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Share Market Today | GIFT Nifty Flat Amid Mixed Signals From Asia

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Synopsis:

Today’s latest market updates feature a rise in windfall tax on crude oil from ₹6,000 to ₹7,000 per tonne, Vedanta’s ₹6,688 Cr QIP at ₹440 per share, Century Textiles’ Birla Estates acquire five-acre land in Gurugram to generate over ₹1,400 Cr revenue, plus other global market news.

Latest Market News

  1. Vedanta has launched a QIP to raise up to ₹6,688 crore, with an indicative price likely at ₹440 per share, a 4.2% discount to Monday's closing price.

  2. HUL announced that its board has approved selling and divesting its water purification business to A. O. Smith for ₹601 crore.

  3. Birla Estates, part of Century Textile, acquired a prime five-acre land parcel in Gurugram, expected to generate over ₹1,400 crore in revenue.

  4. The US FDA issued five observations for Unichem Labs’ Goa formulation facility after inspecting it from July 8-15.

  5. The windfall tax on crude oil increases to ₹7,000 per tonne from ₹6,000 per tonne starting July 16, 2024, while the windfall tax on the export of diesel, petrol, and ATF remains at nil.

  6. FIIs were net buyers of ₹2,684.78 crore in equities yesterday, while DIIs were net sellers of ₹331 crore.

Additional Read: Share Market News

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

US Share Market News

  1. Performance Overview:

    • On Monday, the US stocks rose, led by gains in the Oil & Gas, Financials, and Industrials sectors, which pushed major indices higher.

  2. Economic Indicators:

    • Federal Reserve Chairman Jerome Powell announced on Monday that recent inflation data has strengthened the Fed's confidence in reducing inflation, hinting at upcoming rate cuts.

    • The Fed does not plan to wait until inflation hits the 2% target to cut rates, acknowledging that recent data shows progress in the fight against inflation.

    • Traders will also be watching for June’s retail sales, export and import prices, and May’s business inventories.

  3. Stock-Specific Action:

    • Goldman Sachs surged more than 2% after reporting second-quarter profits that more than doubled, thanks to higher fees from debt underwriting and a strong performance in its fixed-income trading division.

  4. Corporate Earnings:

    • Bank of America, Morgan Stanley, and UnitedHealth are scheduled to report earnings on Tuesday before the market opens.

Other Asset Classes

  1. Treasury Yields:

    • The yield on the 10-year Treasury increased by about 4 basis points to 4.23%, while the 2-year Treasury yield decreased by approximately 1 basis point to 4.45%.

    • Yields fluctuated as investors considered the implications of the attempted assassination of former US President Donald Trump.

  2. Currency:

    • The US dollar index rose by about 0.1%, standing at 104.23 against a basket of currencies.

  3. Commodities:

    • Oil prices fell for the second consecutive day on Monday, as the dollar strengthened amid US political uncertainty. Brent crude futures dropped 14 cents, or 0.16%, to $84.70 a barrel, while US WTI crude fell 25 cents, or 0.3%, to $81.96 a barrel.

    • Gold prices edged higher on Monday, nearing a more than one-month high reached last week. This rise was fueled by hopes of interest rate cuts from the Federal Reserve. Spot gold increased by nearly 0.5%, reaching $2,422.79 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets opened mixed on Tuesday as traders reacted to Federal Reserve Chair Jerome Powell’s comments that the central bank won’t wait for inflation to hit 2% before cutting interest rates.

    • Investors are keeping an eye on developments from China’s Third Plenum, focusing on high local government debt levels and a push for advanced manufacturing.

  2. Specific Index Performance:

    • The Nikkei 225 gained 0.75%, and the Topix rose by 0.88%.

    • South Korea’s Kospi saw a slight increase, while the Kosdaq fell by 1.4%.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a flat opening for the Indian market amid mixed signals from Asia.

    • The Nifty is expected to consolidate within the range of 24,500-24,680, with stock-specific action.

  2. Nifty Short-Term Outlook:

    • Benchmark indices hit a fresh all-time high with Nifty closing at 24,586, up 0.35%, and Bank Nifty closing at 52,455, up 0.34%.

    • The broader market outperformed, with Nifty Midcap up 0.9% and Small Cap up 0.6%.

    • Sectors like PSU Bank, Pharma, Oil & Gas, and Realty outperformed.

    • As we enter the Q1FY25 earnings season and approach the Union Budget 2024, stock-specific action will be in focus.

    • If Nifty sustains above 24,600-24,700, it could rise towards 25,000 next week; otherwise, it may consolidate between 24,700-24,140.

  3. Intraday Levels:

    • Nifty: Intraday resistance is at 24,640, followed by 24,700 levels. Conversely, downside support is located at 24,520, followed by 24,450.

    • Bank Nifty: Intraday resistance is positioned at 52,690, followed by 52,900, while downside support is found at 52,150, followed by 51,900.

    • Fin Nifty: Intraday resistance is positioned at 23,780, followed by 23,890, while downside support is found at 23,590, followed by 23,500.

Derivative Market Analysis

  1. Nifty:

    • The highest OI for puts is at the 24,500 level, and for calls, it is at the 25,000 level, setting a broader range for the index.

    • Significant put OI was added at 24,500 and 24,600, indicating a strong support base.

    • If the index falls below these levels, it may correct to 24,300 and 24,400.

    • Put writers are active below 24,500, while call writers are active above 24,600. Breaching these levels could trigger a strong rally.

    • The Nifty put-call ratio increased by 0.05 to 1.33.

  2. Bank Nifty:

    • The highest call OI for Bank Nifty is at 54,000, and the highest put OI is at 52,000, setting its broader range.

    • Significant put OI was added below 52,500, and call OI was added at 53,500.

    • Put writers are active below 52,500, and there is a call unwinding, which is positive for the index.

    • Immediate support is at 52,500, with resistance at 53,000.

    • The Bank Nifty put-call ratio decreased by 0.27 to 1.13.

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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