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Share Market Today | GIFT Nifty Negative After Wall Street Sell-off

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Synopsis:

Today’s latest market updates feature 10.3% YoY rise in GST July collections of ₹1.82 lakh crore, Netweb Technologies shareholders plan to sell 20.54 lakh shares at ₹2,180/share, Morepen Labs’ QIP to raise up to ₹200 Cr at ₹54.37/share, plus other global market news.

Latest Market News

  1. Gross GST collections for July rose 10.3% year-on-year to ₹1.82 lakh crore.

  2. Brent Crude traded near $80 per barrel after a 1.6% drop on Thursday, with West Texas Intermediate below $77.

  3. Netweb Technologies shareholders Sanjay Lodha, Navin Lodha, Vivek Lodha, and Niraj Lodha are set to sell 20.54 lakh shares via block deals at a floor price of ₹2,180 per share.

  4. Morepen Labs launched a Qualified Institutional Placement (QIP) to raise up to ₹200 crore, with an indicative price of ₹54.37 per share, a 9.2% discount to the current market price.

  5. US initial jobless claims rose to a one-year high of 2.49 lakh for the week ended July 27, up from 2.35 lakh the previous week.

  6. FIIs net bought ₹2,089.28 crore in equities while DIIs net sold ₹337.03 crore yesterday.

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

US Share Market News

  1. Performance Overview:

    • The S&P 500 faced significant pressure on Thursday as softer economic data rekindled fears of a recession.

  2. Sector-Specific Movements:

    • The Dow Jones Industrial Average dropped 669 points, or 1.6%.

    • The S&P 500 fell 2.8%, and the NASDAQ Composite also declined 2.8%.

    • Technology stocks followed the broader market down, despite Meta Platforms surging nearly 5% after reporting better-than-expected second-quarter earnings and positive guidance.

  3. Corporate Earnings:

  • Apple Inc.'s positive earnings had little impact on sentiment.

  • Other Wall Street giants like Amazon.com Inc. and Intel Corporation reported disappointing quarterly results.

  1. Economic Indicators:

    • Initial jobless claims rose to 249,000 for the week ending July 27, higher than expected. The ISM manufacturing index for July was 46.8, below the forecasted 48.2.

  2. Attention is now on the upcoming nonfarm payroll data, which will provide more insights into the labour market amid growing concerns about a US economic slowdown.

Other Asset Classes

  1. Treasury Yields:

    • On Thursday, Treasury yields fell as investors absorbed comments from Federal Reserve Chair Jerome Powell, who hinted at a potential rate cut in September, along with a rise in US jobless claims. The benchmark 10-year Treasury yield dropped to 3.981%, its lowest level since February 2.

  2. Currency:

    • The US Dollar Index Futures rose by 0.32% to 104.19.

  3. Commodities:

    • Oil prices increased on Friday but were set for a fourth consecutive weekly decline due to disappointing global fuel demand growth outweighing fears of supply disruptions in the Middle East. Brent crude futures gained 0.4% to $79.85 a barrel after a 1.5% drop in the previous session.

    • Gold prices edged down on Thursday following an increase in the US dollar. Earlier in the session, bullion had hit a two-week high on expectations of September interest rate cuts and safe-haven demand. The focus has now shifted to US non-farm payrolls data due on Friday. Spot gold fell about 0.4% to $2,438.32 per ounce.

Asian Markets

  1. General Trends:

    • With most Asia-Pacific markets down after a sell-off on Wall Street overnight, Japan’s Nikkei 225 plunged almost 5% on Friday.

  2. Specific Index Performance:

    • The Nikkei continued its 2.62% drop from Thursday, leading losses in the region and hitting its lowest level since February. The Topix also fell more than 5%.

    • South Korea’s Kospi tumbled 2.6%, while the small-cap Kosdaq dropped 2.56%.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty indicates a gap-down opening for the Indian market amid weak global cues.

    • After a negative start, Nifty is likely to consolidate in the range of 25,750-25,950.

  2. Market in Previous Session:

    • Benchmark indices traded positively, closing higher for the fifth straight session.

    • Nifty started strong, hitting a new all-time high of 25078 but closed at 25010, up 0.24% due to profit booking.

    • Bank Nifty remained flat at 51564, consolidating for the second session.

    • The broader market saw profit booking, with Nifty midcap and small-cap indices down 0.8% and 0.9%, respectively.

  3. Nifty Short-Term Outlook:

    • In the previous session, Nifty nearly reached the target range of 25100-25200.

    • It is expected to consolidate between 25200 and 24700 amid stock-specific movements during the quarterly earnings season.

    • Short-term support is at 24400, aligning with the previous Friday's low and the 20-day EMA.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 25,015, followed by 25,080 levels. Conversely, downside support is located at 24,770, followed by 24,700.

    • Bank Nifty: Intraday resistance is positioned at 51,570, followed by 51,750, while downside support is found at 50,830, followed by 50,500.

    • Fin Nifty: Intraday resistance is positioned at 23,440, followed by 23,530, while downside support is found at 23,210, followed by 23,100.

Derivative Market Analysis

  1. Nifty:

    • The highest OI for put options is at the 25000 level, followed by 24500, while the highest call OI is at 26000, followed by 25000. A strong straddle formation at 25000 suggests it is a key level.

    • Significant put OI addition is seen at 25000, with call OI additions at 25000, 25500, and 26000. This indicates immediate support at 25000 and resistance at 25500.

    • If the index falls below 25000, it could drop to 24500, but sustaining above 25000 may lead it to 25500.

    • The Nifty put-call ratio increased slightly to 1.29.

  2. Bank Nifty:

    • The highest put OI concentration is at 50000, with the highest call OI at 52000.

    • The second highest put OI is at 51500, and the call OI is at 53000.

    • Significant put OI addition is at 50000, and call OI additions are at 52000 and 53000, indicating strong resistance for Bank Nifty above 51500.

    • Immediate support is at 51000, with important resistance at 52000.

    • The Bank Nifty put-call ratio decreased to 0.71, down by 0.19.

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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Answer Field

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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

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.

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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.

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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