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Share Market Today | GIFT Nifty Down 52 pts, Asian Markets in Red

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Synopsis:

Today’s latest market updates feature Techno Electric’s QIP at ₹1,506.58/share, a 31% YoY rise in Adani Green's operational capacity, NazaraTech's subsidiaries receive ₹1,120 Cr GST notice, DLF’s plan to expand business in Mumbai and Goa, plus other global market news.

Latest Market News

  1. Techno Electric board sets the QIP floor price at ₹1,506.58 per share.

  2. Adani Green's operational capacity rose 31% YoY to 10,934 MW, and energy sales rose 22% YoY to 7,536 million units.

  3. NazaraTech's subsidiaries Openplay and Halaplay receive ₹1,120 crore GST notice.

  4. In May, Reliance Jio added 21.95 lakh users, Bharti Airtel added 12.50 lakh users, and Voda Idea lost 9.24 lakh users.

  5. DLF plans to expand housing and commercial property business in Mumbai and Goa, says Chairman.

  6. ONGC starts production from its Coal Bed Methane block in Bokaro, Jharkhand.

  7. On Tuesday, FIIs net bought ₹1,271.45 crore while DIIs net sold ₹529.48 crore in equities.

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

US Share Market News

  1. Performance Overview:

    • On Wednesday, the S&P 500 and Nasdaq fell sharply, mainly because of a drop in microchip stocks.

    • This decline was linked to the possibility of escalating US trade conflicts with China, which worsened the ongoing shift away from large tech-related stocks.

  2. Economic Indicators:

    • On the economic front, housing starts and building permits exceeded expectations, as strength in multi-unit projects offset a decline in single-family homebuilding.

    • Additionally, industrial output in June rose at twice the expected rate.

    • Financial markets have priced in a 93.5% chance that the Fed will start cutting rates in September, according to CME's FedWatch tool.

  3. Sector-Specific Movements:

    • The small-cap Russell 2000, which had surged 11.5% in the previous five sessions, ended its longest winning streak in over four years. This was driven by renewed interest in undervalued stocks and sectors within the equities market.

    • A decline in the 'Magnificent 7' group of momentum stocks, led by Nvidia and Apple, pulled the Nasdaq down by 2.8%.

    • The S&P 500 also fell by 1.4%.

    • Meanwhile, the Dow Jones Industrial Average, underperforming the other two indexes this year, managed a modest gain and marked its third consecutive record high.

    • A report suggesting the Biden administration might impose strict trade restrictions on China caused microchip stocks to drop by 6.8%, leading to the Philadelphia SE Semiconductor index's biggest one-day drop since March 2020.

  4. Corporate Earnings:

    • The second-quarter earnings season is picking up, with Johnson & Johnson reporting better-than-expected profits and revenue due to strong drug sales.

Other Asset Classes

  1. Treasury Yields:

    • US Treasury yields were mostly unchanged on Wednesday as investors assessed the state of the economy and the outlook for interest rates. The yield on the 10-year Treasury slipped by less than 1 basis point to 4.16%.

  2. Currency:

    • The US Dollar Index Futures fell 0.50% to 103.44.

  3. Commodities:

    • WTI oil prices rose about 2% on Wednesday, driven by a larger-than-expected drop in US crude stockpiles and a weaker dollar, despite signs of slower economic growth in China. Brent futures increased by $1.34, or 1.6%, to $85.06 a barrel, while US WTI rose $1.94, or 2.4%, to $82.70.

    • Gold prices reached a new all-time high on Wednesday, as optimism about a possible interest-rate cut from the US Federal Reserve in September and a weaker dollar increased demand. Spot gold eased about 0.2% to $2,462.85 per ounce at the close, after hitting a high of $2,482.29 earlier in the session.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets tumbled as chip-related stocks dropped following reports of stricter US export restrictions and comments from former US President Donald Trump that raised geopolitical tensions.

  2. Specific Index Performance:

    • Japan’s Nikkei 225 fell more than 2%, while the Topix dropped 1.13%.

