Share Market Today | GIFT Nifty Positive, Global Markets Show Strength

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Synopsis:

Today’s latest market updates include Vodafone’s $1.1B stakesale in Indus Towers, Craftsman Automation’s ₹1,200 Cr QIP at ₹4,400/share, Fosun Pharma’s 5% stakeale in Gland Pharma for $172 million, Fitch raises India's growth forecast to 7.2% for FY25, plus other global market news.

Latest Market News

  1. Vodafone Group is set to sell shares worth up to $1.1 billion in Indus Towers at ₹310-341 per share.

  2. Craftsman Automation launches a ₹1,200 crore QIP at ₹4,400 per share.

  3. Fosun Pharma will sell a 5% stake in Gland Pharma for $172 million.

  4. Wabco Asia plans to sell 5% equity of ZF Commercial Vehicle Control Systems India in a block deal.

  5. Fitch raises India's growth forecast to 7.2% for the current fiscal year.

  6. PM Modi releases ₹20,000 crore under the PM-KISAN scheme, benefiting 9.26 crore farmers.

  7. FIIs and DIIs net bought equities worth ₹2,569.40 crore and ₹1,555.73 crore, respectively, yesterday.

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

US Share Market News

  1. Performance Overview:

    • On Tuesday, the S&P 500 and Nasdaq reached new record highs, driven by Nvidia's ongoing surge to new peaks.

    • Meanwhile, after weaker-than-expected US retail sales data, the Dow finished slightly higher in quiet pre-holiday trading.

    • US markets will be closed on Wednesday for the Juneteenth holiday.

  2. Economic Indicators:

    • Retail sales increased by 0.1% in May, falling short of the 0.3% growth forecast by economists polled by Reuters.

    • Another report showed unexpectedly strong industrial production and manufacturing output for May.

    • After the news, markets slightly raised expectations for two Federal Reserve interest rate cuts this year, despite the latest projections from US central bankers indicating just one cut.

  3. Sector-Specific Movements:

    • The Dow Jones Industrial Average rose 0.15%, to 38,834.86. The S&P 500 climbed 0.25%, to 5,487.03, and the Nasdaq Composite gained 0.03%, to 17,862.23.

  4. Stock-Specific Action:

    • Nvidia surpassed Microsoft to become the world's most valuable company, closing the day with a market capitalisation of $3.22 trillion.

    • Other chip stocks also continued their rallies, pushing the Philadelphia SE Semiconductor index to a record high.

Other Asset Classes

  1. Treasury Yields:

    • On Tuesday, the US Treasury bond yields fell following a weaker-than-expected May retail sales report, raising concerns about the economy's strength. The 10-year Treasury yield dropped over 6 basis points to 4.215%.

  2. Currency:

    • The dollar slipped against the euro after retail sales data showed US consumers slowing down, making a stronger case for Federal Reserve rate cuts later this year. The dollar index was slightly lower at 104.90.

  3. Commodities:

    • US crude oil prices rose more than 1%, surpassing $81 per barrel and marking a second consecutive day of gains. The WTI July contract increased by 1.54% to $81.57 per barrel, while the Brent August contract rose by 1.28% to $85.33 per barrel.

    • Gold prices edged up after disappointing US retail sales data strengthened hopes for Federal Reserve rate cuts this year, pushing the dollar and Treasury yields down. Spot gold increased by 0.4% to $2,329.16 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets mostly rose, supported by the S&P 500 reaching new highs as Nvidia, an artificial intelligence chip firm, overtook Microsoft as the most valuable public company.

  2. Specific Index Performance:

    • Japan’s Nikkei 225 increased by 0.61%, while the Topix rose by 0.56%.

    • South Korea’s Kospi gained more than 1%.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty indicates a strong opening for the Indian market amid positive global cues.

    • We expect the Nifty spot to continue its upward move, trading positively within the range of 23,750-23,500.

  2. Nifty Short-Term Outlook:

    • Benchmark indices started the week strong, with Nifty reaching a new all-time high of 23,579 and closing at 23,557.90, up 0.4%. Bank Nifty outperformed, closing at 50,440.90, up 0.9%.

    • The broader market also performed well, with Nifty Midcap and Nifty Smallcap rising 0.5% and 1.1%, respectively.

    • Nifty formed a high wave candle, indicating continued upward momentum, and maintained above its rising channel, suggesting further gains toward 23,800 in the coming weeks.

    • Immediate support is at last week's low of 23,200, with the overall structure remaining positive and dips seen as buying opportunities.

  3. Intraday Levels:

    • Nifty: Intraday resistance is situated at 23670, followed by 23750 levels. Conversely, downside support is located at 23540, followed by 23490. 

    • Bank Nifty: Intraday resistance is positioned at 50780, followed by 51000, while downside support is found at 50330, followed by 50110.

    • Fin Nifty: Intraday resistance is positioned at 22690, followed by 22770, while downside support is found at 22550, followed by 22480.

Derivative Market Analysis

  1. Nifty:

    • The highest call OI for Nifty is at 24,000, followed by 23,800, which will act as resistance and limit upside movement.

    • Call writers have unwound positions below 23,500, moving to higher levels, indicating caution about further upside.

    • Major put OI addition is at 23,000, with additional support at 23,400.

    • The immediate range for Nifty is 23,400 to 23,800, with the potential for significant movement if this range is broken.

    • The Nifty Put-Call Ratio has decreased by 0.04, now at 1.26.

  2. Bank Nifty:

    • The highest call OI addition for Bank Nifty is at the 52,000 level, with immediate call OI addition at 50,500, suggesting resistance there. Surpassing 50,500 could lead to further upward movement.

    • On the downside, a significant put OI addition at 50,000 indicates strong support at that level for the weekly expiry.

    • The option chain shows an immediate range of 50,500 to 50,000, with the potential for further movement if this range is broken.

    • Call writers have unwound positions below 50,000, indicating positive sentiment.

    • The Bank Nifty Put-Call Ratio has increased by 0.26, now at 1.22.

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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