Stock Market Today Nifty Oil & Gas experienced the most significant decline, dropping by 3.2 percent. The Nifty Metal and FMCG indices decreased by 2.9 percent and 2.5 percent respectively. Meanwhile, the Nifty Pharma and Realty indices both saw a 2 percent decrease. On the other hand, Nifty Auto witnessed an increase of 0.8 percent among gainers.
The Sensex and Nifty indices are expected to start strongly on May 10 based on the GIFT Nifty trends showing a positive opening with a 70-point increase. On the same day, both indices faced losses, with Nifty 50 falling below 22,000 and Sensex dropping by more than 1,000 points, resulting in a decline of over 1 percent intraday. Sensex concluded at 72,404, down by 1,062 points, while Nifty 50 closed at 21,967, marking a decrease of 335 points. This decline extends to the fifth consecutive day.
Stock Market Today
Nifty fell below the 100-day moving average on November 12 due to uncertainties surrounding the elections and concerns about PM Narendra Modi’s anticipated reduced majority, leading to a 3 percent decline from its all-time high. Analysts pointed out that weak Q4 results and increasing crude oil prices contributed to the downward trend. The market experienced a broad decline with major indices decreasing by 1-2 percent, while the Midcap Index plummeted by 1,000 points. Weakness persisted in the midcap sector, resulting in a decrease in overall market breadth. With the exception of Nifty Auto, all sectors saw a decline. Nifty Oil & Gas emerged as the biggest loser, dropping by 3.2 percent. The Nifty Metal and FMCG indices fell by 2.9 percent and 2.5 percent respectively. Nifty Pharma and Realty indices each experienced a 2 percent decline. Nifty Auto was the only sector that saw an increase, rising by 0.8 percent.
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Gift Nifty
Trends in the GIFT Nifty indicate a positive start for the broader index in India, with a gain of 70 points or 0.32 percent. The Nifty futures were trading around the 22,159 level.
Asian markets
Asian shares rose on Friday, buoyed by positive Wall Street performance driven by strong jobs data, reinforcing expectations for US rate cuts. Stocks in Japan, South Korea, and Australia gained, along with Hong Kong futures. US contracts also saw an uptick, with the S&P 500 nearing its record high and the Nasdaq 100 index edging higher. Treasury yields dipped, supported by a successful US bond sale, while Australian and New Zealand government bonds also saw slight gains.
US Markets
The S&P 500 hit a one-month high as US jobless claims rose, fueling speculation of Fed rate cuts. The bond rally continued following a successful $25 billion 30-year debt sale. Megacaps like Amazon rose, Nvidia fell. The dollar weakened on lower Treasury yields, jobless claims surged, and the pound saw modest gains. Bank of England hints at future rate cuts, keeps rates steady at 5.25 percent. Mexico maintains a rate of 11 percent. Crude futures stabilized, precious metals surged, Bitcoin above $62,000. European and Canadian stocks also advanced.
Crude
Oil poised for third consecutive day of gains, boosting weekly performance on US jobs data hinting at Fed rate cuts, supporting risk assets. Brent surpasses $84/barrel, holding above 100-day moving average, while West Texas Intermediate nears $80. Increased US jobless claims reinforce the case for looser monetary policy, weakening dollar and bolstering commodity appeal. Despite muted price action, crude maintains an upward trend this year, backed by OPEC+ cuts, robust global demand, and ongoing Middle East tensions. OPEC+ to convene next month to discuss second-half output.
Gold
Gold inches up in early Asian trading, bolstered by expectations of Fed rate cuts following a surge in initial jobless claims, reaching a nine-month high. Analysts anticipate upcoming inflation data to provide additional clarity on the state of the US economy.
Voter turnout
As India’s general election reaches halfway, declining voter turnout sparks concerns about disengagement in the world’s largest poll. Analysts note various reasons for the drop, but it doesn’t necessarily favor any party. Nonetheless, the decrease raises questions about the ruling Bharatiya Janata Party’s support, causing uncertainty in financial markets. Phase three of the election saw 172 million voters, with a turnout of 65.7 percent, lower than in previous phases and the last general election in 2019.
