Share Market Today | GIFT Nifty Flat, US Markets Up, Asian Peers Mixed

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Today’s latest market updates feature RVNL’s two projects worth ₹187.34 Cr from Nagpur Metro and ₹202.87 Cr from SE Railway, ONGC's ₹2 lakh crore net zero emission plan, Ashiana Housing's expansion, 0.9% stakesale in Mankind Pharma for ₹762.6 Cr, plus other global market news.

Latest Market News

  1. RVNL received a ₹187.34 crore project from Maharashtra Metro Rail Corporation Limited for Nagpur Metro.
  2. RVNL won a ₹202.87 crore project from South Eastern Railway as the lowest bidder.
  3. ONGC will invest ₹2 lakh crore to achieve its net zero emission target.
  4. Ashiana Housing plans to expand to Mumbai, Delhi NCR, and Bengaluru amid a real estate boom.
  5. Capital Group's affiliate, Hema CIPEF, will sell a 0.9% stake in Mankind Pharma for ₹762.6 crore via block deals.
  6. Canada Pension Plan Investment Board is likely to sell a 3.17% equity stake in Delhivery for ₹886 crore via a block deal.
  7. FIIs net bought ₹314.46 crore and DIIs net bought ₹1,416.46 crore in equities yesterday.

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

US Share Market News

  1. Performance Overview:
    • On Tuesday, the S&P 500 and Nasdaq Composite reached new record highs after Federal Reserve Chair Jerome Powell noted that inflation has improved recently, though more work is needed.
  2. Sector-Specific Movements:
    • The S&P 500 and the tech-focused Nasdaq each rose by 0.1%, closing at 5,577 and 18,429.3 respectively.
    • Meanwhile, the Dow Jones Industrial Average fell by 0.1% to 39,292.
    • Financials led the sector gains, while materials experienced the largest decline.

Other Asset Classes

  1. Treasury Yields:
    • On Tuesday, the US 10-year yield rose by 2.9 basis points to 4.30%, while the two-year rate increased by one basis point to 4.62%.
  2. Currency:
    • The dollar index was up 0.03% at 105.15.
  3. Commodities:
    • West Texas Intermediate crude oil dropped by 0.9% to $81.61 per barrel. Brent crude futures rose towards $84.87 per barrel.
    • Gold increased by 0.3% to $2,371 per troy ounce, while silver rose by 0.6% to $31.10 per ounce.

Asian Markets

  1. General Trends:
    • In Asia, investors will evaluate inflation data from China and Japan, with China releasing its June consumer and producer price data.
    • China's inflation is expected to rise slightly to 0.4%, up from 0.3% in May, while its PPI is forecast to decrease by 0.8%, a softer fall compared to May's 1.4% decline.
  2. Specific Index Performance:
    • Japan's Nikkei 225 slipped slightly from Tuesday's all-time high, while the broad-based Topix remained flat.
    • South Korea's Kospi fell by 0.25%, and the small-cap Kosdaq declined by 0.2%.
    • Australia's S&P/ASX 200 dropped by 0.28%.
    • Hong Kong's Hang Seng index futures were at 17,641, higher than the HSI's last close of 17,523.23.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty indicates a flat to positive start for the Indian market.
    • After a flat opening, Nifty spot is likely to consolidate with stock-specific action in the range of 24,000 to 24,500.
  2. Nifty Short-Term Outlook:

    • On July 9th, the benchmark indices closed positively, with levels at 24,433 (+0.46%) and 80,351 (+0.49%).
    • The auto index led gains, followed by FMCG, Pharma, Realty, and PSU banks, while IT was the only sector that lagged.
    • The midcap and small-cap indices rose by 0.3% and 0.2%, respectively.
    • The VIX increased by 3.3% to surpass 14.
    • The index is expected to consolidate with a positive bias and could move towards 24,600.
    • The immediate positive bias will persist if the index stays above the previous week's low of 23,990.
    • A close below 23,990 may lead to pressure, with potential drops to 23,800. IT shares, particularly TCS and HCL Tech, will be in focus as earnings season begins.
  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 weekly expiry range remains broad with the highest put OI at the 24,000 level and the highest call OI at 25,000.
    • Significant put OI addition occurred at 24,400, while call OI unwinding was seen at 24,300, indicating positive sentiment.
    • Market participants expect Nifty to stay above 24,400.
    • The key range for the day is between 24,400 and 24,500, with a break on either side potentially triggering a directional move.
    • The Nifty put-call ratio increased by 0.10 to 1.28.
  2. Bank Nifty:

    • The highest put OI for Bank Nifty is at 51,000, and the highest call OI is at 53,000, forming a broad range.
    • Put OI additions were noted at 51,000 and 52,500, while call OI additions were seen at 52,500, 52,600, and 53,000.
    • This indicates potential resistance near 52,500 and 52,600, suggesting limited upside.
    • The immediate support is at 52,500.
    • The range for the day is between 52,500 and 53,000.
    • The Bank Nifty put-call ratio declined by 0.02 to 0.69.

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