Courtesy: NSE

Coal India, Grasim Industries, Dr Reddy’s Laboratories, ONGC, and Apollo Hospitals were the top gainers in the Nifty 50. While L&T, Maruti Suzuki, JSW Steel, Nestle India, and Reliance Industries were the key losers in the Nifty 50 on May 03.

Courtesy: NSE

USDINR CMP- 83.40 (spot)

Commenting on the Dollar Rupee outlook Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas said that Indian Rupee gained by 6 paise on Friday on weak US Dollar and a decline in crude oil prices. However, weak domestic markets and FII outflows capped sharp gains. US Dollar declined on strong Yen. Economic data from US was supportive for the Dollar. Weekly unemployment claims, trade balance and factory orders were better than forecast. Yen rose to a three-week high as Japanese authorities intervened in the forex markets to support the falling Yen.

Choudhary also added that We expect Rupee to trade with a slight negative bias on weak domestic markets and selling pressure from foreign investors. However, weak tone and soft US Dollar may support the Rupee at lower levels. Traders may remain cautious ahead of non-farm payrolls report and ISM services PMI data from US today. Encouraging non-farm payrolls may support the Dollar while dismal data may weigh on the greenback. USDINR spot price is expected to trade in a range of Rs 83.20 to Rs 83.60.

Dabur’s stock price saw a 2% increase on Friday following the company’s announcement of strong earnings for the fourth quarter of FY24. Improved sales volume and the positive impact of a price hike contributed to the rise. Dabur shares climbed by 2.51% to reach Rs 537.50 each on the BSE.

The brokerage maintained its ‘Buy’ recommendation for Dabur shares, setting a target price of ₹650 per share. Dabur remains Motilal Oswal’s top choice in the staple sector.

In contrast to its FMCG counterparts, Dabur has consistently experienced stronger growth in rural areas compared to urban markets. Motilal Oswal stated that with an improving volume trend and no negative impact from price reductions on revenue, they anticipate Dabur to continue outperforming in revenue growth in the near future.

Furthermore, the brokerage believes there is potential for operating margin improvement in the medium term, remaining around the ~20% mark, a trend that has been consistent over the past eight to nine years, unlike its peers who have seen expansion in this regard.

The volatility index India VIX is up 11%, indicating towards a instability in the market.

The NSE Nifty 50 was down 164 points or 0.72% at 22,484.65, while the BSE Sensex was down 675 points or 0.90% at 73,936.2.

Courtesy: NSE

Courtesy: BSE

Courtesy: NSE

Bajaj Finance, Bajaj Finserv, Coal India, ONGC, and Tata Consumer Products are the top gainers on NSE Nifty 50 index whereas the top laggards include Bharti Airtel, L&T, Nestle India, Maruti Suzuki India, HDFC Life Insurance.

Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The Nifty closed marginally higher after a volatile trading session. On the hourly chart, it formed a lower peak, indicating a decrease in bullish sentiment. The momentum indicator has crossed into bearish territory, suggesting weak momentum. In the short term, the trend may continue sideways with potential to fluctuate within the range of 22500-22800.

The shares of Coforge hits 10% lower circuit of Rs 4,487.15 on NSE as the IT solutions company announced its intention to purchase a stake of up to 54% in Cigniti Technologies at a price of Rs 1,415 per share. Additionally, it disclosed a substantial 94.86% year-on-year surge in net profit, reaching Rs 229.2 crore for the fourth quarter ending on March 31, 2024. Furthermore, the company’s board approved an interim dividend of Rs 19 per equity share.

Bajaj Finance’s share price surged over 7% to intra-day high of Rs 7400 on NSE in early Friday trading to the following the Reserve Bank of India’s (RBI) decision to lift restrictions on the company’s two products, eCOM and the online digital ‘Insta EMI Card’.

The NSE Nifty 50 opens up by 0.52% at 22,766.35, while the BSE Sensex jumped 0.55% to 75,017.82 in the opening trade.

The NSE has added Aditya Birla Fashion, Biocon and Vodafone Idea in F&O on May 3, 2024.

Titan, Britannia Industries, Adani Green Energy, Godrej Properties, MRF, Mangalore Refinery and Petrochemicals, Carborundum Universal, Inox Wind, Aptus Value Housing Finance, First Source Solutions, Raymond, Go Fashion India, Aarti Drugs, Tatva Chintan Pharma Chemical, and HFCL.

Foreign institutional investors (FII) offloaded shares worth net Rs 964.47 crore, while domestic institutional investors (DII) mopped shares worth net Rs 1,353.44 crore on May 2, 2024, according to the provisional data available on the NSE.

WTI crude prices are currently trading at $79.13, marking a 0.09% increase, while Brent crude prices are at $83.81, showing a 0.06% rise, as of Friday morning.

The US Dollar Index (DXY), gauging the dollar’s value against a basket of six foreign currencies, saw a marginal increase of 0.05%, reaching 105.36 in trading.

Bloomberg reported that the world’s largest technology companies spearheaded a recovery in US stocks, leading up to Apple Inc.’s earnings, while Wall Street braced for Friday’s jobs report. The tech-centric Nasdaq Composite closed up by 130.65 points or 0.84% at 15,736.13. The S&P 500 advanced by 45.51 points or 0.91% to 5,064.20, and the Dow Jones Industrial Average concluded higher by 133.75 points or 0.35% at 38,037.04.