Share Market Today | GIFT Nifty Positive Amid Global Market Gains

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Today’s latest market updates include Niva Bupa Health Insurance’s IPO at ₹3,000 Cr, DCX Systems' ₹1,250 Cr order from L&T, Patanjali Foods acquiring Patanjali Ayurved's non-food business for ₹1,100 Cr, June GST collections recorded at ₹1.74 lakh crore, plus other global market news.

Latest Market News

  1. Niva Bupa Health Insurance files for a ₹3,000 crore IPO.

  2. DCX Systems secures a ₹1,250 crore order for electronic modules from L&T.

  3. Patanjali Foods will acquire the entire non-food business from Patanjali Ayurved for ₹1,100 crore.

  4. Welspun Specialty Solutions wins a ₹117.17 crore contract to supply seamless stainless steel boiler tubes.

  5. GST collections for June recorded at ₹1.74 lakh crore.

  6. The US June ISM Manufacturing PMI is 48.5, below the estimate of 50.

  7. FIIs net sold ₹426.03 crore while DIIs net bought ₹3,917.43 crore in equities yesterday.

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

US Share Market News

  1. Performance Overview:

    • On Monday, the S&P 500 closed higher, driven by tech stocks as the second half of the year started strong.

    • Investors are now looking ahead to a crucial monthly jobs report due later this week.

  2. Economic Indicators:

    • Anticipation of key payroll data and the minutes of the Fed’s June meeting kept market sentiment cautious, with trading volumes light ahead of the July 4 holiday.

    • Attention is now focused on Federal Reserve Chair Jerome Powell's upcoming address on Tuesday for more insights on interest rates.

  3. Sector-Specific Movements:

    • The S&P 500 rose 0.3% to 5,475.09 points, while the NASDAQ Composite gained 0.8% to 17,876.26 points.

    • The Dow Jones Industrial Average edged up 0.1% to 39,169.52 points.

    • Technology stocks were the biggest boost to indexes, with ongoing bets that artificial intelligence will increase demand in the sector.

  4. Stock-Specific Action:

    • Tesla jumped 6% ahead of its second-quarter deliveries, and NVIDIA Corporation rose 1% after Morgan Stanley upgraded its price target on the AI leader.

Other Asset Classes

  1. Treasury Yields:

    • On Monday, the US Treasury yields increased as investors awaited key economic data and analysed the latest inflation insights. The yield on the 10-year Treasury rose by 12.8 basis points to 4.471%.

  2. Currency:

    • The dollar index remained steady, closing at 105.6.

  3. Commodities:

    • US crude oil futures rose over 2% ahead of the Fourth of July holiday, after gaining 6% last month due to fears of a wider Middle East conflict and rising summer fuel demand. WTI for August delivery increased by 2.26% to $83.38 per barrel.

    • Gold prices edged higher, supported by short covering from investors ahead of the upcoming US jobs data. Spot gold rose 0.2% to $2,329.79 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets fell on Tuesday, despite gains on Wall Street, where the Nasdaq Composite hit a new record thanks to strong tech stocks.

    • Traders in Asia are evaluating South Korea’s inflation numbers, which came in at 2.4% for June, below expectations.

  2. Specific Index Performance:

    • Japan’s Nikkei 225 declined by 0.41%, while the broad-based Topix remained flat. The Japanese yen weakened to a new 38-year low against the dollar, reaching 161.67.

    • South Korea’s Kospi dropped 0.22%, and the small-cap Kosdaq fell 0.39% after the inflation data was released.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty indicates a positive opening for the Indian market, with the nifty spot expected to consolidate with a positive bias in the range of 24,280-24,020.

  2. Nifty Short-Term Outlook:

    • Benchmark indices began the week strong with positive global cues. Nifty closed near the high at 24142, up by 0.55%.

    • The broader market outperformed, with the Nifty Midcap and Small Cap reaching all-time highs, closing 1.0% and 1.5% higher, respectively.

    • The daily chart shows a bull candle within the previous session's range, indicating consolidation with a positive bias.

    • If Nifty sustains above 24174, the rally could extend towards 24600 in the coming week; otherwise, it may consolidate between 23600-24200.

  3. Intraday Levels:

    • Nifty: Intraday resistance is situated at 24,190, followed by 24,280 levels. Conversely, downside support is located at 24,050, followed by 23,960.

    • Bank Nifty: Intraday resistance is positioned at 52,790, followed by 52,950, while downside support is found at 52,310, followed by 52,050.

    • Fin Nifty: Intraday resistance is positioned at 23,730followed by 23,850, while downside support is found at 23,540, followed by 23,430.

Derivative Market Analysis

  1. Nifty:

    • The highest call writing is at 25000, followed by 24500, with immediate resistance at 24300.

    • If Nifty surpasses 24300, it may rally towards 24500 in the coming week.

    • The highest put writing is at 24000, followed by 23500, suggesting profit booking towards 23800 if Nifty drops below 24000.

    • Important resistance is at 24500 and support at 24000, with good OI addition at 24500 and 24700 indicating a limited upside.

    • The Nifty put-call ratio has increased by 0.04 to 1.21.

  2. Bank Nifty:

    • The highest call writing for Bank Nifty is at the 53000 level, followed by 54000, making 53000 a crucial resistance for the coming week.

    • If 53000 is breached, the next resistance is at 53500.

    • The highest put writing is at 52000, followed by 52500, indicating heavy call writing at multiple strikes and suggesting a limited upside for Bank Nifty.

    • The strong straddle at 52500 is a trend-deciding level, with sharp movements expected if the index moves above or below it.

    • The Bank Nifty put-call ratio has increased by 0.20 to 0.91.

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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