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Share Market Today | GIFT Nifty Up, Nasdaq Hits New All-Time High

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Synopsis:

Today’s latest market updates feature IRB Infra's toll revenue for June up 35%, price hikes by Asian Paints and Berger Paints, ICICI Prudential buys ₹256 Cr shares in Nykaa, Sula Vineyards' revenue up 9.7% to ₹129.6 Cr, plus other global market news.

Latest Market News

  1. IRB Infra and IRB Infra Trust report a 35% increase in June toll revenue.

  2. Asian Paints and Berger Paints started increasing their prices.

  3. ICICI Prudential Mutual Fund purchases ₹256 crore worth of Nykaa shares.

  4. Glenmark Pharma and its promoter group plan to sell a 7.85% stake in Glenmark Life via OFS at ₹810 per share, a 7.5% discount to CMP.

  5. Sula Vineyards' net revenue rose by 9.7% to ₹129.6 crore, driven by a 2.7% increase in its own brands' revenue.

  6. FIIs and DIIs net bought ₹583.96 crore and ₹1,082.40 crore in equities, respectively, yesterday.

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

US Share Market News

  1. Performance Overview:

    • On Wednesday, the S&P 500 and the Nasdaq Composite hit new all-time highs as Federal Reserve Chair Jerome Powell mentioned that inflation might be easing.

    • Markets are now waiting for the June consumer inflation data, set to be released on Thursday.

  2. Economic Indicators:

    • Powell expressed "some confidence" that US inflation is cooling, according to Bloomberg News.

    • Government data is expected to show that the US consumer price index will rise by 0.1% month-over-month and 3.1% year-over-year, lower than the 3.3% increase in May, according to Bloomberg consensus.

  3. Sector-Specific Movements:

    • The Nasdaq surged 1.2% to close at 18,647.5, while the S&P 500 rose 1% to finish at 5,633.9.

    • The Dow Jones Industrial Average climbed 1.1% to end at 39,721.4.

    • All sectors closed higher, with tech leading the gains with a 1.6% increase.

  4. Stock-Specific Action:

    • Chip stocks were among the biggest winners in the US trading session. Taiwan Semiconductor Manufacturing Company's US-listed shares rose 3.5% after April to June revenue exceeded Wall Street estimates.

    • Peer chip firm Qualcomm edged up by 0.8%, while Broadcom increased by about 0.7%.

    • Nvidia, a favourite in the artificial intelligence sector, climbed 2.7%.

Other Asset Classes

  1. Treasury Yields:

    • The US 10-year yield fell 1.7 basis points to 4.28%, while the two-year rate dropped one basis point to 4.62%.

  2. Currency:

    • The dollar index was down 0.05% at 104.92.

  3. Commodities:

    • West Texas Intermediate crude oil rose by 1.2% to $82.42 per barrel, and Brent futures were up 0.4% to $85.43. OPEC maintained its global oil demand growth forecasts for 2024 and 2025 at 2.2 million barrels per day and 1.8 million barrels per day, respectively, according to its July oil market report.

    • Gold increased by 0.4% to $2,377.90 per troy ounce, while silver added 0.1% to $31.10 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets gained, boosted by a US Big Tech rally and growing confidence in Federal Reserve rate cuts.

  2. Specific Index Performance:

    • Japan's Nikkei 225 soared to new highs, crossing the 42,000 mark for the first time, up 1.37% at the open. The broader Topix also reached new highs, rising 1.17%.

    • South Korea's Kospi rose 0.96% ahead of the Bank of Korea decision, while the Kosdaq was up 0.22%.

    • Australia's S&P/ASX 200 increased by 0.85%.

    • Hong Kong's Hang Seng index futures were at 17,615, higher than the previous close of 17,471.67.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty indicates a flat opening for the Indian market.

    • After the flat opening, Nifty is likely to consolidate within the 24,000-24,500 range, with stock-specific action.

  2. Nifty Short-Term Outlook:

    • Indian benchmark indices cooled off after hitting all-time highs of 80,481 on Sensex and 24,461 on Nifty, due to broader market selloff and Q1 earnings expectations.

    • Sensex closed at 79,924, down 0.53%, and Nifty closed at 24,324, down 0.45%.

    • Market breadth was negative, with 1,141 shares advancing, 2,287 declining, and 59 unchanged.

    • Nifty Auto, FMCG, and Pharma indices gained up to 0.3%.

    • India VIX increased by 1% to 14.4.

    • The index is expected to consolidate with a positive bias, potentially moving towards 24,600 if it stays above the previous week's low of 23,990.

    • Immediate supports are at 24,200 and 24,120, with a close below 24,120 potentially leading to a decline towards 23,800.

    • IT shares will be in focus as TCS and HCL Tech start the earnings season.

  3. Intraday Levels:

    • Nifty: Intraday resistance is at 24,460, followed by 24,550 levels. Conversely, downside support is located at 24,200, followed by 24,120.

    • Bank Nifty: Intraday resistance is positioned at 52,600, followed by 53,050, while downside support is found at 51,950, followed by 51,800.

    • Fin Nifty: Intraday resistance is positioned at 23,850, followed by 24,050, while downside support is found at 23,450, followed by 23,380.

Derivative Market Analysis

  1. Nifty:

    • The highest put OI is at the 24,000 level, while the highest call OI is at 24,500. This indicates a broader range for today's expiry between 24,000 and 24,500.

    • Significant put OI unwinding occurred at 24,400, and substantial call OI additions were seen at 24,600, 24,500, and 24,400, suggesting market participants expect the Nifty to stay below 24,400.

    • The critical level for Nifty is 24,400. Moving above this could lead to an increase towards 24,600, while the key support is at 24,300.

    • The Nifty put-call ratio decreased by 0.31 to 0.97.

  2. Bank Nifty:

    • For Bank Nifty, the highest call OI is at 52,500, and the highest put OI is at 52,000, marking this range as significant.

    • Put OI increased at 52,000, while call OI additions were seen at 53,000, 52,500, and 52,200, indicating multiple resistances.

    • Straddle formations are at 52,000 and 52,200.

    • The expected range for the day is between 52,500 and 52,000.

    • The Bank Nifty put-call ratio rose by 0.10 to 0.79.

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

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Answer Field

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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.

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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.

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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?

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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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