Share Market Today | GIFT Nifty Remains Flat, Asian Markets Mixed

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Synopsis:

Today’s latest market updates include Ola Electric's ₹5,500 crore IPO getting greenlight, GE Power’s ₹243.46 Cr contract from NTPC, Olympus Capital Asia’s plan to sell 10.1% stake in Aster DM Healthcare, JM Financial denied managing public debt issues until March 2025, plus other global market news.

Latest Market News

  1. SEBI clears Ola Electric's ₹5,500 crore IPO.

  2. GE Power secures a ₹243.46 crore contract from NTPC.

  3. Olympus Capital Asia is likely to sell a 10.1% stake in Aster DM Healthcare in a block deal.

  4. JM Financial won’t manage public debt issues until March 2025, as per SEBI.

  5. RateGain Travel shares bought by Axis MF, ICICI Pru MF, and Morgan Stanley in a block deal yesterday.

  6. US jobless claims fall to 238,000 from a 10-month high, staying historically low.

  7. FIIs net bought ₹415.30 crore while DIIs net sold ₹325.81 crore in equities yesterday.

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

US Share Market News

  1. Performance Overview:

    • On Thursday, the Wall Street shares pulled back from record highs. Among the major indexes, only the Dow Jones Industrial Average managed to hold onto its gains. The S&P 500 and Nasdaq both hit intraday all-time highs but reversed course, with the Nasdaq ending its seven-session streak of record closing highs.

  2. Economic Indicators:

    • On Friday, investors will focus on the manufacturing and services Purchasing Managers’ Index readings for June. Existing home sales data for May is also due to be released.

    • Expectations for a rate cut in September have decreased. Financial markets now see a 57.9% chance of a 25-basis-point rate cut in September, down from 61.1% a week ago, according to CME's FedWatch tool.

    • Disappointing housing starts and building permits data, along with a jobless claims report, suggest the labour market is gradually cooling. This indicates that the Fed's restrictive policy is having its intended effect.

  3. Sector-Specific Movements:

    • The Dow rose 0.77% to close at 39,134.96. The S&P 500 lost 0.25% to end at 5,473.22, and the Nasdaq Composite fell 0.79% to close at 17,721.59.

Other Asset Classes

  1. Treasury Yields:

    • On Thursday, the US Treasury bond yields increased as investors assessed new economic data, indicating further signs of a slowing economy. The 10-year Treasury yield rose by 4 basis points to 4.257%.

  2. Currency:

    • The dollar edged higher, driven by wider interest-rate differentials as other major economies start cutting rates and parts of Europe face political turmoil. The dollar index rose 0.37% to 105.64.

  3. Commodities:

    • Crude oil futures fell in early trade on Friday due to the prospect of prolonged higher interest rates in Asia and the United States, though falling US oil inventories prevented further declines. Brent futures for August delivery dipped 11 cents to $85.60 a barrel, while US crude was down 9 cents to $81.20 per barrel.

    • Gold prices climbed more than 1% on Thursday, reaching their highest level in two weeks. Spot gold increased by 1.33% to $2,358.26 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets showed mixed results as Japan’s May core inflation data came in slightly lower than expected.

  2. Specific Index Performance:

    • Japan’s Nikkei 225 started the session flat, while the Topix gained 0.52%.

    • South Korea’s Kospi fell 0.44%, and the Kosdaq dropped 0.5%.

India Market Outlook

  1. GIFT Nifty Projection:

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

    • The Nifty spot is expected to continue its recent consolidation and trade within the range of 23,450 to 23,700.

  2. Nifty Short-Term Outlook:

    • Nifty traded positively within a range, closing at 23,567, up 0.2%. Bank Nifty rose 0.75% to 51,783. Nifty Midcap and Small Cap closed higher by 0.96% and 0.67%, respectively.

    • The index formed a high wave candle, indicating consolidation at the all-time high, and is expected to stay within the 23,800-23,400 range.

    • The 23,800 level acts as key resistance, while 23,400 provides immediate support.

    • After an 11% rally from the June low of 21,281, a temporary pause is possible, but it should be seen as a buying opportunity with strong support between 23,000 and 22,800.

  3. Intraday Levels:

    • Nifty: Intraday resistance is situated at 23620, followed by 23700 levels. Conversely, downside support is located at 23510, followed by 23440. 

    • Bank Nifty: Intraday resistance is positioned at 51960, followed by 52200, while downside support is found at 51500, followed by 51280.

    • Fin Nifty: Intraday resistance is positioned at 23090, followed by 23170, while downside support is found at 22950, followed by 22860.

Derivative Market Analysis

  1. Nifty:

    • The highest put OI addition is at the 23,000 level, with immediate put OI addition at 23,500, providing strong support. If the price falls below 23,500 and holds, it may move towards 23,000.

    • The highest call OI addition is at 24,000, with significant OI at 23,600, acting as immediate resistance.

    • The accumulation of call and put OI at 23,500 suggests it is a key level for the day.

    • The Nifty put-call ratio increased by 0.19 to 1.29.

  2. Bank Nifty:

    • The highest put OI addition is at the 51,000 level, with the next highest at 51,500, providing immediate support. If the price drops below 51,500 and stays there, it may move towards 51,000.

    • The highest call OI addition is at 52,000, acting as immediate resistance. If the price rises above 52,000 and holds, it could lead to short covering.

    • The immediate range for the Bank Nifty is 51,500 to 52,000, and breaking this range could lead to a significant move.

    • The Bank Nifty put-call ratio decreased by 0.16 to 1.24.

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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