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Share Market Today | Gift Nifty Indicates 200-Point Gap Down, Nifty to Consolidate

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Synopsis:

Today’s share market features a partnership of NHPC with Maharashtra WRD for energy storage, GSK Pharma receives ₹222.23 crore tax refund, GIC Re divestment of 6.78% planned, US PMI drops to 47.9, Brent crude falls below $74, AU Bank seeks RBI nod for universal status.

Latest Market News

1. NHPC signs MoU with Dept of Water Resources  (WRD), Govt of Maharashtra for establishment of energy storage systems

2. GSK Pharma gets income tax refund of ₹222.23 crore for assessment year 2022-23

3. ⁠⁠Government to divest 6.78% equity of GIC Re Base size of the OFS is 3.39% equity & a green shoe option of 3.39%, says DIPAM Secretary.

4. ⁠U.S. August S&P Global Manufacturing PMI final at 47.9 vs estimate of 48

5. Brent crude slips below $74/bbl, erases 2024 gains

6. ⁠⁠AU Small Finance Bank seeks RBI approval for transition to a universal bank

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

US Share Market News

  1. Performance Overview:

    • US benchmark equity indexes experienced sharp losses on Tuesday.

    • Two reports revealed that the manufacturing sector remained in contraction territory for August.

  2. Sector-Specific Movements:

    • The Nasdaq Composite slid 3.3% to 17,136.3, while the S&P 500 declined 2.1% to 5,528.9. 

    • The Dow Jones Industrial Average fell 1.5% to 40,936.9, retreating from its record closing on Friday. Among sectors, technology saw the steepest decline, down 4.4%. Only consumer staples and real estate posted gains.

    • The ISM and S&P Global's US services sector data for August are scheduled to be released Thursday.

  3. Economic Indicators:

    • Chip-making giant Nvidia's shares fell 9.5%, among the worst performers on the S&P 500 and the Nasdaq.

Other Asset Classes

  1. Treasury Yields:

    • The US 10-year yield fell 7.4 basis points to 3.84% Tuesday, while the two-year rate dropped 6.2 basis points to 3.87%

  2. Currency:

    • The dollar index measures against major peers was up 0.13% at 101.79, little changed from the previous close.

  3. Commodities:

    • West Texas Intermediate crude oil was down 4.3% to $70.4 a barrel Tuesday on account of sluggish economic growth in China and heightened demand concerns. Brent ended at $73.75 per barrel, down 4.9% on the day.

    • Gold fell 0.2% to $2,523.30 per troy ounce, while silver declined 2.7% to $28.37 per ounce.

Asian Markets

  1. General Trends:

    • Stocks in Asia sank after Wall Street posted its worst day since the Aug. 5 rout.

  2. Specific Index Performance:

    • Japan led the slump, with the Nikkei 225 down over 3%. 

    • Shares also fell in Australia and South Korea, while futures pointed to losses in Hong Kong.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a gap down opening of 200 points for the Indian markets. 

    • Nifty spot after a negative opening is likely to consolidate in the broad range of 25,000 - 25,350

  2. Market in Previous Session:

    • The benchmark indices saw minimal movement during the rangebound trading session on September 3rd. By the close, the Sensex had slipped by 4.40 points or 0.01% to 82,555.44, while the Nifty gained 1.10 points to end at 25,279.80.

    • The market opened positively, with Nifty above 25,300, but spent most of the session in negative territory. A late-hour recovery helped mitigate losses, but the indices still ended with only minor changes.

    • Sector-wise, banking and capital goods indices rose by 0.5% each, while sectors like media, power, metal, real estate, and oil & gas declined between 0.5 to 1.5%.

  3. Nifty Short-Term Outlook:

    • Nifty has gained for 14 consecutive sessions, marking its strongest winning streak in three decades, indicating a rejuvenating uptrend.

    • The current uptrend has led to short-term overbought conditions on the daily chart, making buying on dips a prudent strategy for the next move towards 25,550 in the coming weeks.

    • Nifty's immediate support is placed at 24,700-24,900 levels, a confluence of the 20-day EMA and last week's low, offering an incremental buying opportunity during retracements.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 25,340 followed by 25,400 levels. Conversely, downside support is located at 25,080, followed by 25,000.

    • Bank Nifty: Intraday resistance is positioned at 51,750, followed by 51,900, while downside support is found at 51,250, followed by 51,080.

    • Fin Nifty: Intraday resistance is positioned at 23,950, followed by 24,070, while downside support is found at 23,540, followed by 23,460.

Derivative Market Analysis

  1. Nifty:

    • The highest call OI remains intact at the 26,000 level, while the addition in call OI has shifted to 25,600 from 25,300, suggesting that call writers are becoming cautious about the upside.

    • On the other hand, major put OI has been observed at the 25,000 level, followed by 25,200, which will serve as an immediate support zone.

    • According to option chain analysis, the deciding range for Nifty is between 25,000 and 25,300, and a break on either side of this range may trigger a further directional move.

    • The Nifty put-call ratio increased by 0.02 and is now positioned at 1.20.

  2. Bank Nifty:

    • Put writers are active across strikes below the 51,500 level, suggesting multiple support levels.

    • Call unwinding at 51,500 and put OI addition at 51,600 suggest positive data points.

    • According to option chain analysis for the weekly expiry, the immediate range is between 51,500 and 52,000 levels.

    • The Bank Nifty put-call ratio increased by 0.18 and is now positioned at 1.07.

    • The Bank Nifty max pain level is placed between the 51,500 and 51,800 levels.

    • The Bank Nifty put-call ratio has declined by 0.03 and is now positioned at 0.89.

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.

Why should I consider investing in the stock market?

Answer Field

Investing in the stock market offers the potential for long-term wealth growth, dividend income, portfolio diversification, and ownership stakes in successful companies.

How can I start investing in the stock market?

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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.

What factors should I consider before investing in stocks?

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.

How do I stay informed about daily market happenings?

Answer Field

You can stay informed by monitoring financial news websites, market analysis reports, earnings announcements, economic indicators, and utilising real-time market data provided by reliable brokerage platforms.

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

Yes, many brokerage platforms offer fractional investing or allow investors to purchase partial shares, enabling individuals with limited capital to start investing in the stock market with smaller amounts.

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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