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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

    What exactly is the stock market, and how does it work?

    Answer Field

    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

    Investing in the stock market offers the potential for long-term wealth growth, dividend income, portfolio diversification, and ownership stakes in successful companies.

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    Answer Field

    To begin investing in stocks, individuals can open a brokerage account, conduct research on companies and industries, and start building a diversified portfolio aligned with their investment goals and risk tolerance.

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    Answer Field

    Important factors to consider include investment goals, risk tolerance, time horizon, market research, diversification, and staying informed about economic and market trends.

    What are the risks associated with stock market investments?

    Answer Field

    Risks include market volatility, liquidity risk, company-specific risks, and the potential for loss of capital. It's essential for investors to assess their risk tolerance and diversify their portfolios accordingly.

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    Answer Field

    You can stay informed by monitoring financial news websites, market analysis reports, earnings announcements, economic indicators, and utilising real-time market data provided by reliable brokerage platforms.

    What is the difference between long-term investing and trading in the stock market?

    Answer Field

    Long-term investing involves holding stocks for extended periods, typically years or decades, with a focus on capital appreciation and dividend income. Trading involves buying and selling stocks more frequently, often based on short-term price movements.

    How can I mitigate risks in the stock market?

    Answer Field

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    Are there any specific tax implications associated with stock market investments?

    Answer Field

    Yes, tax implications vary depending on factors such as investment duration, type of account (e.g., taxable brokerage account, retirement account), and realised gains or losses from selling stocks.

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    Answer Field

    Yes, many brokerage platforms offer fractional investing or allow investors to purchase partial shares, enabling individuals with limited capital to start investing in the stock market with smaller amounts.

    What are government bonds in India, and how do they work?

    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.

    What are the benefits of investing in government bonds compared to other investment options?

    Answer Field

    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.

    How can I buy government bonds in India, and what are the steps involved in the purchasing process?

    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.

    How do I determine the best government bonds to invest in India based on my financial goals?

    Answer Field

    Choosing the best government bonds to invest in India depends on individual goals. Short-term bonds offer liquidity, while long-term bonds provide stability. Consider factors like maturity, interest rates, and inflation protection for tailored investment decisions.

    What factors should I consider when evaluating government bonds for investment?

    Answer Field

    Key factors include interest rates, inflation trends, and bond maturity. Evaluating these aspects helps in aligning bond choices with financial goals, especially for conservative portfolios. GILT mutual funds diversify risks across multiple government bonds.

    How can I invest in government bonds through the online platform or through a broker?

    Answer Field

    Investors can invest in government bonds via online platforms, brokers, or banks. Online options facilitate participation in auctions and secondary markets, offering a streamlined process for how to invest in government bonds conveniently.

    What are the tax implications of investing in government bonds in India?

    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.

    Are there any risks associated with investing in government bonds in India?

    Answer Field

    Although government bonds are low-risk, they are subject to interest rate fluctuations and inflation, which can impact returns. Understanding these risks is essential when considering how to invest in government bonds effectively.

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