India Inclusion
JPMorgan Chase & Co. is on track to include India in its emerging market debt index from June with most of its clients ready to trade, Bloomberg reported. Despite some operational challenges, such as documentation processes, JPMorgan acknowledges the government’s reforms. India’s inclusion in global indexes has been hindered by such complexities. JPMorgan anticipates foreign inflows of $20-25 billion, estimating its emerging-market bond gauge currently manages $216 billion in assets.
FII & DII Flow
FIIs sold shares worth Rs 6,994.86 crore. DIIs pumped in Rs 5,642.53 crore worth of stocks on 2024
Gift Nifty
The GIFT Nifty trends suggest a favorable beginning for the wider index in India, showing a rise of 70 points equivalent to 0.32 percent. Nifty futures were being traded near the 22,159 mark.
Asian markets
On Friday, Asian stocks increased as a result of the strong performance of Wall Street, which was influenced by robust jobs data, strengthening the anticipation of US interest rate reductions. Japan, South Korea, and Australia experienced stock gains, as did Hong Kong futures. US contracts also showed growth, with the S&P 500 approaching its peak and the Nasdaq 100 index rising. Treasury yields decreased following a prosperous US bond auction, while Australian and New Zealand government bonds also observed minor increases.
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US Markets
The S&P 500 reached a one-month peak amid an increase in US jobless claims, leading to speculation about potential Fed interest rate reductions. The bond market saw a continued surge in prices after a successful $25 billion 30-year debt auction. While tech giant Amazon’s stocks rose, Nvidia’s declined. The US dollar lost strength due to lower Treasury yields and a surge in jobless claims, while the British pound made slight gains. The Bank of England hinted at upcoming rate cuts and maintained rates at 5.25 percent. Mexico kept its rate steady at 11 percent. Crude oil futures stabilized, precious metals saw an uptick, and Bitcoin surpassed $62,000. European and Canadian equities also made gains.
Crude
Oil is set to increase for the third day in a row, improving its performance for the week due to US jobs data suggesting potential rate cuts by the Fed, which is good news for risk assets. Brent has exceeded $84 per barrel, staying above the 100-day moving average, while West Texas Intermediate is close to $80. Rising US jobless claims further support the argument for a more relaxed monetary policy, resulting in a weaker dollar and increased interest in commodities. Despite minimal price fluctuations, crude oil continues its upward trend this year, supported by OPEC+ production cuts, strong global demand, and ongoing tensions in the Middle East. OPEC+ will meet next month to discuss production for the second half of the year.
Gold
Gold has risen slightly in early Asian trading due to predictions of Fed rate reductions after a rise in initial jobless claims, reaching a nine-month peak. Analysts expect forthcoming inflation figures to offer more insight into the condition of the US economy.
Voter turnout
India’s general election has reached its midpoint, with concerns arising over reduced voter turnout, indicating potential disengagement in the largest democratic exercise globally. Analysts attribute the decline to multiple factors, with implications for all political parties. The diminishing participation is raising speculations about the support for the ruling Bharatiya Janata Party, leading to uncertainties in financial sectors. In the third phase of the election, 172 million voters participated, registering a turnout of 65.7 percent, which is lower compared to earlier phases and the previous general election in 2019.
India Inclusion
JPMorgan Chase & Co. is set to add India to its emerging market debt index in June, with the majority of its clients prepared to engage in trading, according to a report by Bloomberg. While facing certain operational obstacles like documentation procedures, JPMorgan recognizes the government’s efforts in reform. India’s entry into international indexes has been impeded by these intricacies. JPMorgan foresees foreign investments amounting to $20-25 billion, with its current assets under management in the emerging-market bond index standing at $216 billion.
FII & DII Flow
In 2024, FIIs offloaded shares valued at Rs 6,994.86 crore, while DIIs injected stocks worth Rs 5,642.53 crore.
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Stocks under NSE F&O ban
Companies included are Aditya Birla Fashion & Retail, Balrampur Chini Mills, Canara Bank, GMR Airports Infrastructure, Vodafone Idea, Piramal Enterprises, Punjab National Bank, SAIL, Zee Entertainment Enterprises.
Results Today
Companies listed include Tata Motors, Eicher Motors, Cipla, Union Bank of India, Bank of Baroda, Bank of India, ABB India, Finolex Industries, Kalyan Jewellers, Dr Lal PathLabs, and Thermax.
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