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Stock Market Today | GIFT Nifty Steady as Asian Markets Show Gains Today

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Synopsis:

Global stocks edged higher. Dow rose by 0.55%. S&P 500 gained 1.01%, and the Nasdaq increased 1.13%. Treasury yields and crude prices fluctuated. Stay updated with key data points and market trends for informed investment decisions.

Latest Market News

1. India grants Navratna status to SJVN, NHPC, RailTel and Solar Energy Corporation of India

2. SEBI tightens eligibility criteria for stocks to enter the F&O segment

3. ⁠GPTInfra declared the lowest bidder for a project worth Rs 204 cr from South East Railways Kolkata

4. ⁠NBCC board approves 1:2 bonus issue, fixes October 7 as record date

5. ⁠MOIL cuts prices of Ferro-Grade Manganese Ores with Manganese content of Mn-44% and above by 20%

6. ⁠India's GST collections rise 10% to ₹1.75 lakh crore in August

7. ⁠FIIs net buy ₹5,318.14 cr while DIIs net sell ₹3,198.07 cr in equities yesterday

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

US Share Market News

  1. Performance Overview:

    • Global stocks edged higher in choppy trading on Friday, making it the fourth consecutive month of gains despite a bout of heavy selling in early August.

    • The U.S. personal consumption expenditures (PCE) price index - which is the Federal Reserve's preferred inflation measure - rose 0.2% in July, according to Commerce Department data released on Friday.

  2. Sector-Specific Movements:

    • The Dow Jones Industrial Average ended 0.55% higher to 41,563.08, reaching the second consecutive record high close. 

    • Benchmark S&P 500 gained 1.01% to 5,648.40 and the Nasdaq Composite gained 1.13% to 17,713.62. 

    • The US stock market will be closed Today for the Labor Day holiday.

  3. Economic Indicators:

    • For the month, the Dow finished up 1.8%, the S&P 500 added 2.3%, and the Nasdaq gained 0.6%. 

    • For the week, the S&P 500 increased 1.5%, Nasdaq was up 1.4%. & Dow also advanced by 1.3%.

Other Asset Classes

  1. Treasury Yields:

    • The US two-year yield was up by 2.4 basis points to 3.91%, while the 10-year rate was up by 4.2 basis points to 3.90%.

  2. Currency:

    • The dollar index measures against major peers edged up to 101.79, a level last seen on Aug 20.

  3. Commodities:

    • Brent crude futures fell 0.7%, to $76.36 a barrel while U.S. West Texas Intermediate crude slipped 0.7%, to $73.05 a barrel.

    • The losses followed a 0.3% decline for Brent last week and a 1.7% drop for WTI crude.

    • The OPEC+ is set to proceed with a planned oil output hike from October.

    • Gold prices weakened but gained 2.8% on a monthly basis. Spot gold lost 0.74% to $2,502.44 an ounce. U.S. gold futures settled 1.3% lower at $2,527.6

Asian Markets

  1. General Trends:

    • Asia-Pacific markets open mixed on Monday as investors look toward a packed week of economic data and assess China's business activity figures released over the weekend.

    • Among the economic data coming out from major markets in the region are inflation data from South Korea, Australia's second-quarter GDP data, as well as data on pay and household spending from Japan later this week.

    • China released its official purchasing managers' index data for August. The manufacturing PMI fell to a six-month low of 49.1, a faster contraction compared to the 49.4 seen in July.

  2. Specific Index Performance:

    • Japan's Nikkei 225 was up 0.94%, crossing the 39,000 mark for the first time since July 31, while the broad-based Topix was 0.49% higher.

    • In contrast, South Korea's Kospi lost 0.49%, while the small-cap Kosdaq was marginally lower.

    • Australia's S&P/ASX 200 slipped 0.43%.

    • Hong Kong Hang Seng index futures sat at 17,785, lower than the HSI's last close of 17,989.07.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a positive opening of 25 points for the Indian markets. Nifty spot post a positive opening is likely to consolidate in the broad range of 25,150 -25,380

  2. Market in Previous Session:

    • Benchmark Indices gained for the third week in a row amid firm global cues. Nifty had started the week on a strong note and thereafter consolidated with a positive bias and closed near the high of the week up by 1.66% at 25,235 levels. 

    • The broader market extended its outperformance as the Nifty Midcap and small cap closed the week higher by 1.3% and 1.19% respectively.

    • After a dip from profit booking the previous day, the broader market rebounded quickly on Friday. At close, the Sensex was up 231 points or 0.28% at 82,365.77, and the Nifty was up 83.90 points or 0.33% at 25,235.90.

    • Out of the 13 sectoral indices, the FMCG index was the sole laggard.

  3. Nifty Short-Term Outlook:

    • Going ahead bias continues to remain positive We expect the index to extend the current up move towards 25550 levels in the coming week being the 138.2% external retracement of the recent breather (25078-23894).

    • The index continues to form a higher high-low in the weekly chart, which makes us confident to revise the support base higher towards 24900-24700 levels being the confluence of the 20-day EMA and last week's low. We believe dips if any towards the support area should be

    • used as a buying opportunity.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 25,380 followed by 25,280 levels. Conversely, downside support is located at 25,150, followed by 25,080.

    • Bank Nifty: Intraday resistance is positioned at 51,620, followed by 51,800, while downside support is found at 51,200, followed by 51,080.

    • Fin Nifty: Intraday resistance is positioned at 23,750, followed by 23,820, while downside support is found at 23,485, followed by 23,400.

Derivative Market Analysis

  1. Nifty:

    • The highest put OI is positioned at 25000 followed by the 25200 level, whereas the highest call OI is positioned at 26000 followed by the 25700 level. If 25200 is broken, Nifty can march towards 25000 levels. On the upside, the immediate resistance is 25500.

    • We saw good call writing at 25700 and 25800 level indicating there is more room on the upside. Put writers were active between 25200 and 25300 indicating a strong base formation on the lower end. 

    • According to option chain analysis, a broader range for Nifty is 25000 - 25700.

    • The Nifty put-call ratio decreased by 0.01 and is now positioned at 1.41

  2. Bank Nifty:

    • The highest put OI concentration stands at 51000 level whereas the highest call OI concentration is at 51500 level. If 51000 is broken, Bank Nifty can march towards 50000 levels. If it manages to stay above the 51500 level, we can see the index touching the 52000 level.

    • We saw good call unwinding between 51000 at 51300. The positions got shifted between 51400 - 52000 and strikes indicated strong resistance. Put writing was seen at 50800 making it a crucial support.

    • According to the option chain analysis, a broader range for Bank Nifty is between 51000 and 52000. 

    • The Bank Nifty put-call ratio increased by 0.09 and is now positioned at 0.92

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.

For All Disclaimers Click Here: https://bit.ly/3Tcsfuc

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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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

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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

Risk mitigation strategies include diversifying your portfolio, setting stop-loss orders, conducting thorough research, avoiding over-leveraging, and maintaining a long-term perspective on investments.

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.

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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