Share Market Today | GIFT Nifty Up, Nasdaq and Nikkei Hit ATH

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Today’s latest market updates feature Taneja Aerospace's ₹14.48 Cr order from BEL, Coal India and BHEL joint venture for coal gasification, GE T&D India's €26 mn order from Dubai’s Grid Solutions FZE, Brigade Enterprises's ₹1,100 Cr Bengaluru project, plus other global market news.

Latest Market News

  1. Taneja Aerospace wins a ₹144.8 million order from BEL.

  2. BHEL and Coal India form a joint venture for coal gasification.

  3. GE T&D India secures a €26 million order from Grid Solutions Middle East FZE in Dubai.

  4. Brigade Enterprises signs a joint development agreement for an 8-acre residential project in Bengaluru, valued at ₹1,100 crore.

  5. June North America Class 8 truck orders fall 33% month-over-month and 6% year-over-year to 13,100 units, hitting a 14-month low.

  6. FIIs net bought ₹5,483.63 crore in equities, while DIIs net sold ₹924.43 crore yesterday.

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

US Share Market News

  1. Performance Overview:

    • On Wednesday, the S&P 500 index and the tech-heavy Nasdaq hit record highs, boosted by data suggesting a slowing economy, raising hopes for a Federal Reserve interest rate cut in September.

    • The market will be closed on Thursday for US Independence Day, leading to thin trading volumes throughout the session.

  2. Economic Indicators:

    • The ADP Employment report and weekly jobless claims data indicated a softening labour market ahead of Friday's key non-farm payrolls report.

    • Investors are hopeful that signs of labour market weakness will prompt the Fed to cut interest rates.

    • The minutes from the Fed’s June meeting, released on Wednesday, showed officials acknowledged a cooling US economy but were not yet convinced to cut interest rates.

    • This came a day after Fed Chair Jerome Powell noted some progress in reducing inflation but emphasised the need for more confidence before trimming rates. Several Fed officials have echoed this sentiment recently.

  3. Sector-Specific Movements:

    • The Dow Jones Industrial Average fell 0.06%, closing at 39,308.00. The S&P 500 gained 0.51% to 5,537.02, while the Nasdaq Composite rose 0.88% to 18,188.30.

    • The Dow Jones Industrial Average ended slightly lower, dragged down by healthcare and consumer stocks, in a shortened session before the Fourth of July.

Other Asset Classes

  1. Treasury Yields:

    • On Wednesday, the 10-year US Treasury yield declined again after weak economic data. The yield on the 10-year Treasury fell over 8 basis points to 4.352%.

  2. Currency:

    • The dollar fell following softer-than-expected US economic data. The dollar index dropped 0.5% to 105.11, hitting a three-week low earlier in the session.

    • The yen hit a new 38-year low against the US dollar and a record low versus the euro, with markets on alert for possible intervention by Japan to support its currency.

  3. Commodities:

    • Crude oil futures rose over 1% on Wednesday, with a significant drop in US stockpiles signalling increased demand ahead of the Fourth of July. WTI’s August contract was up 1.29% at $83.88 per barrel, while Brent’s September contract was up 1.28% at $87.34 per barrel.

    • Gold prices climbed over 1% to nearly a two-week high on Wednesday, driven by growing expectations for a September interest rate cut by the Federal Reserve after recent US data pointed to a weakening labour market.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets rose Thursday morning, with Japan’s Topix surpassing its all-time high of 2,886.50, set in December 1989.

  2. Specific Index Performance:

    • The Topix increased by 0.56% in early trading, while the Nikkei 225 rose 0.55%.

    • South Korea’s Kospi gained 0.98%, and the Kosdaq was up 0.75%.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty indicates a positive opening for the Indian market amid strong global cues. The Nifty spot, after a strong opening, is likely to trade with a positive bias in the range of 24,450-24,210.

  2. Nifty Short-Term Outlook:

    • Benchmark indices hit all-time highs on Wednesday, with Sensex surpassing 80,000 and Nifty reaching 24,309 before closing at 24,286, up 0.67%.

    • Banking stocks, especially HDFC Bank, led the gains. Bank Nifty resumed its rise after four sessions of consolidation, hitting an all-time high of 53,256 and closing at 53,089, up 1.77%.

    • The broader market also performed well, with Nifty midcap and small-cap indices closing up 0.8% and 1%, respectively.

    • The index is expected to head higher toward 24,600, with immediate support above the weekly low of 23,990.

  3. Intraday Levels:

    • Nifty: Intraday resistance is situated at 24,420, followed by 24,490 levels. Conversely, downside support is located at 24,230, followed by 24,150.

    • Bank Nifty: Intraday resistance is positioned at 53,470, followed by 53,700, while downside support is found at 52,900, followed by 52,680.

    • Fin Nifty: Intraday resistance is positioned at 24,050, followed by 24,130, while downside support is found at 23,870, followed by 23,790.

Derivative Market Analysis

  1. Nifty:

    • Call writers are active above 24,300 and 24,500, indicating strong resistance due to the addition of call OI at these levels.

    • Below 24,200, put writers are active, showing strong support with the highest put OI at 24,000.

    • The Max Pain range is 24,200 to 24,350. Any movement beyond this range during today's Nifty weekly expiry could cause a sharp move in that direction.

    • The Nifty put-call ratio increased by 0.09 to 1.24.

  2. Bank Nifty:

    • For the new weekly expiry, the highest put OI is at 53,000, and the highest call OI is at 55,000, setting a broader range of 53,000 to 55,000.

    • The highest addition of put OI is at 53,000, while the highest addition of call OI is at 55,000, with the second-highest at 54,000.

    • If Bank Nifty does not stay above 53,000, the range may shift to 52,000-53,000.

    • The Bank Nifty put-call ratio increased by 0.40 to 1.15.

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.

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