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Share Market Today | Gift Nifty hints at gap up as Nifty eyes consolidation

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Synopsis:

Today’s share market features the Cabinet’s approval of major projects, including a ₹70,125 crore rural road scheme and a ₹12,461 crore hydropower project. RouteMobile and Honasa see significant stake changes, while FIIs net buy ₹1,755 crore. NBCC and MapmyIndia announce key collaborations.

Latest Market News

  1. Cabinet approves ₹70,125 crore outlay for PM rural road scheme.

  2. RouteMobile promoter Proximus Opal to sell 6.03% stake via OFS on Sept 12-13.

  3. Honasa consumers’ 8.1% Equity Worth Rs 1,260.7 Cr Likely to Change Hands Via Block Deals At Rs 480/sh floor price.

  4. ⁠FAME to be replaced by PM E-Drive as cabinet mulls ₹10,900 cr EV push.

  5. GE T&D bags order worth €55 m from Grid Solutions Middle East FZE, Dubai.

  6. ⁠Cabinet approves 31,350 mw hydropower project with Rs 12,461 cr outlay.

  7. ⁠NBCC collaborates with MTNL to develop 13.88 acres of land parcel in New Delhi. The project is valued at ₹1,600 cr.

  8. ⁠MapmyIndia partners with Zoomcar, the collaboration enables users to book a Zoomcar while getting their trips planned with the Mappls App.

  9. ⁠FIIs net buy ₹1,755 crore & DIIs net buy ₹230.90 crore in equities.

NBCC (INDIA) LIMITED

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102.05-0.61 (-0.59 %)

Updated - 11 December 2024
103.56day high
DAY HIGH
101.76day low
DAY LOW
4650576
VOLUME (BSE)

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

US Share Market News

  1. Performance Overview:

    • US benchmark indices traded with high volatility as it cut losses on Wednesday, as an Nvidia-led rally in tech offset falling bets on a large-sized Federal Reserve interest rate cut next week after data showed core inflation ticked higher last month.

  2. Sector-Specific Movements:

    • NVIDIA Corporation climbed more than 8% as the U.S. government is mulling whether to lift a ban that would allow the chipmaker to export advanced chips to Saudi Arabia. The surge in Nvidia pushed other chip stocks as well as the broader tech sector higher. 

    • The 30-stock Dow gained 124.75 points, or 0.31%, after losing as much as 743.89 points earlier in the session. 

    • The Nasdaq Composite closed 2.17% higher, making a comeback from a decline of more than 1%. The S&P 500 ended the day higher by 1.07%.

    • Wall Street is anticipating the release of the August producer price index on Thursday. Initial jobless claims data for the week ending Sept. 7 is also expected to be released in today's session.

  3. Economic Indicators:

    • Headline US consumer prices rose by 0.2% on a monthly basis in August, matching July's rate, but the core figure accelerated slightly, potentially denting the chances that the Federal Reserve will introduce a more aggressive cut to interest rates at its upcoming policy gathering.

Other Asset Classes

  1. Treasury Yields:

    • Treasury yields gained on Wednesday as Wall Street assessed a mixed consumer price index report and its implications for the Federal Reserve’s rate move next week. 

    • The yield on the 10-year Treasury was less than 1 basis point higher at 3.652%.

  2. Currency:

    • The U.S. dollar was mixed overall on Wednesday in choppy trading. the dollar index was 0.1% higher on the day at 101.72.

  3. Commodities:

    • U.S. crude oil rebounded more than 2% on Wednesday, regaining some ground after prices closed at the lowest level in nearly three years in the previous session. 

    • Brent November contract: $70.61 per barrel up by 2.05%.

    • Gold prices fell on Wednesday as the dollar and Treasury yields firmed after U.S. inflation data prompted investors to scale back expectations of an oversized rate cut from the Federal Reserve next week. Spot gold was down 0.1% at $2,513.19 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets opened higher on Thursday, tracking gains on Wall Street after a volatile session spurred by inflation data.

  2. Specific Index Performance:

    • Japan’s Nikkei 225 jumped 3% in early trading and the broad-based Topix advanced 2.48%. 

    • In South Korea, the Kospi opened 1.2% higher and the small-cap Kosdaq gained 2.5%.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a gap up opening for the Indian market amid firm global cues. 

    • Nifty spot post a strong opening is likely to consolidate with positive bias in the range of 25,200-24,850

  2. Market in Previous Session:

    • Benchmark indices snapped a two-session up move and closed lower amid profit booking ahead of key U.S. inflation data that could influence the size of a likely U.S. rate cut next week. 

    • The Sensex was down by 398 points or 0.49% at 81,523 and the Nifty was down by 122 points or 0.49% at 24,918.

    • The Bank Nifty also traded with corrective bias in the weekly expiry session and closed lower by 0.51% at 51010.  

    • The broader market consolidated in a range amid stock-specific action. Auto, Financial, Metal, Realty and Media stocks were the major draggers, whereas the FMCG stocks were the gainers. 

  3. Nifty Short-Term Outlook:

    • The index has formed a bear candle which mostly remained enclosed inside the previous session's high-low range signaling consolidation amid stock-specific action.

    • 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 25,120 followed by 25,200 levels. Conversely, downside support is located at 24,880, followed by 24,750.

    • Bank Nifty: Intraday resistance is positioned at 51,390, followed by 51,650, while downside support is found at 51,950, followed by 50,680.

    • Fin Nifty: Intraday resistance is positioned at 23,740, followed by 23,890, while downside support is found at 23,530, followed by 23,440.

Derivative Market Analysis

  1. Nifty:

    • The highest call OI is positioned at 25000 followed by the 25500 level, whereas the highest put OI is positioned at 24500 followed by the 24700 level. Call writing above 25000 is quite heavy indicating limited upside. 

    • Call writers were active above 25000 indicating stiff resistance at higher levels. If 25000 is broken on the upside, Nifty can march towards 25500. On the lower end, important support is placed at the 24700 level.

    • According to option chain analysis, a broader range for Nifty is 24500 and 25000.

    • The Nifty put-call ratio decreased by 0.19 and is now positioned at 0.88.

  2. Bank Nifty:

    • The highest put OI concentration stands at 51000 level whereas the highest call OI concentration is at 51500 level. If the index slips below 51000, it can march towards 50500 level. 

    • Call writers are active between 51000 and 51500 indicating limited upside. A strong straddle formation is seen at 51000 which makes it a crucial level to watch for.

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

    • The Bank Nifty put-call ratio decreased by 0.05 and is now positioned at 0.85.

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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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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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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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.

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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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