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Share Market Today | Gift Nifty indicates 30-point gap up for Indian markets

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Synopsis:

Today’s share market features SpiceJet and Samvardhana Motherson launch QIPs, Shapoorji Pallonji's Afcons Infrastructure secures SEBI approval for a ₹7,000 crore IPO, and SEBI introduces a T+2 bonus share trading framework from October. Other firms also announce key acquisitions and fundraising plans.

Latest Market News

1. Spicejet launches QIP to raise to Rs 3,000 cr at an Indicative Issue price of Rs 61.60/share (20.81% disc to the last closing price on BSE).

2. ⁠SamvardhanaMotherson launches QIP to raise funds.

3. Shapoorji Pallonji Group’s flagship infrastructure firm, Afcons Infrastructure, gets SEBI nod for its ₹7,000 crore IPO.

4. ⁠⁠SEBI to implement T+2 bonus share trading framework from October 1.

5. ⁠FM Sitharaman expects better GDP print in Q2 & Q3 on higher govt capex.

6. Reliance Infrastructure to consider fundraising plans on September 19⁠.

7. ⁠Indo Count’s Arm Indo Count Global Acquires 81% Stake In Fluvitex USA, Inc for $19.63 m and has an exclusive option to buy the balance 19% stake later by entering a Stock Purchase Agreement with Masias Invest for $4.6 m in the next 5 years.

8. ⁠Firstsource partners with Microsoft Azure OpenAI for digital transformation offerings.

9. ⁠JK Tyre board approves merger of Cavendish Industries with the company. JK Tyre is to issue 92 shares of the company for every 100 shares of Cavendish Industries.

10. ⁠FIIs net sell ₹1,634.98 crore while DIIs net buy ₹754.09 crore in equities yesterday.

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Updated - 03 October 2024
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In-Depth Market Insights: Global Outlook, Derivatives & More

US Share Market News

  1. Performance Overview:

    • The Federal Open Market Committee's two-day meeting is scheduled to begin on Tuesday, with a decision on its benchmark lending rate expected on Wednesday.

  2. Sector-Specific Movements:

    • The Dow Jones Industrial Average closed at its all-time high on Monday as traders awaited the Federal Reserve's latest monetary policy decision due later in the week.

    • The Dow was up by 0.6% closing at 41,622.1, while the S&P 500 increased 0.1% to 5,633.1. The Nasdaq Composite fell 0.5% to 17,592.1.

  3. Economic Indicators:

    • Financials and energy led the gainers among sectors. Only technology and consumer discretionary closed lower.

Other Asset Classes

  1. Treasury Yields:

    • The US 10-year yield fell three basis points to 3.62% Monday, while the two-year rate dropped 1.9 basis points to 3.56%. 

  2. Currency:

    • The dollar index which measures the greenback against a basket of currencies, fell 0.33% at 100.69.

  3. Commodities:

    • West Texas Intermediate crude oil jumped 2.6% to $70.46 a barrel whereas Brent crude futures were trading at $72.75.

    • Gold was little changed at $2,610.60 per troy ounce, while silver rose 0.1% to $31.12 per ounce.

Asian Markets

  1. General Trends:

    • Asian stocks were steady early Tuesday following a mixed session on Wall Street where traders boosted bets the Federal Reserve will this week deliver a half-point rate cut. 

  2. Specific Index Performance:

    • Japan's Nikkei traded lower at 36,271 down by 0.85%.

    • Indonesia and Malaysia will reopen after being shut on Monday, concern is growing about the strength of China’s economy.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a gap up opening of 30 points for the Indian markets. 

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

  2. Market in Previous Session:

    • Indian markets surged to new all-time highs on September 16, breaking a three-day losing streak, with the Nifty closing near 25,400, driven by gains in banking, metal, and energy stocks.

    • By the end of the session, the Sensex had risen 97.84 points (0.12%) to 82,988.78, while the Nifty gained 27.25 points (0.11%) to close at 25,383.75. 

    • Although the market saw a positive start and extended its gains to reach a new peak, it later gave up some of the progress. However, buying at lower levels helped the indices end in positive territory. 

    • Except for FMCG and Telecom, all sectoral indices closed in the green, with banking, capital goods, power, realty, media, and metals up by 0.4-1%. Broader market indices also hit record highs.  

  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-day 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 52,240, followed by 52,500, while downside support is found at 51,850, followed by 51,600.

    • 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 addition has been observed at the 26,000 level, followed by 25,700, which is likely to serve as immediate resistance.

    • Put writers have shifted their positions to the 25,400 level, indicating confidence in an upside movement, which is a positive data point.

    • According to option chain analysis, Call writers have unwound their positions across strikes below the 25,400 level, indicating caution regarding an upside move. The immediate range for Nifty is between 25,300-25,400 and 25,700 levels.

    • The Nifty Put-Call Ratio (PCR) has declined by 0.07 and is now positioned at 1.26.

  2. Bank Nifty:

    • The accumulation of both Call and Put OI at the 24,000 level makes it a key deciding level.

    • According to option chain analysis, the immediate range for weekly expiry is likely to be between 23,800 and 24,000 levels.

    • The max pain level for the weekly expiry is at the 24,000 level.

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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