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Share Market Today | Gift Nifty indicates positive market open amid global cues

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Synopsis:

Today’s share market features how the government raises import duty on edible oil by 20%. Samvardhana Motherson invests in REE Automotive. Thermax gets Rs 516 cr order. M&M Financial enters mortgages. JSW commissions 300 MW wind capacity. FIIs, DIIs remain net buyers on Friday.

Latest Market News

1. Government raises import duty on Edible Crude Oil & Refined Oil by 20%.

2. ⁠Samvardhana Motherson to invest $15 million for 11% stake in REE Automotive.

3. ⁠Thermax arm Babcock & Wilcox Energy Solutions receives a repeat order worth Rs 516 cr for setting up another 300 MW energy project from an industrial conglomerate in Botswana.

4. ⁠M&M Financial to enter mortgage business with ₹20-30 crore investment.

5. ⁠JSWEnergy unit completes commissioning 300 MW wind power capacity at Tuticorin, Tamil Nadu.

6. ⁠MSEDCL issues a Letter of Intent for 6600 MW to Adani Power. Adani Green to supply 5 GW (5000 MW) solar power from Khavda.

7. ⁠GMR Airports Business Update- August passenger traffic up 9% YoY & 0.1% MoM at 1.06 crore. August domestic passenger traffic up 7.4% YoY.

8. ⁠FIIs net buy ₹2,364.82 cr and DIIs net buy ₹2,532.18 cr in equities on Friday.

JSW ENERGY LIMITED

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730.17.54 (1.04 %)

Updated - 09 October 2024
735.90day high
DAY HIGH
713.00day low
DAY LOW
2063258
VOLUME (BSE)

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

US Share Market News

  1. Performance Overview:

    • The US benchmark equity indexes closed higher on Friday as markets awaited the Federal Reserve's latest monetary policy decision due this week.

    • The Federal Open Market Committee's two-day meeting is scheduled to kick off on Tuesday.

  2. Sector-Specific Movements:

    • The Dow Jones Industrial Average and the Nasdaq Composite was up 0.7% each to 41,393.8 and 17,684, respectively. 

    • The S&P 500 also increased 0.5% to 5,626. All sectors notched gains, led by utilities and communication services.

  3. Economic Indicators:

    • For the week, the Nasdaq jumped nearly 6%, while the S&P 500 advanced 4% & The Dow increased 2.6%.

Other Asset Classes

  1. Treasury Yields:

    • The US two-year yield decreased 5.9 basis points to 3.59%, while the 10-year rate dropped 2.1 basis points to 3.66%. 

  2. Currency:

    • The dollar index which measures the currency against the yen and five other major rivals, dropped to a one-week trough at 101.00

  3. Commodities:

    • Brent crude was trading at $71.78 a barrel, while U.S. WTI firmed 28 cents to $68.93 per barrel.

    • Crude prices continued a rebound from a three-year low.

    • Gold rose 1.1% to $2,609.40 per troy ounce, while silver gained 3.2% to $31.08 per ounce.

Asian Markets

  1. General Trends:

    • Asian stocks made a cautious start on Monday in a week that is almost certain to see the start of an easing cycle in the US. 

  2. Specific Index Performance:

    • Central banks in Japan and the UK also meet this week, with both expected to stand pat for now, while a packed data schedule includes U.S. retail sales and industrial production.

    • Holidays in China, Japan, South Korea and Indonesia made for thin conditions and early moves were modest. 

    • Japan's Nikkei was shut but futures traded at 36,490 compared to a cash close of 36,581.

    • Economic data from China over the weekend disappointed as industrial output growth slowed to a five-month low in August, while retail sales and new home prices weakened further.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a gap up opening of 50 points for the Indian markets. 

    • Nifty spot after a positive opening is likely to consolidate in the broad range of 25,100 - 25,550.

  2. Market in Previous Session:

    • On September 13, the Nifty 50 index entered a consolidation phase after hitting a fresh high in the previous session. The index closed with minor losses, around the 25,350 mark, amid a mixed performance across sectors. 

    • This consolidation suggests that traders may be pausing for a breather after recent gains, as investors assess market conditions and sector-specific developments. The minor losses indicate that while some profit-taking occurred, there wasn't a broad-based sell-off, keeping the overall market sentiment neutral to slightly cautious.

    • By the close, Nifty closed at 25,356.5 , Sensex was down by 0.09% closing at 82,890.94.

    • Among sectors, except FMCG and Energy indices are down 0.6 percent each, on the other hand, IT, media, metal, realty and PSU Bank are up 0.5-1.7 percent.

    • The broader indices have outperformed the main index, with Nifty midcap 100 crossed 60,000 for the first time, while Nifty smallcap 100 index added nearly a percent and inched closer to its 52-week high.  

  3. Nifty Short-Term Outlook:

    • Going ahead, we expect the index to extend the current rally and head higher towards 25750-25850 in the coming weeks being the confluence of the measuring implication of the recent range breakout (25300-24750) and the upper band of the rising channel of the last one month.

    • The immediate support for Nifty is revised higher towards 24800-24900 being the confluence of the 20 days EMA and the lower band of the rising channel as seen in the adjacent chart.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 25,440 followed by 25,520 levels. Conversely, downside support is located at 25,290, followed by 25,200.

    • Bank Nifty: Intraday resistance is positioned at 52,100, followed by 52,240, while downside support is found at 51,750, followed by 51,640.

    • Fin Nifty: Intraday resistance is positioned at 24,140, followed by 24,200, while downside support is found at 23,840, followed by 23,800.

Derivative Market Analysis

  1. Nifty:

    • The highest call OI has been observed at the 26,000 level, which is an interesting point to watch. However, immediate call OI addition has been placed at the 25,400 level, which will act as immediate resistance.

    • On the flip side, the highest put OI addition has been noted at the 25,000 level, whereas immediate OI addition has been noted at the 25,200 level, which will serve as immediate support.

    • According to option chain analysis, the immediate range for the index is between the 25,200 and 25,400 levels. A break on either side of this range may trigger a further directional move.

    • The Nifty put-call ratio has declined by 0.11 and is now positioned at 1.33.

  2. Bank Nifty:

    • Across strikes, put writers are active below the 51,900 level, suggesting multiple support levels for Bank Nifty, with strong support for the week noted at the 51,500 level.

    • The highest call OI addition has been noted at the 52,000 level, which will serve as immediate resistance. If prices surpass and sustain above the 52,000 level, short-covering towards 52,500 could be likely.

    • According to option chain analysis, the immediate range for Bank Nifty is between the 51,500 and 52,000 levels.

    • The Bank Nifty put-call ratio has declined by 0.06 and is now positioned at 1.13.

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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