placements of such transition bonds.
04:49 PM
Tech View: Nifty forms shooting star on weekly chart. What should traders do on Monday
Now, Nifty has to cross and hold above 18081 zones to witness a bounce towards 18181 and 18250 zones, while on the downside, supports are placed at 18,018 and 17,887 marks, said Chandan Taparia of Motilal Oswal.
India VIX was up by 4.82% from 11.73 to 12.29 levels. Volatility spiked during the session and closed near its upper band, which gave discomfort to the bulls.
Options data suggests a broader trading range between 17700 to 18500 zones, while an immediate trading range between 17900 to 18300 zones.
What should traders do? Here’s what analysts said:
Amol Athawale, Technical Analyst (DVP), Kotak Securities
For traders, 18,200 would be the key resistance zone below which the market could retest the level of 17,900. On further correction, the index could slip till 17,800. On the flip side, a fresh uptrend rally is possible only after the dismissal of 18,200. Above the same, the market could move up till 18,300-18,350.
The bears returned to the market, as the benchmark Nifty ended the last day of the week with a loss of 1%. Over the week, the Nifty remained volatile before closing flat for the week. A profit booking around 18200 led to Friday’s fall, which took Nifty back to the previous week’s close. The short-term trend will, however, remain positive as long as the index remains above 18000. A fall below 18000 may take the Nifty into the consolidation zone of 17500–18000. On the other hand, a rejection from the 18000 level may reintroduce a buying spree, which may take the Nifty back to above 18200; again, a decisive move above 18200 may take it towards 18500–19000.
– Rupak De, Senior Technical Analyst at LKP Securities
The Indian market was dragged down by heavy selling in HDFC twins on fears of post-merger fund outflow. In addition, the cues from global peers were lacklustre as the ECB raised rates by 25bps and signalled the need for further rate hikes. Wall Street has witnessed prolonged selling pressure due to apprehensions in the banking sector about the strength of regional banks.
– Vinod Nair, Head of Research at Geojit Financial Services
03:44 PM
Market at Close
The bloodbath on Dalal Street today resulted in the market capitalisation of all listed companies on BSE declining by Rs 1.43 lakh crore to Rs 273.77 lakh crore.
In the Sensex pack, HDFC Bank and HDFC were the top losers, falling over 5.5% each as the merger of both companies may result in slight outflows of $150 to 200 million. IndusInd Bank, Tata Steel, Kotak Bank, M&M, and Banj Finserv also closed in the red.
02:59 PM
Hong Kong rises as Europe, US attempt rebounds
US equities futures were trading in the green a day after all three major US indices finished sharply down thanks to banking sector turmoil and another quarter-point hike from the US Federal Reserve.
Markets in Europe were also up in early trade, having dropped on Thursday after the European Central Bank joined the Fed in hiking rates.
01:08 PM
European shares rise on smaller ECB rate hike, upbeat earnings
The pan-European STOXX 600 index edged up 0.3% by 0715 GMT, but is on track for its second consecutive weekly loss.
Bank and energy shares led the gains on the index, rising 1.2% and 1.8%, respectively, while miners slid 0.2%.
12:37 PM
Crypto Price Today: Bitcoin holds above $29k; Solana, Dogecoin shed up to 2%
BTC rose 0.29% to $29,230, whereas ETH was above the $1,900 level. BTC volume in the last 24 hours stood at approximately $16.57 billion, falling 14.90% in the last 24 hours.
“BTC is holding strong above the $29,000 mark while Ether is almost touching the $1900 level. The crypto market is witnessing restricted growth due to high inflation and other macroeconomic factors and the Jobs data on Friday will act as a key stimulant for the market momentum,” Shivam Thakral, CEO of BuyUcoin, said.
11:40 AM
Record gold prices to dampen Indian demand in June, Sept quarters: WGC
The lower purchases in the world’s second-biggest gold consumer could limit a rally in global prices, with bullion trading near all-time highs. Falling demand for gold imports could also help to narrow India’s trade deficit and support the rupee.
11:21 AM
Sebi to tell brokers, funds to limit use of financial influencers: Report
India’s market regulator will direct brokers and mutual funds to limit the use of financial influencers in advertising and marketing campaigns, according to two people with direct knowledge of the matter. A surge in retail investors in equity markets during the COVID-19 pandemic led to a proliferation of influencers pushing financial advice on social media platforms. The Securities and Exchange Board of India (SEBI) fears they could mislead investors, according to the people, who spoke on condition of anonymity about a decision that has not been reported previously.
10:29 AM
HSBC faces shareholder vote on splitting bank
Asia-focused HSBC has urged shareholders to vote down the proposal at its annual general meeting in Birmingham, central England.
The vote comes at the end of a week in which the London-headquartered bank posted a surge in quarterly net profit, boosted by rising interest rates and its rescue of the UK arm of failed US lender Silicon Valley Bank.
09:31 AM
Morning view on the market by Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
A market correction is imminent. It would be a good idea to take some money off the table even while continuing with the Buy on Dips strategy.
The risk-averse market environment in overnight trades at Wall Street is indicating a choppy session for key local benchmark indices. Despite the negative sentiment, several positive catalysts such as oil price crashing to $69 a barrel, renewed FII buying, and a possible pause by the US Fed in rate hike could aid the sentiment. Technically, Nifty is likely to be in a trading range of 17800-18500 zone.
– Prashanth Tapse, Senior VP (Research), Mehta Equities
08:14 AM
Asian shares rise, dollar weakens on bank sector fears
Asian stocks rose, the dollar eased and gold hovered around its record highs on Friday, as jittery investors remained nervous about the U.S. banking sector following another rout in shares of regional lenders.
07:32 AM
Quarterly earnings today
Britannia Industries, Adani Power, Marico, One97 Communications, Bharat Forge, Gujarat Fluorochemicals, Federal Bank, Piramal Enterprises and a slew of other companies will announce their quarterly results today.
07:32 AM
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 41.5 points, or 0.23 per cent, lower at 18,243.50, signaling that Dalal Street was headed for negative start on Friday.
07:32 AM
Tech View: Nifty forms a long bull candle
Indicating the presence of strong upside momentum in the market without any reasonable downside correction, a long bull candle was formed on the daily chart. The market is in a sharp up-trended movement and resistances are being taken out on the upside one after another, said Nagaraj Shetti of HDFC Securities.
07:31 AM
Wall Street ends down as PacWest fuels fears of deeper bank crisis
Wall Street ended lower on Thursday after PacWest’s move to explore strategic options deepened fears about the health of U.S. lenders and hit shares of regional banks as well as JPMorgan Chase, Wells Fargo & Co and other major financial players.
07:31 AM
Rupee gains 2 paise to close at 81.78 against US dollar
The rupee edged up by 2 paise to settle at 81.78 against the US dollar in a range-bound trade on Thursday, tracking the weakness of the American currency in the overseas market.
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