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

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Synopsis:

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.

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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