Stock Market Opening Today (image source: iStock)
Stock Market Today: Indian equity benchmarks BSE Sensex and Nifty50 indices on Tuesday opened in green a faly start for D-Street. The BSE Sensex opened 93 points or 0.13 per cent up at 74,764. Whole the NSE Nifty50 was above 22,670 was up by 0,13 per cent or 29 points at 9:15 AM.
Nifty Outlook For The Day
“The benchmark Sensex and Nifty indices are likely to open on a positive note on April 30 as trends in the GIFT Nifty indicate a positive start for the broader index with a gain of 50 points. After a gap up opening nifty can find support at 22,600 followed by 22,550 and 22,500. On the higher side, 22,750 can be an immediate resistance, followed by 22,800 and 22,900. The charts of Bank Nifty indicate that it may get support at 49,250, followed by 49,050 and 49,000. If the index advances, 49,700 would be the initial key resistance, followed by 49,900 and 50,000.Foreign institutional investors (FIIs) net bought Rs 169.09 crore shares, while domestic institutional investors (DIIs) pumped in Rs 692.05 crore on April 29, provisional data from the NSE showed.INDIAVIX was positive by 11.99 per cent and is currently trading at 12.2350. Yesterday, we saw a significant breakout on the Bank Nifty index, which reached a new lifetime high of 49473.60 and closed near its day’s high of 49242.05. This breakout signals market strength. In the following days, the Bank Nifty could raise further rand and move towards 50,000 and 50,500 levels”, said Deven Mehata, Derevative Analyst at Choice Broking.
Global Markets
US stocks closed higher, buoyed by Tesla and Apple shares, as investors awaited insights into the Federal Reserve’s interest rate stance following its upcoming policy meeting. The Dow Jones Industrial Average climbed 146.43 points, or 0.38 per cent, reaching 38,386.09. The S&P 500 index advanced 16.21 points, or 0.32 per cent, closing at 5,116.17, while the Nasdaq Composite rose 55.18 points, or 0.35 per cent, ending the day at 15,983.08.
US Rate Watch
The dollar index experienced a 0.26 per cent decline, dropping to 105.53 as investors exercised caution leading up to the impending US Federal Reserve monetary policy meeting and significant economic data releases scheduled for the week. The Federal Open Market Committee meeting commences on Tuesday, with the interest rate decision anticipated on May 1.
India Rate Watch
On Monday, the Indian rupee depreciated by 10 paise to close at 83.48 against the US dollar, reflecting investor apprehension ahead of the US Federal Reserve’s monetary policy decision. Despite this decline, the domestic equity market displayed robust sentiment, coupled with softer crude prices in the international market, which helped offset some of the rupee’s losses.
Goldman Sachs Forecasts Surge in India’s Services Exports
Goldman Sachs projects a significant surge in India’s services exports, expecting them to reach $800 billion by 2030, compared to $340 billion recorded in 2023. This substantial growth is anticipated to enhance resilience in the country’s external sector and contribute to reduced rupee volatility. India has set an ambitious target of achieving $1 trillion in service exports by 2030, with high-value services poised to drive demand across various sectors, including real estate.
