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Share Market Today | GIFT Nifty Negative on Weak Global Cues

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Synopsis:

Today’s latest market updates feature 37% YoY growth in IRB Infra‘s toll collection, 45 lakh Demat account added in July by CDSL, Maruti Suzuki recalls 2,555 Alto K10 cars over a defect, Standard Chartered Bank to sell 3.09% stake in Protean eGov Technologies, plus other global market news.

Latest Market News

  1. IRB Infra and IRB Infrastructure Trust reported a 37% year-on-year growth in toll collection.

  2. CDSL added 45 lakh demat accounts in July, bringing the total to 16.68 crore (CDSL + NSDL), a 3% month-on-month increase and the highest addition in six months.

  3. Maruti Suzuki is recalling 2,555 Alto K10 vehicles due to a potential defect in the steering gearbox assembly.

  4. Standard Chartered Bank is expected to sell a 3.09% stake in Protean eGov Technologies via a block deal today.

  5. Ramco Systems secured a multi-year contract with the Canadian federal government for its aviation software.

  6. FIIs net sold ₹3,314.76 crore in equities, while DIIs net bought ₹3,801.21 crore yesterday.

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

US Share Market News

  1. Performance Overview:

    • US benchmark equity indexes fell on Wednesday, erasing Tuesday's gains.

  2. Sector-Specific Movements:

    • The Nasdaq Composite dropped 1.1%, closing at 16,195.8.

    • The S&P 500 fell 0.8%, ending at 5,199.5.

    • The Dow Jones Industrial Average lost 0.6%, finishing at 38,763.5.

    • Consumer discretionary stocks declined the most, while utilities saw the biggest gains.

  3. Economic Indicators:

    • In economic news, US mortgage applications rebounded to their highest level since January after two weeks of declines.

Other Asset Classes

  1. Treasury Yields:

    • The US 10-year yield rose 6.3 basis points to 3.95% on Wednesday, while the two-year rate fell 1.5 basis points to 3.97%.

  2. Currency:

    • The dollar index remained nearly unchanged at 103.17.

  3. Commodities:

    • West Texas Intermediate crude oil rose 2.9% to $75.34 a barrel, while Brent crude futures went up 0.3% to $78.56 a barrel.

    • Concerns are growing about Middle East tensions, especially Iran's threats against Israel and the US, raising fears of supply disruptions.

    • Gold fell 0.4% to $2,423 per ounce, while silver dropped 1.7% to $26.75 per ounce.

Asian Markets

  1. General Trends:

    • After the S&P 500 and Nasdaq 100 fell on Wednesday, the US futures further declined in early Asian trading on Thursday.

  2. Specific Index Performance:

    • Japan's Nikkei average opened down 1.26% at 34,645.79, and the broader Topix fell 1.17% to 2,460.09, as investors considered central banks' signals on interest rates.

    • The Topix Index opened lower, along with benchmarks in Australia and South Korea.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a gap-down opening of over 150 points for Nifty50.

    • The Nifty spot, after a negative start, is likely to trade within the range of 23,640-24,400.

  2. Market in Previous Session:

    • On August 7, Indian benchmark indices ended a three-day losing streak, with the Nifty nearing the 24,300 mark due to broad-based buying and anticipation of the RBI's policy announcement.

    • The Sensex rose 1.11% to 79,468.01, and the Nifty increased by 1.27% to 24,297.50.

    • The market opened positively due to favourable global cues but saw some profit-taking before closing strongly.

    • All sectoral indices gained 2-3%, with metal, healthcare, media, power, telecom, oil & gas, and capital goods performing well.

  3. Nifty Short-Term Outlook:

    • The Nifty50 formed a green candle, but the DOJI pattern indicates ongoing uncertainty.

    • As long as it stays above the support level of 23,960, it could rise to 24,420 and possibly 24,680.

    • The India VIX has decreased, and market breadth has improved, suggesting a continued pullback.

    • The immediate resistance is between 24,450 and 24,680, with short-term support at 23,960.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 24,350, followed by 24,420 levels. Conversely, downside support is located at 23,960, 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 for Nifty is at the 24,000 level, followed closely by 24,100, suggesting strong support.

    • Major call OI is at 25,000, with immediate call OI addition at 24,700, indicating resistance.

    • Below 24,300, there is a call unwinding, and put writers have moved to higher levels, signalling a positive outlook.

    • The immediate range for Nifty is between 24,200 and 24,500.

    • The put-call ratio has increased by 0.17 to 0.88.

  2. Bank Nifty:

    • For Bank Nifty, the highest put OI is at 50,000, serving as crucial support, while the major call OI addition is at 51,000, acting as resistance.

    • The broader range for the upcoming week is between 50,000 and 51,000, with a break on either side expected to trigger further movement.

    • The Bank Nifty put-call ratio has risen by 0.30 to 0.87.

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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