Indian indices witnessed a rebound in early trade on Thursday amid positive global trends. On Wednesday, the indices gave up gains to trade lower, tracking weak Asian and US trends. Key Wall Street indices ended higher overnight in a choppy trading session, following a boost from strong earnings from Microsoft and Visa, with concerns of a global economic slowdown, lockdown in China, high inflation, and US rate hikes keeping the bulls in check. The roller-coaster ride in markets is likely to continue as multiple headwinds dampen risk appetite of investors. Oil prices edged lower in early Asian trade on Thursday. In Asia, shares rose in Japan, South Korea, Hong Kong, Australia, while that in Shanghai declined.
Rakesh Jhunjhunwala portfolio multibagger stock could rise further as Motilal Oswal sees upside
Indian Hotels‘ Q4 revenue was in line, while EBITDA came in below our estimate. The Tata group hospitality firm reported a consolidated net profit of ₹71 crore in the fourth quarter while revenue from operations during the quarter under review stood at ₹872 crore.
Top BSE losers: Network18, TV18 Broadcast top losers in early trade
On Wednesday, it was reported that Bodhi Tree Systems, an investment venture of James Murdoch’s Lupa Systems and Uday Shankar, ex-Chairman of Star and Disney India, will invest ₹13,500 crore in broadcaster Viacom18 as part of a tripartite partnership with billionaire Mukesh Ambani’s Reliance, to form one of the largest TV and digital streaming firms in India.
Top BSE gainers: Chennai Petroleum Corporation, Mangalore Refinery & Petrochemicals lead
BSE indices in early trade: Sensex rises 250 points
Technical & derivatives report by Sameet Chavan of Angel One
Yesterday’s opening was a replica of Friday’s session where markets had left us with lot of promising signs on the previous day but due to the global uncertainty, starts the day on a weak note. The correction extended in the following hours to almost test the 16950 mark around the mid-session. Fortunately, the bulls are not willing to give up as they once again pulled the markets higher in the latter half. Although there has not been a complete recovery; Nifty at least managed to hold 17000 on a closing basis.
One day up one day down is a clear sign of directionless market. Overall sentiments are a bit cautious and in this environment, we are quite fortunate that we are not replicating the corrective moves we are seeing in global markets. We reiterate that we remain hopeful till the time 16800 is defended successfully and there is some possibility of a recovery in coming days if nothing escalates on the global front. For the coming session, 17000 followed by 16900 are to be seen as sacrosanct supports and one can take a punt by going long around it. On the flipside, 17100 – 17230 are to be seen as immediate hurdles.
As of now, it appears as if we are going to see dull movement on the expiry day. Only if we see the upper boundary taken out, a lot of individual stocks would start to give sharp rebounds. Traders are advised to keep focusing on stocks that may still outperform the benchmark index.
Campus Activewear IPO: What GMP signals about the public issue
Campus Activewear IPO (Initial Public Offering) opened for subscription on 26th April 2022 and it will remain open for subscription till 28th April 2022. Means bidding for this public issue is going to end today. After two days of bidding, Campus Activewear IPO subscription status suggests that the public offer has been subscribed 3021 times whereas its retail portion has been subscribed 3.94 times. Grey market is also giving positive response in regard to Campus Activewear IPO as grey market premium (GMP) of the public issue has been rising continuously. According to market observers, Campus Activewear shares are available at a premium of ₹105 in grey market today.
Nifty50 at open: Trades above 17,100; Hindustan Unilever, Divi’s Lab, Sun Pharma lead
Sensex at open: Jumps over 200 points; HUL, Sun Pharma lead, HCL Tech drags
Nifty50 at pre-open: Trades above 17,150; HUL, Bajaj Auto, UPL, Hindalco top gainers
Sensex at pre-open: Jumps 480 points, led by Hindustan Unilever, NTPC
Views of Mitul Shah, Head Of Research at Reliance Securities, on markets
U.S equities recouped gains and ended higher led by a rally in shares of tech giant Microsoft, after it reported a double-digit revenue growth. The Dow Jones rose 0.19%, the S&P 500 gained 0.21% while the Nasdaq dropped 0.01%. The yield on the benchmark 10-year U.S. Treasury note rose to 2.817%. Brent crude, increased 0.3% to end at $105.32 a barrel. Meanwhile, Facebook’s parent company, Meta Platforms, reported its slowest sales growth in a decade but surpassed Wall Street consensus forecast for its profits. Moreover, investors digested earnings reports and weighed concerns about inflationary pressures, the prospect of faster monetary policy tightening by the Federal Reserve and the surging cases of Covid-19 in China.
Domestic equities ended lower following a sell-off in global markets as concerns over world economic growth68 emanated. Nifty lost 0.98%, while broader markets outperformed the main indices as Nifty MidCap and Nifty SmallCap declined 0.9% and 0.6% respectively. All sectoral indices ended in red. Nifty Fin Service plummeted the most at 1.5%, followed by Nifty Bank and Nifty PVT Bank which fell 1% and 0.9% respectively. Additionally, news flow on the Russia-Ukraine crisis and resurgence of COVID cases remained in focus. FIIs net sold shares worth Rs4,064 crore while DIIs net bought shares worth Rs1,918 crore. The market is likely to remain volatile this as traders roll over their positions in the F&O segment from the April series to May series. The next batch of Q4 results and management commentary, global stock market trends, and the movement of rupee and crude oil prices are likely to assess market sentiments in the near future. Moreover, the ongoing Russia-Ukraine crisis and sanctioning of Russian products would have high negative bearings on global and Indian equities.
The markets are likely to see gap up opening, SGX nifty is up 147 points compared to Yesterday’s spot Nifty closing. Asian markets trading in green with Nikkei is up 0.6%, while Hang Seng is up 0.8%.
Heena Naik of Angel One on rupee outlook
On 27th Apr’22, USDINR made a gap up opening at 76.67 levels and surged towards 76.75 levels tracking bearish Asian equities. However, soon the trend of the currency changed, pulling it towards 76.51 levels on the back of huge dollar selling by exporter companies. In the upcoming session, we may see Rupee testing 77 levels once after which we could see some opportunistic selling happening to bring it once again to the positive territory. Not forgetting, the upcoming IPO-related inflows that could give a further boost to the currency.
Cryptocurrency prices today: Bitcoin, dogecoin gain while Shiba Inu, XRP slip
In cryptocurrencies, Bitcoin price today surged even as it remained below the $40,000 mark. The world’s largest and most popular cryptocurrency surged more than 2% to $39,230. The global crypto market’s value today gained over 3% in the past 24 hours to $1.9 trillion, according to pricing from CoinGecko.
Gold falls to 2-month low on lofty dollar, imminent US rate hike
Gold prices weakened on Thursday to a two-month low as an elevated dollar hurt demand for greenback-priced bullion, while an impending U.S. interest rate hike also dampened the metal’s appeal as an inflation hedge.
Spot gold was down 0.2% at $1,882.49 per ounce, as of 0225 GMT, after hitting its lowest since Feb. 24 earlier in the session. U.S. gold futures slipped 0.4% at $1,881.40.
Gold has been holding very well above $1,900, but has seen pressure from the dollar, and the underlying factor of the Fed being expected to raise interest rates by 50 basis points next week, said Brian Lan, managing director at dealer GoldSilver Central.
Summer bring cheers, rural demand weak: Prabhudas Lilladher on Consumer Durables
Our channel check suggests that March saw strong growth in most of…