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Share Market Today | GIFT Nifty Up Amid Profit Taking in US Markets

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Synopsis:

Today’s latest market updates feature TCS's 8.7% profit and 5.4% revenue rise, Vodafone Idea's ₹2,458 crore preferential issue approval, Adani Wilmar's 67% stake acquisition in Omkar Chemical Industries, foreign investors doubling their stake in IREDA in June quarter, plus other global market news.

Latest Market News

  1. Oriental Rail Infra’s subsidiary, Oriental Foundry, secured a ₹432 crore order from Indian Railways to manufacture and supply 1,200 BVCM-C wagons.
  2. TCS reported an 8.7% rise in net profit and a 5.4% increase in revenue, exceeding estimates.
  3. Vodafone Idea received shareholders' approval for a ₹2,458 crore preferential issue to Nokia and Ericsson.
  4. Adani Wilmar acquired a 67% stake in Omkar Chemical Industries (OCIPL).
  5. The US June core CPI rose 3.3% year-over-year, slightly below the estimate of 3.4%.
  6. Foreign investors doubled their stake in IREDA during the June quarter, according to IREDA shareholding data.
  7. Prestige Estate experienced a 22% drop in Q1FY25 sales due to election delays.
  8. The addition of demat accounts crossed 40 lakh for the fourth time in June 2024.
  9. FIIs net sold ₹1,137.01 crore in equities, while DIIs net bought ₹1,676.47 crore.

Today's Earnings Release: HCL Tech

In-Depth Market Insights: Global Outlook, Derivatives & More

US Share Market News

  1. Performance Overview:
    • On Thursday, the Nasdaq Composite and the S&P 500 fell from their record closing levels as markets assessed June's consumer inflation data and awaited the latest financial results from major banks, which are set to be released on Friday.
  2. Economic Indicators:
    • According to the Bureau of Labor Statistics, the US consumer price index fell 0.1% in June after remaining unchanged in May. Analysts had expected a 0.1% increase.
    • Annually, inflation slowed to 3% last month from May's 3.3%, which was cooler than the anticipated 3.1%.
    • On Friday, key economic data to watch includes June’s producer price index results and July’s preliminary consumer sentiment numbers from the University of Michigan.
    • Sector-Specific Movements:
      • The Nasdaq dropped 2% to 18,283.4, and the S&P fell 0.9% to 5,584.5, both retreating after hitting all-time highs on Wednesday.
      • The Dow Jones Industrial Average, however, inched up by 0.1% to 39,753.8.
      • Technology and communication services sectors saw the biggest declines, while real estate led the gainers.
    • Stock-Specific Action:
      • There was significant profit-taking in large names, with Nvidia dropping 5%, Apple falling 2.3%, Tesla plunging 8.4%, Alphabet slipping 2.9%, Amazon decreasing 2.4%, and Meta Platforms shedding 4.1%.
      • Major quarterly results from JPMorgan Chase, Wells Fargo, and Citigroup are expected.

    Other Asset Classes

    1. Treasury Yields:
      • On Thursday, the US two-year yield fell 11.9 basis points to 4.51%, while the 10-year rate dropped 7.4 basis points to 4.20%.
    2. Currency:
      • The dollar index is up 0.14% at 104.52.
    3. Commodities:
      • The prospect of easing monetary policy has helped boost sentiment across the commodities sector.
      • West Texas Intermediate crude oil was up 1.2% to $83.08 a barrel, while Brent crude futures increased by 0.4% to $85.77 a barrel.
      • Gold was nearly flat at $2,411.87 per ounce.

    Asian Markets

    1. Index Performance:
      • Japan's benchmark Nikkei average fell 1.31% to 41,668 on Friday, while the broader TOPIX index was down 1.15% to 2,895.55.
      • Hong Kong's Hang Seng index futures traded higher, up by more than 1.5%.

    India Market Outlook

    1. GIFT Nifty Projection:
      • Gift Nifty suggests a flat opening for the Indian market.
      • The Nifty spot, post the flat opening, is likely to consolidate amid stock-specific action in the range of 24,000-24,500.
    2. Nifty Short-Term Outlook:
      • In yesterday's session, benchmark indices were volatile and ended flat, with Sensex and Nifty both down by 0.03%, closing at 79,897 and 24,316, respectively.
      • There were 1,958 advancing shares, 1,438 declining shares, and 83 unchanged.
      • The index is expected to consolidate with a positive bias and gradually move towards 24,600 levels, maintaining a positive bias if it stays above the previous week's low of 23,990.
      • Immediate supports are at 24,200 and 24,120, with pressure likely below 24,120, potentially pushing the index towards 23,800.
    3. Intraday Levels:
      • Nifty: Intraday resistance is at 24,460, followed by 24,550 levels. Conversely, downside support is located at 24,200, followed by 24,140.
      • Bank Nifty: Intraday resistance is positioned at 52,600, followed by 53,050, while downside support is found at 51,950, followed by 51,800.
      • Fin Nifty: Intraday resistance is positioned at 23,850, followed by 24,050, while downside support is found at 23,450, followed by 23,380.

    Derivative Market Analysis

    1. Nifty:
      • The highest put OI for the index is at 23,500, while the highest call OI is at 25,000, indicating a broad range between these levels.
      • Significant put OI additions at 23,500, 24,000, 24,200, and 24,300 suggest strong support at the lower end.
      • Resistance is identified at 24,400, with support at 24,300.
      • The Nifty put-call ratio has risen by 0.32 to 1.29.
    2. Bank Nifty:
      • For Bank Nifty, the highest call OI addition is at 54,000, and the major put OI addition is at 52,000, defining a broader range.
      • Immediate resistance is seen at 52,500 due to call OI addition.
      • If Bank Nifty surpasses and sustains above 52,500, it may lead to short covering and higher levels.
      • The immediate range for Bank Nifty is between 52,000 and 52,500, with potential directional movement beyond this range.
      • The Bank Nifty put-call ratio increased by 0.10 to 0.89.

    Stay on top of the latest market news with Bajaj Broking’s insights. Our point-to-point expert analysis digs deep into the surface, empowering you with a unique perspective on domestic and global stock market events. Get all the current share market news, including US share market updates in one place and make wise investment decisions.

    Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

    This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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    Frequently Asked Questions

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    The stock market is a platform where investors buy and sell shares of publicly traded companies. It operates through stock exchanges, where supply and demand for securities determine prices.

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    Answer Field

    Government bonds in India serve as a financing tool for public initiatives, provided by the government. Investors buy these bonds, receiving fixed interest payments. They are a reliable option, offering security and predictable returns.

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    Government bonds offer safety and stability, ideal for risk-averse investors. Compared to equities, they provide predictable returns, helping in portfolio diversification. Additionally, they are less volatile, making them suitable for long-term financial planning.

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    Answer Field

    To understand how to buy government bonds in India, investors can participate in Reserve Bank auctions, purchase through brokers, or invest in GILT mutual funds. A Demat account is necessary, followed by transaction completion on selected platforms.

    What are the different types of government bonds available for investment in India?

    Answer Field

    India offers several government bonds, including treasury bills, sovereign gold bonds, and long-term bonds. Each type has distinct tenures and interest rates, catering to different investment needs, from short-term liquidity to long-term stability.

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    Answer Field

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    Answer Field

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    Answer Field

    Interest from government bonds is taxed according to the investor’s income bracket. However, some bonds may offer tax benefits. Understanding these implications helps optimise returns when considering how to invest in government bonds.

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