    • South Korea’s Kospi decreased by 1.27%, and the small-cap Kosdaq lost 1.48%.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty indicates a flat to positive opening for the Indian market amid mixed global cues.

    • After a flat opening, the Nifty spot is likely to trade in the range of 24,500-24,700 with stock-specific activity.

  2. Nifty Short-Term Outlook:

    • Benchmark indices extended their winning streak for the third session, with Nifty hitting a fresh all-time high of 24661 in the first half, but closed at 24613, up by 0.11% due to profit booking.

    • Bank Nifty closed marginally lower at 52396, down by 0.11%.

    • Realty and FMCG stocks led the gains.

    • Stock-specific action will remain in focus during the Q1FY25 earnings season and ahead of the Union Budget 2024.

    • Nifty's bias remains positive, with an upside potential towards 25000 if it sustains above 24600-24700, but may consolidate within 24700-24140 if it fails.

  3. Intraday Levels:

    • Nifty: Intraday resistance is at 24,670, followed by 24,730 levels. Conversely, downside support is located at 24,550, followed by 24,470.

    • Bank Nifty: Intraday resistance is positioned at 52,630, followed by 52,850, while downside support is found at 52,150, followed by 51,900.

    • Fin Nifty: Intraday resistance is positioned at 23,740, followed by 23,850, while downside support is found at 23,550, followed by 23,460.

Derivative Market Analysis

  1. Nifty:

    • The highest put OI is at the 24000 level, while the highest call OI is at the 25000 level, making 24000-25000 the broader range for the index.

    • Significant put OI additions were seen at 24600 and 24000, and call OI additions at 24650 and 24700, suggesting a tight trading range.

    • Put writers are active below 24600 and call writers above 24700, making 24600-24700 crucial for today’s expiry. A breach of these levels might cause a strong rally.

    • The Nifty put-call ratio decreased by 0.08 to 1.25.

  2. Bank Nifty:

    • The highest call and put OI concentration is at 52500, indicating a strong straddle formation.

    • The second highest call OI is at 53000 and put OI at 52000, making 52000-53000 the broader range for the upcoming expiry.

    • If the index crosses above 52500, it could rally to 53000, while staying below 52500 might see it fall to 52000.

    • Immediate support is at 52000 and resistance at 53000.

    • The Bank Nifty put-call ratio decreased by 0.19 to 0.94.

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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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.

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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.

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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.

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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?

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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?

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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?

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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.

What are government bonds in India, and how do they work?

Answer Field

Government bonds in India serve as a financing tool for public initiatives, provided by the government. Investors buy these bonds, receiving fixed interest payments. They are a reliable option, offering security and predictable returns.

What are the benefits of investing in government bonds compared to other investment options?

Answer Field

Government bonds offer safety and stability, ideal for risk-averse investors. Compared to equities, they provide predictable returns, helping in portfolio diversification. Additionally, they are less volatile, making them suitable for long-term financial planning.

How can I buy government bonds in India, and what are the steps involved in the purchasing process?

Answer Field

To understand how to buy government bonds in India, investors can participate in Reserve Bank auctions, purchase through brokers, or invest in GILT mutual funds. A Demat account is necessary, followed by transaction completion on selected platforms.

What are the different types of government bonds available for investment in India?

Answer Field

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.

How do I determine the best government bonds to invest in India based on my financial goals?

Answer Field

Choosing the best government bonds to invest in India depends on individual goals. Short-term bonds offer liquidity, while long-term bonds provide stability. Consider factors like maturity, interest rates, and inflation protection for tailored investment decisions.

What factors should I consider when evaluating government bonds for investment?

Answer Field

Key factors include interest rates, inflation trends, and bond maturity. Evaluating these aspects helps in aligning bond choices with financial goals, especially for conservative portfolios. GILT mutual funds diversify risks across multiple government bonds.

How can I invest in government bonds through the online platform or through a broker?

Answer Field

Investors can invest in government bonds via online platforms, brokers, or banks. Online options facilitate participation in auctions and secondary markets, offering a streamlined process for how to invest in government bonds conveniently.

What are the tax implications of investing in government bonds in India?

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?

Answer Field

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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