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Share Market Today | GIFT Nifty Flat, Asian Peers Trade Higher

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Synopsis:

Today’s latest market updates feature Jupiter Wagon’s QIP launch at ₹689.47/share, Pitti Engineering’s ₹360-crore QIP at ₹1,054.25/share, 11% growth in retail sales of Senco Gold in Q1, JSW Steel’s plan to invest $1 billion to reduce carbon emissions, plus other global market news.

Latest Market News

  1. Jupiter Wagons opens its QIP today with a floor price set at ₹689.47 per share.
  2. Pitti Engineering launches a ₹360-crore QIP with an issue price of ₹1,054.25 per share.
  3. Senco Gold reports an 11% growth in retail sales in Q1 and adds six new showrooms.
  4. JSW Steel plans to invest $1 billion to reduce carbon emissions, aiming for net neutrality by 2050, and targets reducing emissions to 1.95 tonnes of CO2 per tonne of steel by 2030 from the current 2.36 tonnes.
  5. Godrej Consumer reports high-single-digit organic volume growth and mid-single-digit value growth in India, with overall double-digit volume and high-single-digit value growth.
  6. Mahanagar Gas (MGL) increases CNG price by ₹1.50/kg and domestic PNG by ₹1/SCM in and around Mumbai, effective July 9.
  7. The government reopens the application window for the PLI Scheme for White Goods (ACs and LED Lights) for 90 days from July 15 to October 12, 2024.
  8. FIIs net bought ₹60.98 crore and DIIs net bought ₹2,866.79 crore in equities yesterday.

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

US Share Market News

  1. Performance Overview:
    • On Monday, the S&P 500 and the Nasdaq Composite hit record highs as markets analysed a consumer inflation expectations survey and waited for June's official price growth data, which will be released later in the week.
  2. Economic Indicators:
    • Traders now see over a 75% chance of at least a 25 basis point rate cut by September, up from last week's 60%, according to CME's FedWatch.
    • Everyone is focused on the consumer price data coming on Thursday and the producer price data on Friday to see how well the Fed handles inflation.
  3. Sector-Specific Movements:
    • The tech-heavy Nasdaq went up 0.3% to 18,403.7, while the S&P 500 increased 0.1% to 5,572.9.
    • The Dow Jones Industrial Average dropped 0.1% to finish at 39,344.8.
    • Technology was the leading sector, while communication services saw the biggest decline.

Other Asset Classes

  1. Treasury Yields:
    • On Monday, the two-year yield went up 3.4 basis points to 4.63%, while the 10-year rate rose one basis point to 4.28%.
  2. Currency:
    • The dollar index was up 0.09% at 105.07.
  3. Commodities:
    • West Texas Intermediate crude oil fell 1.1% to $82.27 per barrel on Monday, while Brent futures dropped 4 cents to $85.71 a barrel.
    • Gold decreased 1.3% to $2,365.80 per troy ounce, while silver fell 2% to $31.05 per ounce.

    Asian Markets

    1. General Trends:
      • Asia-Pacific markets opened higher on Tuesday, following Wall Street's gains where the S&P 500 and Nasdaq Composite reached new highs.
    2. Specific Index Performance:
      • Japan's Nikkei 225 rose 0.42% in its first hour of trading, while the Topix edged up 0.16%.
      • The Kospi increased by 0.55%.
      • Hong Kong's Hang Seng index futures were at 17,534, higher than the HSI's last close of 17,524.06.
      • Australia's S&P/ASX 200 added 0.22%.

    India Market Outlook

    1. GIFT Nifty Projection:
      • Gift Nifty suggests a flat to positive start for the Indian market.
      • After opening, Nifty will likely consolidate between 24,000 and 24,500 with specific stock movements.
    2. Nifty Short-Term Outlook:
      • On 8th July, the Nifty and Sensex ended almost unchanged, closing at 24,320 (-0.01%) and 79,960 (-0.05%), respectively.
      • Metals and Banks dragged the index lower, while FMCG gained traction.
      • The broader market, including mid-cap and small-cap indices, fell by 0.18% and 0.22%, respectively, ending their outperformance streak.
      • The index is expected to consolidate with a positive bias and gradually move towards 24,600, the 161.8% external retracement of the previous decline (23,338 to 21,281).
      • The immediate bias remains positive if the index stays above the previous week's low of 23,990.
      • A close below 23,990 will pressure the index, possibly dragging it towards 23,800.
    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:
      • Call writers are active above the 24,500 level, with the highest call OI addition at 25,000.
      • Conversely, significant put writers are active below the 24,300 level, with the highest put OI at the 24,000 level.
      • The broader trading range is between 24,000 and 25,000, while the immediate range for the day is between 24,300 and 24,500. The Nifty is expected to consolidate within this range.
      • The option chain indicates call unwinding below 24,300 and put writers shifting positions, suggesting a positive outlook.
      • The Nifty put-call ratio decreased by 0.02 to 1.18.
    2. Bank Nifty:
      • Call writers dominate above the 52,500 level, indicating immediate resistance.
      • The highest put writers are at the 51,000 level, suggesting a corrective bias as put writers shift to lower levels.
      • Option chain analysis shows call and put OI accumulation at the 52,500 level, forming a straddle.
      • The immediate trading range is between 52,000 and 53,000.
      • The Bank Nifty put-call ratio fell by 0.07 to 0.71.
    3. Mid-Cap Nifty:
      • The highest call OI addition is at the 24,000 level, followed by 23,900.
      • Major put OI addition is at the 23,000 level, followed by 23,500, which will provide immediate support.
      • For the weekly expiry, Fin Nifty is expected to consolidate within a broader range of 23,500 to 23,900 levels.

    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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    To begin investing in stocks, individuals can open a brokerage account, conduct research on companies and industries, and start building a diversified portfolio aligned with their investment goals and risk tolerance.

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    Important factors to consider include investment goals, risk tolerance, time horizon, market research, diversification, and staying informed about economic and market trends.

    What are the risks associated with stock market investments?

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    Risks include market volatility, liquidity risk, company-specific risks, and the potential for loss of capital. It's essential for investors to assess their risk tolerance and diversify their portfolios accordingly.

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    You can stay informed by monitoring financial news websites, market analysis reports, earnings announcements, economic indicators, and utilising real-time market data provided by reliable brokerage platforms.

    What is the difference between long-term investing and trading in the stock market?

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    Long-term investing involves holding stocks for extended periods, typically years or decades, with a focus on capital appreciation and dividend income. Trading involves buying and selling stocks more frequently, often based on short-term price movements.

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

    Answer Field

    Yes, tax implications vary depending on factors such as investment duration, type of account (e.g., taxable brokerage account, retirement account), and realised gains or losses from selling stocks.

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

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    Yes, many brokerage platforms offer fractional investing or allow investors to purchase partial shares, enabling individuals with limited capital to start investing in the stock market with smaller amounts.

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

    Answer Field

    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.

    What are the benefits of investing in government bonds compared to other investment options?

    Answer Field

    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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