Share Market Today | GIFT Nifty Holds Strong Amid Mixed Global Signals

Listen to our Podcast: Grow your wealth and keep it secure.

0:00 / 0:00


Today’s latest market updates include Sobha's ₹2,000 Cr rights issue, Brigade aims for ₹13,000 Cr from Chennai residential projects, Bain Capital’s plan to exit L&T Finance with a ₹1,500 Cr block deal, the latest May inflation data, plus other global market news.

Latest Market News

  1. India's retail inflation dropped to a 12-month low of 4.75% in May.

  2. India's industrial production grew by 5% in April 2024, meeting forecasts.

  3. US core inflation in May was 0.2% month-over-month and 3.4% year-over-year, both below estimates.

  4. Sobha's board approved a rights issue of up to ₹2,000 crore at ₹1,651 per share, open from June 28 to July 4, 2024.

  5. Brigade aims for a total development value of ₹13,000 crore from its Chennai residential projects.

  6. Bain Capital plans to exit L&T Finance via a ₹1,500-crore block deal with a floor price of ₹169.17 per share.

  7. Motilal Oswal AMC launched India's first index fund for defence stocks, open from June 13 to June 24.

  8. FIIs and DIIs net bought ₹426.63 crore and ₹233.75 crore in equities, respectively, yesterday.



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

US Share Market News

  1. Performance Overview:

    • On Wednesday, the S&P 500 and Nasdaq Composite closed at record highs for the third straight session after consumer inflation cooled more than expected in May.

  2. Economic Indicators:

    • Annual inflation slowed to 3.3% in May, down from 3.4% in April, matching Wall Street expectations.

    • The Federal Open Market Committee kept interest rates steady at 5.25% to 5.50%, marking its seventh consecutive pause, aligning with market projections.

    • The committee's updated economic forecast now suggests only one rate cut this year, down from three projected in March.

  3. Sector-Specific Movements:

    • The Nasdaq, led by tech stocks, jumped 1.5% to 17,608.4, while the S&P 500 rose 0.9% to 5,421.

    • The Dow Jones Industrial Average fell 0.1% to 38,712.2.

    • Technology was the best-performing sector, while energy saw the biggest decline.

  4. Stock-Specific Action:

    • Oracle shares surged 13%, making it the top performer on the S&P 500. Late Tuesday, the software company projected annual growth in its fiscal first-quarter revenue and earnings and announced cloud partnerships with Microsoft-backed OpenAI and Google's Alphabet.


Other Asset Classes

  1. Treasury Yields:

    • The yield on the benchmark 10-year US Treasury note fell by 8 basis points to 4.322%, after hitting 4.25%, its lowest level since April 1. The two-year US Treasury yield dropped 7.6 basis points to 4.758%, marking its biggest daily drop since May 15.

  2. Currency:

    • The dollar index remained mostly unchanged at 104.68.

  3. Commodities:

    • Brent crude closed at $82.47, while West Texas Intermediate crude oil rose by 0.6% to $78.38 per barrel on Wednesday.

    • Gold increased by 0.5% to $2,339 per troy ounce, while silver surged 1.8% to $29.76 per ounce.


Asian Markets

  1. General Trends:

    • Asia-Pacific markets rose on Thursday after the US Federal Reserve kept the Federal Funds rate at 5.25% to 5.5% and adjusted its 'dot plot' to indicate only one rate cut this year.

    • This is a decrease from the three cuts projected in the March meeting. However, the dot plot also suggests a more aggressive cutting path for 2025, with four rate cuts totalling 100 basis points, up from three.

  2. Specific Index Performance:

    • Japan's Nikkei 225 rose by 0.56%, while the broad-based Topix was slightly lower.

    • South Korea's Kospi led the gains, rising 1.39% and on track for a third consecutive day of gains, while the small-cap Kosdaq increased by 0.6%.

    • Australia's S&P/ASX 200 increased by 0.8%, recovering from two days of losses.

    • Hong Kong's Hang Seng index futures were at 18,035, higher than the previous close of 17,937.84.


India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a slightly positive start for the Indian markets amid mixed global signals. Nifty is expected to break out of its consolidation range between 23,000 and 23,500.

