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Share Market Today | GIFT Nifty Up 250 Points, US Markets Rebound

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Synopsis:

Today’s latest market updates feature Tata Power’s 40% stake in KHPL for ₹830 Cr, Quant Mutual Fund’s 1.68% stake in Zydus Wellness, Indian Bank accepts PC Jeweller’s one-time settlement proposal, Government reconsiders LTCG on properties by giving taxpayers the option to choose, plus other global market news.

Latest Market News

  1. Tata Power is buying a 40% stake in KHPL for ₹830 crore to develop the 600 MW Khorlochhu Hydropower Project in Bhutan, supporting its clean energy transition.

  2. Quant Mutual Fund has purchased a 1.68% stake in Zydus Wellness at an average price of ₹2,201.4 per share.

  3. G R Infraprojects has won the bid to establish a transmission scheme for the integration of Tumkur-II REZ in Karnataka.

  4. PC Jeweller announced that the Indian Bank has accepted its one-time settlement proposal.

  5. The government will allow taxpayers to choose either a lower 12.5% tax rate without indexation or a higher 20% rate with indexation for properties acquired before July 23.

  6. The government proposes to revert to a 10% long-term capital gains tax for unlisted securities bought before July 23.

  7. FIIs sold ₹3,531.24 crore while DIIs bought ₹3,357.45 crore in equities yesterday.

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

US Share Market News

  1. Performance Overview:

    • On Tuesday, US benchmark equity indices closed higher, recovering from steep losses in the previous two sessions.

  2. Sector-Specific Movements:

    • The S&P 500 and Nasdaq Composite both climbed 1%, closing at 5,240 and 16,366.9, respectively.

    • The Dow Jones Industrial Average rose 0.8% to 38,997.7.

    • All sectors posted gains, with real estate leading the way.

  3. Economic Indicators:

    • The market has priced in 'aggressive' interest rate cuts by the Federal Reserve following recent jobs data.

Other Asset Classes

  1. Treasury Yields:

    • The US 10-year yield surged by 11.7 basis points to 3.9%, while the two-year rate jumped 10.6 basis points to 3.99%.

  2. Currency:

    • The dollar index edged up 0.07% to 102.94 against the Japanese yen.

    • The dollar strengthened 0.4% to 144.74, while the euro slipped 0.2% to $1.093.

  3. Commodities:

    • West Texas Intermediate crude oil dipped 0.1% to $72.88 a barrel, while Brent crude oil futures rose to $76.5 per barrel, rebounding from a seven-month low.

    • Concerns about escalating Middle East tensions, particularly Iran's threats of retaliation against Israel and the US, have raised fears of supply disruptions.

    • Gold dropped 0.6% to $2,429.20 per troy ounce, and silver decreased 0.5% to $27.07 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets opened mostly lower on Wednesday.

    • Later today, traders in Asia will assess July trade data from China, with economists expecting exports to grow 9.7% year-over-year compared to June's 8.6% rise.

  2. Specific Index Performance:

    • In the morning, Japan's Nikkei fell 2.3%, and the broad-based Topix dropped 1.1%.

    • South Korea's Kospi rose 0.7%, and the Kosdaq gained 0.9%.

    • Australia's S&P/ASX 200 was 0.3% lower in early morning trade.

    • Hong Kong Hang Seng index futures were at 16,694, higher than the HSI's last close of 16,647.34.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty indicates a gap-up opening of more than 130 points for the Indian markets.

    • After a positive opening, Nifty is likely to consolidate in the range of 23,640-24,400.

  2. Market in Previous Session:

    • Nifty and Sensex fell for the third straight session due to weak global cues and recession fears.

    • The market briefly rebounded but fell as investors booked profits, moving to defensive sectors like FMCG, IT, and pharma.

    • The Sensex closed down 166.33 points (0.21%) at 78,593.07, and the Nifty fell 63.05 points (0.26%) at 23,992.55.

    • India VIX decreased by 8% to around 19.

    • Nifty Auto was among the worst performers, while Nifty Realty gained 1%.

  3. Nifty Short-Term Outlook:

    • Nifty broke below the budget day low of 24,075, violating the uptrend but bounced from its 50-day EMA at 23,960, now a key pivot.

    • Closing below the 21-day EMA at 24,484 indicates a short-term trend reversal, with sideways trading expected ahead of the RBI policy decision.

    • Immediate resistance is at 24,300-24,350. With Nifty closing below 24,000, sentiment is negative, with support at 23,940 and 23,800.

    • Moving above 24,125 could push the index to 24,200 and 24,300.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 24,350, followed by 24,400 levels. Conversely, downside support is located at 23,950, followed by 23,800.

    • Bank Nifty: Intraday resistance is positioned at 50,600, followed by 50,840, while downside support is found at 49,660, followed by 49,550.

    • Fin Nifty: Intraday resistance is positioned at 23,095, followed by 23,350, while downside support is found at 22,500, followed by 22,265.

Derivative Market Analysis

  1. Nifty:

    • The highest put OI is at the 24,000 level, followed by 23,500, suggesting support at these levels.

    • If the price stays below 24,000, it might be corrected further.

    • Call OI additions above 24,200 indicate resistance, with the highest at 25,000.

    • The option chain shows put unwinding at 24,200 and call OI addition, indicating limited upside.

    • A price above 24,200 could lead to short covering, while staying below 24,000 could lead to more downside.

    • The Nifty put-call ratio is 0.71, down by 0.01.

  2. Bank Nifty:

    • The highest put OI for Bank Nifty is at 49,000, followed by 49,500, acting as key support for the week.

    • Put unwinding and call OI addition at 50,000 suggest resistance.

    • If the price stays above 50,000, short covering may occur, but call writers above this level indicate multiple resistances.

    • The Bank Nifty put-call ratio is 0.57, down by 0.02.

    • The max pain level for Bank Nifty is between 50,000 and 50,100 for the weekly expiry.

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

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Answer Field

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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.

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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?

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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.

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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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