Share Market Today | GIFT Nifty Down 78 pts, Asian Markets Rise

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Synopsis:

Today’s latest market updates feature IRCON’s ₹750.82 Cr order from RVNL, Raymond’s plan to demerge Raymond Realty and offer 1:1 shares, Lloyds Metals & Energy opens QIP at ₹732.08/share, BGR Energy Systems’ ₹1,000 Cr rights issue, plus other global market news.

Latest Market News

  1. IRCON secures a ₹750.82 crore order from Rail Vikas Nigam Limited.

  2. Raymond will demerge its real estate unit, with shareholders receiving Raymond Realty shares at a 1:1 ratio.

  3. Lloyds Metals & Energy opens its QIP today with a floor price of ₹732.08 per share.

  4. BGR Energy Systems plans to raise up to ₹1,000 crore through a rights issue.

  5. Ahluwalia Contracts won a ₹572 crore order from the Airports Authority of India.

  6. Mahindra Lifespace will redevelop seven residential societies in Borivali, Mumbai, with a project value of ₹1,800 crore.

  7. LIC increases its stake in IDFC First Bank to 2.68% by purchasing shares at ₹80.63 each via a private placement.

  8. Dredging Corporation secures a ₹156.50 crore maintenance contract from Cochin Port Authority.

  9. FIIs bought a net ₹2,575.85 crore in equities while DIIs sold a net ₹2,375.18 crore yesterday.

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

US Share Market News

  1. Performance Overview:

    • On Thursday, the US markets were closed for Independence Day.

    • Wall Street indexes remained at record highs reached earlier this week, as weak economic data increased expectations that the Federal Reserve will cut interest rates by September.

  2. Economic Indicators:

    • The CME Fedwatch tool showed traders see a 66.3% chance of a 25 basis point rate cut in September. This is down from 68.4% a day ago but up from 59.5% last week.

  3. Sector-Specific Movements:

    • US stock index futures barely moved in light trading on Thursday evening due to the holiday. Investors are now focusing on the upcoming nonfarm payrolls data for more clues about interest rates.

UK General Election 2024

  • According to exit polls, the UK's opposition Labour Party is set to win a large parliamentary majority in the general election, ending the Conservative Party's 14-year rule.

  • The election result is expected to have a limited impact on individual stocks in the Indian market.

Asian Markets

  1. General Trends:

    • Most Asia-Pacific markets rose, with Japan's key index hitting new highs on Friday after setting records the day before.

  2. Specific Index Performance:

    • Japan's Nikkei 225 continued its record-breaking run, rising 0.46% in early trade. The Topix index also gained, advancing 0.06% to a new high.

    • South Korea's Kospi increased by 0.45%, and the Kosdaq, which focuses on smaller companies, increased by 0.25%.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty indicates a negative opening for the Indian market. After starting under slight pressure, the Nifty spot is expected to consolidate within the range of 24,170 to 24,400, with specific stocks showing varied movements.

  2. Nifty Short-Term Outlook:

    • Benchmark indices traded within a range and closed slightly higher during Thursday’s Nifty weekly expiry session.

    • Nifty reached a new all-time high of 24,401 in the morning but closed at 24,302, up by 0.1% due to profit booking.

    • Bank Nifty also traded within a range and closed flat at 53,103.

    • The broader market outperformed, with Nifty midcap and small-cap rising by 0.6% and 0.5%, respectively.

    • The index is expected to consolidate with a positive bias, potentially reaching 24,600, with an immediate positive bias above the current week’s low of 23,990.

  3. Intraday Levels:

    • Nifty: Intraday resistance is at 24,380, followed by 24,450 levels. Conversely, downside support is located at 24,230, followed by 24,150.

    • Bank Nifty: Intraday resistance is positioned at 53,350, followed by 53,600, while downside support is found at 52,810, followed by 52,600.

    • Fin Nifty: Intraday resistance is positioned at 23,980, followed by 24,070, while downside support is found at 23,770, followed by 23,680.

Derivative Market Analysis

  1. Nifty:

    • The highest call OI addition is at the 25,000 level, acting as weekly resistance, while substantial put OI at 24,000 indicates strong support.

    • Both call and put OI addition at 24,300 suggests a straddle formation.

    • The immediate range for the day is 24,200 to 24,500, with a potential direction change if this range is broken.

    • The Nifty put-call ratio increased by 0.03 to 1.27.

  2. Bank Nifty:

    • The highest call OI addition is at the 55,000 level, indicating strong resistance, while significant put OI addition at the 53,000 level suggests strong support.

    • The Bank Nifty weekly expiry range is between 53,000 and 55,000, with the immediate range being 53,000 to 54,000, where the second-highest call OI addition is observed.

    • The Bank Nifty put-call ratio decreased by 0.03, now at 1.12.


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