DAILY MARKET UPDATE – (10/05/2024)

Indian Stock Market Outlook for May 10

➢ Indian stock market: The domestic equity
INDICES CLOSE CHANGE %
benchmark indices, Sensex and Nifty 50, are
SENSEX 72,404.17 -1.45%
expected to open higher on Friday tracking a positive
NIFTY 50 21,957.50 -1.55%
momentum in the global peers.
➢ Gift Nifty was trading around 22,155 level, a BANKNIFTY 47,487.90 -1.11%

premium of nearly 80 points from the Nifty futures’ S&P 500 5,214.08 +0.51%

previous close. NASDAQ 16,346.26 +0.27%

➢ The Sensex tanked 1,062.22 points, or 1.45%, to end NIKKEI 225 38,311.63 +0.62%
at 72,404.17, while the Nifty 50 settled 345.00
HANG SENG 18,805.76 +1.45%
points, or 1.55%, lower at 21,957.50.

Key Market Developments Overnight

➢ US Stock Market: The US stock market ended higher on Thursday with the Dow Jones Industrial

Average extending gains for the seventh straight daily, after weekly jobless claims data raised hopes

for interest-rate cuts by the US Federal Reserve.

➢ Asian Markets: Asian markets traded higher on Friday tracking overnight gains on Wall Street amid

renewed rate cut hopes.

➢ Indian Stock: On Thursday, the Indian stock market headline indices witnessed fifth straight day of

sell-off and closed sharply lower, with the Nifty 50 slipping below the 22,000 level.

➢ Gift Nifty: Gift Nifty was trading around 22,155 level, a premium of nearly 80 points from the Nifty

futures’ previous close, indicating a gap-up start for the Indian stock market indices.

➢ Oil Prices: Crude oil prices traded higher on the signs of an improving Chinese economy.Brent futures

rose 0.38% to $84.20 a barrel, while US West Texas Intermediate crude grew 0.47% to $79.63.
Stocks to Watch: May 10

➢ Tata Motors: The vehicle manufacturer is set to announce its Q4 results on May 10, with expectations

of strong results due to volume growth, improved performance of its British unit JLR, and favourable

commodity prices. The company's consolidated net profit is projected to rise by 33% to ₹7,084 crore,

and revenue is likely to increase by 15% to ₹1.22 lakh crore. The growth is attributed to expansion in

JLR and positive growth in India's PV and CV divisions. The EBITDA is expected to rise by over 36%

to ₹17,527 crore.

➢ ICICI Lombard General Insurance Company: Bharti Enterprises has sold shares of ICICI Lombard

General Insurance Company for ₹663 crore through open market transactions. The shares were sold at

an average price of ₹1,722.5 apiece, reducing Bharti Enterprises' shareholding to 1.63% from 2.43%.

ICICI Bank purchased a 0.4% stake in ICICI Lombard, increasing its stakeholding to 51.7%.

➢ Tata Steel: The Tata company has raised its stake in the arm of Indian Steel & Wire to 98.61 per cent.

➢ Life Insurance Corp: The life insurer received a GST, interest, and penalty order worth Rs 127 crore,

including Rs 114 crore in interest.

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