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Share Market Today | Nifty Expected to Open Flat, Range-Bound Trading Ahead

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Synopsis:

Today’s share market features Tata Power's Tamil Nadu solar unit set for full functionality by October, Hindalco eyes Gujarat for a new plant. Government slashes Windfall Tax to zero. High luxury jewellery demand boosts Titan, while REC plans major renewables investment.

Latest Market News

1. Tata Power’s solar cell unit in Tamil Nadu to be fully functional by October: CEO Praveer Sinha.

2. ⁠Hindalco Industries is likely to set up a solar modules manufacturing plant in Gujarat.

3. ⁠The government on Tuesday slashed the WindfallTax on domestically produced crude oil to ‘nil’ per tonne with effect from September 18.

4. ⁠Titan sees strong demand in sub ₹1 lakh and above ₹5 lakh jewellery.

5. ⁠REC signs a non-binding financial commitment ‘Shapath Patra’ to increase its renewables loan book to over ₹3 lakh crore by 2030.

6. ⁠India-EU free trade agreement talks to resume on September 23.

7. Torrent Power gets a letter of intent (LoI) for procurement of 1,500 MW energy storage capacity from Maharashtra State Electricity Distribution Co.

8. ⁠⁠RattanIndia Enterprises - Revolt Motors launches an electric motorcycle in the commuter segment, 'Revolt RV1.

9. Vakrangee partners with StarHealth Insurance to offer health insurance products via Vakrangee Kendra Network.

10. ⁠⁠FIIs net buy ₹482.69 cr and DIIs net buy ₹874.15 cr in equities yesterday.

REC LIMITED

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556.95-2.59 (-0.46 %)

Updated - 13 December 2024
560.45day high
DAY HIGH
542.50day low
DAY LOW
4178618
VOLUME (BSE)

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

US Share Market News

  1. Performance Overview:

    • The Dow Jones Industrial Average and the S&P 500 closed little changed on Tuesday as the Federal Reserve kicked off its two-day monetary policy meeting.

  2. Sector-Specific Movements:

    • The S&P 500 and the Dow finished the session at 5,634.6 and 41,606.2, respectively, while the technology-heavy Nasdaq Composite gained 0.2% to 17,628.1. 

    • On Monday, the Dow closed at its all-time high. Energy led the gainers among sectors Tuesday, while health care saw the steepest decline.

  3. Economic Indicators:

    • There's currently a 63% probability that the central bank's monetary policy committee will reduce its benchmark lending rate by 50 basis points, with the remaining odds in favour of a 25-basis-point reduction.

Other Asset Classes

  1. Treasury Yields:

    • The US two-year yield rose 4.8 basis points to 3.60%, while the 10-year rate increased 2.5 basis points to 3.65%. 

  2. Currency:

    • The dollar index which measures the greenback against a basket of currencies, was up by 0.28% at 100.98.

  3. Commodities:

    • West Texas Intermediate crude oil rose 1.6% to $71.19 a barrel Tuesday. Brent finished the day at $73.7 per barrel, up 1.31%.

    • Gold dropped 0.5% to $2,596.40 per troy ounce, while silver lost 0.3% to $31.05 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets opened mixed on Wednesday, following gains on Wall Street that saw both the S&P 500 and the Dow Jones Industrial Average reach new highs.

  2. Specific Index Performance:

    • South Korea and Hong Kong markets are closed today while markets in mainland China will resume trade after a nationwide three-day holiday.

    • Bank Indonesia is set to meet today for a key rate decision.

    • Australia's S&P/ASX 200 fell 0.09% on open.

    • Japan's Nikkei 225 rose 1.22% while the broad-based Topix was 0.9% higher.

    • Futures for mainland China's CSI 300 stood at 3,163 slightly higher than their Friday close of 3,159.25.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a flat opening for the Indian markets. Nifty spot after a flat opening is likely to consolidate in the broad range of 25,100 - 25,550.

  2. Market in Previous Session:

    • Benchmark indices continued their consolidation for the third consecutive session, maintaining a positive bias amid stock-specific movements. The Nifty opened flat and traded within a range, reaching an intraday high of 25,441 during the mid-session before closing below this level.

    • The Sensex ended the day up by 90 points, or 0.11%, at 83,079.66, while the Nifty rose by 34 points, or 0.14%, to settle at 25,418.55.

    • The Bank Nifty also traded within a narrow range, closing marginally higher by 0.1% at 52,188. The broader market moved sideways, with the Nifty midcap and small-cap indices closing down by 0.2% and 0.4%, respectively.

    • Among sectors, Auto, Realty, and Consumer Durables stocks were the top gainers, while PSU Bank, Media, and Pharma stocks lagged behind.  

  3. Nifty Short-Term Outlook:

    • The technical chart reveals no major difference from the previous day's pattern. While the trend remains strong, the short-term, upside appears limited.

    • Going ahead, we expect the index to test 25,500 levels in the near term which will act as stiff resistance & head higher towards 25,750-25,850 levels in the coming trading sessions. The immediate supports are now placed near 25,100-25,200 levels respectively.

  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 51,650.

    • Fin Nifty: Intraday resistance is positioned at 24,175, followed by 24,250, while downside support is found at 23,840, followed by 23,800.

Derivative Market Analysis

  1. Nifty:

    • The highest Call OI addition is intact at the 26,000 level, while immediate Call OI has been noticed at 25,800, which will act as resistance. 

    • On the other hand, Put OI addition has been observed at 25,400 and 25,300, which will serve as immediate support for the index.

    • According to option chain analysis, the immediate range for Nifty is likely to be between 25,300 and 25,800 levels. A break on either side of this range will trigger a further directional move.

    • Nifty's Put-Call Ratio (PCR) increased by 0.04 and is now positioned at 1.30.

  2. Bank Nifty:

    • Aggressive Put OI addition and Call unwinding at the 52,000 level suggest it as an immediate support and a positive data point for this weekly expiry. 

    • Major Call OI addition has been noted at the 52,500 level, which will serve as immediate resistance for the index.

    • According to option chain analysis, Bank Nifty's deciding range for the weekly expiry is between 52,000 and 52,500. A breakout or breakdown from this range will lead to further directional movement.

    • Bank Nifty's Put-Call Ratio (PCR) declined by 0.07 and is now positioned at 1.09.

    • The maximum pain level for the weekly expiry is at 52,100.

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?

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

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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.

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

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

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

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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?

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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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