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Share Market Today | GIFT Nifty Trades Flat, Asian Markets Down

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Synopsis:

Today’s latest market updates feature LTIMindtree’s multi-million dollar contract extension from Absa Bank, Power Mech’s ₹209.50 Cr order from Hindustan Zinc, Tata Communications’ plan to invest $27 mn in UK subsidiary, Tata Tech’s collaboration with a subsidiary to innovate software-defined vehicles, plus other global market news.

Latest Market News

  1. LTIMindtree secures a multi-million dollar contract extension from Absa Bank.

  2. Power Mech wins a ₹209.50 crore order from Hindustan Zinc.

  3. Tata Communications plans to invest $27 million in its UK subsidiary.

  4. Tata Technologies collaborates with a subsidiary to innovate software-defined vehicles (SDVs).

  5. US initial jobless claims rose to 2.43 lakh for the week ending July 13, up from 2.25 lakh the previous week.

  6. FIIs net bought ₹5,483.63 crore in equities while DIIs net sold ₹2,904.25 crore yesterday.

 

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

US Share Market News

  1. Performance Overview:

    • On Thursday, the US stocks fell sharply, reversing earlier gains. Investors moved away from expensive mega-cap growth stocks as the second-quarter earnings season picked up.

    • All three major US stock indexes declined, with the Dow dropping the most, ending a streak of record highs.

    • The sell-off continued a day after the Nasdaq had its biggest one-day drop since December 2022, and the chip sector saw its largest daily percentage drop since the March 2020 pandemic panic.

  2. Economic Indicators:

    • In economic news, initial jobless claims were higher than analysts expected, suggesting the labour market is weakening. According to the US Federal Reserve, this is necessary to control inflation.

  3. Sector-Specific Movements:

    • The Dow Jones Industrial Average fell 1.29% to 40,665.

    • The S&P 500 lost 0.78% to 5,544.

    • The Nasdaq Composite dropped 0.7% to 17,871.

  4. Corporate Earnings:

    • Attention is now on upcoming tech sector earnings next week.

    • Microsoft, Alphabet, and Tesla are set to report on Tuesday.

    • The two internet giants are expected to provide more insights into artificial intelligence after significant valuation increases over the past year.

Other Asset Classes

  1. Treasury Yields:

    • The 10-year US Treasury yield rose on Thursday as investors considered comments from Federal Reserve officials about interest rates. The yield was around 4.2%, up more than 5 basis points.

  2. Currency:

    • The dollar index, which measures the dollar against a basket of currencies, gained 0.37% to 104.14 after hitting a four-month low of 103.64 on Wednesday.

  3. Commodities:

    • US oil futures maintained gains on Thursday after rising 2.6% the previous day as crude inventories fell for the third consecutive week. The WTI August contract was at $82.82 per barrel, down 3 cents, while the Brent September contract was at $85.11 per barrel, up 3 cents.

    • Gold prices edged higher on Thursday, with expectations of a September interest rate cut from the US Federal Reserve gaining traction. Spot gold was down 0.21% at $2,453.23 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets fell on Friday as Wall Street investors continued to rotate out of tech stocks and take profits from the recent equity rally.

  2. Specific Index Performance:

    • Japan’s Nikkei 225 slipped 0.16% after the inflation report, while the Topix was down 0.28%.

    • South Korea’s Kospi fell 0.93%, and the small-cap Kosdaq lost 0.29%.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty indicates a flat opening for the Indian market.

    • In today's session, the Nifty spot is likely to consolidate with a positive bias, ranging between 24,680 and 24,950.

  2. Nifty Short-Term Outlook:

    • Benchmark indices extended their record-setting trend, with Nifty hitting a new all-time high of 24837 on Thursday.

    • Despite a soft start, Nifty held above 24500 and closed the weekly expiry at 24800.85, up 0.76%. Bank Nifty also rose by 0.43%, closing at 52620.70.

    • However, the broader market saw profit booking, with Nifty Midcap and Small Cap indices down by 1.0% and 1.2%, respectively.

    • Nifty formed a strong bullish candle, indicating continued uptrend towards 25000, with 24500 acting as immediate support.

    • Stock-specific movements will remain crucial during the Q1FY25 earnings session and ahead of the Union Budget 2024.

  3. Intraday Levels:

    • Nifty: Intraday resistance is at 24,910, followed by 25,000 levels. Conversely, downside support is located at 24,680, followed by 24,500.

    • Bank Nifty: Intraday resistance is positioned at 52,830, followed by 53,000, while downside support is found at 52,350, followed by 52,150.

    • Fin Nifty: Intraday resistance is positioned at 23,850, followed by 23,970, while downside support is found at 23,670, followed by 23,550.

Derivative Market Analysis

  1. Nifty:

    • We are in the final week of expiry with significant attention due to the upcoming budget announcement.

    • The highest put OI is at 24000, while the highest call OI is at 25500, setting a broader range between 24000 and 25000.

    • Immediate support is at 24500, with resistance at 25000.

    • A large addition in put OI occurred at 24800 and in call OI at 25500, suggesting a strong straddle formation at near-the-money strikes.

    • The crucial level to watch is 24800, as a breach could trigger a significant rally.

    • The Nifty put-call ratio has decreased by 0.16, now standing at 1.41.

  2. Bank Nifty:

    • The 52500 straddle remains robust, with the second highest call OI at 53000 and the second highest put OI at 52000, forming a range between 52000 and 53000 for the upcoming expiry.

    • Significant put OI addition below 52700 suggests a strong base, while call OI at 52700 and 53500 indicates potential for a rally to 53500 if 52700 is surpassed.

    • Immediate support is at 52600, with important resistance at 52700, indicating a tight trading range.

    • The Bank Nifty put-call ratio decreased by 0.12, now positioned at 1.06.

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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What is the difference between long-term investing and trading in the stock market?

Answer Field

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

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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

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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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