Dear Trader…
The benchmark BSE Sensex lost 46.14 points or
0.06% to close at 80,242.24, while the broader Nifty Future index closed at 24,418
lower by 06.90 points or 0.03%.The market capitalization of all listed
companies on the BSE decreased by Rs 3.69 lakh crore to Rs 423.24 lakh crore.
Foreign portfolio investors have poured $4.4
billion into Indian equities over the past ten sessions, marking their longest
buying streak in nearly two years. The inflows were driven by optimism over a
potential U.S.-India trade deal, with officials from both sides signaling
progress.
Global Markets – Global
shares struggled for direction on Wednesday, while oil prices slid as optimism
over easing trade tensions was tempered by a weak economic outlook and
corporate stress from U.S. tariffs.
Nasdaq and S&P 500 futures slipped 0.67% and
0.5%, respectively, while EUROSTOXX 50 futures edged down 0.06%.
In China, factory activity shrank at the fastest
pace in 16 months in April, with tariffs stalling a two-month recovery and
fuelling expectations of more stimulus.
U.S. data showed the goods trade deficit hit a
record high in March, as firms front-loaded imports ahead of tariffs, pointing
to a drag on Q1 growth. First-quarter GDP data is due later in the day.
Consumer confidence also fell to its lowest since mid-2019.
Wall Street futures failed to hold earlier gains
amid mounting concerns over the U.S. outlook. MSCI’s Asia-Pacific index outside
Japan rose 0.6%, while Japan’s Nikkei added 0.32%.
In currencies, the dollar was on track for a 4.7%
monthly drop — its worst since November 2022 — amid policy uncertainty under
Trump.Spot gold eased 0.15% to $3,310.55 an ounce.
Crude Impact – Oil
prices extended their decline on Wednesday, heading for their biggest monthly
drop in nearly three and a half years as the global trade war dampened fuel
demand outlooks, compounded by growing supply concerns. Brent crude futures,
recovering from earlier losses, fell 49 cents, or 0.8%, to $63.76 per barrel by
1002 GMT.
FII/DII Tracker – Foreign institutional investors (FIIs) remained net
buyers for the tenth straight session on April 29, picking up equities worth Rs
2,385 crore. Domestic institutional investors (DIIs) also extended their buying
streak for a third day, investing Rs 1,369 crore.
Nifty futures opened at 24369 points against the
previous close of 24425 and opened at a low of 24348 points. Nifty Future
closed with an average movement of 138 points and a Decline of around 07 points
and 24418 points…!!
Meanwhile, The broad market performed well this month, driven by reduced
tariff risks, a potential U.S.-India trade deal, and strong FII inflows. however,
is being capped by rising tensions between India and Pakistan and muted Q4
results.
This negative bias is expected to persist in the
near term, but the long-term outlook remains positive due to the minimal
financial impact from the conflict. Consequently, any market consolidation is
likely to be used as an investment opportunity.
Technically, the important key resistances are
placed in Nifty future are at 24418 levels, which could offer for the market on
the higher side. Sustainability above this zone would signal opens the door for
a directional up move with immediate resistances seen at 24575 – 24606 levels.
Immediate support is placed at 24373 – 24232 levels.
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