Stock Market Today (image source: iStock)
Stock Market Today: Indian equity benchmarks BSE Sensex and Nifty50 indices on Friday opened in green a gap-up start for D-Street. The BSE Sensex opened up by 400 points or 0.53 per cent up at 75,009. While the NSE Nifty50 was above 22,760 was up by 0,52 per cent or 118 points at 9:18 AM. Later in the early trades, Nifty reached fresh all times high at 22,794 after adding nearly 140 points.
Morning Outlook for 03rd May 2024
“The benchmark Sensex and Nifty indices are likely to open on a strong note on May 3 as trends in the GIFT Nifty indicate a positive start for the broader index with a gain of 104.50 points.
After a gap up opening nifty can find support at 22,650 followed by 22,600 and 22,550. On the higher side, 22,800 can be an immediate resistance, followed by 22,850 and 22,900.
The charts of Bank Nifty indicate that it may get support at 49,200, followed by 49,050 and 49,000. If the index advances, 49,500 would be the initial key resistance, followed by 49,600 and 49,900.
Foreign institutional investors (FIIs) net sold Rs 964.47 crore shares, while domestic institutional investors (DIIs) pumped in Rs 1,352.44 crore on May 2, provisional data from the NSE showed.
INDIAVIX was positive by 4.47 per cent and is currently trading at 13.4450.
Indian markets are ready to move towards the fresh all-time high levels on Nifty. If Nifty manages to close above 22750 we can witness new high near 23000 in the coming week. Traders are advised to trail stop loss on their long position at 22600 on closing basis,” said Deven Mehata, senior derivative analyst at Choice Broking.
Asian markets are on the rise, with shares in Australia and South Korea climbing alongside Hong Kong futures. However, markets in Japan and mainland China are closed today due to holidays. In the US, equities saw gains as investors assessed the Federal Reserve’s more dovish interest rate guidance against mixed earnings and economic data.
The yen is on track for its best week in over a year, supported by suspected intervention from Tokyo to prevent the Japanese currency from hitting 34-year lows. Meanwhile, the dollar weakened against most major currencies, marking its worst week in nearly two months.
Oil prices saw a slight increase on expectations of OPEC+ maintaining output cuts. However, crude benchmarks are set for weekly losses due to uncertainty in the US economy and limited disruptions in crude supply caused by the Israel-Hamas conflict.
In the financial markets, Vodafone Idea, Biocon, and ABFRL are under the F&O ban today. The rupee closed 3 paise lower at 83.46 against the US dollar on Thursday. Additionally, the net long of FIIs increased from Rs 16,426 crore on Tuesday to Rs 25,615 crore on Thursday. On the corporate front, Titan, Adani Green, Britannia, MRF, Tata Tech, Godrej Properties, and others are set to announce their fourth-quarter earnings today.
