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Share Market Today | Gift Nifty Flat ahead of Union Budget 2024

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Synopsis:

Today’s latest market updates feature Gensol Engineering’s new solar projects in Gujarat with estimated revenue of ₹600 Cr, Oil India’s contract with Norway’s Dolphin Drilling, RailTel’s ₹186.81 Cr order from Railways Ministry, SBI Life’s 0.75% stake purchase in Can Fin Homes at ₹827.94/share, plus other global market news.

Latest Market News

  1. Gensol Engineering won the bid for 116 MW solar projects in Gujarat, with an estimated EPC revenue of ₹600 crore.
  2. Oil India signed a contract with Dolphin Drilling, Norway, to hire the Blackford Dolphin drilling unit.
  3. RailTel received an order worth ₹186.81 crore from the Ministry of Railways.
  4. SBI Life bought 10 lakh shares (0.75% stake) in Can Fin Homes at ₹827.94 per share.
  5. The Economic Survey projects FY25 real GDP growth at 6.5-7%.
  6. FIIs net bought ₹3,444.06 crore, while DIIs net sold ₹1,652.34 crore in equities yesterday.

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

US Share Market News

  1. Performance Overview:
    • On Monday, the US benchmark equity indexes rose as markets awaited key corporate earnings scheduled for later in the week.
  2. Sector-Specific Movements:
    • The Nasdaq Composite increased by 1.6% to 18,007.6, the S&P 500 gained 1.1% to 5,564.4, and the Dow Jones Industrial Average advanced 0.3% to 40,415.4.
    • Technology stocks led the gains, while energy and consumer staples sectors ended lower.
  3. Stock-Specific Action:
    • CrowdStrike shares dropped 14%, marking the worst performance, while Iqvia stood out as the top performer on the S&P 500 with a 9.2% gain.
  4. Corporate Earnings:
    • Companies like Google parent Alphabet, Tesla, Visa, AbbVie, Coca-Cola, IBM, AT&T, 3M, and Charter Communications are set to report their latest quarterly results later this week.

Other Asset Classes

  1. Treasury Yields:
    • The US 10-year yield rose by 1.6 basis points to 4.25% on Monday, while the two-year rate increased by 1.4 basis points to 4.52%.
  2. Currency:
    • The dollar index, which measures the dollar against a basket of currencies, trades slightly lower by 0.01% at 104.29.
  3. Commodities:
    • West Texas Intermediate crude oil fell by 0.2% to $79.95 per barrel.
    • Gold remained steady at $2,399.90 per troy ounce, while silver rose by 0.1% to $29.33 per ounce.

Asian Markets

  1. General Trends:
    • Asian stocks followed a rebound on Wall Street, with investors looking past Joe Biden ending his reelection campaign.
    • The MSCI Asia Pacific Index snapped a three-day decline, with shares rising in Japan, South Korea, and Australia at the open.
    • Traders in Asia are also looking toward Singapore's inflation data for June.
  2. Specific Index Performance:
    • Australia's S&P/ASX 200 edged up by 0.15%, Japan's Nikkei 225 rose by 0.63%, and the Topix index advanced by 0.49%.
    • South Korea's Kospi increased by 1.01%, while the small-cap Kosdaq climbed by 1.22%.

India Market Outlook

  1. GIFT Nifty Projection:
    • Gift Nifty suggests a flat opening for the Indian market.
    • The Nifty spot is likely to consolidate in the range of 24,350-24,650 in today's session.
  2. Nifty Short-Term Outlook:
    • Indian benchmark indices ended lower for the second session due to selling in heavyweights and caution ahead of the Union Budget 2024.
    • Nifty closed at 24509, down 0.09%, and Sensex closed at 80525.2, down 0.10%.
    • Sectorally, auto, capital goods, healthcare, metal, and power indices rose by 1% each, while media, bank, IT, realty, and FMCG sectors saw selling.
    • Increased volatility is expected due to budget discussions, recommending a hedged approach.
    • If Nifty holds above the 24400 support area, it could move towards 25000, but a breach below 24400 might lead to further declines towards 24000-23800.
  3. Intraday Levels:
    • Nifty: Intraday resistance is at 24,680, followed by 24,800 levels. Conversely, downside support is located at 24,400, followed by 24,340.
    • 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:
    • Nifty closed nearly flat at 24509.10 ahead of the budget announcement, with 24500 being a crucial level due to strong straddle activity.
    • The highest put OI is at 24000, and the highest call OI is at 25500, setting a broader range of 24000 to 25000.
    • Significant put OI addition was observed at 24000, and call OI addition at 24500, suggesting market participants expect limited upside.
    • Additional put OI at 24400 and 24300 indicates support, while call OI at 24500 and 24550 indicates resistance.
    • The immediate support level is at 24400, and resistance is at 25500.
    • The Nifty put-call ratio dropped by 0.09 to 1.02.
  2. Bank Nifty:
    • The highest call OI for Bank Nifty is at 52500 and the highest put OI at 52000, with a broader range of 52000 to 52500.
    • The highest put OI addition occurred at 51500, and the highest call OI addition at 52300.
    • Both call and put unwinding above 52400 suggest position lightening ahead of the budget.
    • Call OI addition between 52000 and 52500 indicates potential movement to 51500 if the index falls below 52000.
    • Immediate support is at 52000, with resistance at 52500.
    • The Bank Nifty put-call ratio decreased by 0.04 to 0.72.

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?

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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.

How can I start investing in the stock market?

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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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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