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PremiumMarket Close Highlights : European stocks were largely flat in a light trading day with markets in the UK and US closed for holidays.
The Stoxx 600 Index was little changed by 8:25 a.m. in London, with auto and energy stocks faring best, while technology shares were the biggest decliners.
Among individual movers, EFG International AG rallied 4.6%, following a Bloomberg news report after market close Friday that Julius Baer Group Ltd. is exploring a potential acquisition of its rival Swiss private bank. Julius Baer slipped 0.8%.
Europe’s better-than-feared earnings season has provided support for an historic stock rally, but investors’ focus may now shift to a still uncertain macro picture. The advance in equities also slowed as questions over the pace and size of interest rate cuts mounted, as the higher-for-longer narrative settles.
“Given the recent positive economic surprises in Europe and China, we remain positive on European equities, with relatively low positioning in Europe from international investors," said Ulrich Urbahn, head of multi-asset strategy and research at Berenberg.
Meanwhile, investors are keeping a close eye on comments from European Central Bank officials as they assess the prospects for monetary policy after a widely telegraphed start to easing at the next ECB meeting in June.
The time is right for an ECB rate cut next month, said Executive Board member Piero Cipollone. Chief Economist Philip Lane said separately that the central bank will still need to keep policy in restrictive territory through 2024.
Sensex Today Live : The company's net loss widened to ₹1,238.6 crore in Q4FY24, from a loss of ₹549.4 crore in the year ago period. The company’s revenue grew 2.1% to ₹3,063 crore.
Sensex Today Live : The company saw a 41.5% YoY growth in Q4 net profit to ₹564.4 crore and a 4.2% increase in revenue to ₹4,233.4 crore. The board recommended a final dividend of ₹170 per share.
Sensex Today Live : The company reported a 67.6% YoY surge in Q4 net profit to ₹538 crore and an 18% increase in revenue to ₹2,303 crore in Q4. The company’s EBITDA spiked 50.1% to ₹731 crore.
Sensex Today Live : The company reported a 56.4% YoY surge in Q4 net profit to ₹449 crore and a 10.2% increase in revenue to ₹2,745 crore in Q4. The company plans to raise ₹5,000 crore by issuing equity shares and convertible bonds through a qualified institutional placement (QIP).
Sensex Today Live : The company reported a 558.1% YoY spike in profit to ₹258.88 crore and a 114.3% jump in revenue to ₹1,286 crore in Q4.
Sensex Today Live : "As we move into the last week of trade before election results the market is near record highs. Sharp short covering in index futures and huge delivery based buying in frontline stocks like HDFC Bank have contributed to the strength of the market. Even though Nifty is near record highs, Bank Nifty is 2% away from its peak. This indicates the potential of frontline banking stocks to move up further.
Another positive for the market is that the FII selling which weighed on the markets this month has declined sharply and FIIs even turned big buyers on Thursday.
The pharma sector has consistently turned out good results in Q4. This is one of the preferred sectors of institutions and HNIs now.
The election related uncertainty may cause some volatility but is unlikely to cause any major jitters this week. The market is likely to largely discount the results before declaration on June 4th."
--Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Sensex Today Live : Indian benchmark indices opened in the green on Monday, led by positive cues from Asian peers.
At opening bell, Sensex was up 260.68 points, or 0.35%, at 75,671.07 and Nifty was up 84.75 points, or 0.37%, at 23,041.85.
Sensex Today Live : Indian benchmark indices were up at pre-open on Monday, tracking firm sentiment among Asian peers.
Sensex was up 244.93 points, or 0.32%, at 75,655.32 and Nifty was up 81.85 points, or 0.36%, at 22,038.95 during pre-open.
Sensex Today Live : "BankNifty has gained strength with a big bullish candle formation breaching above the crucial 48,300 zone and has opened the gates for next higher targets of 49,600 and 50,700 levels in the coming days. The index needs to maintain above the near-term important support of 47,500 levels for the bias to remain intact. Bankex has almost retraced 0.786% of its recent fall, and further ahead, it would need to breach above the 0.786% retracement level of 56,000 to establish conviction for further steady upward movement. The near-term support would be maintained near the 20 DMA level of the 55,054 zone, which needs to be maintained. BankNifty would have a daily range of 48,600–49,400 levels, with Bankex support at 55,500 and resistance at 56,500 levels."
--Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher
Sensex Today Live : Nifty witnessed a decent gain during the week scaling the all-time high zone and breaching above the 23,000 levels to strengthen the trend and sentiment maintained positive. The index is maintained buoyant with further targets of 23,200 and 23,500 levels expected in the coming days and would have 22,800 as the important near-term support zone which needs to be sustained.
Sensex has made a new high of 75,636.50 and almost reached the upper end of the rising channel pattern. Any pullback towards 75,000 will be a buying opportunity for the next target of 77,100 in the coming days. The support for the day is seen at 75,000/22,800 levels, while the resistance is seen at 76,000/23,200 levels."
--Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher
Sensex Today Live : “Nifty traders should gear up for a week of potential volatility driven by six big catalysts: Exit Poll (June 1st), May F&O expiry (May 30th), US GDP (May 30th), India’s GDP (May 31st), US PCE Inflation (May 31st), and May Auto Sales (June 1st). Despite Wall Street being closed on Monday for Memorial Day, confidence remains high among Nifty buyers, bolstered by investor optimism about the general elections and a drop in oil prices to $77 a barrel. Also, Vodafone Idea’s ₹18,000-crore FPO anchor lock-in period expires on May 27th. Bullish outlooks are noted for stocks like Maruti, GAIL, and Reliance Industries on corrective declines. Recommended stock: GAIL (CMP 205) with targets at 215/221 and aggressive targets at 243. Preferred trades: Nifty (22957) - buy on dips between 22,800-22,850 with targets at 23,100/23,351 and aggressive targets at 23,500-23,750; Bank Nifty (48,972) - buy at CMP with targets at 49,300/50,000 and aggressive targets at 50,500-51,000."
--Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd
Sensex Today Live : NTPC, Cochin Shipyard, Adani Ports, Divi's, Wipro, Nazara Tech, are a few stocks likely to be in focus on Monday, May 27.
Sensex Today Live : Indian stock market indices are anticipated to have a subdued start on Monday, influenced by favorable global indicators. The Gift Nifty trends also suggest a steady commencement for the Indian benchmark index, trading around the 23,025 level, nearly 10 points above the previous close of Nifty futures.
On Friday, the domestic equity benchmark indices concluded with a slight negative bias. The Sensex declined by 7.65 points (0.01%) to close at 75,410.39, while the Nifty 50 fell by 10.55 points (0.05%) to settle at 22,957.10.
The Nifty 50 chart formed a doji candle on the daily timeframe following a significant bull candle the day before. Subash Gangadharan, Senior Technical/Derivative Analyst at HDFC Securities, noted that the Nifty continues to maintain above the 20 and 50-day SMA, indicating a positive trend. The 14-day RSI is at 67.5, rising but not overbought, which is a promising sign. He expects further growth and new lifetime highs in the upcoming sessions leading up to the election results, but also anticipates potential volatility in the following week. (Read the full story here.)
Sensex Today Live : Indian equity indices, Sensex and Nifty 50, are projected to start strong on Monday, buoyed by encouraging global market trends. Asian markets saw gains, and the US stock market ended positively last week following significant economic data releases. The probability of a rate cut at the US Federal Reserve’s September meeting has been adjusted to 49.4%, a decrease from 54.8% the previous week, according to CME’s FedWatch Tool.
On the other hand, the Indian stock market indices concluded Friday’s session relatively flat due to profit booking and unfavorable global cues. The Sensex marginally dropped by 7.65 points (0.01%) to close at 75,410.39, while the Nifty 50 slightly fell by 10.55 points (0.05%) to end at 22,957.10.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, noted that the easing of FII selling and robust domestic macro data have fostered positive market sentiments. He anticipates a slow upward trend in the market with some fluctuations expected next week as the election and earnings seasons draw to a close. (Read the full story here.)
Sensex Today Live : Indian benchmark indices were likely to start on a muted to positive note, driven higher by expectation of a lower consumer inflation reading in the US that could firm up anticipation of an earlier interest rate cut there.
The positive bias for the Indian markets was indicated in the Gift Nifty futures, which was trading at 23,034, ahead of Nifty 50's Friday close of 22,957. Not only that, markets in India, along with its Asian peers, looked on a firm footing on Monday morning.
Asian shares edged higher on Monday as investors braced for a busy week of data which culminates in a key U.S. inflation report that could set the stage for a cut in interest rates there, albeit not for a few months yet.
Holidays in the United States and UK made for thin trading ahead of Friday's figures on core personal consumption expenditures (PCE), the Federal Reserve's preferred measure of inflation. Median forecasts are for a rise of 0.3% in April, keeping the annual pace at 2.8%, with risks on the downside.
"Consumer and producer price data suggest core PCE inflation lost further momentum in April after a strong start to the year. Indeed, we look for the core index to advance 0.22% m/m vs 0.32% in March and an initial 0.25% estimate," said analysts at TD Securities in a note.
"We also look for the headline to rise 0.23% m/m while the super core likely cooled to 0.26%."
Figures for inflation in the euro zone are also due on Friday and an expected tick up to 2.5% should not stop the European Central Bank from easing policy next week.
Policy makers Piero Cipollone and Fabio Panetta both flagged a coming cut over the weekend, while markets imply an 88% chance of an easing to 3.75% on June 6.
The Bank of Canada might also ease next week, while the Fed is seen waiting until September for its first move.
There are at least eight Fed officials due to speak this week, including two appearances by the influential head of the New York Fed John Williams.
The head and deputy head of the Bank of Japan speak later on Monday, along with the ECB's chief economist. The BOJ holds its policy meeting on June 14 and there is some chance it may buck the global trend and hike rates again, albeit to a modest 0.15%.
The prospect of lower borrowing costs across much of the globe has been positive for equities and commodities, though many markets did run into profit taking last week.
MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.1%, having slipped 1.5% last week and away from a two-year peak.
Japan's Nikkei rose 0.3%, ahead of a reading on Tokyo consumer prices later in the week.
S&P 500 futures were flat, while Nasdaq futures dipped 0.1% having hit record highs last week after Nvidia beat expectations.
Indeed, Nvidia alone has accounted for a quarter of the S&P 500's gains so far this year, while the Magnificent 7 tech darlings are up 24% for the year.
In currency markets, attention was again centred on the yen and the risk of Japanese intervention ahead of the 160.00 level. The dollar stood at 156.89 yen, having added 0.9% last week and close to its recent top of 160.245.
Japan renewed its push to counter excessive yen falls during a weekend gathering of Group of Seven (G7) finance leaders, after a recent rise in bond yields to a 12-year high failed to slow the currency's decline.
The euro was steady at $1.0845, and short of its recent top at $1.0895.
Gold was holding at $2,337 an ounce, having recoiled 3.4% last week and off an al-time peak of $2,449.89.
Oil prices were stuck near four-month lows amid concerns about demand as the U.S. driving season gets underway this week. Investors are waiting to see if OPEC will debate new production cuts at an online meeting on June 2, though analysts doubt there will be a consensus for a move.
Brent was up 5 cents at $82.17 a barrel, while U.S. crude rose 9 cents to $77.81 per barrel.
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