Share Market Today | GIFT Nifty Flat, Mixed Trading in Asian Markets

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Synopsis:

Today’s latest market updates include Mas Financial’s ₹4,000 Cr QIP, Sapphire Foods’s 1:5 stock split, Som Distilleries' licence cancelled over child labour concerns, Brigade Enterprises’ ₹150 Cr Kochi WTC project, US FDA’s warning letter to SunPharma’s Dadra unit, plus other global market news.

Latest Market News

  1. Mas Financial launches a QIP worth ₹400 crore, with an option for an additional ₹100 crore.

  2. KFC operator Sapphire Foods India will split 1 equity share into 5.

  3. Som Distilleries' licence has been cancelled by the Madhya Pradesh Excise Department due to child labour concerns.

  4. Brigade Enterprises signs a ₹150 crore agreement to develop a third tower of the World Trade Center at Infopark, Kochi.

  5. Blue Dart starts drone deliveries in partnership with Skye Air.

  6. Asia Opportunities Fund and General Atlantic plan to sell a 4.2% stake in PNB Housing via block deals.

  7. SunPharma's Dadra unit receives a warning letter from the US FDA.

  8. The Union Cabinet has significantly increased the MSP for 14 crops this Kharif season, with a total allocation of ₹2 lakh crore for 2024-25, ₹35,000 crore more than the previous season.

  9. FIIs and DIIs net bought ₹7,908.36 crore and ₹7,107.80 crore in equities yesterday, respectively.

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

US Share Market News

  1. Performance Overview:

    • The US markets were closed on Wednesday for a holiday.

  2. Economic Indicators:

    • In the second half of the week, investors will examine new economic data, including initial jobless claims and housing starts figures, on Thursday morning to assess the strength of the US economy.

  3. Sector-Specific Movements:

    • S&P 500 futures barely moved on Wednesday, rising by just 0.04%. Nasdaq 100 futures went up by 0.1%, and Dow Jones Industrial Average futures also increased by 0.1%.

  4. Stock-Specific Action:

    • Stocks are on track for a winning week after the S&P 500 set a new record on Tuesday, along with the Nasdaq Composite.

Other Asset Classes

  1. Treasury Yields:

    • The US Treasury bond yields dropped after May retail sales data raised concerns about economic strength. The 10-year Treasury yield fell more than 6 basis points to 4.215%.

  2. Currency:

    • On Wednesday, the dollar was down after weak US retail sales data increased expectations of Federal Reserve rate cuts. The dollar index is currently at 104.90.

  3. Commodities:

    • Brent crude futures rose in early trade on Thursday as Israeli tanks moved into Gaza, while US crude futures fell due to the prospect of rising oil inventories. Brent crude for August delivery increased to $85.15 a barrel. The US WTI crude for June was down 0.3% to $81.30 per barrel.

    • Gold prices edged higher after weak US retail sales data boosted expectations of Federal Reserve interest rate cuts this year. Spot gold rose 0.1% to $2,331.17 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets opened mixed as investors awaited China's one- and five-year loan prime rates.

    • The one-year loan prime rate is a benchmark for most corporate and household loans, while the five-year rate is a benchmark for property mortgages.

  2. Specific Index Performance:

    • Japan’s Nikkei 225 and the Topix started the day with losses of 0.28% and 0.12%, respectively.

    • South Korea’s Kospi gained 0.06%, and the small-cap Kosdaq inched up 0.04%.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a flat to positive start for the Indian market.

    • Ahead of expiry, the Nifty spot is expected to consolidate recent gains and trade in the range of 23,400 to 23,650.

  2. Nifty Short-Term Outlook:

    • On Wednesday, Nifty experienced high volatility and closed slightly lower at 23,516, down by 0.2%.

    • Bank Nifty saw a strong up move, hitting a new all-time high of 51,957 before closing at 51,398, up by 1.9%.

    • The broader market saw profit booking, with the Nifty Midcap and Small-Cap indices closing lower by 1% and 0.5%, respectively.

    • The daily chart shows a small bearish candle, indicating consolidation at the all-time high while staying above the rising channel.

    • The immediate bias remains positive as long as the index stays above last week's low of 23,200.

    • The index is expected to move towards 23,800 in the coming weeks, with any dips seen as buying opportunities for further upward movement.

  3. Intraday Levels:

    • Nifty: Intraday resistance is situated at 23590, followed by 23670 levels. Conversely, downside support is located at 23450, followed by 23380. 

    • Bank Nifty: Intraday resistance is positioned at 51730, followed by 51960, while downside support is found at 51200, followed by 50950.

    • Fin Nifty: Intraday resistance is positioned at 23040, followed by 23150, while downside support is found at 22850, followed by 22770.

Derivative Market Analysis

  1. Nifty:

    • For Nifty, the 23,500 strike shows call and put OI accumulation, indicating a key level for the day.

    • Call writers are active above the 23,600 strike, with the highest call OI at 24,000 and 23,800, creating multiple resistance levels.

    • The highest put OI addition is at 23,000, with active put writers below 23,500, suggesting multiple support levels.

    • The option chain analysis indicates that Nifty will likely consolidate between 23,500 and 23,800.

    • The put-call ratio decreased by 0.16 to 1.10.

  2. Bank Nifty:

    • The highest put OI addition for Bank Nifty has been at the 51,000 level, indicating strong support. If the price drops below 51,000 and stays there, a loss of momentum might occur.

    • The highest call OI addition is at 52,000, followed by 51,500. If the price surpasses 51,500 and holds, the short covering may push it toward 52,000.

    • The option chain analysis suggests Bank Nifty will likely consolidate between 51,000 and 52,000.

    • The put-call ratio increased by 0.18 to 1.40.

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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