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Share Market Today | Gift Nifty Down, Asian Peers Decline on Biden Exit

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Synopsis:

Today’s latest market updates feature Vedanta turns top bidder for two key mining blocks, FPIs have invested ₹30,772 Cr in equities in July so far, Yes Bank's bond ratings upgraded by ICRA, EMS secures ₹535.19 Cr order from UUSDA, Wipro ADR’s biggest drop in 16 years, plus other global market news.

Latest Market News

  1. Vedanta is the top bidder for two key mining blocks: Gollarahatti-Mallenahalli Nickel Chromium & PGE Block and Jenjana Nickel, Chromium & PGE Block.
  2. Foreign Portfolio Investors (FPIs) have invested ₹30,772 crore in equities in July so far.
  3. ICRA has upgraded Yes Bank's bond ratings due to its operational stability.
  4. Zaggle Prepaid has partnered with PNB MetLife India Insurance Co to offer Zaggle Save for employee expense management and benefits.
  5. AnantRajCloud signed an MoU with Google LLC to provide data centre infrastructure, managed services, and cloud platforms, helping customers develop AI-driven solutions.
  6. Due to disappointing guidance, Wipro's American Depositary Receipts (ADR) saw their biggest drop in 16 years.
  7. EMS, part of a joint venture, secured a ₹535.19 crore order from Uttarakhand Urban Sector Development Agency, with EMS holding a 95% stake.
  8. FIIs bought ₹1,506.12 crore in equities while DIIs sold ₹461.56 crore.

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

US Share Market News

  1. Performance Overview:
    • US benchmark equity indexes fell on Friday as markets evaluated the effects of a global technology outage and the latest corporate earnings
  2. Economic Indicators:
    • Investors anticipate a key US inflation reading that could influence a potential rate cut in September.
    • Investors were prepared for the news that US President Joe Biden had withdrawn from the election race and endorsed Vice President Kamala Harris for the Democratic ticket.
  3. Sector-Specific Movements:
    • On Friday, the Dow Jones Industrial Average dropped by 0.9% to 40,287.5, while the Nasdaq Composite fell by 0.8% to 17,726.9 and the S&P 500 decreased by 0.7%, closing at 5,505.
    • Technology and energy sectors saw the largest declines, while healthcare and utilities posted gains.
    • Over the week, the Nasdaq fell by 3.6%, the S&P 500 by 2%, and the Dow rose by 0.7%.
  4. Stock-Specific Action:
    • Global tech systems experienced disruptions on Friday after a CrowdStrike system update caused issues, affecting industries from airlines to broadcasters. CrowdStrike identified a defect found in a single content update for Microsoft Windows hosts.
    • CrowdStrike shares plunged 11%, making it the worst performer on the S&P 500 and the Nasdaq, while Microsoft shares declined by 0.7%.
  5. Corporate Earnings:
    • US second-quarter earnings will take centre stage this week, with Tesla and Google-parent Alphabet kicking off the season for the 'Magnificent Seven' mega-cap stocks.

Other Asset Classes

  1. Treasury Yields:
    • The US 10-year yield increased by five basis points to 4.24%, while the two-year rate rose by 4.8 basis points to 4.51%.
  2. Currency:
    • The dollar index, which measures the dollar against a basket of currencies, trades slightly down by 0.02% at 104.35.
  3. Commodities:
    • West Texas Intermediate crude oil rose by 0.52% to $80.55 a barrel. Brent crude increased by 0.6% to $83.1 a barrel.
    • Gold dropped by 2.3% to $2,400.70 per ounce, and silver decreased by 2.8% to $29.39 per ounce.

Asian Markets

  1. General Trends:
    • Asian shares traded cautiously on Monday ahead of a busy week of corporate earnings that will test the high valuations of tech stocks.
  2. Specific Index Performance:
    • MSCI’s broadest index of Asia-Pacific shares outside Japan eased by 0.2%, falling 3% last week amid a general risk-off mood.
    • Japan’s Nikkei dropped by 0.6%, and South Korea’s benchmark index fell by 0.4%.

