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Share Market Today | Gift Nifty Hints at Flat Opening, Rangebound at 23,350-23,800

Synopsis:

Today’s share market’s key updates include the windfall tax repeal, GMR’s 9% passenger growth, Ashoka Buildcon’s ₹2,791 crore NHAI projects, DIPAM's new CPSE dividend rules, and FII-DII equity trade trends.

Latest Market News

1- Govt to discontinue windfall gains tax levy in December.

2- GMR Airports Business Update | 9% growth in October passenger traffic with nearly 11 million travellers.

3- Ashoka Buildcon emerges as the lowest bidder for NHAI projects worth ₹2,791 crore.

4- DIPAM has set new guidelines for CPSEs, requiring a minimum annual dividend of 30% of PAT or 4% of net worth, whichever is higher. Financial sector CPSEs like NBFCs must pay at least 30% of PAT. CPSEs are encouraged to pay higher dividends considering profitability, capex, cash reserves, and net worth.

5 - REC, PFC, PSU BANK; The Indian government is pushing back on two key proposals of the central bank, which will require banks to set aside more funds for infrastructure projects and hold more liquid assets against online deposits, according to a government source. 

6- Cash segment (Provisional) FIIs net sell ₹1,403.40 crore while DIIs net buy ₹2,330.56 crore in equities yesterday.

ASHOKA BUILDCON LTD

Trade

207.55-14.09 (-6.35 %)

Updated - [-]
224.00day high
DAY HIGH
202.50day low
DAY LOW
3060928
VOLUME (BSE)

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

US Share Market News

  1. Performance Overview:

    • US benchmark equity indexes closed mixed on Monday as traders awaited major corporate earnings due later in the week.

  2. Sector-Specific Movements:

    • The Nasdaq Composite rose 0.6% to 18,791.8, while the S&P 500 increased 0.4% to 5,893.6. The Dow Jones Industrial Average fell 0.1% to 43,389.6. Energy led the gainers among sectors, while health care was little changed. Industrials was the sole decliner.

Other Asset Classes

  1. Treasury Yields:

    • The US two-year yield fell 1.9 basis points to 4.28%, while the 10-year rate lost one basis point to 4.42%.

  2. Currency:

    • The dollar index strengthened further,  was trading near 106.20 levels.

  3. Commodities:

    • West Texas Intermediate crude oil increased 3.3% to $69.21 a barrel. Brent crude futures for January was trading at $73.37.

    • Gold gained 1.8% to $2,615 per troy ounce, while silver jumped 2.6% to $31.24 per ounce.

Asian Markets

  1. General Trends:

    • Asian equities gained, following Wall Street stocks higher, after treasuries halted a selloff that had pushed 10-year yields as high as 4.5%.

  2. Specific Index Performance:

    • Benchmark indexes advanced in Japan, South Korea and Australia, while futures climbed in Hong Kong.

    • The Nikkei 225 Index was up by 0.2% to around 38,300, while the broader Topix Index advanced 0.3% to 2,700 on Tuesday, recovering some of the losses from the previous session, helped by gains in heavyweight bank stocks.

    • The S&P/ASX 200 Index climbed 0.3% on Tuesday, surpassing 8,320 and marking its highest level in four weeks.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a flat opening for the Indian markets and is likely to consolidate in the broad range of 23,350 - 23,800.

  2. Market in Previous Session:

    • The Nifty extended its decline for the seventh straight session, marking its longest losing streak since February 2023, as IT and energy stocks faced heavy sell-offs.

    • Investor sentiment was dampened by fears of the US Fed delaying interest rate cuts, weaker Q2 earnings, continuous foreign outflows, and elevated valuations, keeping markets under pressure.

    • At close, the Sensex was down 241.30 points or 0.31 per cent at 77,339.01, and the Nifty was down 78.90 points or 0.34 per cent at 23,453.80.

    • During the session, the broader market reflected weakness, with the midcap and small-cap indices declining by 0.2% and 0.7%, respectively.

    • India VIX, a gauge of market anxiety, surged by 4% as it approached the 16 mark.

    • Amongst sectors, Nifty IT was the worst performer, dropping more than 2%, while Nifty Energy also saw significant losses. In contrast, Nifty Metal was the standout performer, gaining 3%.

  3. Nifty Short-Term Outlook:

    • Index declined for the seventh consecutive session as it started the week on a negative note. Index has formed a bear candle with a lower high and lower low signalling the continuation of the corrective decline.

    • A follow-through weakness below yesterday’s low (23350) will open further downside towards the 23200-23100 levels being the 52 weeks EMA.  Nifty holding above 23350 can lead to consolidation in the range of 23350-23800.

    • On the higher side, the previous week's breakdown area of 23800 will act as key resistance. The index needs to start forming higher highs and higher lows in the daily chart on a sustained basis to signal a pause in the current corrective trend.  

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 23,410 followed by 23,330 levels. Conversely, downside support is located at 23,590, followed by 23,700.

    • Bank Nifty: Intraday resistance is positioned at 50,000, followed by 49,650, while downside support is found at 50,550, followed by 50,800.

Derivative Market Analysis

  1. Nifty:

    • The highest call OI is positioned at 24000 followed by the 24500 level, whereas the highest put OI is positioned at the 23000 level followed by the 23500 level. A straddle formation was seen at 23500 making it an important level to watch for.

    • The highest call OI addition was seen at 24000 with immediate addition at 23500 indicating stiff resistance at a higher level. Put OI addition was seen at 23000 and 23200 levels making them crucial supports.

    • According to option chain analysis, a broader range for Nifty is 23000 and 24000. 

    • The Nifty put-call ratio is now positioned at 0.85.

  2. Bank Nifty:

    • The highest call OI is positioned at 52000 followed by the 51000 level, whereas the highest put OI is positioned at 49500 followed by the 50000 level.  

    • The highest call OI addition was seen at 50400 followed by 51000 indicating stiff resistance at a higher level. Put writers were active below 50300 making it a crucial support. We also saw put unwinding at strikes above 50700 and aggressive addition below 50300 indicating that put writers were shifting their base. 

    • According to option chain analysis, an immediate range for Bank Nifty is 50000 and 51000.

    • The Bank Nifty put-call ratio remains unchanged at 0.95.

  3. Fin Nifty:

  • The highest call OI is been noted at the 24000 level followed by 23500 which will serve as immediate resistance.

  • Whereas the immediate major put OI has been noted at 22500 level followed by 23000 which will serve as a crucial support zone.

  • Fin Nifty is likely to trade within the range of 23000 and 23500 levels.

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.

For All Disclaimers Click Here: https://bit.ly/3Tcsfuc

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