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.

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