Share Market Today | GIFT Nifty Negative Amid Mixed Global Cues

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Synopsis:

Today’s latest market updates include SEBI’s approval for Ola Electric IPO worth ₹5,500 Cr, HCLTech’s $278 million contract with Germany’s apoBank, Union Bank's ₹10,000 Cr fundraising via QIPs and bonds, TCS’s new IoT engineering lab in Ohio, plus other global market news.

Latest Market News

  1. SEBI approves Ola Electric's ₹5,500-crore IPO, with listing expected within a month.

  2. HCLTech signs a $278 million contract with Germany’s apoBank.

  3. Union Bank's board approves raising up to ₹10,000 crore via QIPs and bonds.

  4. Wipro launches the Lab45 AI platform to boost efficiency and transform business functions.

  5. Railtel aims for over 30% revenue growth and strong order inflow in FY25.

  6. TCS opens a new IoT engineering lab in Ohio to speed up client innovation.

  7. BL Kashyap secured two new orders worth ₹1,021 crore, raising its total order book to ₹3,545 crore.

  8. FIIs net sold ₹111.04 crore while DIIs net bought ₹3,193.29 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 Tuesday, the S&P 500 and the Nasdaq Composite reached record highs again as the Federal Reserve started its two-day monetary policy meeting.

  2. Economic Indicators:

    • The Federal Open Market Committee is expected to keep the benchmark lending rate steady, marking a seventh consecutive pause. The focus will be on the updated Summary of Economic Projections.

    • Investors are looking forward to the May consumer inflation data, set to be released Wednesday.

  3. Sector-Specific Movements:

    • The Nasdaq rose 0.9% to 17,343.6, the S&P 500 gained 0.3% to 5,375.3, but the Dow Jones fell 0.3% to 38,747.4.

    • Technology and communication services sectors saw gains, while financials led the declines.

  4. Stock-Specific Action:

    • Apple shares jumped 7.3%, the highest increase on all major indexes, following its announcement of a partnership with OpenAI's ChatGPT and new AI features called Apple Intelligence across its devices.

Other Asset Classes

  1. Treasury Yields:

    • On Tuesday, the US 10-year yield fell by 7.1 basis points to 4.4%, while the two-year rate decreased by 5.5 basis points to 4.83%.

  2. Currency:

    • The dollar index was stable at 105.27, after hitting its highest level since May 14 at 105.46 overnight.

  3. Commodities:

    • Oil prices edged up due to optimistic global demand forecasts from the US Energy Information Administration and OPEC. Brent crude closed at $82.13, while WTI crude rose 0.2% to $77.89 per barrel.

    • Gold increased by 0.2% to $2,332.40 per troy ounce, whereas silver dropped 1.9% to $29.32 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets were mixed on Wednesday as investors evaluated inflation data from various countries in the region.

    • China's inflation rate for May was 0.3%, falling short of the 0.4% expected by economists polled by Reuters. This rate remained unchanged from April.

    • Japan's corporate goods inflation rate increased to 2.4% in May, exceeding expectations and reaching its fastest pace since August.

  2. Specific Index Performance:

    • Hong Kong's Hang Seng index opened 0.76% lower following the CPI announcement, while mainland China's CSI 300 saw a slight decline.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a flat to slightly negative start for the Indian markets amid mixed global signals. Nifty is expected to consolidate between 23,000 and 23,500.

  2. Nifty Short-Term Outlook:

    • Benchmark indices saw gains erased in the second half of Tuesday's session due to profit booking after reclaiming 23,300, while broader markets outperformed with the midcap index hitting a new high.

    • The Nifty closed nearly flat at 23,264.85, up by 0.02%, and Bank Nifty closed at 49,705.75, down by 0.15%.

    • The index formed a Doji candlestick pattern, indicating market indecisiveness.

    • Prices falling below 23,200 may signal more profit booking, but the short-term outlook remains positive.

    • Dips are seen as buying opportunities, with a potential upside towards 23,800 if the index sustains above the week's high of 23,411.

  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 for Nifty has been recorded at the 24,000 level, with immediate call OI addition at 23,500, serving as resistance.

    • Major put OI additions are at 23,000 and 23,200, providing immediate support.

    • Call writers are cautious of an upside movement, but if prices fall below 23,000, a corrective bias may occur.

    • The put-call ratio for Nifty has increased by 0.05, now at 1.02.

  2. Bank Nifty:

    • The highest call OI addition for Bank Nifty has been observed at the 51,000 level, with immediate call OI addition at 50,000, indicating resistance zones.

    • On the put side, aggressive OI addition is at 49,000, closely followed by 49,500, which will act as strong support levels.

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

    • The put-call ratio for Bank Nifty has risen by 0.07 to 0.81, and the maximum pain level for the weekly expiry is 49,700.

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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