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  • Stock Markets Gain 3 Per Cent As Political Stability Returns | Markets News

    New Delhi: In a week full of political surprises, the Indian Indices saw high volatility but ended up gaining more than 3 per cent, buoyed by Prime Minister Narendra Modi’s return for the record third term and RBI’s monetary policy announcements. The BSE Sensex hit a fresh all-time high of 76,795.31 while the Nifty reached a record high of 23,338.70.

    On Friday, the Sensex surged 2,732 points or 3.69 per cent to close at 76,693.36. On the other hand, Nifty went up 759 points or 3.37 per cent to end at 23,290. The investors’ losses prior to the new government’s formation moves were almost recovered in just three trading sessions, at more than Rs 28 lakh crore. (Also Read: Sensex Touches All-Time High, Nifty Up 2% On Announcement Of PM Modi Taking Oath)

    The BSE Small-cap index surged 3 per cent and Mid-cap Index also went up 3 per cent during the week. The large-cap Index saw 3 per cent rise. The foreign institutional investors (FIIs) sold equities worth Rs 13,718.42 crore. On the other hand, domestic institutional investors (DIIs) bought equities worth Rs 5,578.71 crore. (Also Read: BSE Denies Technical Glitch On June 4 Causing Mutual Fund To Lose Money On Election Day)

    According to market experts, the Nifty moved up significantly after a flat closing in the previous trading session. Going forward, the market remains a buy on dips as long as 23,000 is not broken. “On the higher end, the index might move towards 23500-23600. On the lower end, profit booking might occur only below 23000,” said Rupak De, senior technical analyst, LKP Securities.

    Bank Nifty has also shown bullish momentum, taking support near its 10-day moving average and forming a bullish engulfing candle on the daily chart. It closed near its resistance level, indicating strong buying interest. The key resistance level for Bank Nifty is 50,500, while 49,200 will act as crucial support, said experts. The rupee also traded strong, appreciating by Rs 0.11 to close at 83.40 against the dollar.

    This strength is attributed to ongoing capital market gains and a continued buying spree following the general election, with the market showing confidence in the NDA 3.0 government maintaining economic stability, the experts noted.

  • Bloodbath in India Stocks As Trends Show Below Par Show By BJP-led NDA; Sensex Slumps Over 4,000 Points | Markets News

    New Delhi: Indian stock indices witnessed a bloodbath on the day the Lok Sabha results were announced, where incumbent BJP performed below par and seems it may fall short of exit poll predictions and the majority mark on its own.

    The BJP-led National Democratic Alliance is leading in nearly 300 seats while the INDIA alliance is leading in 229 seats, as per data from the Election Commission of India. The idea of a coalition government lead by BJP at the centre has led to widespread market anxiety and a sharp decline in stock indices. 

    The BJP, which has been the dominant force in Indian politics for the past decade, is seen as a pro-Industry party whose policies have generally favoured economic growth and market stability. The failure to secure a clear majority to BJP of its own raises concerns about the formation of a stable government and the continuation of economic reforms.

    At the closing bell, Sensex closed at 72,079.05 points, down 4,389.73 points or 5.74 per cent, while Nifty closed at 21,884.50 points, down 1,379.40 points or 5.93 per cent. All Nifty sectoral indices, barring Nifty FMCG, were deep in the red today. Nifty metal, Nifty bank, Nifty financial services, Nifty PSU bank, Nifty private bank, Nifty realty, Nifty oil and gas, slumped the most, NSE data showed.

    “The steep fall is due to the results so far falling short of the exit polls which the market had discounted yesterday. If BJP doesn’t get a majority on its own there will be disappointment and this is getting reflected in the market. Also it is possible that Modi 3.O may not be as reform-oriented as the market expected and may turn more welfare- oriented,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

    At one point during the afternoon, Indian equity indices plummeted over 8 per cent on Tuesday, as poll trends indicated a closer than anticipated fight for the incumbent Narendra Modi-led NDA government.

    Sensex logged it worst session in over four years, it witnessed back during Covid days.

    “Markets rallied 3-3.5 per cent on expectation of a Modi led NDA win on Monday. PSU (especially banks) led the rally. Today polls were not in line with exit poll outcome. Markets move more than 4-5 per cent down today,” said Jaykrishna Gandhi, Head – Business Development, Institutional Equities, Emkay Global Financial Services.

    “We expect 7-10 per cent downside for broader markets from current levels. We recommend positioning to move from alpha stocks to defensives – add FMCG, IT, Pharma vs short on ABB, Siemens, Cummins, Coal India, NTPC, PFC, REC, PNB, Canara bank,” Gandhi suggested.

