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Share Market Today | GIFT Nifty Positive Amid Strong Global Cues

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Synopsis:

Today’s latest market updates feature India’s fiscal deficit for April-June falls from ₹4.51 to ₹1.36 lakh crore YoY, IDBI Bank privatisation gets RBI approval, reduction in windfall tax on crude from ₹7,000 to ₹4,600 per tonne, Phoenix Mills’s 1:1 bonus issue, plus other global market news.

Latest Market News

  1. The fiscal deficit for April-June stands at ₹1.36 lakh crore, down from ₹4.51 lakh crore year-on-year.
  2. IDBI Bank's privatisation moves forward with RBI's 'fit and proper' approval.
  3. Federal Reserve Chair Jerome Powell hints that a rate cut in September could be possible.
  4. The windfall tax on crude has been reduced to ₹4,600 per tonne from ₹7,000 per tonne, effective August 1, while the tax on diesel, petrol, and ATF exports remains at zero.
  5. The government is considering proposals to offer indexation benefits for real estate transactions, according to sources.
  6. The Directorate General of GST Intelligence (DGGI) claims Infosys has evaded ₹32,403.46 crore in GST.
  7. Phoenix Mills will issue one bonus share for every share held.
  8. Bharat Forge's subsidiary, Kalyani Strategic Systems Limited, receives a defence manufacturing licence from DPIIT for its Jejuri unit.
  9. FIIs net sold ₹3,462.36 crore in equities yesterday, while DIIs net bought ₹3,366.51 crore.

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

US Share Market News

  1. Performance Overview:
    • On Wednesday, the US stocks closed higher, boosted by gains in the Technology, Telecoms, and Basic Materials sectors.
  2. Sector-Specific Movements:
    • At the close of trading on the NYSE, the Dow Jones Industrial Average was up 0.24%, the S&P 500 gained 1.58%, and the NASDAQ Composite rose by 2.63%.
    • Technology stocks surged in aftermarket trading following positive earnings from Meta Platforms Inc., which rose nearly 7% after reporting stronger-than-expected second-quarter earnings and a robust outlook.
  3. Corporate Earnings:
    • Major tech companies Apple Inc. and Amazon.com Inc. are set to report earnings on Thursday.
  4. Economic Indicators:
    • The US Federal Reserve has kept its key interest rate unchanged for the eighth time in a row, maintaining its wait-and-see approach as it expects inflation to decline. However, a rate cut is still possible at the next meeting in September.
    • The Federal Open Market Committee unanimously decided to hold its key interest rate at 5.25–5.5% in July, according to a Wednesday statement.
    • All eyes are now on the upcoming nonfarm payroll data due on Friday for more insights into the labour market. Lower rates could increase liquidity in stock markets, which would be favourable for valuations.

Other Asset Classes

  1. Treasury Yields:
    • On Wednesday, the US Treasury yields fell. The yield on the 10-year Treasury dropped nearly 5 basis points to 4.092%, while the 2-year Treasury yield decreased by 4 basis points to 4.315%.
  2. Currency:
    • The dollar continued to decline on Wednesday after the Federal Reserve held interest rates steady but hinted at possible rate cuts in September. The dollar index fell to 103.92 and was last down 0.34% at 104.09.
  3. Commodities:
    • US crude oil futures jumped 4% on Wednesday amid renewed fears in the Middle East. West Texas Intermediate also gained from declining US oil and gas stockpiles, indicating strong demand.
    • Gold prices extended their gains on Wednesday, with spot gold up 1.2% at $2,437.39 per ounce, marking its biggest monthly rise since March with a gain of over 4%.

Asian Markets

  1. General Trends:
    • Asia-Pacific markets mostly rose on Thursday after US Federal Reserve Chair Jerome Powell indicated a potential rate cut in September if inflation data remains positive.
    • On Wednesday, the Bank of Japan raised its benchmark interest rate to 'around 0.25%,' the highest level since 2008.
  2. Specific Index Performance:
    • Japan’s Nikkei 225 fell 2.34%, and the broad-based Topix lost 2.48% in morning trade.
    • Australia’s benchmark index reached new all-time highs, gaining 0.47%.
    • South Korea’s Kospi climbed 0.42%, while the small-cap Kosdaq rose 1.38% in morning trade.

India Market Outlook

  1. GIFT Nifty Projection:
    • Gift Nifty indicates a positive opening for the Indian market amid strong global cues.
    • After a firm opening, Nifty is likely to consolidate with a positive bias in the range of 25,100-24,870 amid stock-specific action.
  2. Market in Previous Session:
    • Benchmark indices closed positively ahead of the Federal Reserve interest rate outcome.
    • Nifty started flat and gained momentum, closing at 24,951, up by 0.4%.
    • Bank Nifty consolidated in a narrow range and closed at 51,553, up by 0.1%.
    • Major gainers were Metal, Media, and Pharma stocks.
  3. Nifty Short-Term Outlook:
    • The index is expected to maintain a positive bias and move towards 25,100-25,200, which is the 138.2% external retracement of the recent breather (24,854-24,074).
    • Support is at 24,400, the confluence of the last Friday’s low and the 20-day EMA.
  4. Intraday Levels:
    • Nifty: Intraday resistance is at 25,050, followed by 25,140 levels. Conversely, downside support is located at 24,910, followed by 24,830.
    • Bank Nifty: Intraday resistance is positioned at 51,860, followed by 52,170, while downside support is found at 51,350, followed by 51,100.
    • Fin Nifty: Intraday resistance is positioned at 23,540, followed by 23,650, while downside support is found at 23,350, followed by 23,240.

Derivative Market Analysis

  1. Nifty:
    • The highest put OI is at 24,500, followed by 24,000, while the highest call OI is at 25,500, followed by 25,200.
    • Significant put OI addition is noted at 24,500, 24,800, and 24,900 levels, with call unwinding at these strikes indicating positive sentiment.
    • Immediate support is at 24,800, and resistance is at 25,200.
    • The Nifty put-call ratio increased by 0.05 to 1.28.
  2. Bank Nifty:
    • The highest put and call OI concentration is at 51,500, indicating a straddle formation.
    • The second highest put OI is at 51,000, and the call OI is at 52,000.
    • Both call and put OI additions were seen at 51,500, suggesting strong resistance at higher levels.
    • If the index stays above 51,500, it could rally to 52,000, otherwise, it might drop to 51,000.
    • Immediate support is at 51,000, and resistance is at 52,000.
    • The Bank Nifty put-call ratio increased by 0.13 to 0.90.

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

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

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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?

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

Answer Field

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Can I invest in the stock market with a small amount of capital?

Answer Field

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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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