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Share Market Today | GIFT Nifty Stays Flat, Asian Markets Move Higher

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Synopsis:

Today’s latest market updates feature MSCI Standard Index and MSCI Small Cap Index rejig, July’s CPI inflation at a 5-year low (3.54%), FY25 gross direct tax collections rise 23.99% to ₹8.13 lakh crore, KPI Green Energy’s QIP at ₹983.24/share, plus other global market news.

Latest Market News

  1. MSCI Standard Index to add 7 stocks and remove 1, while the MSCI Small Cap Index will add 27 stocks and remove 6.

  2. India's July CPI inflation stands at 3.54%, lower than the expected 3.64%, marking a 5-year low.

  3. India's gross direct tax collections for FY25 have risen by 23.99% to ₹8.13 lakh crore as of August 11.

  4. KPI Green Energy has set the QIP floor price at ₹983.24 per share.

  5. FIIs sold a net ₹4,680.51 crore in equities, while DIIs bought a net ₹4,477.73 crore.

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

US Share Market News

  1. Performance Overview:

    • On Monday, the US market experienced choppy trading, unable to build on Friday’s pullback rally as investors awaited upcoming inflation data.

    • Investors are now turning their attention to key inflation reports on consumer and producer prices, due in the next two days. These reports could offer direction to a market that’s been volatile following a disappointing jobs report and the unwind of the yen carry trade last week.

  2. Sector-Specific Movements:

    • The S&P 500 ended almost unchanged, with a marginal gain of just 0.23 points.

    • The Nasdaq Composite edged up by 0.21%, while the Dow Jones Industrial Average dropped 0.36%.

  3. Economic Indicators:

    • The Producer Price Index (PPI), a measure of wholesale prices, is expected to show a 0.2% monthly increase in July, matching the previous month’s reading, according to Dow Jones consensus estimates. The data will be released on Tuesday.

    • The Consumer Price Index (CPI), due on Wednesday, is expected to show a 0.2% rise in July, following a 0.1% decline in the previous month.

    • Later this week, retail sales data could draw attention, especially after the latest jobs report renewed concerns about slowing growth and brought consumer spending under scrutiny.

Other Asset Classes

  1. Treasury Yields:

    • US Treasury yields fell on Monday, with the 10-year Treasury yield dropping by 3.7 basis points to 3.905%, as investors looked ahead to key inflation data and other economic reports due this week.

  2. Currency:

    • The yen continued its gradual decline against the dollar on Monday after last week’s volatility. Investors are weighing the chances of a significant Fed rate cut next month, ahead of key US economic data. The Dollar Index is currently at 102.98.

  3. Commodities:

    • US crude oil prices surged on Monday, exceeding $80 per barrel, as the Pentagon sent more forces to the Middle East in anticipation of an Iranian attack on Israel. Brent crude for October delivery rose to $82.30 per barrel, up 3.31%.

    • Gold prices climbed over 1% on Monday, reaching their highest level since August 2. They were driven by safe-haven buying as traders awaited US inflation data that could influence the Federal Reserve’s interest rate decisions. Spot gold increased by more than 1% to $2,458.25 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets mostly opened higher on Tuesday, following a volatile session in the US as investors geared up for key inflation data.

  2. Specific Index Performance:

    • Japan’s Nikkei 225 rose 2.2%, and the Topix gained 1.8%.

    • South Korea’s Kospi increased by 0.36%, while the small-cap Kosdaq index dropped by 0.6%.

India Market Outlook

  1. GIFT Nifty Projection:

    • The Gift Nifty suggests a flat opening for the Indian market amidst mixed global signals. The index is expected to continue consolidating within the range of 24,250 to 24,500.

  2. Market in Previous Session:

    • Benchmark indices ended flat after a volatile session, with Nifty starting weak at 24,212 before recovering to an intraday high of 24,472, closing at 24,347, down 0.1%.

    • Bank Nifty closed slightly higher at 50,578, up 0.2%.

    • Realty, Oil & Gas, and Metal sectors were the top gainers, while Media, FMCG, and PSU Banks dragged the market.

  3. Nifty Short-Term Outlook:

    • On the daily chart, Nifty formed a high wave candle, indicating consolidation amid high volatility.

    • The index faces resistance at the 20-day EMA (24,400).

    • A close above this level could lead to an upside towards 24,700-24,800.

    • Short-term support is seen at 23,900-24,000, near last week's low and the 50-day EMA.

    • Stock-specific actions are expected as Q1 FY25 earnings season concludes.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 24,470, followed by 24,550 levels. Conversely, downside support is located at 24,270, followed by 24,210.

    • Bank Nifty: Intraday resistance is positioned at 50,890, followed by 51,150, while downside support is found at 50,370, followed by 50,150.

    • Fin Nifty: Intraday resistance is positioned at 23,160, followed by 23,280, while downside support is found at 22,930, followed by 22,800.

Derivative Market Analysis

  1. Nifty:

    • The highest Put OI for Nifty is at the 23,500 and 24,000 levels, while the highest Call OI is at 25,000 and 24,800 levels.

    • There was significant Call OI addition above 24,500, signalling strong resistance at higher levels.

    • If Nifty sustains above 24,500, it could move towards 24,800.

    • Immediate support is at 24,000, with resistance at 25,000.

    • The Nifty put-call ratio fell by 0.06 to 1.03.

  2. Bank Nifty:

    • For Bank Nifty, the highest Put OI is at the 50,000 level, while the highest Call OI is at 52,000.

    • Immediate Put OI is concentrated at 50,500, with Call OI at 51,000.

    • Significant Put OI was added at 50,200, and major Call OI unwinding occurred at 51,000, suggesting positive sentiment.

    • If Bank Nifty breaks below 50,500, it may correct to 50,200.

    • Support is at 50,500, and resistance is at 51,000.

    • The put-call ratio for Bank Nifty rose by 0.09 to 0.99.

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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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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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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