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Share Market Today | GIFT Nifty Falls 360 Points on Weak Global Cues

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Synopsis:

Today’s latest market updates feature FPI’s ₹32,365 crore investment in equities during July, Ashoka Buildcon’s two new projects worth ₹1,280.8 Cr from MMRDA, UltraTech’s expected domestic demand grow for FY25 between 7-8%, Ambuja Cements plan new unit worth ₹1,600 Cr in Bihar, plus other global market news.

Latest Market News

  1. FPIs invested ₹32,365 crore in equities during July but became net sellers in early August.

  2. Ashoka Buildcon won two projects worth ₹1,280.8 crore from the Mumbai Metropolitan Region Development Authority (MMRDA).

  3. UltraTech predicts India's cement demand will grow by 7-8% in FY25 due to increased construction activities.

  4. Ambuja Cements will invest ₹1,600 crore to set up a 6 MTPA capacity cement grinding unit in Bihar.

  5. Gland Pharma's Hyderabad facility received a Form 483 with three observations from the US FDA.

  6. The Union Cabinet approved the construction of eight new national highways with a total investment of ₹50,000 crore.

  7. FIIs net sold ₹3,310 crore while DIIs net bought ₹2,965.94 crore in equities on Friday.

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

US Share Market News

  1. Performance Overview:

    • US benchmark equity indexes fell on Friday, with the Nasdaq Composite entering correction territory. Treasury yields also tumbled as the latest jobs report raised concerns about a recession.

  2. Sector-Specific Movements:

    • On Friday, the Nasdaq dropped 2.4% to 16,776.2, now more than 10% below its July closing high.

    • The S&P 500 decreased by 1.8% to 5,346.6, and the Dow Jones Industrial Average fell 1.5% to 39,737.3.

    • The consumer discretionary sector experienced the steepest decline, down 4.6%, while consumer staples led the gainers.

    • For the week, the Nasdaq fell 3.4%, while the Dow and the S&P 500 each lost 2.1%.

  3. Stock-Specific Action:

    • Intel shares plunged 26%, and Amazon fell 8.8%, making them the worst performers across all three indexes after missing earnings estimates.

    • Conversely, Apple rose by 0.7% after posting better-than-expected results.

  4. Economic Indicators:

    • Markets are betting on a more aggressive 50-basis-point rate cut by the Fed next month.

Other Asset Classes

  1. Treasury Yields:

    • The US two-year yield sank 28.1 basis points to 3.88% on Friday, while the 10-year rate declined 17.8 basis points to 3.8%.

  2. Currency:

    • The US Dollar Index dropped to a 20-week low of 103.09. Over the past four weeks, the Dollar Index has lost 1.98%.

  3. Commodities:

    • West Texas Intermediate crude oil declined 2.9% to $74.13 per barrel on Friday. Brent crude futures were down 0.1% to $76.77.

    • Gold rose 0.1% to $2,482.70 per ounce, while silver increased 0.6% to $28.64 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets continued Friday's sell-off as investors awaited key trade data from China and Taiwan this week, as well as central bank decisions from Australia and India.

  2. Specific Index Performance:

    • Japan's markets led losses in the region, with the Nikkei 225 and Topix dropping as much as 7% in volatile trading.

    • At these levels, both the Nikkei and Topix are nearing correction territory, having fallen almost 20% from their all-time highs on July 11. The Nikkei marked its worst day since March 2020.

    • Australia's S&P/ASX 200 fell 2.3%.

    • South Korea's Kospi was down 3.9%, while the Kosdaq dropped 3.5%.

    • Hong Kong's Hang Seng Index futures were at 16,901, lower than the HSI's last close of 16,945.51.

India Market Outlook

  1. GIFT Nifty Projection:

    • GIFT Nifty suggests a gap-down opening of more than 300 points for the Indian market amid weak global cues.

    • After a negative opening, the Nifty spot is likely to consolidate in the range of 24,000-24,800.

  2. Market in Previous Session:

    • Benchmark indices ended an eight-week uptrend due to recession fears in the US and geopolitical tensions in the Middle East.

    • Nifty reached a new all-time high of 25078 last week but fell sharply, closing down 0.47% at 24717.

    • Bank Nifty traded within a range, ending the week marginally higher by 0.11% at 51350.

  3. Nifty Short-Term Outlook:

    • After testing the target area of 25000-25200, Nifty reacted lower in Friday's session.

    • Moving forward, it is expected to consolidate between 24400-25100 amid stock-specific action during the quarterly earnings season.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 24,800, followed by 24,850 levels. Conversely, downside support is located at 24,440, followed by 24,380.

    • Bank Nifty: Intraday resistance is positioned at 51,580, followed by 51,750, while downside support is found at 50,600, followed by 50,450.

    • Fin Nifty: Intraday resistance is positioned at 23,480, followed by 23,540, while downside support is found at 22,940, followed by 22,820.

Derivative Market Analysis

  1. Nifty:

    • The highest put OI is at the 24000 and 24100 levels, while the highest call OI is at the 25000 and 25500 levels.

    • Immediate support is indicated at 24500 with immediate resistance at 24800.

    • Significant put OI addition is seen at 24100, and strong call OI addition at 24700, 24800, and 25000 levels, suggesting resistance on the upside.

    • A break below 24500 could lead the index towards 24200 while sustaining above 24800 could push it to 25000.

    • The Nifty put-call ratio has decreased by 0.38 to 0.91.

  2. Bank Nifty:

    • The highest put OI is at the 50000 level, and the highest call OI is at the 52000 level.

    • Immediate support is seen at 51000, and resistance is at 51800.

    • There is significant put OI addition at 51200 and call OI addition at 51500 and 53000 levels, indicating strong support below 51200.

    • The Bank Nifty put-call ratio has increased by 0.07 to 0.78.

  3. MidCap Nifty:

  • Strong put OI at 12500 indicates crucial support, with 12400 and 12500 being key levels if 12600 is breached on the downside.

  • High call OI at 12700 makes it a critical resistance, with 12800 and 12900 being important if 12700 is broken on the upside.

  • A break below 12600 or a holding above 12700 could trigger significant directional movement.

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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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.

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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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