Share Market Today | GIFT Nifty Holds Steady on Mixed Global Cues

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Synopsis:

Today’s latest market updates include Transformers & Rectifiers’ ₹500 crore QIP, Approval of 3 Cr houses under the PMAY scheme, 2% stake sale in IndiGo worth ₹3,293 Cr by Rahul Bhatia family, Cintra, 5% stake sale in IRB Infra by Ferrovial, plus other global market news.

Latest Market News

  1. The Union Cabinet has approved the construction of 3 crore houses under the PMAY scheme.

  2. Transformers & Rectifiers will raise up to ₹500 crore via QIP at ₹665 per share for capex, debt repayment, working capital, inorganic growth, and general purposes.

  3. The Rahul Bhatia family is likely to sell a 2% stake in IndiGo for ₹3,293 crore in a block deal.

  4. Cintra, an affiliate of Ferrovial, is likely to sell a 5% stake in IRB Infra at ₹63 to ₹70.16 per share, up to a 10.2% discount.

  5. RVNL has emerged as the lowest bidder for a Central Railway project worth ₹138.45 crore.

  6. The Siemens-RVNL consortium has received a Letter of Acceptance for a Bangalore Metro Rail Corporation project worth ₹394 crore.

  7. Bharat Dynamics is targeting new orders worth ₹20,000 crore over the next 2-3 years.

  8. FIIs net bought ₹2,572.38 crore and DIIs net bought ₹2,764.46 crore in equities yesterday.

Additional Read: Share Market News

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

US Share Market News

  1. Performance Overview:

    • On Monday, the S&P 500 and the Nasdaq Composite hit record highs.

    • Investors are now waiting for the Federal Reserve's latest policy decision and May's inflation reports, which will be released later this week.

  2. Economic Indicators:

    • The Federal Reserve's Open Market Committee is expected to keep its main interest rate unchanged on Wednesday, according to the CME FedWatch Tool.

    • This would be the seventh time in a row they've done so. However, the main focus will be on the updated economic forecasts from policymakers.

    • Official data on consumer inflation for May in the US will be released on Wednesday, and the producer prices report will come out on Thursday.

  3. Sector-Specific Movements:

    • The Nasdaq, known for its tech stocks, went up by 0.4% to reach 17,192.5.

    • The S&P 500 increased by 0.3%, closing at 5,360.8.

    • The Dow Jones Industrial Average also rose, gaining 0.2% to end at 38,868.

    • Utilities and energy stocks led the gains, while financial stocks fell the most.

Other Asset Classes

  1. Treasury Yields:

    • On Monday, the US 10-year yield increased by 4.3 basis points to 4.47%, and the two-year rate went up by 1.5 basis points to 4.89%.

  2. Currency:

    • The dollar index closed 0.05% higher, ending at 105.161.

  3. Commodities:

    • Brent crude rose above $81, up 2%, while West Texas Intermediate crude climbed 3.2% to $77.97 per barrel ahead of key inflation data.

    • Gold fell by 0.38% to 2,302.14 per ounce, and silver dropped by 1.95% to 29.1655 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets, including Australia, Hong Kong, mainland China, and Taiwan, resumed trading on Tuesday after being closed for a public holiday on Monday.

  2. Specific Index Performance:

    • Japan's Nikkei 225 continued to rise, opening 0.42% higher, while the broad-based Topix increased by 0.34%.

    • South Korea's Kospi recovered from Monday, gaining 0.4%, while the small-cap Kosdaq rose by 0.64%.

    • Australia's S&P/ASX 200 dropped by 1%.

    • Hong Kong's Hang Seng index futures were at 18,096, down from the previous close of 18,366.95.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty indicates a flat to slightly negative start for the Indian markets due to mixed global signals. The Nifty spot is expected to trade within the 23,000-23,500 range.

  2. Nifty Short-Term Outlook:

    • Benchmark indices hit a new high before closing at 23,259.2, down by 0.13% due to profit booking. Metals and IT sectors faced pressure, while Cements and Pharma saw gains.

    • Nifty started the week negatively but reached an all-time high of 23,411.9 on Monday. Caution prevailed ahead of cabinet portfolio distribution.

    • Bank Nifty underperformed, closing at 49,780.9, down by 0.04%.

    • A shooting star candlestick pattern formed, suggesting that a drop below 23,200 may indicate more profit booking.

    • However, the short-term outlook remains positive, with a potential upside towards 23,800 if the index sustains above 23,400.

  3. Intraday Levels:

    • Nifty: Intraday resistance is situated at 23,420, 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:

    • The highest call OI addition at 23,500 creates immediate resistance for Nifty, while the major put OI addition at 23,000 provides critical support.

    • Call writers above 23,300 suggest restricted upside, and put writers below 23,000 indicate strong support.

    • The immediate range for Nifty is 23,000 to 23,300, followed by 23,500.

    • The put-call ratio for Nifty decreased by 0.18 to 0.97.

  2. Bank Nifty:

    • Significant call OI addition at the 50,000 level indicates immediate resistance for Bank Nifty. Surpassing and maintaining above this level may trigger a move towards 50,500.

    • Major put OI additions stand at 49,000 and 49,500 providing immediate support.

    • The immediate range for Bank Nifty is 49,500 to 50,000, with potential significant movement if this range is breached.

    • The put-call ratio for Bank Nifty fell by 0.06 to 0.74.

  3. Fin Nifty:

  • Across the 22,200 level, call writers are active, suggesting limited upside with multiple resistances.

  • Conversely, put writers below the 22,000 level indicates multiple supports.

  • Option chain analysis suggests that the critical levels are 22,000 and 22,200, implying that Fin Nifty is likely to consolidate within this range.

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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