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Share Market Today | GIFT Nifty Positive Amid Strong Global Cues

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Synopsis:

Today’s latest market updates feature Swan Energy’s plan to sell its LNG terminal to Turkey’s Botas for $399 million, OLA Electric’s new EV motorcycle launch, suspension of transactions with SBI and PNB by Karnataka Government, Vedanta increases OFS size Hindustan Zinc to 3.3%, plus other global market news.

Latest Market News

  1. Swan Energy is selling its LNG terminal to Turkey’s Botas for $399 million.

  2. OLA Electric has launched electric motorcycles and plans to use its own cells in EVs by Q1 FY26.

  3. The Karnataka government has suspended all transactions with SBI and PNB over fund misuse allegations.

  4. Vedanta has increased the Hindustan Zinc OFS shares to 14 crore, accounting for 3.3%.

  5. FIIs sold ₹2,595.27 crore in equities, while DIIs bought ₹2,236.21 crore.

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

US Share Market News

  1. Performance Overview:

    • The S&P 500 extended its winning streak to six days, as strong labour market and retail sales data ease fears of an economic downturn, boosting investor confidence and lifting the market.

  2. Sector-Specific Movements:

    • Wall Street indexes hit two-week highs on Thursday, resuming their climb after recent volatility.

    • The S&P 500 surged 1.6% to 5,543.22 points, the NASDAQ Composite jumped 2.3% to 17,591.72 points, and the Dow Jones Industrial Average rose 1.4% to 40,563.06 points.

  3. Economic Indicators:

    • US retail sales in July exceeded expectations, signalling strong consumer spending and easing concerns about an imminent recession in the world's largest economy.

    • Additionally, the number of Americans filing new unemployment claims fell last week, indicating a gradual softening of the labour market.

    • This week's softer CPI and producer price index readings suggest that inflation is cooling, raising hopes for an interest rate cut in September.

    • Fed Chair Jerome Powell is expected to provide more insights on a possible rate cut during the Jackson Hole Symposium next week.

Other Asset Classes

  1. Treasury Yields:

    • US Treasury yields climbed on Thursday after stronger-than-expected July retail sales data. The yield on the 10-year Treasury note rose nearly 10 basis points to 3.921%.

  2. Currency:

    • The dollar index rose 0.42% to 103.03, pulling away from the recent eight-month low of 102.15, as US economic data reduced recession fears and dampened expectations for aggressive interest rate cuts.

  3. Commodities:

    • US crude oil futures rebounded over 1% on Thursday, closing above $78 per barrel, as easing recession fears ended a two-day losing streak. Brent's October contract rose 1.6% to $81.04 per barrel.

    • Gold prices trimmed gains on Thursday as the dollar and Treasury yields rose following stronger-than-expected US economic data, which could impact the size of the Federal Reserve's interest rate cuts. Spot gold edged up 0.3% to $2,455.79.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets rose on Friday, set to close the week higher, tracking Wall Street's gains after fresh U.S. economic data eased recession fears.

    • Traders in Asia will focus on Singapore's export data, while Taiwan and Hong Kong’s second-quarter GDP data will be released after market hours.

  2. Specific Index Performance:

    • Japan’s Nikkei 225 led Asia with a 2.26% jump at the open, while the broad-based Topix was up 2.08%.

    • South Korea’s Kospi returned from a public holiday to gain 2%, and the small-cap Kosdaq climbed 1.53%.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty indicates a gap-up opening for the Indian market amid strong global cues. After a strong start, the Nifty is expected to trade positively in the 24,180-24,480 range.

  2. Market in Previous Session:

    • On Wednesday, benchmark indices traded in a narrow range, fluctuating between positive and negative territory, and ended almost flat.

    • The Nifty closed 4 points higher at 24,143, while the Bank Nifty dropped by 0.2% to 49,727.

    • The broader market underperformed, with the Nifty Midcap and Smallcap indices closing down by 0.54% and 0.58%, respectively.

  3. Nifty Short-Term Outlook:

    • The index is expected to retest its 20-day EMA and the upper band of recent consolidation near 24,400.

    • A breakout above this level could reverse the corrective trend of the last two weeks, leading to an upside towards 24,700-24,800 next week.

    • Failure to break out may result in continued consolidation between 24,400 and 23,900.

    • The index has support at 23,900-24,000, which aligns with last week’s low and the 50-day EMA.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 24,370, followed by 24,490 levels. Conversely, downside support is located at 24,130, followed by 24,050.

    • Bank Nifty: Intraday resistance is positioned at 50,310, followed by 50,630, while downside support is found at 49,650, followed by 49,410.

    • Fin Nifty: Intraday resistance is positioned at 22,790, followed by 22,950, while downside support is found at 22,520, followed by 22,410.

Derivative Market Analysis

  1. Nifty:

    • The highest OI for puts is at the 23,200 and 24,000 levels, while for calls, it's at 25,000 and 24,500.

    • Strong OI additions at 24,200 indicate a straddle formation, suggesting that a move above this level could push the index to 24,500.

    • Conversely, if it stays below 24,200, it may decline to 24,000.

    • The immediate support is at 24,000, and resistance is at 24,500.

    • The Nifty put-call ratio has increased by 0.36 to 1.14.

  2. Bank Nifty:

    • The highest put OI is concentrated at the 50,000 level, with the highest call OI at 50,500.

    • Immediate put OI is at 49,500, and call OI is at 50,000.

    • Significant put OI additions were seen between 49,500 and 50,000, while call OI additions were noted at 49,800 and 50,000.

    • Bank Nifty is expected to trade between 49,500 and 50,000 in upcoming sessions, with a move above 50,000 potentially pushing it to 50,500.

    • The immediate support is at 49,500, with resistance at 50,000.

    • The put-call ratio for Bank Nifty has decreased by 0.15 to 0.75.

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.

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