Share Market Today | Gift Nifty Flat, US Indices in Mix

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Synopsis:

Today’s latest market updates include NBCC’s ₹400 Cr contract, RBI’s advisory to NBFCs, RVNL’s ₹167.3 Cr order, Wipro’s partnership with Kognitos, Delta Corp’s ₹765 Cr plan for Mumbai's residential redevelopment, along with global market news, and more.

Latest Market News

  1. NBCC secures contracts worth ₹400 crore in Chhattisgarh and Kerala.
  2. RBI advises NBFCs against disbursing loan amounts exceeding ₹20,000 in cash.
  3. Bank of Baroda's restriction was lifted by RBI for Bob World, allowing customer onboarding through the application.
  4. RVNL received an order worth ₹167.3 crore from South Eastern Railway.
  5. Wipro partners with Kognitos Inc. to implement Gen AI-based business automation solutions.
  6. Swan Energy joins forces with telecom consultants for system integration, smart city initiatives, and AI, GIS-based Surveys.
  7. Delta Corp to launch real estate development platform with Alpha Alt & Peninsula Land, planning to invest ₹765 crore in Mumbai's residential re-development.
  8. FIIs sold equities worth ₹6,669.10 crore, while DIIs bought equities worth ₹5,928.81 crore yesterday.

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

US Share Market News

1. Performance Overview:

  • On Wednesday, the Dow Jones closed higher for the sixth straight day, surpassing 39,000 points for the first time in five weeks, bolstered by investor confidence in US monetary policy.
  • Other US benchmarks saw slight dips as bond yields rose during a 10-year note auction. The S&P 500 held steady after four days of gains, while the Nasdaq Composite dipped for a second consecutive day.

2. Economic Indicators:

  • Additional Federal Reserve members will address rate policy in light of recent data indicating a slowdown in the U.S. economy. Important U.S. inflation data is also scheduled for next week.
  • Traders now estimate a 67% likelihood of the Fed reducing rates by 25 basis points in September, up from 54% a week ago, according to CMEGroup's Fedwatch tool.

3. Sector-Specific Movements:

  • The Dow Jones Industrial Average increased by 0.44% to 39,056.39, while the S&P 500 remained flat at 5,187.67. The Nasdaq Composite fell by 0.18% to 16,302.76.

Other Asset Classes

1. Treasury Yields:

  • The interest rate for the 10-year US Treasury note saw a small increase, influenced by recent comments from Federal Reserve officials. Investors are analysing these remarks to anticipate future interest rate changes. The 10-year Treasury yield rose by 3 basis points to 4.492%, while the 2-year Treasury yield edged slightly higher to 4.834%.

2. Currency:

  • On Wednesday, the dollar rose slightly by 0.1% to 105.53 as investors remained confident in the strength of the US economy compared to others.

3. Commodities:

  • Oil prices rose slightly as US crude reserves decreased and refineries increased production for the upcoming summer driving period. The strengthening of the dollar limited the price gains. Brent crude settled at $83.58 per barrel, up 0.5%, while US West Texas Intermediate crude settled at $78.99 per barrel, up 0.8%.
  • Gold prices dipped as investors looked to upcoming US data to gauge whether the Federal Reserve might lower interest rates. Spot gold decreased by 0.2% to $2,308.29 per ounce, while US gold futures fell by 0.3% to $2,316.30.

Asian Markets

1. General Trends:

  • Asian-Pacific markets were mixed as investors are awaiting China’s April trade data and Japan’s pay statistics.

2. Specific Index Performance:

  • In this morning's trading session, Japan's Nikkei 225 rose by 0.15%, and the broader Topix index increased by 0.29%.
  • South Korea's Kospi declined by 0.21% from its one-month high at the opening, and the small-cap Kosdaq also decreased by 0.13%.

India Market Outlook

1. GIFT Nifty Projection:

  • Gift Nifty predicts a flat to negative open. The Nifty spot is likely to stay within the range of 22200 to 22370 as it consolidates.

2. Nifty Short-Term Outlook:

  • The benchmark indices showed high volatility, fluctuating before ending flat. Nifty initially dipped but recovered to close near opening levels. Bank Nifty ended 0.5% lower. Broader markets rebounded, with Nifty Midcap and small-cap indices gaining 0.8% and 0.6% respectively.
  • On the daily chart, Nifty formed a small bull candle, indicating consolidation around the 50-day EMA amidst stock-specific movements. Nifty is expected to consolidate within 22800-22200, forming a higher base after a recent 1000-point rally.
  • Short-term support is at 22000-22200 levels, marked by the lower band of the rising channel since January 2024 and the 61.8% retracement of the recent upswing, alongside the 50-day EMA.
  •  

3. Intraday Levels:

  • Nifty: Intraday resistance is situated at 22370, followed by 22430 levels. Conversely, downside support is located at 22230, followed by 22150.
  • Bank Nifty: Intraday resistance is positioned at 48270, followed by 48480, while downside support is found at 47850, followed by 47610.
  • Fin Nifty: Intraday resistance is positioned at 21500, followed by 21570, while downside support is found at 21350, followed by 21260.

Derivative Market Analysis

1. Nifty:

  • The Nifty faces resistance above 22,400 with active call writing, but a breakthrough could trigger a short-covering rally. Strong support lies at 22,000 and 22,200 levels, indicating a potential corrective bias if breached.
  • The 22,300 level is crucial, with both call and put open interest accumulation, shaping the day's direction. The Nifty's immediate range is between 22,200 and 22,500, as per option chain analysis. The put-call ratio decreased to 0.77.

2. Bank Nifty:

  • The 48,000 level in Bank Nifty's options chain market is pivotal as the significant call and put OI is accumulated there, suggesting a straddle formation. Option chain analysis forecasts a tight range between 48,000 and 48,500,
  • While the highest put OI at 48,000 may act as immediate support for the day, maintaining the levels could trigger short covering towards 48,500.

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 the events in the domestic as well as the global stock market. 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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