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Share Market Today | Gift Nifty Positive Amid Firm Global Cues

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Synopsis:

Share market news today features Adani Enterprises’ ₹4,200 QIP, GR Infraprojects’ letter of acceptance (LoA) worth ₹903.5 crore for Nagpur Metro, Star Health Insurance’s massive data leak, CCI’s approval for acquisition of home & personal care business by Patanjali Foods, plus FII-DII activities.

Latest Market News

  1. Adani Ent launches QIP, sets floor price at ₹3,117.475 per share.

  2. Rashtriya Chemicals awarded a ₹1,000 crore contract to L&T for a new fertiliser plant in Maharashtra.

  3. G R Infraprojects receives letter of acceptance (LoA) worth ₹903.5 crore from Maharashtra Metro Rail Corp.

  4. Patanjali Foods: Competition Commission of India (CCI) approves acquisition of home & personal care business by Patanjali Foods.

  5. Star Health suffers massive data leak: Hackers claim data of over 3 crore customers has been compromised.

  6. FIIs net sold ₹4,562.71 crore, while DIIs net bought ₹3,508.61 crore in equities yesterday.

TATA CONSULTANCY SERV LT

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4454.9527.50 (0.62 %)

Updated - 12 December 2024
4485.00day high
DAY HIGH
4426.00day low
DAY LOW
1914642
VOLUME (BSE)

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

US Share Market News

  1. Performance Overview:

    • The S&P 500 closed higher on Wednesday as investors continued to digest clues on interest rates from the Federal Reserve, ahead of fresh inflation data and Tesla's robotaxi event.

  2. Sector-Specific Movements:

    • The S&P 500 rose 0.7% to 5,792.04 points on Wednesday, while the Dow Jones Industrial Average surged 1% to 42,512.0 points — a record closing high. The NASDAQ Composite gained 0.6% to 18,291.82 points.

  3. Economic Indicators:

    • On the economic front, the consumer price index for September, due Thursday, will offer investors fresh clues on the path of monetary policy. There are growing concerns that achieving the last mile of getting inflation to the 2% target will likely be more challenging than initially expected, given the strength of the labour market.

    • While a "substantial majority" of Federal Reserve policymakers backed the central bank's jumbo rate cut in September, there were signs that some members preferred starting the rate-cutting cycle with a more modest cut due to concerns about the strength of the economy, according to the minutes of the Federal Reserve’s Sept. 17-18 meeting released Wednesday.

    • Traders were pricing in a 75.5% chance of a 25 bps cut and a 24.5% chance of a hold in November, CME Fedwatch showed.

    • Focus this week is also on the third-quarter earnings season, with a string of major banks set to report on Friday.

Other Asset Classes

  1. Treasury Yields:

    • U.S. Treasury yields ticked higher on Wednesday as investors digested the Fed meeting minutes and prepared for inflation data. The 10-year Treasury yield rose nearly 4 basis points to 4.073%.

  2. Currency:

    • The U.S. dollar held on to earlier gains against a basket of major currencies after minutes from the Fed’s latest meeting showed that policymakers were not committed to continuing unusually large half-percentage-point rate cuts. The U.S. Dollar Index Futures was up 0.36% at 102.68.

  3. Commodities:

    • U.S. crude oil edged lower on Wednesday after a steep selloff in the previous session. The Brent December contract fell by 0.78%, to $76.58 per barrel.

    • Gold retreated for the sixth straight day on Wednesday as the advancing dollar and diminished expectations of a larger rate cut in November weighed on the precious metal. Spot gold fell 0.5% to $2,607.7 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets opened mostly higher on Thursday, following gains on Wall Street, where the S&P 500 and Dow Jones Industrial Average reached new records as investors shrugged off geopolitical concerns.

  2. Specific Index Performance:

    • Japan’s Nikkei 225 opened 0.5% higher, while the broad-based Topix gained 0.4%.

    • South Korea’s Kospi rose 0.2%, while the small-cap Kosdaq declined 0.2%.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a positive opening for the Indian market amid firm global cues.

    • The Nifty, following a positive start, is expected to trade with a positive bias and move towards the 25,250 level, provided it holds above Wednesday's low of 24,947.

  2. Market in Previous Session:

    • Indian benchmark indices failed to maintain their intraday gains in the final hour of trading and ended slightly lower after a volatile session on Wednesday.

    • The Reserve Bank of India (RBI) kept its key policy rates unchanged amid concerns over inflation and geopolitical risks, while shifting its policy stance to neutral from "withdrawal of accommodation." The Monetary Policy Committee left the repo rate unchanged at 6.5% for the 10th time in a row.

    • At the close of trading, the Sensex dropped 167.71 points or 0.21% to 81,467.10, while the Nifty declined by 31.20 points or 0.12% to 24,981.95.

    • Among sectors, except for FMCG (which fell 1.57%) and oil & gas (down 0.67%), all other indices closed in the green, with gains of 1-2% in pharma, power, and realty.

  3. Nifty Short-Term Outlook:

    • Nifty, on the daily chart, has formed a high-wave candle signalling consolidation amid stock-specific action. The index managed to form a higher high and higher low in Wednesday's session and is seen sustaining above the support area of 24,700-24,800.

    • In line with expectations, the index has rebounded from the September lows amid oversold conditions on the daily stochastic. We expect it to extend the last two sessions' pullback and move higher towards 25,250 and 25,400 levels in the coming sessions.

    • On the upside, key resistance is placed at 25,500-25,700, which marks the gap-down area of last Thursday and 61.8% retracement of the previous decline (26,277-24,694). Short-term bias remains negative below this range.

