 "stock markets, Nifty50")
Pre-market commentary for April 30, Tuesday: Following Monday’s solid gains, the BSE Sensex and NSE Nifty will be keen to extend the rally and notch-up new record highs soon. Yesterday, the Sensex surged 940 points, and is now 453 points shy from its all-time high. Similarly, the Nifty is 132 points from its summit.
At 07:00 AM, Gift Nifty futures quoted at 22,787 indicating a mildly positive start for the Nifty 50 index.
Technical outlook on the Nifty, Sensex & Bank Nifty
Vaishali Parekh, vice-president - technical research at Prabhudas Lilladher expects Nifty to retest its previous peak at 22,775. The analyst expects the Nifty to scale 23,200 and 23,700 levels on the upside in the coming trading sessions.
The bias is expected to remain positive as long as the Nifty holds the key support at 22,200 levels, said Vaishali in a note.
On Tuesday, the Sensex and the Nifty may seek support at 74,200 and 22,500, respectively, while resistance can be expected around 75,300 and 22,800. The Bank Nifty may trade in the 49,000 – 50,000 range, the analyst added.
Global cues
The US market has started the action-packed week on a positive note. Apart from the US Fed rate decision on Wednesday, investors will keep track of mega earnings and key economic data this week. On the economic front, the manufacturing, job openings and non-farm payrolls numbers are the key events.
Overnight, Dow Jones, Nasdaq and the S&P 500 indices gained 0.3 – 0.4 per cent. Japan’s yen jumped as much as 5 yen from the 34-year lows amid speculation of Japanese bank’s intervention, a first in 18 months.
The US 10-year bond yields were off the recent highs, but still quoted at elevated levels around 4.612 per cent.
In Asia this morning, Nikkei rallied 1.3 per cent and Kospi was up 0.6 per cent. Straits Times and Taiwan were marginally in red.
Domestic triggers
Back home, apart from the global cues and ongoing Q4 earnings, investors will take note of infrastructure output for March. Economists at Trading Economics have forecasted a higher growth of 7.9 per cent as against 6.7 per cent in the year ago period.
Among stocks –Adani group shares will be in focus as the companies unveil March quarter performance this week. Shares of UltraTech Cement, Tata Chemicals and Trent will also be in focus as they react to Q4 earnings today.
On Tuesday Adani Energy Solutions, Adani Total Gas, Castrol India, Central Bank of India, Cholamandalam Investment, Dwarikesh Sugar, Exide Industries, Fino Payments Bank, Five Star Business Finance, Geojit Financial Services, Havells India, IFCI, Indiamart Intermesh, Indus Towers, Indian Oil, Jindal Hotels, Vedant Fashions, Procter & Gamble, REC, RPG Life Sciences, Star Health and Allied Insurance Company and Symphony to announce Q4 results today.
Further, Adani Power, Ambuja Cements and Adani Wilmar will be announcing their earnings on Wednesday, May 01.
Equity market in India will be shut for trading tomorrow, Wednesday, on account of Maharashtra Day holiday.
New Listings
JNK India to list on the bourses today. JNK India IPO had received a strong investor response, with issue subscribed up to 28.13 times. Grey Market Premium (GMP) suggests a listing gain of around 25-30 per cent for the stock.
Three SMEs to debut today – Varyaa Creations, Shivam Chemicals and Emmforce Autotech.
Primary Market Update
Three IPOs in the BSE SME (Small & Medium Enterprises) segment will open for subscription on Tuesday.
Amkay Products to raise Rs 12.61 crore through issue of 22.92 lakh equity shares in the price band of Rs 52 - 55. The company deals in healthcare products including medical devices and disposables etc.
Storage Technologies & Automation provides storage facilities by way of automated warehouses and installation of metal storage racks among other solutions. The company is offering 38.40 lakh shares in the price band of Rs 73 - 78 per share, with an aim to raise up to Rs 29.95 crore.
Sai Swami Metals & Alloys is a fixed price issue worth Rs 15 crore. The company has put for sale 25 lakh equity shares at Rs 60 each. The company deals in a wide range of stainless steel products which includes a variety of kitchenware such as dinner sets, kadai, water bottles, casseroles and other utensils.
Subscription for all the three IPOs shall close on Friday, May 03.
