Market Savera - 04/12/2024

Stock Market Updates

Morning Market Comments - HDFC Sec Research

Major U.S. equities benchmarks closed mostly higher Tuesday, with the technology-heavy Nasdaq Composite booking a record high while Big Tech stocks helped buoy the S&P 500.

Big Tech stocks were among the strongest performers. Salesforce Inc.’s latest revenue performance could serve as the latest signal of spending health within the software sector.

Oil futures posted their largest one-day dollar and percentage gains in about two weeks on Tuesday, as some traders bet that the Organization of the Petroleum Exporting Countries and its allies will further delay a partial unwinding of production cuts when they meet Thursday.

Long-dated U.S. government debt sold off , pushing 10- and 30-year Treasury yields slightly higher as investors weighed the risk of a collapse of the French government. Bond-market participants in the U.S. and abroad were zeroing in Tuesday on the possibility that French Prime Minister Michel Barnier’s government could fall and assessing whether this could turn into a sovereign-debt crisis for the country.

Although there were few to no signs of contagion in the broader European bond market, traders, investors and analysts were weighing the extent to which a crisis in France could spill over into other countries.

Asian indices fell in the early trade with South Korea's Kospi falling the most after President Yoon Suk Yeol said he will rescind his martial law decree, giving in to the parliament’s opposition just hours after his dramatic move imposing it.

in corporate news - Aditya Birla Capital company invested Rs 300 crore in its arm Aditya Birla Housing Finance on a rights basis.

RVNL received an order worth Rs 187 crore from East Central Railway.

IEX informed that the total electricity trade volume in November rose 15.7% year-on-year to 9,689 million units.

Nifty rose smartly for the third day in a row and is now on the verge of breaking above the crucial hurdle of 24450-24500 levels, which were previous swing highs. In the process it has formed bullish Higher top Higher bottom formation. The underlying trend of Nifty continues to be positive. A decisive move above 24500 is likely to open the next upside of around 24900 in the near term. The immediate support is at 24300.

Indian markets are likely to open flat to mildly lower in line with other Asian markets on rising uncertainties in Europe.