    The Rupee closed weaker against the US dollar on Tuesday, depreciating by 38 paise to close at 83.53. It closed at 83.15 on Monday. The Rupee had been largely steady for the past year, largely due to RBI’s intervention.

    “This uncertainty triggered a panic sell-off across various asset classes, impacting economic growth. The Dollar-Rupee exchange rate may continue to rise, potentially reaching 83.90, with 83.40 serving as the immediate support level,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.

    Manish Chowdhury, Head of Research, StoxBox, asserted that markets have reacted sharply to the initial trends of the NDA leading on around 290 seats, way less than as projected. “With the NDA still looking to form a government, though with the important support of coalition partners, markets look jittery about the prospects of strong decision making. 

    Markets believe that the reformistic approach, which was a hallmark of the previous two terms, might take a backseat in the third term. However, our sense is that it is still early to jump to conclusions and should ideally wait for a clearer picture,” said Chowdhury. Shrikant Chouhan, Head Equity Research, Kotak Securities, noted that the current market texture is extremely volatile and uncertain; hence, it is advisable that traders should remain cautious for the next few trading sessions.

    On Monday, Indian benchmark indices closed at record highs, driven by fresh buying from investors after exit polls indicated a comfortable majority for the NDA government. The Nifty 50 index gained 733.20 points, closing at 23,263.90, while the BSE Sensex surged 2507.47 points to close at 76,468.78. 

  • Lok Sabha Elections 2024: Indian Stock Markets To Remain Closed On Monday | Markets News

    New Delhi: The stock market will be closed on Monday due to the Lok Sabha elections in Mumbai. Trading will resume as usual on Tuesday. After this, the next holiday is scheduled for June 17 in observance of Bakrid. The stock exchanges on Saturday organised a special trading session. Investors were enthusiastic, and the market ended on a positive note.

    On Monday, six seats in Mumbai will go to the polls: Mumbai North, Mumbai North West, Mumbai North East, Mumbai North Central, Mumbai South, and Mumbai South Central. Further, other constituencies in Maharashtra participating in the fifth phase of the election include Dhule, Dindori, Nashik, Kalyan, Palghar, Bhiwandi, and Thane. (Also Read: FPIs Aggressively Selling India Stocks, Offloaded Over Rs 28,000 Cr With 10 Days To Go In May)

    On Saturday, BSE Sensex closed at 73,959 points with a rise of 42 points, similarly the Nifty of the NSE closed at the level of 22,502 points with a gain of 35.91 points.Shares of Nestle India, Power Grid, Tata Motors, Hindalco, ONGC, Divis Lab, and TCS saw a rise. (Also Read: Market Outlook: PMI Data, Q4 Results Key Triggers For Next Week)

    The Dalal Street, after the period of uncertainty about the election outcome, is now bullish as the market experts believe the positive trend will continue.

    After the much-discussed India VIX, also known as the Fear Gauge, appears to have vanished recently, the Indian stock market appears to be positive. The benchmark stock indices have increased significantly over the last several sessions, including the special trading session on Saturday, which has resulted in investors earning healthy returns on their investments.

    Analysts now predict that the upward trend in the key Indian stock market indexes will last through this following week, beginning on Tuesday. “The broader market remained positive, driven by persistent buying in heavyweight sectoral stocks. Furthermore, a moderation in India’s CPI and lower-than-expected inflation figures from the US Fed have stimulated investor confidence,” said Vinod Nair, Head of Research, Geojit Financial Services.

    Brokerage Prabhudas Lilladher in its latest report, ‘India Strategy Report – Mandate 2024, Brace of Volatility’ said it expects a continuation of the policy if the BJP-led NDA comes back to power and themes around infrastructure, defense, capital goods (CG), new energy, and tourism will continue to do well.

    Maharashtra has 48 Lok Sabha seats, the second largest after Uttar Pradesh. Voting for the first four phases has concluded and for the fifth phase of the Lok Sabha polls, polling is set to be held on May 20. The 2024 Lok Sabha elections are being held in seven phases running from April 19 to June 1. The counting and results will be declared on June 4. (With ANI Inputs)

  • Market Outlook For Next Week, Key Events To Watch

    Globally, the upcoming US PPI, retail sales, jobless claims, Fed Chairman’s speech, and core inflation data will be a key event to watch.

  • BSE Introduces New Limit Price Protection Mechanism: Here’s What It Brings | Markets News

    New Delhi: In a move aimed at bolstering pre-trade risk control measures, the Bombay Stock Exchange (BSE) has announced the implementation of a Limit Price Protection (LPP) mechanism in its equity derivatives segment, effective April 16, 2024.