    • Key support is placed at 24,700-24,800. A breach below this will signal an extension of last week's decline.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 25,160, followed by 25,290 levels. Conversely, downside support is located at 24,890, followed by 24,750.

    • Bank Nifty: Intraday resistance is positioned at 51,530, followed by 51,790, while downside support is found at 50,810, followed by 50,560.

Derivative Market Analysis

  1. Nifty:

    • For Nifty, the highest call OI is at 25,500 followed by 26,000, while the highest put OI is at 24,500 followed by 25,000.

    • Significant call OI buildup between 25,100 and 25,500 suggests strong resistance at higher levels.

    • If Nifty stays above 25,000, it could rise to 25,200, but if it falls below 25,000, it might drop to 24,800.

    • The broader range is between 24,800 and 25,200, with the put-call ratio currently at 0.54.

  2. Bank Nifty:

    • For Bank Nifty, the highest call OI is at 52,000 followed by 53,000, while the highest put OI is at 51,000 followed by 50,000.

    • A large addition of call and put OI at 51,000 indicates a straddle formation, making it a key level to monitor.

    • Active call writers between 51,000 and 52,000 create a strong resistance zone. The put-call ratio stands at 0.92.

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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Frequently Asked Questions

What exactly is the stock market, and how does it work?

Answer Field

The stock market is a platform where investors buy and sell shares of publicly traded companies. It operates through stock exchanges, where supply and demand for securities determine prices.

Why should I consider investing in the stock market?

Answer Field

Investing in the stock market offers the potential for long-term wealth growth, dividend income, portfolio diversification, and ownership stakes in successful companies.

How can I start investing in the stock market?

Answer Field

To begin investing in stocks, individuals can open a brokerage account, conduct research on companies and industries, and start building a diversified portfolio aligned with their investment goals and risk tolerance.

What factors should I consider before investing in stocks?

Answer Field

Important factors to consider include investment goals, risk tolerance, time horizon, market research, diversification, and staying informed about economic and market trends.

What are the risks associated with stock market investments?

Answer Field

Risks include market volatility, liquidity risk, company-specific risks, and the potential for loss of capital. It's essential for investors to assess their risk tolerance and diversify their portfolios accordingly.

How do I stay informed about daily market happenings?

Answer Field

You can stay informed by monitoring financial news websites, market analysis reports, earnings announcements, economic indicators, and utilising real-time market data provided by reliable brokerage platforms.

What is the difference between long-term investing and trading in the stock market?

Answer Field

Long-term investing involves holding stocks for extended periods, typically years or decades, with a focus on capital appreciation and dividend income. Trading involves buying and selling stocks more frequently, often based on short-term price movements.

How can I mitigate risks in the stock market?

Answer Field

Risk mitigation strategies include diversifying your portfolio, setting stop-loss orders, conducting thorough research, avoiding over-leveraging, and maintaining a long-term perspective on investments.

Are there any specific tax implications associated with stock market investments?

Answer Field

Yes, tax implications vary depending on factors such as investment duration, type of account (e.g., taxable brokerage account, retirement account), and realised gains or losses from selling stocks.

Can I invest in the stock market with a small amount of capital?

Answer Field

Yes, many brokerage platforms offer fractional investing or allow investors to purchase partial shares, enabling individuals with limited capital to start investing in the stock market with smaller amounts.

What are government bonds in India, and how do they work?

Answer Field

Government bonds in India serve as a financing tool for public initiatives, provided by the government. Investors buy these bonds, receiving fixed interest payments. They are a reliable option, offering security and predictable returns.

What are the benefits of investing in government bonds compared to other investment options?

Answer Field

Government bonds offer safety and stability, ideal for risk-averse investors. Compared to equities, they provide predictable returns, helping in portfolio diversification. Additionally, they are less volatile, making them suitable for long-term financial planning.

How can I buy government bonds in India, and what are the steps involved in the purchasing process?

Answer Field

To understand how to buy government bonds in India, investors can participate in Reserve Bank auctions, purchase through brokers, or invest in GILT mutual funds. A Demat account is necessary, followed by transaction completion on selected platforms.

What are the different types of government bonds available for investment in India?

Answer Field

India offers several government bonds, including treasury bills, sovereign gold bonds, and long-term bonds. Each type has distinct tenures and interest rates, catering to different investment needs, from short-term liquidity to long-term stability.

How do I determine the best government bonds to invest in India based on my financial goals?

Answer Field

Choosing the best government bonds to invest in India depends on individual goals. Short-term bonds offer liquidity, while long-term bonds provide stability. Consider factors like maturity, interest rates, and inflation protection for tailored investment decisions.

What factors should I consider when evaluating government bonds for investment?

Answer Field

Key factors include interest rates, inflation trends, and bond maturity. Evaluating these aspects helps in aligning bond choices with financial goals, especially for conservative portfolios. GILT mutual funds diversify risks across multiple government bonds.

How can I invest in government bonds through the online platform or through a broker?

Answer Field

Investors can invest in government bonds via online platforms, brokers, or banks. Online options facilitate participation in auctions and secondary markets, offering a streamlined process for how to invest in government bonds conveniently.

What are the tax implications of investing in government bonds in India?

Answer Field

Interest from government bonds is taxed according to the investor’s income bracket. However, some bonds may offer tax benefits. Understanding these implications helps optimise returns when considering how to invest in government bonds.

Are there any risks associated with investing in government bonds in India?

Answer Field

Although government bonds are low-risk, they are subject to interest rate fluctuations and inflation, which can impact returns. Understanding these risks is essential when considering how to invest in government bonds effectively.

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