Share Market Today | Gift Nifty Flat, US Markets Under Pressure

Listen to our Podcast: Grow your wealth and keep it secure.

0:00 / 0:00

Synopsis:

Today’s latest market updates include Keystone Realtors’ ₹1,000 Cr QIP plan, RBI’s highest ever dividend announcement of ₹2.11 Lakh Crore, Disney's divestment from Tata's India TV, BEL’s ₹1,150 crore orders for FY25, plus other global market news.

Latest Market News

  1. Keystone Realtors plans to raise up to ₹1,000 crore via QIP at an indicative price of ₹660 per share.

  2. The RBI announced its highest-ever annual dividend of ₹2.11 lakh crore to the government, which might reduce FY25 borrowing in the budget.

  3. Disney is reportedly selling its stake in Tata’s $1 billion India TV platform.

  4. Bharat Electronics received orders worth ₹1,150 crore for FY25.

  5. Deepak Nitrite expects margin pressure to continue for the next couple of quarters.

  6. M&M Finance received a corporate agency licence from IRDAI for insurance solutions.

  7. Welspun Enterprises emerged as the lowest bidder for a project worth ₹1,864 crore.

Additional Read: Share Market News

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

US Share Market News

  1. Performance Overview:

    • On Wednesday, the S&P 500 dipped after hitting a record high, with investors mulling over the Federal Reserve's May meeting minutes, which expressed worries about inflation progress.

    • In the afternoon, all three major US stock indexes dropped further following the Fed's release of minutes, which expressed officials' concern over recent inflation figures and predicted prolonged disinflation.

  2. Economic Indicators:

    • The latest economic numbers revealed that existing home sales in the US fell short of what analysts predicted, while core inflation data in Britain came in higher than expected.

    • This led investors to reconsider their expectations for a potential rate cut by the Bank of England next month.

  3. Sector-Specific Movements:

    • The Dow Jones fell by 201.95 points (-0.51%) to 39,671.04, the S&P 500 dropped 14.4 points (-0.27%) to 5,307.01, and the Nasdaq Composite lost 31.08 points (-0.18%) to 16,801.54.

  4. Corporate Earnings:

    • Nvidia surged 6% in after-hours trading, pushing its shares past $1,000. This jump followed robust fiscal first-quarter results and news of a 10-for-1 stock split.

    • Nvidia's projection of around $28 billion in fiscal second-quarter revenue also surpassed StreetAccount's estimate of $36.2 billion, indicating sustained momentum for the company.

Other Asset Classes

  1. Treasury Yields:

    • US Treasury yields rose on Wednesday after Federal Reserve meeting minutes hinted at policymakers' uncertainty regarding future interest rate cuts. The 10-year Treasury yield increased by one basis point to 4.426%.

  2. Currency:

    • The dollar strengthened against global currencies, with the dollar index up by 0.26% to 104.886.

  3. Commodities:

    • Crude prices fell for the third straight session due to concerns over prolonged Fed restrictions impacting demand. US crude dropped 1.39% to $77.57 per barrel, while Brent decreased 1.18% to $81.90 per barrel.

    • Gold prices dropped over 1% on Wednesday as investors booked profits and scaled back expectations of Federal Reserve rate cuts. Spot gold fell 1.8% to $2,377.43 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets showed mixed performance following the release of the latest US Federal Reserve meeting minutes, which highlighted officials' concerns about persistent inflation and potential interest rate cuts.

  2. Specific Index Performance:

    • In this morning's trading session, Japan’s Nikkei 225 opened with a 0.49% increase, and the broad-based Topix edged up by 0.12%.

    • Conversely, South Korea’s Kospi declined by 0.34%, while the small-cap Kosdaq rebounded from earlier losses to gain 0.24%.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty indicates a flat opening amid mixed global signals. The Nifty spot is expected to maintain its positive consolidation within the 22,500-22,700 range.

  2. Nifty Short-Term Outlook:

    • The benchmark indices continued their gains for the fifth consecutive session, driven by strong global cues. The Nifty index, despite starting weak, recovered its intraday losses to close up by 0.3% at 22,597, while the Bank Nifty underperformed, closing down by 0.55% at 47,782.

    • A bullish candle with a long lower shadow on the daily chart indicates strong buying at lower levels, maintaining a higher high-low pattern. The stochastic indicator suggests overbought conditions at 94, implying potential consolidation if the index fails to hold above 22,483.

    • Future market direction will be influenced by General Election outcomes, and a buy-on-dips strategy is recommended as the index is expected to test its all-time highs in the coming weeks.

  3. Intraday Levels:

    • Nifty: Intraday resistance is situated at 22650, followed by 22690 levels. Conversely, downside support is located at 22540, followed by 22480.

    • Bank Nifty: Intraday resistance is positioned at 48020, followed by 48200, while downside support is found at 47570, followed by 47350.

    • Fin Nifty: Intraday resistance is positioned at 21410, followed by 21500, while downside support is found at 21240, followed by 21150.

Derivative Market Analysis

  1. Nifty:

    • Major call OI addition is at 23,000, with immediate resistance at 22,800. The highest put OI addition has been observed at the 22,000 level, with immediate support at 22,500, indicating multiple support zones below this level.

    • The 22,600 level shows a straddle formation, making it crucial for the day. The Nifty's immediate range for the weekly expiry is between 22,500 and 22,800. The put-call ratio increased to 1.20.

    • The Nifty also saw a 1.1% rise in open interest and a 0.2% increase in price, suggesting a long build-up.

  2. Bank Nifty:

  • The accumulation of call and put OI at the 48,000 level in Bank Nifty indicates a straddle formation, making it a crucial level for the day.

  • The highest call OI addition at this level suggests immediate resistance, with the potential for short covering if the price sustains above 48,000.

  • Conversely, major put OI addition at the same level implies a likely downside correction toward 47,500 if the price stays below 48,000.

  • The option chain analysis suggests an immediate range between 47,500 and 48,500. Additionally, Bank Nifty saw a 1.1% decline in open interest and a 0.4% price drop, indicating long unwinding.

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.

For All Disclaimers Click Here: https://bit.ly/3Tcsfuc

Share this article: 

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.

No Result Found

Read More Blogs

Our Secure Trading Platforms

Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading

Bajaj Broking App Download

7.5 Lacs+ Users

icon-with-text

4.3+ App Rating

icon-with-text

4 Languages

icon-with-text

₹4300 Cr MTF Book

icon-with-text