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Share Market Today | GIFT Nifty Flat Amid Strong Asian Markets

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Synopsis:

Today’s latest market updates feature a MoU between Amara Raja's subsidiary and Piaggio, the cabinet approves eight new railway lines worth ₹24,657 Cr, CDSL announces August 24 as the record date for issuing bonus shares, Steel prices hit a 3-year low due to increased supplies, plus other global market news.

Latest Market News

  1. Amara Raja's subsidiary, Amara Raja Advanced Cell Technologies, signed an MoU with Piaggio Vehicles to develop and supply Lithium Iron Phosphate Li-ion cells and chargers for electric vehicles.

  2. The Cabinet approves eight new railway line projects in India, with a total investment of ₹24,657 crore.

  3. ONGC receives government approval to invest up to ₹10,501 crore in ONGC Petro Additions Limited (OPaL).

  4. CDSL announces August 24 as the record date for issuing bonus shares, as decided by its board on August 10.

  5. Honasa Consumer projects a ₹1,000 crore annual revenue run rate from The Derma Co in the next 3-5 years.

  6. Steel prices hit a 3-year low due to increased supplies, according to a report.

  7. On Friday, FIIs and DIIs were net buyers in equities, with purchases of ₹406.72 crore and ₹3,979.59 crore, respectively.

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

US Share Market News

  1. Performance Overview:

    • The S&P 500 closed Friday on a positive note, driven by tech stocks, as the market continued to recover after a major sell-off earlier in the week when fears of a looming recession dominated investor sentiment.

  2. Sector-Specific Movements:

    • The Dow Jones Industrial Average rose 51 points, or 0.1%, while the S&P 500 climbed 0.5%, and the NASDAQ Composite gained 0.5%.

    • For the week, the broad market index was down just 0.04%.

    • On Friday, it briefly turned positive before giving up some of its gains.

    • Meanwhile, the Dow and NASDAQ ended the week lower by 0.6% and 0.18%, respectively.

  3. Economic Indicators:

    • Investors have been buying the dip, confident that another crisis or recession isn't on the horizon.

    • The week's earlier losses were more related to hedge funds unwinding a long-held position in the Japanese yen than to any fundamental economic threats.

    • This week's focus is on the consumer price index inflation data, due Wednesday, for insights into the economy and inflation trends.

    • The reading is expected to show a slight cooling in July compared to the previous month, which could boost optimism for lower interest rates.

    • July retail sales data is also due out on Thursday.

Other Asset Classes

  1. Treasury Yields:

    • US Treasury yields fell on Friday as investors continued to evaluate the state of the economy after positive labour data lifted sentiment. The yield on the 10-year Treasury was down about 6 basis points to 3.94%.

  2. Currency:

    • The dollar pulled back from a one-week high against major currencies on Friday, capping off a volatile week as traders weighed a drop in US jobless claims and the potential for an economic downturn. The dollar index dipped 0.203% to 103.07.

  3. Commodities:

    • US crude oil prices rose more than 4% last week as recession fears eased, and concerns about a wider conflict in the Middle East that could disrupt production and transportation loomed. Brent's October contract settled at $79.66 per barrel.

    • Gold prices remained steady on Friday after a sharp rise the day before, supported by a dip in the US Treasury yields. Investors are increasingly confident that the Federal Reserve will lower interest rates in September. Spot gold edged down 0.1% to $2,422.99 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets opened higher on Monday following a roller-coaster week marked by steep sell-offs and a sharp recovery, particularly in Japanese stocks.

    • On Monday, traders in Asia will be watching for inflation and industrial output data from India, due after market hours.

  2. Specific Index Performance:

    • South Korea's Kospi opened up 1.20%, while the small-cap Kosdaq gained 1.42%.

    • Meanwhile, Japan's markets were closed for a holiday.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty indicates a soft opening for the Indian market amid mixed global cues. The Nifty is likely to consolidate in a broad range of 24,200 to 24,500 in today's session.

  2. Market in Previous Session:

    • The benchmark indices declined for the second consecutive week due to weak global cues, with Nifty falling by 1.42% to 24,367 after touching an intra-week low of 23,893.

    • Bank Nifty also faced a downturn, closing 1.69% lower at 50,484.

    • The broader market followed suit, with declines of 1.28% and 2.08%, reflecting a generally weak market sentiment.

  3. Nifty Short-Term Outlook:

    • Nifty formed a bullish hammer-like candle, with a small real body and a long lower shadow, indicating buying interest near the 50-day EMA at 23,998.

    • The index is expected to consolidate between 24,000 and 24,800 in the upcoming week, driven by stock-specific movements as the Q1FY25 earnings season wraps up.

    • A "buy on dips" strategy is recommended, with buying opportunities around 24,200-24,000, targeting a rise towards the gap-down area at 24,800.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 24,430, followed by 24,500 levels. Conversely, downside support is located at 24,270, followed by 24,200.

    • Bank Nifty: Intraday resistance is positioned at 50,700, followed by 50,890, while downside support is found at 50,200, followed by 50,010.

    • Fin Nifty: Intraday resistance is positioned at 23,070, followed by 23,180, while downside support is found at 22,860, followed by 22,770.

Derivative Market Analysis

  1. Nifty:

    • The highest put OI is at 24,000, followed by 23,500, indicating strong support levels.

    • On the other hand, the highest call OI is at 25,000 and 25,200, marking strong resistance.

    • There’s a significant call OI addition above 24,600, which suggests a tough resistance at higher levels.

    • If Nifty sustains above 24,400, it could move towards 24,600. Immediate support lies at 24,000, with resistance at 25,000.

    • The put-call ratio has risen by 0.05 to 1.09, signalling a moderately bullish sentiment.

  2. Bank Nifty:

    • The highest put OI concentration is at 50,000, with the highest call OI at 52,000, setting key support and resistance levels.

    • Immediate resistance is at 51,000, with notable call OI addition at 50,600.

    • Strong put OI addition at 50,500 suggests a significant support level.

    • If the index breaks below 50,500, it could decline to 50,000, but sustaining above this level could push it to 51,000.

    • The Bank Nifty put-call ratio increased by 0.04 to 0.90, indicating a slightly bearish outlook.

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.

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

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

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

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

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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?

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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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