Benchmark Sensex and Nifty indices are likely to open a gap on May 2 as GIFT Nifty trends up 127.50 points, indicating a strong start for the broader index.
In a highly volatile session on April 30, the market erased all intraday gains and ended lower amid selling in IT, metals, media, and oil and gas stocks.
As of April 30 close, the Sensex had fallen 188.50 points or 0.25 per cent to 74,482.78 and the Nifty had fallen 38.60 points or 0.17 per cent to 22,604.80.
The pivot point calculator shows that the Nifty 50 is expected to face resistance at 22,734 points, followed by 22,785 points and 22,867 points. On the downside, the index could receive immediate support at 22,570 points, followed by 22,519 and 22,437 points.
Stay tuned to Moneycontrol to know what’s happening in the currency and stock markets today. We have compiled a list of important headlines across news platforms that can impact the Indian as well as international markets.
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gift nifty
Looking at the performance of Gift Nifty, India’s composite index rose by 127.50 points (0.56%) as of this morning, indicating a strong start. Nifty futures were trading near the 22,746.50 level.
Today’s trading settings: Top 15 things to know before the opening bell
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us market
U.S. stocks ended lower on Tuesday, a day of key policy decisions from the Federal Reserve on the direction of interest rates, as markets weighed economic indicators showing rising labor costs and deteriorating consumer confidence. .
The S&P 500 Index fell 79.92 points (1.56%) to end at 5,036.25 points, and the Nasdaq Composite Index fell 325.26 points (2.00%) to 15,664.13 points. The Dow Jones Industrial Average fell 574.08 points, or 1.47%, to $37,823.57.
asian market
Australian and Japanese markets fell on Wednesday as investors braced for the US Federal Reserve’s interest rate decision.
India’s core sector growth rises to 5.2% in March
India’s eight core industries registered 5.2% growth in March, according to data released by the Ministry of Commerce and Industry on April 30.
India’s core sector growth rate in the previous month was slower than 7.1% in February 2024, but higher than 4.2% in March 2023.
Production in eight core sectors including coal, crude oil, steel, cement, power, fertilizers, refined products and natural gas declined by 7.5% year-on-year in 2023-24, compared to 7.8% in 2022-23. .
The decline in core sector growth in March was due to production contraction or slower growth in five out of eight sectors compared to the previous month, with crude oil production increasing by 7.9% in February. However, the increase was only 2%. 2024.
Godrej family reaches agreement to split conglomerate into two branches
The Godrej family had reached an agreement to split the conglomerate into two branches, as per an agreement shared with stock exchanges on April 30, with Adi and his brother Nadir keeping the listed entity. His cousin, Jamshad, will take control of the unlisted company and the land bank. , late evening.
The agreement filed with the exchange addresses issues of royalties, brand use and land bank development.
Changes in maturity dates of individual stock derivatives in the stock derivatives segment
BSE has announced that the maturity date of monthly contracts for individual equity derivatives will be changed to the second Thursday of the calendar month. This change will take effect from July 1, 2024.
Currently, monthly contracts expire on the last Thursday of the calendar month. In the case of a holiday, the expiry date is the previous business day.
In a circular, BSE said that the current existing monthly contracts for equity derivatives with expiration date last Thursday will expire on June 28, 2024 and they will be “at the end of June 28, 2024”. These contracts will be removed from the contract master file.” It will not be available for trading from Monday, July 1, 2024,” the BSE said.
The new equity derivative contracts with three consecutive monthly maturities with maturity dates on the second Thursday of each month will be generated at the end of June 28 and will be available for trading from July 1, the BSE said.
European economy shows signs of boom with 0.3% growth in the first quarter
Europe’s economy picked up slightly at the beginning of the year, with the January-March period seeing a weaker rise in growth compared to the last three months of 2023, as the burden of inflation eased on consumers and stagnation in Germany, the continent’s largest economy, began to become more apparent. A growth of 0.3% was recorded. A small sign of life.
The 20-nation eurozone recorded its strongest performance since the third quarter of 2022, with each of the last two quarters of 2023 falling by 0.1%, according to official figures released by the European Union’s statistics agency Eurostat on Tuesday. Reduced and improved.
Japanese factory activity slows down
Japan’s factory activity contracted at a moderate pace in April due to lower production and fewer new orders, according to a private sector survey on Wednesday. Inflationary pressures continued, but businesses recognized market demand as strong enough to raise production costs, the survey found.
Jibun Bank’s Japan Manufacturing Purchasing Managers’ Index (PMI) was 49.6 in April, up from 48.2 in March but lower than the 49.9 reported in the preliminary PMI.
Although the index remained below the 50.0 mark that separates activity from growth to contraction, it was the slowest decline in eight months.
India lowers windfall tax on oil
The Indian government on Tuesday announced a reduction in the windfall tax on petroleum crude to 9,600 Indian rupees ($100.66) per tonne, effective May 1.
The tax, which is revised every two weeks, remained at zero for diesel and aviation turbine fuel.
On April 16, the government increased the windfall tax on crude oil from Rs 6,800 to Rs 9,600 per tonne.
GST collection in April 2024 hits record high
India’s total Goods and Services Tax (GST) collection hit a record high of Rs 2.1 billion in April 2024. This corresponds to 12.4% year-on-year growth, due to strong increases in domestic trade (up 13.4%) and imports (up 8.3%), the Ministry of Finance said in a May 1 statement. The government announced that it had collected Rs 1.87 billion. GST for the same period last year was $1 billion.
“Net GST revenue for April 2024, taking into account refunds, stood at Rs 1.92 billion, reflecting an impressive growth of 15.5 per cent year-on-year,” the ministry said.
Monthly GST collections have increased over the years. Collections, which averaged less than Rs 1,000 crore per month in the first year of 2017-18, have increased rapidly since the pandemic-hit 20202-21 and averaged Rs 1,510 crore in 2022-23. Ta.
Total collections in the first month of FY25 also increased by 17.81% compared to March collections of Rs 1.78 billion.
crude
On Wednesday, oil prices fell by about 2% on an unexpected increase in US crude inventories, the prospect of a Middle East ceasefire agreement, expected interest rate cuts and persistent US inflation slowing the pace of oil demand growth, ending the seventh week. It was the lowest price ever.
Brent futures fell $1.39, or 1.6%, to $84.94 per barrel, and US West Texas Intermediate (WTI) crude oil fell $1.39, or 1.7%, to $80.54.
FII and DII data
Foreign institutional investors (FIIs) bought net shares worth Rs 1,071.93 crore on April 30, while domestic institutional investors (DIIs) injected Rs 1,429.11 crore, according to provisional data from NSE.
With information from Reuters and other organizations
