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Share Market Today | GIFT Nifty Flat Amid Mixed Global Cues

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Synopsis:

Today’s latest market updates feature Star Health Insurance aims to double its premium income to ₹30,000 Cr by FY28, Bharat Forge to invest ₹105 Cr in Kalyani Powertrain, NCLT approves Adani Power's ₹4,101 Cr Lanco Amarkantak Power acquisition, 2.84% promoter stake sale in Ambuja Cement, plus other global market news.

Latest Market News

  1. Star Health Insurance aims to double its premium income to ₹30,000 crore by FY28.

  2. Bharat Forge will invest ₹105 crore in Kalyani Powertrain.

  3. Zomato shuts down its intercity 'Legends' service due to poor product-market fit.

  4. Adani Power's ₹4,101 crore acquisition of Lanco Amarkantak Power is approved by NCLT.

  5. Promoter Holderind Investments is likely to sell a 2.84% stake in Ambuja Cement.

  6. Harindarpal Singh & Associates may sell up to a 1.4% stake in Nykaa at a floor price of ₹198 per share.

  7. Jain Irrigation signs an MoU with the Coffee Board of India to release advanced, disease-resistant coffee plants to growers.

  8. FIIs net bought ₹1,371.79 crore, while DIIs net bought ₹2,971.80 crore in equities yesterday.

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

US Share Market News

  1. Performance Overview:

    • The S&P 500 closed lower on Thursday as investors grew cautious ahead of Federal Reserve Chairman Jerome Powell's speech at Jackson Hole, with yields seeing a slight uptick.

  2. Sector-Specific Movements:

    • The S&P 500 dropped 0.9% to 5,570.64 points, while the NASDAQ Composite fell 1.6% to 17,626.07 points. The Dow Jones Industrial Average declined 0.4% to 40,712.78 points.

  3. Economic Indicators:

    • Fed Chair Powell is scheduled to speak at the Jackson Hole Symposium on Friday, where he is expected to provide more insight into the central bank's plans for cutting interest rates.

    • Although Powell is unlikely to explicitly signal a rate cut in September, markets are certain that the central bank will reduce rates next month.

    • Traders are divided between expecting a 25 or 50 basis point cut, according to CME Fedwatch.

    • Data released on Thursday showed that the number of Americans filing new unemployment claims rose by 4,000 to a seasonally adjusted 232,000 in the latest week, fueling concerns about a slowdown in the US labour market.

    • Additionally, manufacturing activity declined more than expected, adding to economic worries.

Other Asset Classes

  1. Treasury Yields:

    • The yield on the US 10-year Treasury rose by nearly 9 basis points to 3.862% on Thursday as investors awaited comments from Federal Reserve Chair Jerome Powell.

  2. Currency:

    • The dollar bounced back from a 13-month low against the euro on Thursday. The dollar index rose 0.5% to 101.54, after hitting 100.92 on Wednesday, the lowest since December 28.

  3. Commodities:

    • US crude oil climbed to $73 per barrel on Thursday, although it has erased most of its gains for the year. Concerns over weak demand in China and the US economy weighed on the market. The Brent October contract rose 1.54% to $77.22 per barrel.

    • Gold prices dropped over 1% on Thursday, pressured by a stronger dollar and higher Treasury yields. Spot gold fell 1.2% to $2,482.49 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets opened lower on Friday as investors awaited US Federal Reserve Chairman Jerome Powell's comments at Jackson Hole.

    • Japan's headline inflation remained steady at 2.8% in July, unchanged from the previous month.

  2. Specific Index Performance:

    • Japan’s Nikkei 225 opened slightly higher, gaining 0.2% following the CPI release.

    • Futures for Australia’s S&P/ASX 200 were at 7,955, slightly below its last close of 8,027.

    • Hong Kong's Hang Seng index futures were at 17,490, lower than the previous close of 17,641.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty indicates a soft opening for the Indian market amid mixed global cues. The Nifty spot in today's session is expected to consolidate between 24,700 and 24,960.

  2. Market in Previous Session:

    • On Thursday, benchmark indices rose for the fifth straight session, with Nifty closing 0.17% higher at 24,811 after peaking at 24,867.

    • Bank Nifty outperformed, gaining 0.59% to close at 50,985.

    • Broader markets also did well, with Nifty Midcap and Small-Cap indices closing near all-time highs, up 0.7% and 0.2% respectively.

    • Metals, FMCG, Financials, and Realty stocks led the gains, while IT and Oil & Gas stocks were flat to slightly down.

  3. Nifty Short-Term Outlook:

    • The index is expected to maintain a positive bias, potentially reaching its all-time high of 25,078 in the coming sessions.

    • A sustained close above this level could push the index further to 25,400, representing a 123.6% external retracement of the recent dip from 25,078 to 23,894.

    • Some profit bookings may occur after five days of gains, but this should be seen as a buying opportunity, with key support levels at 24,600-24,400, aligning with the 20-day EMA and last week's low.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 24,870, followed by 24,960 levels. Conversely, downside support is located at 24,690, followed by 24,580.

    • Bank Nifty: Intraday resistance is positioned at 51,210, followed by 51,430, while downside support is found at 50,670, followed by 50,450.

    • Fin Nifty: Intraday resistance is positioned at 23,330, followed by 23,450, while downside support is found at 23,130, followed by 23,000.

Derivative Market Analysis

  1. Nifty:

    • The highest call OI is at 25,000, marking it as a resistance level, while the major put OI is at 24,500, serving as support.

    • The addition of call OI at 25,500 indicates another resistance, with put OI addition at 24,800 acting as support for the day.

    • This sets an immediate range for Nifty between 24,800 and 25,000, with the potential for a directional move if broken.

    • The Nifty put-call ratio has risen by 0.16 to 1.40, suggesting a bullish sentiment.

  2. Bank Nifty:

    • The accumulation of both call and put OI at the 51,000 level suggests a critical decision point for Bank Nifty.

    • If the price stays below 51,000, a decline toward 50,500 is possible.

    • However, if it surpasses 51,000, a short covering may push it toward 52,000, where the second-highest call OI is noted.

    • The immediate range for Bank Nifty is between 50,500 and 51,000, with the put-call ratio slightly increasing by 0.02 to 0.94.

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.

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

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

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

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

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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.

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

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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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