Share Market Today | GIFT Nifty Down, Asian Peers Mixed

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Synopsis:

Today’s latest market updates feature 9% YoY rise in Tata Motors JLR’s retail sales in Q1, 8.5% growth in Bank of Baroda's global business in Q1, Nykaa expects 22-23% revenue growth in Q1, India’s FMCG sector is expected to grow revenue by 7-9%, plus other global market news.

Latest Market News

  1. Tata Motors JLR saw a 5% YoY increase in wholesale sales and a 9% YoY rise in retail sales in Q1FY25.

  2. Bank of Baroda's global business grew 8.5%, with domestic retail advances up 20.9% in Q1.

  3. Nykaa anticipates 22-23% revenue growth and a mid-twenties GMV increase for Q1.

  4. Signature Global reported a 255% YoY increase in pre-sales and a 25% QoQ decrease to ₹3,120 crore in Q1FY25.

  5. The FMCG sector is expected to grow revenue by 7-9%, according to CRISIL Rating.

  6. The US unemployment rate in June was 4.1%, slightly above the 4% estimate, with non-farm payrolls at 2.06 lakh, surpassing the 1.30 lakh estimate.

  7. Foreign Portfolio Investors (FPIs) bought ₹7962 crore in the first week of July.

  8. FIIs were net buyers of ₹1,241.33 crore, while DIIs were net sellers of ₹1,651.36 crore in equities on Friday.

Additional Read: Share Market News

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

US Share Market News

  1. Performance Overview:

    • The S&P 500 closed the week at 5,567.19 after hitting a record high of 5,570.33 on Friday. The index rose by 14.5% in the first half of 2024.

  2. Economic Indicators:

    • This week's economic data includes the consumer price index and producer price index for June.

    • Both inflation reports are expected to be closely watched as investors try to anticipate the Fed's next steps.

    • The US added 206,000 nonfarm payroll jobs last month, according to the Bureau of Labor Statistics. Bloomberg's consensus was for an increase of 190,000.

  3. Sector-Specific Movements:

    • The Dow Jones Industrial Average increased by 0.2% to 39,375.9, while the Nasdaq, dominated by tech stocks, went up by 0.90% to 18,352.76.

    • The communication services sector led the gains, up 2.7%, while the energy sector had the biggest drop, down 1.5%.

Other Asset Classes

  1. Treasury Yields:

    • On Friday, the US two-year yield fell by 8.7 basis points to 4.60%, while the 10-year rate decreased by 6.9 basis points to 4.28%.

  2. Currency:

    • The dollar index was slightly up 0.02% to close at 104.90.

  3. Commodities:

    • West Texas Intermediate crude oil dropped by 0.7% to $83.29 a barrel on Friday, while Brent crude futures fell by 1% to $86.54 per barrel.

    • Gold increased by 1.2% to $2,397.60 per troy ounce, and silver gained 2.2% to $31.52 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets had a mixed opening on Monday as investors waited for key economic data from the US and China later this week.

  2. Specific Index Performance:

    • Japan's Nikkei 225 dropped slightly, and the Topix index was down by 0.17%.

    • Hong Kong's Hang Seng index futures were at 17,687, down from the HSI's last close of 17,799.61.

    • Australia's S&P/ASX 200 slipped by 0.1%, marking its second consecutive day of losses.

    • In contrast, South Korea's Kospi rose by 0.21%, and the small-cap Kosdaq increased by 0.42%.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty indicates a flat to negative opening for the Indian market.

    • The Nifty spot is expected to consolidate between 24,000 and 24,500, with specific stock movements.

  2. Nifty Short-Term Outlook:

    • Benchmark indices continued their upward trend, gaining for the fifth consecutive week, closing at 24,323, up by 1.30%.

    • Bank Nifty traded within a range, closing the week at 52,660, up by 0.61%.

    • The broader market outperformed, with Nifty Midcap and Small Cap reaching all-time highs, closing the week up by 2.43% and 3.4%, respectively.

    • The index is expected to consolidate with a positive bias, potentially moving towards 24,600, which is the 161.8% external retracement of the previous range (23,338-21,281).

    • Immediate bias remains positive above the previous week's low of 23,990.

  3. Intraday Levels:

    • Nifty: Intraday resistance is at 24,480, followed by 24,550 levels. Conversely, downside support is located at 23,990, followed by 23,920.

    • Bank Nifty: Intraday resistance is positioned at 53,360, followed by 53,600, while downside support is found at 52,200, followed by 51,800.

    • Fin Nifty: Intraday resistance is positioned at 23,850, followed by 24,050, while downside support is found at 23,380, followed by 23,200.

Derivative Market Analysis

  1. Nifty:

    • The broader weekly expiry range is maintained, with major put OI addition at 24,000 and the highest call OI at 25,000.

    • Below 24,300, put writers are active, indicating support levels, while immediate call OI at 24,500 acts as daily resistance.

    • According to option chain analysis, the deciding range for the day is between 24,300 and 24,500.

    • The Nifty put-call ratio decreased by 0.07 to 1.20.

  2. Bank Nifty:

    • The highest call OI addition is at the 53,000 level, acting as weekly resistance, while major put OI addition is at 52,000, and immediate put OI addition at 52,500, acting as daily support.

    • In the previous session, there was put unwinding at 53,000 and aggressive call writing, indicating strong resistance.

    • The immediate range for the day is between 52,500 and 53,000.

    • The Bank Nifty put-call ratio declined by 0.34 to 0.78.

  3. Mid Cap Nifty:

  • Put writers are active below the 12,400 level, suggesting support, while call writers are present above 12,600, indicating resistance.

  • According to option chain analysis, breaking above 12,600 or staying below 12,400 could lead to a further directional move.

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