    What Changes Limit Price Protection Brings?

    The new mechanism, unveiled on Friday, April 5, will restrict the price range for orders in the derivatives market. Under this initiative, the trading system will accept limit price orders within specific thresholds based on the reference price. (Also Read: ICICI Bank Customers Alert! Bank Issues Warning On Online Fraud)

    Orders falling outside this range will be automatically rejected. (Also Read: Japan Launches E-Visa Program For Indian Travelers: Check Eligibility, Application Process, And More)

    What BSE’s Circular Says?

    According to the BSE circular released on April 5, the exchange emphasized, “To strengthen the pre-trade risk control measures in the equity derivatives segment, Exchange will implement LPP Mechanism with effect from Tuesday, April 16, 2024.”

    Mock Trading Session Session

    To ensure a seamless transition and allow market participants to familiarize themselves with the new mechanism, the BSE has scheduled a mock trading session for April 13, 2024 (Saturday).

    LPP Mechanism Objectives

    The LPP mechanism’s primary objective is to safeguard against unusual trading activities and curb erratic trades. Orders placed outside the defined price range will be automatically rejected by the system.

    Similar To NSE LPP Mechanism 

    The BSE’s move follows a similar initiative by the National Stock Exchange (NSE) in October 2022, which introduced an LPP mechanism in its futures and options segment to fortify pre-trade risk controls and ensure orderly trading.

    Similar Initiatives In Future

    The BSE highlighted that it would periodically review the utilization of these enhancements and make further adjustments based on feedback from market participants and as deemed necessary.

  • Good Friday Holiday: Are Stock Markets Closed Tomorrow? Check Here | Markets News

    New Delhi: As the current financial year is going to end soon, investors and traders are planning for the upcoming month. When you are setting your goal, it’s crucial to know about the days when the Indian stock exchanges will be closed. By being aware of these holidays, you can stay ahead in your financial planning and avoid any inconvenience.

    Good Friday: Is Stock Market Closed?

    The answer is yes. As we all know Good Friday approaches on March 29, 2024, and Indian stock, bond, and commodity markets are preparing to observe the holiday. (Also Read: Good News For MGNREGA Employees! Centre Announces Pay Hike: Check State-Wise Wages Here)

    Market Closure Details

    On Good Friday, trading will be suspended on major platforms including the BSE and NSE stock exchanges, as well as the commodity exchanges MCX and NCDEX, and the bond markets. Market activities will resume on Monday, April 1, 2024. (Also Read: Big Blow To Home Loan Borrowers! HDFC Bank Raises Lending Rates To 9.8%)

    Resumption Of Trading

    BSE And NSE

    Trading will commence with a 15-minute pre-opening session at 9:00 am, followed by regular trading from 9:15 am onwards.

    MCX

    Regular trading hours will resume, with the morning session running from 9:00 am to 5:00 pm, and the evening session from 5:00 pm until 11:30/11:55 pm.

    Stock Market Holidays In April 2024

    Both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) will not be open for trading on certain days in April 2024 due to various holidays.

    Following Good Friday, traders should be aware of the upcoming market holidays in April 2024, including Id-Ul-Fitr, Ram Navami, and Maharashtra Day, among others.

    Impact On Market Activities

    The closure of markets during major religious and national holidays is a common practice in India, allowing participants to observe significant events and take a break from trading activities.

    Traders and investors are advised to plan their strategies accordingly. 

  • Nifty Hit Six New Record Highs This Year Indicating India’s Bull Market | Markets News

    New Delhi: This year alone, Nifty has set six new record highs during intraday trade and this is indicative of the strong momentum in the market, says V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

    An important characteristic of the bull market is its ability to set new successive record highs and this market has been doing this consistently, he said. Selling by FIIs, triggered by rising bond yields in the US, is having no impact on this up-trending market where DIIs bought Rs 17850 crores in February so far and domestic HNIs and retail investors are calling the shots, he added.

    High quality fundamentally strong large caps like RIL, ICICI Bank and Bharti taking up the leadership in the rally is positive for the bulls. Also, it is important to remember that large caps have valuation comfort in this market where segments of the broader markets have tipped into frothy valuations. Since the Bank Nifty is around 4% away from its record high, more action is likely in banking stocks. (Also Read: Vibhor Steel Tubes Makes Dream Stock Market Debut, Gains 182% On Listing)

    In the near term, volatility will be high. Sharp corrections can happen at any time, he said. Deepak Jasani, Head of Retail Research, HDFC securities, said Goldman Sachs upgraded its rating on global equities to “overweight” on prospects of economic growth and recovery in manufacturing activity, after starting the year with a “neutral” rating across assets.