  2. Nifty Short-Term Outlook:

    • Benchmark indices started strong, reaching a new high in early trade, but lack of follow-through led to a range-bound session, with the Nifty50 ending at 23,322.95, gaining 58.10 points.

    • Mid and Small-caps outperformed, each advancing over 1%, with Media and PSU Banking sectors leading while FMCG lagged.

    • A Shooting Star candlestick pattern at record levels indicates weakening bullish momentum.

    • The last-hour reversal was due to cautious investor sentiment ahead of US & India CPI data, triggering profit booking. Despite this, the short-term trend remains positive above 23,300.

    • The index is likely to consolidate within the 23,300-23,500 range, with a breakout above 23,500 potentially leading to a rally towards 23,800. Buying on dips around 23,150-23,100 is recommended.

  3. Intraday Levels:

    • Nifty: Intraday resistance is situated at 23,500, followed by 23,650 levels. Conversely, downside support is located at 23,200, followed by 23,080

    • Bank Nifty: Intraday resistance is positioned at 50,350, followed by 50,700, while downside support is found at 49,400, followed by 49,250.

    • Fin Nifty: Intraday resistance is positioned at 22,480, followed by 22,700, while downside support is found at 21,960 followed by 21,660.


Derivative Market Analysis

  1. Nifty:

    • The highest call OI is at the 24,000 level, with significant call OI additions at 23,400 and 23,500, which will act as strong resistance for the weekly expiry.

    • Major put OI additions are positioned at 23,000 and 23,200, serving as crucial support levels.

    • Option chain analysis shows call writers active above 23,400 and put writers below 23,200, suggesting consolidation within this range. A break on either side may trigger a directional move.

    • The Nifty put-call ratio has remained unchanged at 1.02.

  2. Bank Nifty:

    • The accumulation of both call and put OI at the 50,000 strike level suggests a straddle formation, making it a key level for the day.

    • Call writers are aggressively positioning at 50,000, likely capping upward movement, but surpassing this level could trigger short covering.

    • If prices remain below 50,000, a corrective move towards 49,500 and 49,000 may occur.

    • Option chain analysis shows put writers active below 49,700 to 49,500 and call writers above 50,000, indicating consolidation.

    • The Bank Nifty put-call ratio has increased by 0.11, now standing at 0.92.




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.


Share this article: 

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.

Why should I consider investing in the stock market?

Answer Field

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

How can I start investing in the stock market?

Answer Field

To begin investing in stocks, individuals can open a brokerage account, conduct research on companies and industries, and start building a diversified portfolio aligned with their investment goals and risk tolerance.

What factors should I consider before investing in stocks?

Answer Field

Important factors to consider include investment goals, risk tolerance, time horizon, market research, diversification, and staying informed about economic and market trends.

What are the risks associated with stock market investments?

Answer Field

Risks include market volatility, liquidity risk, company-specific risks, and the potential for loss of capital. It's essential for investors to assess their risk tolerance and diversify their portfolios accordingly.

How do I stay informed about daily market happenings?

Answer Field

You can stay informed by monitoring financial news websites, market analysis reports, earnings announcements, economic indicators, and utilising real-time market data provided by reliable brokerage platforms.

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

Answer Field

Long-term investing involves holding stocks for extended periods, typically years or decades, with a focus on capital appreciation and dividend income. Trading involves buying and selling stocks more frequently, often based on short-term price movements.

How can I mitigate risks in the stock market?

Answer Field

Risk mitigation strategies include diversifying your portfolio, setting stop-loss orders, conducting thorough research, avoiding over-leveraging, and maintaining a long-term perspective on investments.

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

Answer Field

Yes, tax implications vary depending on factors such as investment duration, type of account (e.g., taxable brokerage account, retirement account), and realised gains or losses from selling stocks.

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

Answer Field

Yes, many brokerage platforms offer fractional investing or allow investors to purchase partial shares, enabling individuals with limited capital to start investing in the stock market with smaller amounts.

No Result Found

Read More Blogs

Our Secure Trading Platforms

Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading

Bajaj Broking App Download

7.5 Lacs+ Users


4.3+ App Rating


4 Languages


₹4300 Cr MTF Book