Stock market today: gap-up start for D-Street! Sensex gains 400 points at 75K, Nifty hits new all-time high at 22,794

On May 3, 2024By Vaseline

Updated May 3, 2024 10:15 IST

Indian equity benchmarks BSE Sensex and Nifty50 indices opened in the green on Friday, a gap-up start for D-Street.

Stock market today (image source: iStock)

Fair today: Benchmarks for Indian equities BSE Sensex and Useful50 indices opened in the green on Friday, a gap-up start for D-Street. The BSE Sensex opened 400 points or 0.53 percent higher at 75,009. While the NSE Nifty50 was above 22,760, it was up 0.52 percent or 118 points at 9:18 am. Later in early trades, Nifty hit a new high at 22,794 after adding nearly 140 points.

Morning outlook for May 3, 2024

“Benchmark indices Sensex and Nifty are likely to open strong on May 3 as trends in the GIFT Nifty point to a positive start for the broader index with a gain of 104.50 points.

After a gap-up opening, nifty may find support at 22,650, followed by 22,600 and 22,550. On the higher side, 22,800 could form immediate resistance, followed by 22,850 and 22,900.

The charts of Bank Nifty indicate that it may get support at 49,200, followed by 49,050 and 49,000. If the index rises, 49,500 would be the initial key resistance, followed by 49,600 and 49,900.

Foreign institutional investors (FIIs) sold a net Rs 964.47 crore of shares, while domestic institutional investors (DIIs) pumped in Rs 1,352.44 crore on May 2, provisional data from the NSE showed.

INDIAVIX was positive by 4.47 percent and is currently trading at 13.4450.

Indian markets are all set to head towards new all-time highs on Nifty. If Nifty manages to close above 22750, we may witness a new high near 23000 in the coming week. Traders are advised to place a stop loss on their long position at 22600 at the close,” said Deven Mehata, senior derivatives analyst at Choice Broking.

Asian markets are on the rise, with stocks in Australia and South Korea rising alongside Hong Kong futures. However, markets in Japan and mainland China are closed today for public holidays. In the US, stocks posted gains as investors weighed the Federal Reserve’s dovish interest rate guidance against mixed earnings and economic data.

The yen is on track for its best week in over a year, supported by likely intervention from Tokyo to prevent the Japanese currency from hitting a 34-year low. Meanwhile, the dollar weakened against most major currencies, marking its worst week in almost two months.

Oil prices rose slightly, in line with expectations that OPEC+ would maintain production cuts. However, crude oil benchmarks have been set for weekly losses due to uncertainty in the US economy and limited disruptions in crude oil supply due to the conflict between Israel and Hamas.

In the financial markets, Vodafone Idea, Biocon and ABFRL are currently under the F&O ban. The rupee closed 3 paise lower at 83.46 against the US dollar on Thursday. Moreover, FIIs’ net long position rose to Rs 25,615 crore on Thursday from Rs 16,426 crore on Tuesday. On the corporate front, Titan, Adani Green, Britannia, MRF, Tata Tech, Godrej Properties and others will announce their fourth quarter earnings today.