Share Market Today | Mixed Global Cues, Gift Nifty Flat

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Synopsis:

Today’s latest market updates include Conforge’s ₹2,240 crore QIP, United Spirits pays ₹345.45 crore in arrears, Man Industries’ ₹505 crore export orders for pipes, Apollo Tyres’ block sale of up to 3.5% equity, plus other global market news.

Latest Market News

  1. Coforge launched a ₹2,240 crore QIP to fund the acquisition of Cigniti Technologies.

  2. United Spirits is ordered to pay ₹345.45 crore in water charge arrears.

  3. GR Infraprojects emerged as the L1 bidder for two projects worth ₹4,346 crore from the Maharashtra State Road Development Corporation Limited.

  4. PNC Infratech is declared the L1 bidder for two EPC road projects worth ₹4,994 crore by the Maharashtra State Road Development Corporation.

  5. Man Industries secures export orders worth ₹505 crore for pipes.

  6. Apollo Tyres launches a block sale of up to 3.5% equity, with Warburg Pincus' subsidiary White Iris possibly selling its entire stake.

  7. FIIs net sold ₹1,874.54 crore while DIIs net bought ₹3,548.97 crore in equities yesterday.

Additional Read: Share Market News

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

US Share Market News

  1. Performance Overview:

    • On Tuesday, Wall Street closed slightly up, with US Treasury yields dropping. The three main US indexes all rose, with the S&P 500 and Nasdaq hitting record highs at closing.

  2. Economic Indicators:

    • Fed Governor Christopher Waller reassured markets on Tuesday, stating that recent economic data suggests the Fed's policy to keep rates steady is effectively managing the economy.

    • Traders will also monitor the minutes from the latest Federal Open Market Committee meeting, along with April’s existing home sales.

  3. Sector-Specific Movements:

    • The Dow Jones Industrial Average rose by 66.22 points, or 0.17%, reaching 39,872.99. The S&P 500 gained 13.28 points, or 0.25%, closing at 5,321.41, while the Nasdaq Composite added 37.75 points, or 0.22%, ending at 16,832.62.

  4. Corporate Earnings:

    • Investors eagerly awaited Nvidia's quarterly report on Wednesday afternoon, with the semiconductor giant's stock rallying nearly 93% in 2024 and adding 0.6% during Tuesday's trading session.

Other Asset Classes

  1. Treasury Yields:

    • On Tuesday, US Treasury yields dipped slightly as investors weighed inflation and interest rate outlooks after comments from Federal Reserve officials. The 10-year Treasury yield fell over 2 basis points to 4.412%, while the 2-year yield edged down to 4.831%.

  2. Currency:

    • The US dollar rose against the euro on Tuesday after Federal Reserve officials suggested waiting several months to confirm inflation is on track to hit the 2% target before cutting interest rates. The dollar also gained 0.07%, reaching 104.64, against other currencies.

  3. Commodities:

    • Crude oil futures fell on Tuesday due to a lack of market catalysts. US crude and Brent have fluctuated within a $3 range this month after dropping from April highs when fears of a wider Middle East war eased. US crude dropped 0.68% to $79.26 per barrel, and Brent fell 0.99% to $82.88 per barrel.

    • Gold prices eased from a record high as the dollar remained strong. Spot gold fell 0.1% to $2,422.58 an ounce.

Asian Markets

  1. General Trends:

    • Asian markets experienced a significant drop yesterday, led by Hong Kong’s Hang Seng index, which fell about 2% due to declines in basic material and industrial stocks.

    • Mainland China’s CSI300 also decreased by 0.4%, closing at 3,676.16, retreating from an eight-month high.

  2. Specific Index Performance:

    • This morning, Japan's Nikkei is down 0.7%, while South Korea’s Kospi is trading flat.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty indicates a flat start due to mixed global signals. The Nifty is likely to continue yesterday's consolidation and trade between 22,430 and 22,630.

  2. Nifty Short-Term Outlook:

    • Benchmark indices traded within a range and closed nearly flat on Tuesday. Nifty began soft, dipped to an intraday low of 22404, but recovered to an intraday high of 22591 before closing marginally higher at 22529, up 0.12%. Bank Nifty fell by 0.31% to 48048.

    • A bull candle with a long upper shadow indicated higher-level profit booking after a strong six-session up move. The daily stochastic is in overbought territory at 94.

    • If Nifty moves above 22600, it could head towards 22800. Otherwise, expect consolidation between 22200-22600. The market direction will be influenced by General Election outcomes, suggesting elevated volatility and a buy-on-dips strategy as the index may test all-time highs soon.

  3. Intraday Levels:

    • Nifty: Intraday resistance is situated at 22590, followed by 22650 levels. Conversely, downside support is located at 22460, followed by 22410.

    • Bank Nifty: Intraday resistance is positioned at 48250, followed by 48490, while downside support is found at 47800, followed by 47570.

    • Fin Nifty: Intraday resistance is positioned at 21510, followed by 21590, while downside support is found at 21360, followed by 21280.

Additional Read: Gold Rate Today Updates

Derivative Market Analysis

  1. Nifty:

    • The 22,500 level is a crucial point for the day, with significant call and put OI accumulation. The highest call OI is at 23,000, followed by 22,800, suggesting a potential move towards 22,800 if the price stays above 22,500.

    • Strong support exists at 22,400 due to substantial put writing. Call writers are adjusting to higher levels, indicating caution about a potential upward move.

    • The put-call ratio dropped to 1.15, and Nifty saw a 1.4% increase in open interest and a 0.3% price rise, signalling a long build-up.

  2. Bank Nifty:

  • The accumulation of call and put OI at the 48,000 level suggests a straddle formation, marking it as a key level for the day. The highest call OI addition at 48,000, followed by 48,200, indicates potential short covering if Bank Nifty sustains above 48,200.

  • Aggressive put OI addition at 48,000 provides strong support, but if the price falls below this level, momentum may be lost.

  • The immediate range for Bank Nifty is 48,000 to 48,500, with a break on either side likely leading to a directional move. A 1.4% increase in open interest and a 0.3% price decline suggest short covering.

Additional Read: Commodities Market Today

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 the events in the domestic as well as the global stock market. 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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What exactly is the stock market, and how does it work?

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