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Share Market Today | GIFT Nifty Strong, Indicates 80-Point Gap-Up

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Synopsis:

Today’s latest market updates feature CRISIL’s A-/stable rating to Ajmera Realty, Blinkit’s international service expansion for Rakhi, Bangalore Metro Rail Project’s Phase-3 covering 31 stations receives approval, DCX Systems receives ₹107 Cr domestic and international orders, plus other global market news.

Latest Market News

  1. Ajmera Realty & Infra India has been rated A-/stable by CRISIL.

  2. Blinkit has expanded its services to international markets for Raksha Bandhan.

  3. The Cabinet has approved Phase 3 of the Bangalore Metro Rail Project, covering 44.65 km with 31 stations.

  4. DCX Systems has secured orders worth ₹107 crore from both domestic and international customers.

  5. Foreign Portfolio Investors (FPIs) have sold ₹21,201 crore worth of equities in August so far.

  6. Finance Minister Nirmala Sitharaman will review public sector banks’ deposit growth and CD ratios on August 19.

  7. FIIs bought ₹766.52 crore in equities, while DIIs bought ₹2,606.18 crore on Friday.

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

US Share Market News

  1. Performance Overview:

    • US benchmark equity indexes ended higher on Friday, as markets digested the latest economic data.

  2. Sector-Specific Movements:

    • The Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite all gained 0.2%.

    • The Dow closed at 40,659.8, the S&P 500 at 5,554.3, and the Nasdaq at 17,631.7.

    • Financial stocks led the gains, while industrials posted the biggest losses.

    • For the week, the Nasdaq surged 5.3%, the S&P 500 rose 3.9%, and the Dow added 2.9%.

  3. Economic Indicators:

    • A survey showed consumer sentiment improved more than expected in August.

Other Asset Classes

  1. Treasury Yields:

    • The US two-year Treasury yield fell by 4.9 basis points to 4.05%, while the 10-year yield dropped 4.5 basis points, closing at 3.88%.

  2. Currency:

    • The dollar index, which measures the strength of the dollar against a basket of major currencies, closed at 102.40.

  3. Commodities:

    • WTI crude oil decreased by 1.9% to $76.68 per barrel, while Brent crude oil is trading at $79.39 per barrel. Oil prices declined further as concerns about weak demand from China continued to weigh on the market.

    • Gold climbed 2.2% to $2,545.90 per ounce, and silver rose 2.1% to $29.02 per ounce.

Asian Markets

  1. General Trends:

    • Asian stocks were mostly subdued in early trading, following the best week for global equities in nine months. Investors are optimistic that the US economy will avoid a recession, and expect cooling inflation to lead to interest rate cuts.

    • Traders in Asia focus on central bank updates this week, including the Bank of Korea's rate decision and the minutes from the Reserve Bank of Australia's August meeting.

    • Japan and Singapore are set to release inflation data on Friday, while China will announce its one-year and five-year loan prime rates on Tuesday.

  2. Specific Index Performance:

    • Japan's Nikkei 225 was down 0.84%, while the broader Topix index declined 0.8%.

    • South Korea's Kospi opened 0.32% lower, and the small-cap Kosdaq fell 0.46%.

    • Australia's S&P/ASX 200 slipped 0.11%.

    • Hong Kong's Hang Seng Index futures stood at 17,575, higher than the HSI's previous close of 17,430.16.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty indicates an 80-point gap-up opening for the Indian markets. After a positive start, the Nifty spot is expected to consolidate within a broad range of 24,100 to 24,800.

  2. Market in Previous Session:

    • Indian benchmarks closed higher on Friday, with the Sensex rising by 1.68% or 1,330 points to 80,436, and the Nifty gaining 1.65% or 397 points to 24,541, as global markets rallied on positive US economic data.

    • The Bank Nifty also rose by 1.6%, while the Nifty midcap and small-cap indices each gained 1.9%.

    • Major sectoral gainers included auto, IT, PSU Bank, financial services, FMCG, metal, realty, service sector, and PSU.

  3. Nifty Short-Term Outlook:

    • Nifty is expected to continue its upward momentum towards the 24,750 gap area from August 5, 2024.

    • A sustained close above this level could lead to further gains towards the all-time high of 25,078 in the coming weeks.

    • Key support for the week is at 24,000-24,200, which aligns with last week's low and the 50-day EMA.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 24,750, followed by 24,820 levels. Conversely, downside support is located at 24,130, followed by 24,050.

    • Bank Nifty: Intraday resistance is positioned at 50,800, followed by 51,000, while downside support is found at 50,200, followed by 50,000.

    • Fin Nifty: Intraday resistance is positioned at 23,100, followed by 23,300, while downside support is found at 22,800, followed by 22,6800.

Derivative Market Analysis

  1. Nifty:

    • The Nifty's highest put OI is at 24,500, followed by 24,000, while the highest call OI is at 25,000, followed by 25,500.

    • Put writers are active below 24,500, indicating strong support and call writers are active above 24,800, indicating strong resistance.

    • Nifty is expected to trade between 24,500 and 24,900 in the coming sessions.

    • The immediate support level is 24,500, with resistance at 25,000.

    • The Nifty put-call ratio has increased by 0.17 to 1.31.

  2. Bank Nifty:

    • The Bank Nifty's highest put OI is concentrated at 50,000, and the highest call OI is at 52,000.

    • A straddle formation is observed at the 50,500 level, with put writers active below this level, signalling strong support, and call writers active above 51,100, indicating resistance.

    • Bank Nifty is expected to trade between 50,000 and 51,000 in the upcoming sessions.

    • Immediate support is at 50,000, and significant resistance is at 51,000.

    • The Bank Nifty put-call ratio has decreased by 0.28 to 1.03.

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

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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.

Are there any risks associated with investing in government bonds in India?

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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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