India Market Outlook

  1. GIFT Nifty Projection:
    • Gift Nifty indicates a flat to negative opening for the Indian market.
    • In today's session, the Nifty spot is expected to consolidate between 24,350 and 24,650.
  2. Nifty Short-Term Outlook:
    • Nifty traded within a range and closed the week slightly higher by 0.12% at 24530, reaching a fresh all-time high of 24854 but losing some gains due to profit booking.
    • Bank Nifty showed high volatility, closing the week flat at 52265.
    • The broader market experienced profit booking, with the Nifty Midcap and Small-cap indices dropping by 2.21% and 2.91%, respectively.
    • Increased volatility is expected due to the Q1FY25 earnings session and upcoming budget discussions.
    • A hedged approach and careful monitoring are advised, with Nifty support at 24400, potentially leading to an extension to 25000 if held, while a breach could lead to more profit booking towards 24000-23800.
  3. Intraday Levels:
    • Nifty: Intraday resistance is at 24,690, followed by 24,600 levels. Conversely, downside support is located at 24,400, followed by 24,380.
    • Bank Nifty: Intraday resistance is positioned at 52,830, followed by 53,000, while downside support is found at 52,000, followed by 51,750.
    • Fin Nifty: Intraday resistance is positioned at 23,740, followed by 23,850, while downside support is found at 23,350, followed by 23,180.

Derivative Market Analysis

  1. Nifty:
    • Ahead of the budget announcement, the highest put OI is at 24000, and the highest call OI is at 25500, setting a broader range of 24000 to 25000 for the Nifty index.
    • There was notable put unwinding across strikes and addition at 24500, with significant call OI addition at 25000, suggesting limited upside expected by market participants.
    • The immediate support level is 24500, with resistance at 24800.
    • The Nifty put-call ratio decreased by 0.30 to 1.11.
  2. Bank Nifty:
    • For Bank Nifty, the highest call OI concentration is at 53000, and the highest put OI concentration is at 52000, establishing a range of 52000 to 53000.
    • Similar to Nifty, there was considerable put unwinding and additions at 51400 and 52300, with call OI additions at 52300 and 53000.
    • If Bank Nifty surpasses 52300, it could rally up to 53000.
    • Immediate support is at 52000, and key resistance is at 52500.
    • The Bank Nifty put-call ratio decreased by 0.30 to 0.76.

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?

Answer Field

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.

Why should I consider investing in the stock market?

Answer Field

Investing in the stock market offers the potential for long-term wealth growth, dividend income, portfolio diversification, and ownership stakes in successful companies.

How can I start investing in the stock market?

Answer Field

To begin investing in stocks, individuals can open a brokerage account, conduct research on companies and industries, and start building a diversified portfolio aligned with their investment goals and risk tolerance.

What factors should I consider before investing in stocks?

Answer Field

Important factors to consider include investment goals, risk tolerance, time horizon, market research, diversification, and staying informed about economic and market trends.

What are the risks associated with stock market investments?

Answer Field

Risks include market volatility, liquidity risk, company-specific risks, and the potential for loss of capital. It's essential for investors to assess their risk tolerance and diversify their portfolios accordingly.

How do I stay informed about daily market happenings?

Answer Field

You can stay informed by monitoring financial news websites, market analysis reports, earnings announcements, economic indicators, and utilising real-time market data provided by reliable brokerage platforms.

What is the difference between long-term investing and trading in the stock market?

Answer Field

Long-term investing involves holding stocks for extended periods, typically years or decades, with a focus on capital appreciation and dividend income. Trading involves buying and selling stocks more frequently, often based on short-term price movements.

How can I mitigate risks in the stock market?

Answer Field

Risk mitigation strategies include diversifying your portfolio, setting stop-loss orders, conducting thorough research, avoiding over-leveraging, and maintaining a long-term perspective on investments.

Are there any specific tax implications associated with stock market investments?

Answer Field

Yes, tax implications vary depending on factors such as investment duration, type of account (e.g., taxable brokerage account, retirement account), and realised gains or losses from selling stocks.

Can I invest in the stock market with a small amount of capital?

Answer Field

Yes, many brokerage platforms offer fractional investing or allow investors to purchase partial shares, enabling individuals with limited capital to start investing in the stock market with smaller amounts.

What are government bonds in India, and how do they work?

Answer Field

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.

What are the benefits of investing in government bonds compared to other investment options?

Answer Field

Government bonds offer safety and stability, ideal for risk-averse investors. Compared to equities, they provide predictable returns, helping in portfolio diversification. Additionally, they are less volatile, making them suitable for long-term financial planning.

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.

How do I determine the best government bonds to invest in India based on my financial goals?

Answer Field

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.

What factors should I consider when evaluating government bonds for investment?

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.

How can I invest in government bonds through the online platform or through a broker?

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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