Market Bizzz

HDFC Bank’s technical analysis suggests bullish momentum with higher lows and promising candle formations. Analysts anticipate a breakthrough above resistance at Rs 1525, targeting Rs 1560. Option strategies like Bull Call Spread are recommended for potential upside gains.

Gold edged up near a two-week low as investors reduced expectations of a U.S. interest rate cut post the Federal Reserve’s meeting, indicating a likely delay in monetary policy easing.

April’s preliminary US economic data shows unexpected strength in durable goods orders, rising 0.70% against a predicted -0.80% decline. Even excluding transportation, the sector grew 0.4%, surpassing the 0.20% forecast. Consumer sentiment, measured by the University of Michigan, also improved to 69.10 from 67.70. However, inflation expectations for the next year and five to ten years fell slightly below predictions, at 3.30% and 3.00%, respectively.

Central banks’ pivotal role in driving the ongoing bull run in gold prices is dissected, highlighting the connection between central bank actions and the surge in gold prices. With mounting concerns over rising inflationary pressures, central banks view gold as a reliable hedge against currency depreciation and inflation.

The trend started in April when FPIs offloaded shares worth Rs 8,671 crore though domestic institutional investors showed keenness on remaining buyers. On Friday, FIIs were net sellers of Indian equities at Rs 944.83 crore versus Rs 2,320.32 buying by the DIIs.

Workday shares dropped on Friday due to a lowered annual subscription revenue forecast amidst economic uncertainty and slower hiring impacting demand for payroll services.

Rushil Decor announced a stock split in the ratio 1:10 to enhance liquidity and make shares more affordable for retail investors. The process is expected to be completed in 2 to 3 months from the date of approval of the shareholders.

Hindalco Industries likely to report muted revenues in Q4FY24 despite higher profitability. Novelis expected to see improved earnings. Investors await management guidance on domestic aluminum demand and hedging position.