European stock markets rose at the start of trading Tuesday as traders anticipate cuts to interest rates in the coming months on both sides of the Atlantic. In the eurozone, the Paris CAC 40 index began Tuesday with a gain of 0.5 percent to 8,037.95 points.
India’s stock benchmarks jumped over 1% on Monday, led by gains in bank shares after ICICI Bank’s better-than-expected fourth-quarter results. The market may be on course to scale records though the spike in the Volatility Index or VIX, a fear gauge, shows that traders see risks to equities at current levels. The outcome of the US Federal Reserve’s rate-setting meeting on Wednesday is expected to determine the direction of equities in the foreseeable future.
Predictions of scorching heat across India are giving fresh fodder to traders as they hunt for stocks that can outperform in an overvalued market. Shares of air cooler makers and power generators rallied this week after the nation’s weather agency warned of hotter-than-usual temperature through the end of June. The sectoral advance comes amid concerns that the broader equity indexes lack momentum following a record-breaking rally.
In an effort to manage the wheat supply and demand situation, the government has instructed traders and stockists to refrain from entering the market until May. Processors in Uttar Pradesh have been specifically asked to purchase wheat on a hand-to-mouth basis. This decision comes as the Food Corporation of India’s stocks reach a seven-year low.
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Nifty ended 22 points lower on Wednesday and formed a Doji candle on the daily chart, suggesting a potential pullback rally. However, traders should be cautious as recent positive chart patterns have been invalidated. Read more to learn what traders should do on Thursday.
Overnight indexed swaps (OIS), the principal financial market gauge for gauging which way interest rates are headed, show that traders have reduced the extent of rate cuts they expect from the Reserve Bank of India (RBI) this year, following a vigilant tone on inflation and liquidity by the central bank.
Nifty faces resistance around Mt 22K. HDFC Bank ADRs drop over 2% post Q3 results. American investment firm sells 1.5% stake in Indigo Paints. US stocks open lower as Tesla, Apple weigh. ICICI Securities Q3 Results: Profit jumps 66% to Rs 466 crore. Capital Small Finance Bank, Krystal Integrated Services get Sebi’s nod to float IPOs. Nifty Bank forms ‘Doji’ candle on Tuesday; immediate support seen at 47800.
Nifty ended about 34 points higher, finding support above the 21-EMA and prompting a strong recovery. The momentum indicator suggests ongoing strength. Traders should pay attention to the bullish trend as long as it remains consistently above 21,350. Read more to know what traders should do on Wednesday.
Financial market infrastructure service providers, including CDSL, CAMS, and BSE, have experienced significant gains in the past month. Investors and traders view these companies as indicators of the thriving capital market-related businesses in the country.
The upcoming G20 summit in India is proving to be a business opportunity for travel companies as many people are choosing to leave the National Capital Region (NCR) during the event. Travel companies like SOTC and MakeMyTrip have seen a rise in business as a result. However, retailers and traders in the NCR are concerned about the closures and potential loss of sales during the summit.
