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Share Market Today | GIFT Nifty Positive, Indicates 50-Point Gap Up

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Synopsis:

Today’s latest market updates feature Zomato’s plan to buy Paytm's entertainment ticketing business for ₹2,048 Cr, Zen Technologies’ ₹800 Cr QIP ₹1,601 per share, SEBI’s proposal for faster and flexible rights issues, BEML to develop advanced defence technology with the Indian Navy, plus other global market news.

Latest Market News

  1. Zomato will buy Paytm's entertainment ticketing business for ₹2,048 crore.

  2. Zen Technologies launches a ₹800 crore QIP, pricing shares at ₹1,601 each.

  3. SEBI proposes faster rights issues with more flexibility in selecting investors.

  4. BEML teams up with the Indian Navy to develop advanced defence technology.

  5. IREDA plans to consider raising up to ₹4,500 crore through various modes on August 29.

  6. Welspun Michigan Engineers, a Welspun Enterprises subsidiary, wins a ₹159.75 crore project from BMC.

  7. Alkem Laboratories' promoter may sell a 0.7% stake (8.5 lakh shares) via block deals at a 3% discount to the current price.

  8. Esoteric II Pte, the sponsor, will sell a 17.32% stake in India Grid Trust via OFS on August 22-23 at ₹132 per share.

  9. RVNL expands into the ASEAN market with an MoU with Dhaya Maju Infra.

  10. Highdell Investment will sell a 2.36% stake (2.43 crore shares) in Kalyan Jewellers to promoter T.S. Kalyanaraman for ₹1,300 crores.

  11. FIIs sold ₹799.74 crore, while DIIs bought ₹3,097.45 crore in equities.

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

US Share Market News

  1. Performance Overview:

    • US benchmark equity indexes ended Wednesday on a positive note after the Federal Reserve's July meeting minutes suggested a potential interest rate cut in September.

  2. Sector-Specific Movements:

    • The Nasdaq Composite climbed 0.6% to 17,919, while the S&P 500 rose 0.4% to 5,620.9.

    • The Dow Jones Industrial Average edged up 0.1% to 40,890.5.

    • Consumer discretionary and materials sectors led the gains, with financials being the only sector to decline.

    • The energy sector remained largely unchanged.

  3. Economic Indicators:

    • Minutes from the Federal Open Market Committee's July 30-31 meeting revealed that a "vast majority" of policymakers believe a rate cut in September would be appropriate, provided upcoming economic data aligns with their expectations.

Other Asset Classes

  1. Treasury Yields:

    • On Wednesday, the US two-year Treasury yield fell by 6.7 basis points to 3.93%, while the 10-year yield decreased by 1.7 basis points to 3.80%.

  2. Currency:

    • The dollar index dropped to 101.41 on Wednesday, marking its lowest since January.

  3. Commodities:

    • West Texas Intermediate (WTI) crude oil fell by 1.7% to $71.96 per barrel, while Brent crude futures increased to $76.08 per barrel.

    • Gold prices remained stable at $2,549.90 per troy ounce, while silver saw a slight increase of 0.3% to $29.60 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets opened mostly higher on Thursday, with investors closely monitoring flash business activity data from Australia, Japan, and India throughout the day.

    • As expected, the Bank of Korea kept its benchmark interest rate steady at 3.5%. However, traders are awaiting the language in the bank’s forthcoming press release for further insights.

  2. Specific Index Performance:

    • Japan's Nikkei 225 rose by 0.79%, while the Topix increased by 0.29%. Japan’s business activity expanded at a faster pace in August, with the composite purchasing managers index (PMI) climbing to 53.0 from 52.5 in July.

    • South Korea's Kospi index gained 0.23%, while the small-cap Kosdaq index slipped by 0.25%.

    • Hong Kong's Hang Seng index futures stood at 17,514, higher than the HSI's last close of 17,391.01.

    • Australia's S&P/ASX 200 index rose by 0.34%.

India Market Outlook

  1. GIFT Nifty Projection:

    • GIFT Nifty suggests a positive opening with a 70-point rise for the Indian markets. After a positive start, the Nifty spot is likely to consolidate within the broad range of 24,400-24,850.

  2. Market in Previous Session:

    • The market started positively and remained range-bound, with an uptrend emerging towards the end.

    • The Sensex closed up by 102.44 points (0.13%) at 80,905.30, and the Nifty gained 71.37 points (0.29%) to close at 24,770.20.

    • Defensive FMCG stocks led the gains, rising over 1.30%, followed by Media (+1.20%) and Pharma (+0.91%).

    • Realty was the top loser, down by 1.31%.

    • Midcaps matched the frontline index's performance, while small-caps out-performed with a 1.20% gain.

  3. Nifty Short-Term Outlook:

    • The market is likely to test the next resistance around the 24,960 level, targeting a move towards the 24,960 to 25,100 range within the next week.

    • Immediate support is at 24,650, with the overall trend expected to remain strong as long as the Nifty stays above the 24,600-24,650 range.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 24,850, followed by 24,960 levels. Conversely, downside support is located at 24,650, followed by 24,540.

    • Bank Nifty: Intraday resistance is positioned at 51,000, followed by 51,300, while downside support is found at 50,350, followed by 50,240.

    • Fin Nifty: Intraday resistance is positioned at 23,350, followed by 23,520, while downside support is found at 23,000, followed by 22,880.

Derivative Market Analysis

  1. Nifty:

    • Put writers are actively positioning below the 24,700 level, indicating multiple support levels, with the highest put OI at 24,500.

    • On the call side, significant OI has accumulated at the 24,800 level, suggesting resistance.

    • If the Nifty surpasses and sustains above 24,800, a short covering rally toward 25,000 could occur.

    • The immediate trading range for the weekly expiry is expected to be between 24,700 and 24,800.

    • The Nifty's put-call ratio has slightly declined by 0.03 to 1.24.

  2. Bank Nifty:

    • The highest call OI is at the 51,000 level, serving as immediate resistance, with the potential for short covering if prices sustain above this level.

    • On the downside, the 50,500 level has the highest put OI, acting as immediate support.

    • The Bank Nifty's immediate trading range is between 50,500 and 51,000, with a break on either side likely leading to a stronger directional move.

    • The Bank Nifty put-call ratio has decreased by 0.09, currently at 0.92.

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?

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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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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.

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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.

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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.

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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.

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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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