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Share Market Today | GIFT Nifty Strong, US Markets Rally

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Synopsis:

Today’s latest market updates feature SJVN’s 90 MW Omkareshwar Floating Solar Project, US initial jobless claims drop to 2.33 lakh, Blackstone sponsor group to sell 21.8% REIT units worth ₹4,455 Cr, Indian IT sees highest FPI in July since 2022, plus other global market news.

Latest Market News

  1. SJVN Green Energy, a subsidiary of SJVN, has commissioned the 90 MW Omkareshwar Floating Solar Project.

  2. US initial jobless claims for the week ending August 3 decreased to 2.33 lakh from 2.50 lakh in the previous week.

  3. Nexus REIT's Blackstone sponsor group is likely to sell 21.8% of its total REIT units through block deals, with an offer size of ₹4,455 crore.

  4. The RBI's decision to maintain the interest rate is expected to boost demand in the real estate sector.

  5. Foreign Portfolio Investment (FPI) in Indian IT reached its highest level since 2022 in July.

  6. FIIs sold a net ₹2,626.73 crore in equities, while DIIs bought a net ₹577.30 crore.

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

US Share Market News

  1. Performance Overview:

    • US benchmark equity indexes closed higher on Thursday as the latest weekly jobless claims data eased worries about the economy's health.

  2. Sector-Specific Movements:

    • The Nasdaq Composite climbed 2.9% to 16,660, the S&P 500 gained 2.3% to 5,319.3, and the Dow Jones Industrial Average rose 1.8% to 39,446.5.

    • All sectors finished in positive territory, with technology leading the way with a 3.3% increase.

  3. Economic Indicators:

    • Weekly unemployment insurance applications in the US dropped to their lowest level in four weeks, providing a welcome sign of strength in the labour market.

Other Asset Classes

  1. Treasury Yields:

    • The US two-year Treasury yield increased by 3.5 basis points to 4.03%, while the 10-year rate edged up by 2.4 basis points to 3.99%.

  2. Currency:

    • The dollar index remained steady at 103.23.

  3. Commodities:

    • West Texas Intermediate crude oil rose 1.2% to $76.11 per barrel on Thursday. Brent crude also gained, closing at $79.16 per barrel, up 1.06% for the day.

    • Gold prices were up 1.3%, trading at $2,465 per ounce, while silver saw a 2.4% rise, trading at $27.60 per ounce.

Asian Markets

  1. General Trends:

    • Asian markets moved higher on Friday, following signs of resilience in the US labour market that lifted stocks.

    • China's inflation and producer price data are expected soon, with money supply and new lending figures possibly released as early as Friday. 

  2. Specific Index Performance:

    • Equities in Japan, South Korea, and Australia advanced, along with gains in Hong Kong share futures.

    • The Nikkei 225 Index rose 1.7% to around 35,400, while the broader Topix Index climbed 1.6% to 2,500.

    • Markets in Singapore are closed today.

India Market Outlook

  1. GIFT Nifty Projection:

    • The Gift Nifty indicates a gap-up opening of more than 250 points for Indian markets.

    • After a positive start, Nifty is likely to consolidate within a broad range of 23,640-24,400.

  2. Market in Previous Session:

    • Bears dominated the market, causing benchmark indices to close lower as IT and metal stocks sharply declined, dampening investor sentiment.

    • The Sensex dropped by 581.79 points (0.73%) to 78,886.22, and the Nifty fell by 180.50 points (0.74%) to 24,117.00.

    • On August 8, volatility returned as Indian equity indices lost previous gains, with the RBI keeping key rates unchanged.

    • Except for pharma, healthcare, and media, all sectors ended in the red, with metal, realty, oil & gas, and IT down 1-2%.

  3. Nifty Short-Term Outlook:

    • The index is trading within a broad range, with support around 23,965, close to the 50-day moving average, and resistance near 24,400.

    • A decisive breakout in either direction is needed to establish a clearer trend.

  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 OI for put options is at the 24,000 level, followed by 23,500, while the highest call OI is at 25,000, followed by 24,500.

    • Significant call OI has been added above 24,200, suggesting strong resistance at higher levels.

    • If the index moves above 24,200, it could reach 24,500.

    • Immediate support is at 24,000, with resistance at 24,300.

    • The Nifty put-call ratio has risen by 0.16 to 1.04.

  2. Bank Nifty:

    • The highest put OI concentration is at 50,000, and the highest call OI concentration is at 52,000.

    • Immediate call OI is concentrated at 50,500.

    • Major put OI additions occurred at 48,500 and 49,000, while call OI additions were seen at 50,500, 51,000, and 51,500.

    • If the index crosses 50,500, it may advance to 51,000, while a drop below 50,000 could lead to a correction towards 49,500.

    • Immediate support is at 50,000, with resistance at 50,500.

    • The Bank Nifty put-call ratio has decreased by 0.01 to 0.86.



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

What exactly is the stock market, and how does it work?

Answer Field

The stock market is a platform where investors buy and sell shares of publicly traded companies. It operates through stock exchanges, where supply and demand for securities determine prices.

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Investing in the stock market offers the potential for long-term wealth growth, dividend income, portfolio diversification, and ownership stakes in successful companies.

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Are there any specific tax implications associated with stock market investments?

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Can I invest in the stock market with a small amount of capital?

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What are government bonds in India, and how do they work?

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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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Government bonds offer safety and stability, ideal for risk-averse investors. Compared to equities, they provide predictable returns, helping in portfolio diversification. Additionally, they are less volatile, making them suitable for long-term financial planning.

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?

Answer Field

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.

What factors should I consider when evaluating government bonds for investment?

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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