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Share Market Today | Gift Nifty Signals 100-Point Gap Down, Nifty to Consolidate

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Synopsis:

Today’s share market features KEC International securing ₹1,423 crore orders for Saudi transmission lines. Ashoka Buildcon monetizes Pune land for ₹453 crore. Peak Partners plans to sell 11% of Indigo Paints. Nucleus Software announces share buyback and FIIs net sell ₹688.69 crore

Latest Market News

1. KEC International gets orders worth ₹1,423 cr for design, supply & installation of 380 kV transmission lines in Saudi Arabia

2. ⁠Ashoka Buildcon’s arm Viva Highways monetises Pune land for ₹453 crore

3. ⁠Peak Partners Likely To Sell 11% Stake Of Indigo Paints Via Block Deals. Offer Price At Rs 1,470/Sh, At A 4.6%Discount To CMP. Offer Size At Rs 770 Cr. There Will Be A 90 Days Lock In Period For The Seller

4. ⁠Nucleus Software to buy back up to 4.48 lakh shares (1.67% equity) for ₹72.4 crore at ₹1,615/share. The buyback opens on September 9 & closes on September 13

5. ⁠US initial jobless claims for the week ended August 31 at 2.27 lk vs 2.32 lk in the previous week

6. ⁠FIIs net sell ₹688.69 cr while DIIs net buy ₹2,970.74 cr in equities yesterday

KEC INTL. LIMITED

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1023.45-27.29 (-2.59 %)

Updated - 03 October 2024
1043.45day high
DAY HIGH
991.50day low
DAY LOW
984536
VOLUME (BSE)

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

US Share Market News

  1. Performance Overview:

    • US benchmark equity indexes closed mixed on Thursday as markets evaluated labour market data and awaited the official jobs report for August.

    • US-based employers cut 75,891 jobs last month, surging 193% from July and up 1% from a year earlier. Weekly applications for unemployment insurance in the US decreased more than estimated, government data showed.

    • Non-farm payroll data will be released today. All eyes will be on this data today.

  2. Sector-Specific Movements:

    • The Dow Jones Industrial Average fell 0.5% to 40,755.8, while the S&P 500 dropped 0.3% to 5,503.4. 

    • The Nasdaq Composite rose 0.3% to 17,127.7. 

    • Healthcare led the decliners among sectors, while consumer discretionary posted the biggest gains.

  3. Economic Indicators:

    • In economic news, employment growth in the US private sector slowed down for the fifth consecutive month in August, while wage growth held steady.

Other Asset Classes

  1. Treasury Yields:

    • The US 10-year yield fell 4.1 basis points to 3.73%, while the two-year rate dropped 2.9 basis points to 3.74%.

  2. Currency:

    • The dollar index measures against major peers was steady at 101.03.

  3. Commodities:

    • West Texas Intermediate crude oil was little changed at $69.18 a barrel Thursday. 

    • Brent crude futures settled at $72.7 per barrel, remaining near a 14-month low, as concerns about slowing demand in the U.S. and China outweighed.

    • Gold increased 0.8% to $2,546 per troy ounce, while silver gained 2% to $29.14 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets mostly fell on Friday as investors brace for a crucial jobs report from the U.S. and digest household spending data from Japan.

  2. Specific Index Performance:

    • Japan's Nikkei 225 started the day marginally below the flatline, with the broad-based Topix 0.42% lower after the data release.

    • South Korea's Kospi was 0.8% lower, and the small-cap Kosdaq was down 1.41%.

    • In contrast, Australia's S&P/ASX 200 climbed 0.14%.

    • Hong Kong Hang Seng index futures were at 17,431, lower than the HSI's last close of 17,444.3.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a gap down opening of 100 points for the Indian markets. 

    • Nifty spot after a negative opening is likely to consolidate in the broad range of 24,950 - 25,300

  2. Market in Previous Session:

    • The Nifty 50 index extended its losing streak for the second consecutive session on September 5, with the index dropping below 25,150 ahead of upcoming US economic data.

    • Although the index opened on a positive note, it gradually lost all gains as the session progressed, ending in the red and closing near the day's low. By the close, Nifty had fallen by 53.60 points, or 0.2%, to 25,145.10, and Sensex was down by 0.18%, or 151 points closing at 82,201.

    • On the sectoral front, selling was seen in auto, energy, and realty, while buying was seen in the bank, metal, IT, and media.

    • The broader indices outperformed and hit a record high in yesterday's session. Nifty midcap 100 index rose 0.%, and Nifty small-cap 100 index added 1%.

  3. Nifty Short-Term Outlook:

    • The index has been consolidating within a narrow range of 25,080 to 25,350. We anticipate this consolidation to persist in the upcoming trading sessions. A break below 25,080 could lead to a further correction towards the 24,800–24,900 range, while a move beyond 25,350 may spark a rally, potentially reaching new all-time highs.

    • Structurally, such a retracement of the rally is a typical occurrence in a bull market and presents an opportunity for incremental buying. This movement indicates that the bulls are still holding their ground, though consolidation may persist if global pressures continue to build.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 25,350 followed by 25,420 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 addition has been noticed at the 25,200 level, which will act as an immediate resistance level. If the price surpasses and sustains above this level, it may head toward the 25,500 level.

    • On the flip side, major put OI has been observed at the 25,000 level, which will serve as an immediate support level.

    • According to option chain analysis, the immediate range for Nifty is between 25,000 and 25,200.

    • The Nifty put-call ratio has increased by 0.25 and is now placed at 1.33.

  2. Bank Nifty:

    • The accumulation of call as well as put OI at the single strike price of 51,500 suggests a straddle formation and will act as the deciding level for the day.

    • The highest call OI addition has been noted at the 52,000 level, which will serve as resistance.

    • Major put OI has been positioned at the 51,500 level, which will serve as crucial support for Bank Nifty.

    • The Bank Nifty put-call ratio has declined by 0.06 and is now positioned at 0.84.

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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