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Share Market Today | Gift Nifty hints at flat Indian market amid mixed cues

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Synopsis:

Today’s share market features IREDA's global arm getting provisional registration, Brent crude dips below $70, PersistentSystems acquires SoHo Dragon assets, Oil India signs MoU with IRH, and SIP inflows hit record highs in August. FIIs net buy ₹2,208.23 crore in equities.

Latest Market News

  1. IREDA global finance arm receives provisional registration from IFSCA

  2. ⁠Brent crude falls below $70 for the first time in 3 years

  3. ⁠PersistentSystems to acquire assets of SoHo Dragon in $4.7 million deal

  4. ⁠Oil India (OIL), ONGC Videsh (OVL) & Khanij Bidesh India (KABIL) sign MoU with IRH, UAE for global cooperation in critical mineral supply chain

  5. ⁠Wardwizard Healthcare to discuss fundraising plans on Sept 16

  6. ⁠SIP inflows and AUM hit all-time highs in August 2024

  7. ⁠RamcoSystems announces the launch of Aviation Software 6.0 for smarter aircraft management

  8. ⁠Endurance Tech to capitalise on premiumisation in the auto sector to grow revenues

  9. FIIs net buy ₹2,208.23 cr while DIIs net sell ₹275.37 cr in equities yesterday

INDIAN RENEWABLE ENERGY

Trade

223.32-7.58 (-3.28 %)

Updated - 03 October 2024
228.49day high
DAY HIGH
222.30day low
DAY LOW
7162150
VOLUME (BSE)

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

US Share Market News

  1. Performance Overview:

    • The S&P 500 cut losses to close higher Tuesday, as a climb in tech helped offset weakness in energy and financials a day ahead of an important inflation report.

    • The S&P 500 rose 0.5% to 5,495.52 points, while the NASDAQ Composite rose 0.8% to 17,025.79 points. The Dow Jones Industrial Average lagged, falling 0.2% to 40,736.96 points. 

  2. Sector-Specific Movements:

    • Energy stocks, down 2%, led the broader-market decline, pressured by a more than 4% slump in oil prices amid rising oversupply concerns as the demand outlook turns gloomy. 

    • Wall Street banks including Goldman Sachs and JP Morgan led the broader financials sector lower after signaling a cautious outlook.

  3. Economic Indicators:

    • Focus now turns to a consumer price index inflation reading, due Wednesday, for more cues on interest rates. Wednesday’s CPI reading comes just a week before a Fed meeting, where the central bank is expected to cut interest rates by at least 25 basis points. 

    • Markets were also awaiting for the first presidential debate between Harris and Trump.

Other Asset Classes

  1. Treasury Yields:

    • Treasury yields dipped on Tuesday ahead of the final major inflation prints before the Federal Reserve’s September meeting. 

    • The yield on the 10-year Treasury was 5 basis points lower at 3.648%

  2. Currency:

    • The yen hovered near a five-week peak and the dollar hung close to a three-week top versus the euro. The dollar index was steady at 101.66.

  3. Commodities:

    • Crude oil futures on Tuesday closed at the lowest level since December 2021, as the market sell-off gained speed after OPEC lowered its demand forecast for the second time in two months. 

    • Brent November contract: $69.19 per barrel, down 3.69%.

    • Gold prices held firm above the $2,500 level on Tuesday. Spot gold rose 0.3% to $2,513.61 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets opened lower on Wednesday, despite gains on Wall Street ahead of the U.S. August consumer inflation report due Wednesday.

  2. Specific Index Performance:

    • Japan’s Nikkei 225 was 0.7% down and the broad-based Topix was 0.86% lower. 

    • South Korea’s Kospi slipped 0.20%, while the small-cap Kosdaq rose 1.61%.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a flat opening for the Indian market amid mixed global cues. 

    • Nifty spot post a flat opening is likely to consolidate in the range of 25,200-24,900.

  2. Market in Previous Session:

    • Benchmark indices gained for the second session in a row on Tuesday amid a pullback in the global equity market ahead of key U.S. inflation data. 

    • The Sensex was up by 361 points or 0.44% at 81,921 and the Nifty was up by 104 points or 0.42% at 25,041.

    • The Bank Nifty also traded with a positive bias and closed the session higher by 0.3% at 51272.  The broader market also witnessed a strong upmove as Nifty midcap and small-cap closed higher by 1.2% and 1.15% respectively. IT, Media, Pharma, Realty, and Metals stocks are the major gainers. Whereas the Oil & Gas stocks were the major draggers.

  3. Nifty Short-Term Outlook:

    • The index has formed a high wave candle with a higher high and higher low signaling the continuation of the pullback for the second session in a row.

    • Going ahead, we expect the index to extend and consolidate in the range of 24500-25300 thus forming a base for the next leg of up move. Only a breakout above 25300 will open further upside towards 25550 in the coming weeks.

    • We believe one should accumulate quality stocks in the current consolidation. Nifty has key support placed at 24500-24400 levels being the confluence of the 50-day EMA and the 61.8% retracement of the ongoing rally (24100-25333).

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 25,130 followed by 25,200 levels. Conversely, downside support is located at 24,950, followed by 24,830.

    • Bank Nifty: Intraday resistance is positioned at 51,430, followed by 51,650, while downside support is found at 51,020, followed by 50,810.

    • Fin Nifty: Intraday resistance is positioned at 23,810, followed by 23,920, while downside support is found at 23,530, followed by 23,440.

Derivative Market Analysis

  1. Nifty:

    • The highest put OI is positioned at 24600 followed by the 25000 level, whereas the highest call OI is positioned at 26000 followed by the 25500 level. 

    • We saw call unwinding between the 24800 and 25000 levels indicating a positive data point for Nifty. Heavy put OI addition was seen between 24600 and 25000 indicating stiff support at lower levels. 

    • According to option chain analysis, immediate support would be at 24800 while resistance would be 25200.  

    • The Nifty put-call ratio increased by 0.11 and is now positioned at 1.07.

  2. Bank Nifty:

    • The highest put OI concentration stands at 51000 level whereas the highest call OI concentration is at 51500 level. If 51000 is broken, Bank Nifty can march towards 50500 levels. If it manages to cross the 51500 level, we can see the index touching the 52000 level.

    • We saw call OI addition between 51500 and 52000 levels indicating stiff resistance. Put writers are active below 51200 indicating support at lower levels.

    • According to the option chain analysis, a broader range for Bank Nifty is 51000 and 51500. 

    • The Bank Nifty put-call ratio increased by 0.03 and is now positioned at 0.90

    • The Bank Nifty put-call ratio increased by 0.27 and is now positioned at 0.87.

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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