Share Market Today | GIFT Nifty Flat Amid Mixed Global Cues

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Today’s latest market updates include Godawari Power's buyback plan, RailTel's ₹81.6 Cr NICSI work order, BCP Topco IX Pte's 10.6% stake sale in Mphasis, Dr Reddy's AP unit received four FDA observations, KEC International's new ₹1,061 Cr orders, plus other global market news.

Latest Market News

  1. Godawari Power and Ispat board will consider a buyback of equity shares on June 15.

  2. State-run RailTel received an ₹81.6 crore work order from National Informatics Centre Services Incorporated for ICT infrastructure.

  3. BCP Topco IX Pte will likely sell a 10.6% stake in Mphasis via block deals at a base price of ₹2,350 per share.

  4. Dr. Reddy's manufacturing unit in Andhra Pradesh received four observations from the US FDA.

  5. KEC International secured orders worth ₹1,061 crore across various businesses.

  6. Jubilant Pharmova's contract manufacturing facility in Spokane, Washington received three observations from the US FDA.

  7. RVNL emerged as the lowest bidder for a Southern Railways project worth ₹156.47 crore.

  8. Suzlon's Independent Director resigned due to corporate governance issues and lack of communication.

  9. On Friday, FIIs net bought ₹4,391.02 crore in equities while DIIs net sold ₹1,289.75 crore.

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

US Share Market News

  1. Performance Overview:

    • On Friday, the US stock indexes fell as Treasury yields soared. This happened after official data showed that nonfarm payrolls and wage growth exceeded Wall Street's expectations.

    • For the week, the Nasdaq surged 2.4%, the S&P 500 rose 1.3%, and the Dow went up by 0.3%.

  2. Economic Indicators:

    • The US non-farm payrolls increased by 272,000 new jobs last month, up from 175,000 in April and significantly above the expected rise of 190,000.

    • The market expects the Federal Open Market Committee (FOMC) to keep its policy rate unchanged next week and at the end of July. From March 2022 to July 2023, the FOMC raised the rate by 525 basis points and has maintained it since then.

  3. Sector-Specific Movements:

    • The Dow Jones Industrial Average and the Nasdaq Composite dropped 0.2%, closing at 38,799 and 17,133.1, respectively. The S&P 500 declined 0.1% to 5,347.

    • Utilities and materials saw the biggest declines, while financials led the gainers.

  4. Stock-Specific Action:

    • GameStop reported a drop in fiscal first-quarter sales compared to last year, amid the trading frenzy surrounding its stock. The company's shares plummeted by 39%.

Other Asset Classes

  1. Treasury Yields:

    • The US two-year yield jumped 16.9 basis points to 4.89% on Friday, while the 10-year rate surged 15.3 basis points to 4.43%.

  2. Currency:

    • The Dollar Index closed 0.8% higher at 104.93, boosted by non-farm payroll data.

  3. Commodities:

    • Brent Crude closed at $79.40, whereas West Texas Intermediate crude oil fell 0.3% to $75.30 per barrel.

    • Gold dropped 3.5% to $2,308.20 per troy ounce, while silver plummeted 6.7% to $29.26 per ounce.

Asian Markets

  1. General Trends:

    • This week in Asia, investors will focus on Japan's first-quarter GDP numbers on Monday and the Bank of Japan's rate decision on Friday.

    • China and India's inflation figures for May will be released on Wednesday.

  2. Specific Index Performance:

    • Japan's Nikkei 225 rose by 0.19% at its open, while the broader Topix increased by 0.38%.

    • In contrast, South Korea's Kospi dropped 1%, and the small-cap Kosdaq slipped 0.5%

    • Several Asian markets, including Australia, mainland China, Hong Kong, and Taiwan, are closed for a holiday on Monday.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty indicates a flat opening for the Indian market amid mixed global cues. The Nifty spot is expected to consolidate with a slight positive trend.

  2. Nifty Short-Term Outlook:

    • The benchmark index closed at the upper band of the rising channel for the year, with sustaining above last week's high of 23,338 potentially opening up a further upside towards 23,800, which is a 123.6% external retracement of the previous range (23,338-21,281).

    • The India VIX dropped from 31 to 16, suggesting lower volatility ahead.

    • If the index holds above the 49,000-48,500 support range, it could gradually move towards 51,100 in the coming weeks.

    • The daily chart shows strong demand for heavyweight banks like HDFC, Kotak, IndusInd, and SBI, indicating a positive outlook and buying opportunities on dips.

  3. Intraday Levels:

    • Nifty: Intraday resistance is situated at 23,385, followed by 23,500 levels. Conversely, downside support is located at 23,050, followed by 22,900.

    • Bank Nifty: Intraday resistance is positioned at 50,350, followed by 50,670, while downside support is found at 49,250, followed by 49,080.

    • Fin Nifty: Intraday resistance is positioned at 22,480, followed by 22,600, while downside support is found at 21,680, followed by 21,800.

Derivative Market Analysis

  1. Nifty:

    • Nifty’s highest call OI addition is at 24,000, with immediate call OI at 23,500. If the index surpasses 23,500, it could move towards 24,000.

    • A major put OI addition is at 23,000, serving as strong support. Falling below 23,000 could result in a loss of momentum.

    • The option chain suggests cautiousness among call writers, with an immediate range between 23,000 and 23,500. The Nifty put-call ratio has risen by 0.12 to 1.15.

  2. Bank Nifty:

    • For Bank Nifty, the immediate highest call OI addition is at the 50,000 level. If the index surpasses and sustains above this, it could trigger short covering towards the 51,000 level, where the second-highest call OI is positioned.

    • Significant put OI addition is noted at 49,000, and falling below this could lead to a correction towards 48,500.

    • The immediate range for the day is 49,000 to 50,000, with support at 49,500 indicated by call unwinding. The Bank Nifty put-call ratio has increased by 0.09 to 0.80.

  3. Midcap Nifty:

  • The highest call OI is at the 12,000 level, with the immediate call OI at 11,800, indicating resistance at this level.

  • The highest put OI is at the 11,500 level, followed by 11,600, acting as support for the weekly expiry.

  • Thus, the immediate trading range is expected to be between 11,600 and 11,800 according to the option chain.

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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