We expect gold and silver prices to remain volatile in today’s session. Gold has support at $1982-1970 while resistance is at $2012-2024. Silver has support at $24.84-24.71, while resistance is at $25.28-25.42. In INR terms gold has support at Rs 59,940-59,750, while resistance is at Rs 60,420, 60,590. Silver has support at Rs 74,120-73,510, while resistance is at Rs 75,450–76,050.
– Rahul Kalantri, VP Commodities, Mehta Equities
Adani Group debt increases 21% over past year – Bloomberg News
Around 29% of the Indian conglomerate’s borrowings were with global international banks at the end of March, the report added, citing people familiar with the company’s inner workings and presentations to investors.
The Adani Group has been making moves to repay share pledges, bonds, and loans and has held roadshows with large investors and creditors to rebuild investor confidence and allay concerns about its debt after short-seller Hindenburg Research’s critical report sparked a stock rout.
The important near-term question in the market now is whether Nifty can recover from the 121 point cut yesterday and resumption of FII selling. It is important to appreciate the fact that the market was dragged down by the IT pack with Infosys alone contributing 138 points to the cut in Nifty. This means, if we exclude the IT segment the market is resilient. An important likely consequence of the expected disappointing results of the IT stocks in FY 24 is the inevitable sectoral rotation that is already underway. Since the prospects of banking, FMCG, construction, pharma and capital goods appear good, money is likely to move into these segments. This sectoral rotation will give profitable investment opportunities. Also lots of stock-specific actions cutting across sectors are likely in response to the Q4 results and commentary.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Weakness in most of the Asian indices and SGX Nifty is likely to dampen local market sentiment in early Tuesday trade even as key US gauges rebounded sharply overnight. While one cannot rule out the overall mood to remain choppy after yesterday’s slump, IT stocks could be in spotlight once again given the dismal earnings performance from frontline IT companies and challenges going ahead in view of a likely recessionary trend in their key US and European markets. Technically, Nifty is likely to trade volatile and choppy with biggest support to watch out for is at its 200 DMA at 17568 mark, while the biggest hurdle is seen at 17863 mark. Traders can start aggressive buying above the 17863 mark.
– Prashanth Tapse, Senior VP (Research), Mehta Equities
Asian markets cautious ahead of China’s economic growth data
Asia’s share markets were in a cautious mode on Tuesday as global investors waited to see whether China recorded a first quarter bounceback from its punishing pandemic lockdowns that led to a major economic slowdown.MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.4%, after U.S. stocks ended the previous session with mild gains. The index is up 1.1% so far this month.
Quarterly earnings today
ICICI Lombard, Crisil, Tata Coffee and a slew of other companies will announce their quarterly results today.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 31.5 points, or 0.18 per cent, lower at 17,732, signaling that Dalal Street was headed for negative start on Tuesday.
Tech View: Nifty charts indicate more pain ahead
Nifty on Monday formed a long red candle with a lower shadow on the daily scale. Chartists said this could be considered a short-term reversal on the downside for the market.
Tokyo stocks open higher
Tokyo shares opened higher Tuesday, helped by a cheap yen after US stocks finished with modest gains as investors in the world’s largest economy awaited more company earnings.The benchmark Nikkei 225 index was up 0.17 percent, or 47.05 points, at 28,561.83 in early trade, while the broader Topix index added 0.33 percent, or 6.78 points, to 2,033.75.
US stock market: Dow, S&P 500 end higher; investors await earnings, Fed cues
Major U.S. stock indexes posted modest gains on Monday, helped by financial and industrial shares, while investors braced for a heavy week of corporate results and comments from Federal Reserve officials that could give more insight into the path of interest rates.
Rupee falls 16 paise against US dollar
The rupee depreciated 16 paise to close at 82.01 against the US currency on Monday as a strong American currency overseas and a negative trend in domestic equities weighed on investor sentiments.
Oil steady as markets look ahead to China GDP data
Oil prices held steady in early trading on Tuesday after falling 2% in the previous session, with markets awaiting the release of economic data in China, looking for signs of economic recovery and growth to offset weakening demand elsewhere.
Sensex, Nifty on Monday
The 30-share BSE benchmark Sensex declined 520 points or 0.86% to settle at 59,910. The broader NSE Nifty dropped 121 points or 0.68% to end at 17,706.