    Asian shares were pinned below 1-1/2 month highs on Tuesday as even a larger-than-expected interest rate cut in China failed to excite investors jaded at the lack of bigger stimulus measures, he said. BSE Sensex is trading at 72,726.89 points, up by 18.73 points. Powergrid is up by 3 per cent. (Also Read: Whirlpool Likely To Sell 24% Stake In Indian Unit Via Block Deal: Report)

  • Pakistan Inventory Alternate sinks by means of greater than 2,000 issues after PM Sharif publicizes ‘tremendous tax’

    The Pakistan Inventory Alternate plunged by means of greater than 2,000 issues or just about 5 according to cent in simply 22 mins of manic business at midday on Friday, after Top Minister Shehbaz Sharif introduced a brand new “tremendous tax” on large-scale industries that spooked buyers.

    Sharif on Friday introduced a ten according to cent “tremendous tax” on large-scale industries like cement, metal and automotive, a transfer he stated used to be aimed toward tackling spiralling inflation and saving the cash-strapped nation from going “bankrupt.” Prime web price people can be topic to a “poverty alleviation tax,” the premier stated in his cope with to the country.

    Moments after Sharif’s announcement, the benchmark KSE-100 index used to be down by means of 2,053 issues or 4.8 according to cent.

    Raza Jaffar of Topline Securities stated the “tremendous tax” introduced on Friday had brought about mayhem on the inventory marketplace and had spooked buyers’ self belief.

    “The unfavourable response of the marketplace isn’t a surprise as this new tax goes to harm company profitability,” he stated.

    As according to the PSX rule e book if the index is going 5 according to cent above or under its final shut and remains there for 5 mins, buying and selling in all securities is halted for a specified duration.

    “PSX witnessed large force around the board after the Top Minister introduced a ten according to cent tremendous tax on industries for 365 days to bridge the distance within the fiscal deficit,” Ahsan Mehanti of Arif Habib Company stated.

    Khurram Schehzad, CEO of Alpha Beta Core advised the Morning time newspaper that once the federal government’s newest measures, the company source of revenue tax and investor tax will now exceed 50 according to cent and 55 according to cent, respectively.

    “That is the absolute best now not most effective on this area however within the historical past of Pakistan. If truth be told, it is likely one of the absolute best tax charges on the earth,” he stated.

    The KSE-100 index, which opened within the inexperienced in keeping with its certain pattern on Thursday, in the end closed on Friday at 41,051.79 issues after plummeting by means of 1,665.18 issues or 3.9 according to cent. Stocks of 364 firms have been traded all the way through the consultation. On the shut of buying and selling, 61 scrips closed within the inexperienced, 287 within the crimson, and 16 remained unchanged, consistent with Geo TV.

    General buying and selling volumes rose to 424.22 million stocks in comparison with Thursday’s tally of 349.48 million. The price of stocks traded all the way through the day used to be PKR 12.8 billion, it stated

  • Sensex, Nifty rebound monitoring restoration in international friends

    By way of PTI

    MUMBAI: An afternoon after struggling their worst consultation in about two years, benchmark indices Sensex and Nifty rebounded as much as 2.5 in step with cent on Friday, consistent with upper international markets as america and allies submit a united entrance to punish Russia with harsher sanctions over the Ukraine struggle.

    Snapping their seven-day shedding streak, the BSE Sensex climbed 1,328.61 issues or 2.44 in step with cent to settle at 55,858.52, whilst the NSE Nifty went soared 410.45 issues or 2.53 in step with cent to 16,658.40.

    Barring HUL and Nestle, all Sensex stocks closed with features — with Tata Metal, IndusInd Financial institution, Bajaj Finance, NTPC and Tech Mahindra surging up to 6.54 in step with cent.

    On Thursday, the Sensex had crashed over 2,700 issues — its largest single-day plunge in about two years; and the Nifty had nosedived 815 issues.

    Spooked by means of the Ukraine disaster, international institutional buyers additional offloaded stocks value a internet Rs 6,448.24 crore within the Indian capital markets on Thursday, trade information confirmed.

    Asian stocks edged considerably upper on Friday, pushed by means of a US rebound, as extra sanctions had been introduced towards Russia for its army movements in Ukraine.

    In the meantime, america, EU and Japan have vowed to reinforce Ukraine and agreed on a 2d tranche of monetary and fiscal sanctions on Russia. Brent crude futures rose 0.67 in step with cent to USD 100.80 a barrel.