Home World Business Sensex reclaims 30,000, Nifty above 9,300; Maruti Suzuki top gainer

Sensex reclaims 30,000, Nifty above 9,300; Maruti Suzuki top gainer

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The S&P BSE Midcap and the S&P BSE Smallcap indices gains 0.3% and 0.6%, respectively

The benchmark indices started the week higher after a long weekend tracking positive trend seen in global ahead of US Federal Reserve’s two-day policy meeting which begins today. 


At 09:17 am, the S&P BSE was trading at 30,027, up 109 points, while the broader Nifty50 was ruling at 9,329, up 26 points.


In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices gains 0.3% and 0.6%, respectively.  


Going forward, a minor resistance for the is placed at 9,367, but looking at the weekly close, we expect it to be surpassed soon. We would continue with our bullish stance on the market and expect the index to gradually march towards our targets of 9,500-9600,” said brokerage Angel Broking in a technical note. 


“On the flipside, the penultimate week’s resistances of 9,160-9,200 will now act as a strong support for the index,” it added. 


Early-bird Q4 results disappointing 


At first glance, the revenue growth of 17.6% year-on-year, that the 135 early-bird companies have reported for the January-March quarter, looks good. But if two of these companies — the country’s largest company in terms of revenue and the most efficient metal producer — are removed, the growth drops to just 7.9%. Net profit growth, year-on-year, was an insipid 8.6% with a large chunk of it coming from a handful of companies. If three of the top five profit earners during the quarter — Reliance Industries, HDFC Bank and Hindustan Zinc — are removed, this growth falls to a mere 3.2%. CLICK HERE FOR FULL REPORT


Fed meet begins today


US interest rate futures were little changed on Monday ahead of a Federal Reserve monetary policy meeting, with traders widely expecting the central bank to leave rates unchanged in a target range of 1.00-1.25%. The Federal Open Market Committee, the central bank’s policy setting group, will meet on Tuesday and Wednesday.


China’s Caixin PMI


China’s factory sector lost momentum in April, with growth slowing to its weakest pace in seven months as domestic and export demand faltered, a private survey showed on Tuesday. The Caixin/Markit Manufacturing Purchasing Managers’ index (PMI) fell to 50.3 in April, a significant decline from March’s 51.2.


The findings echoed those in official manufacturing and service sector data on Sunday, reinforcing views that China’s economic growth remains solid but is starting to moderate after a surprisingly strong start to the year.


Trump opens door to North Korea 


US President on Monday opened the door to meeting North Korea’s Kim Jong Un, saying he would be honored to meet the young leader under the right circumstances, even as Pyongyang suggested it would continue its nuclear weapons tests. This has somewhat eased worries about tensions over the Korean peninsula


Global markets


Asian shares advanced on Tuesday, helped by rising optimism on the technology industry and easing concerns over


MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1%. Japan’s Nikkei and Hong Kong’s Hang Seng indices rose 0.7% and 0.3%, respectively, while China’s Shanghai Composite bucked the trend to dip 0.3% after Caixin PMI data.  


On Wall Street, although the Dow Jones Industrial Average fell 0.13% on Monday, the S&P 500 gained 0.17% and the Nasdaq Composite added 0.73% to a record closing high.


Notably, the world’s five largest companies by market capitalization – Apple, Alphabet, Microsoft, Amazon and Facebook – all hit intraday or closing highs – or both – on Monday.


(With inputs from Reuters)

Sensex reclaims 30,000, Nifty above 9,300; Maruti Suzuki top gainer

The S&P BSE Midcap and the S&P BSE Smallcap indices gains 0.3% and 0.6%, respectively

The S&P BSE Midcap and the S&P BSE Smallcap indices gains 0.3% and 0.6%, respectively

The benchmark indices started the week higher after a long weekend tracking positive trend seen in global ahead of US Federal Reserve’s two-day policy meeting which begins today. 


At 09:17 am, the S&P BSE was trading at 30,027, up 109 points, while the broader Nifty50 was ruling at 9,329, up 26 points.


In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices gains 0.3% and 0.6%, respectively.  


Going forward, a minor resistance for the is placed at 9,367, but looking at the weekly close, we expect it to be surpassed soon. We would continue with our bullish stance on the market and expect the index to gradually march towards our targets of 9,500-9600,” said brokerage Angel Broking in a technical note. 


“On the flipside, the penultimate week’s resistances of 9,160-9,200 will now act as a strong support for the index,” it added. 


Early-bird Q4 results disappointing 


At first glance, the revenue growth of 17.6% year-on-year, that the 135 early-bird companies have reported for the January-March quarter, looks good. But if two of these companies — the country’s largest company in terms of revenue and the most efficient metal producer — are removed, the growth drops to just 7.9%. Net profit growth, year-on-year, was an insipid 8.6% with a large chunk of it coming from a handful of companies. If three of the top five profit earners during the quarter — Reliance Industries, HDFC Bank and Hindustan Zinc — are removed, this growth falls to a mere 3.2%. CLICK HERE FOR FULL REPORT


Fed meet begins today


US interest rate futures were little changed on Monday ahead of a Federal Reserve monetary policy meeting, with traders widely expecting the central bank to leave rates unchanged in a target range of 1.00-1.25%. The Federal Open Market Committee, the central bank’s policy setting group, will meet on Tuesday and Wednesday.


China’s Caixin PMI


China’s factory sector lost momentum in April, with growth slowing to its weakest pace in seven months as domestic and export demand faltered, a private survey showed on Tuesday. The Caixin/Markit Manufacturing Purchasing Managers’ index (PMI) fell to 50.3 in April, a significant decline from March’s 51.2.


The findings echoed those in official manufacturing and service sector data on Sunday, reinforcing views that China’s economic growth remains solid but is starting to moderate after a surprisingly strong start to the year.


Trump opens door to North Korea 


US President on Monday opened the door to meeting North Korea’s Kim Jong Un, saying he would be honored to meet the young leader under the right circumstances, even as Pyongyang suggested it would continue its nuclear weapons tests. This has somewhat eased worries about tensions over the Korean peninsula


Global markets


Asian shares advanced on Tuesday, helped by rising optimism on the technology industry and easing concerns over


MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1%. Japan’s Nikkei and Hong Kong’s Hang Seng indices rose 0.7% and 0.3%, respectively, while China’s Shanghai Composite bucked the trend to dip 0.3% after Caixin PMI data.  


On Wall Street, although the Dow Jones Industrial Average fell 0.13% on Monday, the S&P 500 gained 0.17% and the Nasdaq Composite added 0.73% to a record closing high.


Notably, the world’s five largest companies by market capitalization – Apple, Alphabet, Microsoft, Amazon and Facebook – all hit intraday or closing highs – or both – on Monday.


(With inputs from Reuters)

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Aprajita Sharma

Business Standard

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