UPWARDS
GIFT Nifty signals a positive start for D-Street. Here's the trading setup for today's session
Domestic markets showed gains driven by positive sentiment on expectations of a discretionary spending rebound. Investors focus on upcoming US job data and Fed Chair's speech for interest rate insights. Nifty futures trade higher with a positive trend intact. Oil prices remain steady near highs, supported by rising fuel demand outlook. FII and DII actions impact rupee's performance.
Aggregate WMA limit of states/UTs revised upward to Rs 60,118 cr: RBI
The limits for financial accommodation extended by the RBI to state governments/ union territories (UTs) through Special Drawing Facility (SDF), WMA, and Overdraft (OD) schemes were last reviewed and announced on April 1, 2022. The RBI further said the SDF availed by state governments/ UTs shall continue to be linked to the quantum of their investments in marketable securities, issued by the government, including auction treasury bills (ATBs).
Stock Radar | Time to buy? UPL has been forming an upward-rising channel: Kkunal V. Parar
“UPL stock has consistently traded above its 200-day moving average, indicating a positive long-term trend. Traders can buy for a target of Rs 596-640 in the next 1-2 months,” Kkunal V. Parar, Vice-President of Technical Research and Algo, Choice Broking, said....
Upward GDP projection and no change in interest rates welcomed by industry and economists
Industry leaders and economists widely accepted RBI's monetary policy stand of no change in interest rates. Besides upward projection of GDP growth for FY25 from 7 per cent to 7.2 per cent is welcomed by the Industry.
F&O Radar | Deploy Debit Spread in Wipro to capture potential up-move
Since April 2024, Wipro's prices have been fluctuating within a wide range of 435 and 468 levels, while also remaining close to its short-term moving averages.On Monday, the share price managed to maintain its position and close above its 10-day exponential moving average, reaching Rs 461, which is in proximity to its broader resistance level at 468.
HUL, Dabur among 25 stocks in JP Morgan’s ‘overweight’ India portfolio after election results
JP Morgan categorized 25 stocks as 'overweight' post the Lok Sabha election results. It recommend positioning for potential spot-up and volatility-down scenarios
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Vodafone Idea shares jump 12% after CARE revises ratings upwards
Vodafone Idea shares experienced a significant surge of 12% intraday, reaching a high of 14.85 on the NSE on Wednesday. This uptick followed an announcement from rating agency CARE Ratings, which upgraded the company's Long Term Bank Facilities from B+ to BB+, with a stable outlook. Additionally, the Short Term Bank Facilities were upgraded from A4 to A4+.
F&O Radar: Deploy Bull Call Spread to capitalise on potential upside in HDFC Bank
HDFC Bank's technical analysis suggests bullish momentum with higher lows and promising candle formations. Analysts anticipate a breakthrough above resistance at Rs 1525, targeting Rs 1560. Option strategies like Bull Call Spread are recommended for potential upside gains.
F&O Radar: Use bull call spread to capitalize on potential upmove in TVS Motor
TVS Motors closed near resistance at Rs 2,191, poised for an upmove. Analyst Deven Mehata recommends a bull call spread strategy to capitalize on potential gains with a focus on highest put writing, ATM, and OTM option.
UN raises India's 2024 growth forecast to 6.9%
The revision by the UN follows similar moves by other multilateral agencies following India's strong economic performance last fiscal.
UN revises India's 2024 growth forecast to 6.9%
“India’s economy is forecast to expand by 6.9 per cent in 2024 and 6.6 per cent in 2025,29 mainly driven by strong public investment and resilient private consumption,” the UN Department of Economic and Social Affairs said.
UN upgrades India's 2024 growth forecast to 6.9% from 6.2%
The World Economic Situation and Prospects as of mid-2024, released Thursday, said, "India's economy is forecast to expand by 6.9 per cent in 2024 and 6.6 per cent in 2025, mainly driven by strong public investment and resilient private consumption. Although subdued external demand will continue to weigh on merchandise export growth, pharmaceuticals and chemicals exports are expected to expand strongly."
Upward trajectory of India-US ties not impacted at all: EAM Jaishankar on Pannun case
The upward trajectory of India-US relations has not been impacted at all by allegations of an Indian link to a foiled assassination plot, External Affairs Minister S Jaishankar has said. In November, the US charged an Indian national of conspiring to murder Sikh separatist Gurpatwant Singh Pannun in New York.
OECD revises India's FY25 growth forecast upward to 6.6%
OECD revised India’s FY25 growth forecast to 6.6%, citing strong investment and business confidence. Public sector investment will be crucial, with inflation expected to decrease, leading to rate cuts. Emphasis on fiscal deficit, agricultural reforms, and global growth.
Indian economy on upward trajectory: NCAER's cites favorable above-normal monsoon forecast
The NCAER's April 2024 Monthly Economic Review (MER) highlights the Indian economy's robust performance, citing a 16-year high in the PMI for manufacturing and record UPI transactions. With positive global forecasts and decreasing inflation, the economy looks poised for growth, though online hiring activity shows a slight moderation.
Auto ancillary companies on an upward trend: 5 stocks with up to 17% one-year upside potential
Strong volume growth in automobiles, premiumisation, export opportunities and operating leverage benefits will drive the performance of auto ancillary stocks.
Metal stocks may be at the start of a short-term upward cycle: Kunal Shah, LKP Securities
“Nifty is currently consolidating at higher levels, caught within a broad trading range. Key support lies in the 22,300 to 22,500 zone, with resistance at 22,800,” says Kunal Shah.
Oil prices extend upward momentum on expectations of tighter supply
Russia told its oil companies to reduce output to meet an Organization of Petroleum Exporting Countries (OPEC) target of 9 million barrels per day (bpd). In late February, Russia had been producing about 9.5 million barrels per day.
S&P Global Market Intelligence revises India’s FY25 growth upwards to 6.8%
The government expects the economy to grow 7.6% in FY24. India’s growth numbers released last month showed that the economy expanded 8.2% in the year's first three quarters.
Industry body ISMA revises 2023-24 sugar production estimate upwards by 2.9%
According to the data provided by Maharashtra government, the state’ sugar production as on March 12 stood at 9.9 million tonnes against 10.15 million tonnes produced on the same day of previous year; down by 2.42%. “The sugarcane availability in Maharashtra and Karnataka is higher than what was expected earlier. However, cane availability in another major state Uttar Pradesh is predicted to be lower than earlier estimates,” said ISMA in a statement.
Upbeat on demand, car cos revise forecast upwards again
India's car industry has revised its growth projections for the fiscal year to over 8%, nearly twice the rate projected at the start of the year. Passenger vehicle sales in the local market are expected to grow by 8.1-8.2% to 4.23 million units in FY24, driven by better-than-expected economic growth, favorable monsoons despite El Nino conditions, and effective monetary policies that helped rein in high inflation without affecting domestic consumption.
Rupee's upward momentum runs into Fed, dollar buying by oil companies
The Indian rupee struggled to build on its upward momentum on Friday, on dollar demand from oil companies and other importers, and the Federal Reserve's wariness over cutting interest rates early.
Demand for AI takes Microsoft, Google revenues on upward trajectory
Microsoft and Google delivered solid corporate earnings on Tuesday as the tech giants said demand for artificial intelligence services stoked revenue. Google trails Microsoft and Amazon's AWS, which are the world's top providers of cloud computing services.
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