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Share Market Today | Positive Nifty Opening Expected Amid Mixed Global Cues

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Synopsis:

Today’s share market features how Indian markets are set for a positive opening, with HFCL's strategic developments, KEC International’s strong order wins, and Vodafone Idea's major deal boosting sentiment. Additionally, Adani Total Gas and ONGC’s global ventures signal confidence in infrastructure and energy expansion.

Latest Market News

1. HFCL to develop and supply critical sub-systems to General Atomics.

2. ⁠KEC International has now won nearly 70% of the total orders it received in FY24.

3. ⁠Vodafone Idea completes a $3.6 billion deal with Nokia, Ericsson and Samsung.

4. ⁠Aster DM Healthcare's arm Sri Sainatha Multispecialty Hospitals enters into a lease agreement with Aparna Constructions and Estates for setting up a new Aster Woman and Children Hospital in Hyderabad.

5. ⁠ONGC signs a Non-Associated Gas deal in Azeri-Chirag-Deepwater Gunashli (ACG), Azerbaijan.

6. ⁠USFDA issues Form 483 with 7 observations for Aarti Drugs’ API Mfg Unit at Tarapur, Maharashtra. None of the observations are related to data integrity.

7. ⁠Adani Total Gas secures $375 million funding to expand city gas distribution biz.

8. ⁠Aditya Birla Capital invests ₹60 crore in unit via rights issue.

9. ⁠FIIs net buy ₹ 14,064.05 cr while DIIs net sell ₹ 4,427.08 cr in equities on Friday.

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254.250.19 (0.07 %)

Updated - 13 December 2024
256.80day high
DAY HIGH
249.50day low
DAY LOW
11143128
VOLUME (BSE)

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

US Share Market News

  1. Performance Overview:

    • Wall Street closed flat on Friday, hovering near the previous session's record-high close for the Dow and S&P 500, while the dollar firmed as investors digested the Federal Reserve's 50-basis-point cut midweek that started a rate-reducing cycle.

    • Days after the rate cut, two Fed governors aired opposing views, opening a new tab over prospects for inflation, underlining the scale of debate over a move Chair Jerome Powell positioned as safeguarding a resilient economy rather than an emergency response to weaker jobs data.

    • In the coming week, a string of Fed officials and members of the rate-setting committee are set to speak. Most notable Chair Jerome Powell on Thursday. 

  2. Sector-Specific Movements:

    • The Dow Jones Industrial Average closed up 0.09%, to 42,063.36, the S&P 500 ended down 0.19%, to 5,702.55 and the Nasdaq Composite rounded out the week 0.36% lower, at 17,948.32.

  3. Economic Indicators:

    • The pace of the Fed’s easing cycle is also expected to depend largely on the U.S. economy. 

    • PCE price index data- the Fed’s preferred inflation gauge- is due this Friday.

    • US Q2 GDP figures are also due on Thursday.

Other Asset Classes

  1. Treasury Yields:

    • U.S. Treasury bond yields ended the week higher even after the Federal Reserve’s outsized rate cut earlier in the week. The 10-year Treasury yield was last down around 1 basis point at 3.732%.

  2. Currency:

    • The dollar gained ground after suffering losses earlier in the week. The index, which measures the greenback against a basket of currencies, was up 0.12% to 100.79.

  3. Commodities:

    • Commodities also held on to their weekly gains. Gold touched a record high at $2,614 an ounce.

    • Brent futures settled down 0.52%, at $74.49 a barrel. U.S. WTI crude futures settled down 0.4%, to $71.92.

    • Two major oil benchmarks ended lower on the day, but more than 4% higher on the week.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets opened lower Monday as investors assessed monetary policy decisions from Japan and China on Friday after the U.S. Federal Reserve’s sharp rate cut sent markets higher last week.

    • Markets in Japan were closed Monday for a public holiday.

  2. Specific Index Performance:

    • In South Korea, the Kospi dipped 0.15% while the small-cap Kosdaq was little changed. 

    • Hong Kong’s Hang Seng index futures were marginally lower by 100 points.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a positive opening for the Indian market amid mixed global cues. We expect the Nifty spot to post a strong Friday's up move to consolidate with high volatility in the range of 25950-25650.

  2. Market in Previous Session:

    • Indian benchmark indices extended gains for the second consecutive session to hit fresh all-time highs amid positive global cues and buying across the sectors. 

    • At close, the Sensex was up 1,359.51 points or 1.63% at 84,544.31, and the Nifty was up 375.20 points or 1.48% at 25,791. On September 20, BSE Sensex and Nifty hit fresh highs of 84,694.46 and 25,849.25, respectively.

    • All the sectoral indices ended in the green with auto, bank, capital goods, healthcare, FMCG, power, telecom, metal and realty rising 1% to 3%.

    • The India VIX, which measures the implied volatility of Nifty 50 options, was up 2.25% to 12.75.  

  3. Nifty Short-Term Outlook:

    • Index has formed a strong bull candle with a higher high and higher low in the daily chart signalling the continuation of the uptrend. The index on expected lines rallied higher and tested our short-term target area of 25800.

    • Index is currently placed near the upper band of the rising channel signaling some consolidation is likely in the range of 26000-25200 amid stock specific action. The volatility can't be ruled out given the monthly expiry of September Futures & Options contracts due next week.

    • Weekly stochastic is also approaching overbought territory with a reading of 85 highlighting consolidation likely in coming week. Key support is placed at 25200-25300 being the confluence of the 20 days EMA and the lower band of the rising channel.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 25,890 followed by 26,000 levels. Conversely, downside support is located at 25,680, followed by 25,520.

    • Bank Nifty: Intraday resistance is positioned at 54,050, followed by 54,330, while downside support is found at 53,570, followed by 53,350.

    • Fin Nifty: Intraday resistance is positioned at 24,910, followed by 25,020, while downside support is found at 24,680, followed by 24,550.

Derivative Market Analysis

  1. Nifty:

    • The highest call OI is positioned at 26000 followed by the 26500 level, whereas the highest put OI is positioned at 25000 followed by the 25500 level. 

    • Put writers were active below 25700 indicating stiff support at lower levels. If 25700 is broken, Nifty can march towards 25500.

    • According to option chain analysis, a broader range for Nifty is 25000 and 26000.

    • The Nifty put-call ratio decreased by 0.24 and is now positioned at 1.50.

  2. Bank Nifty:

    • The highest put OI concentration stands at 52000 level whereas the highest call OI concentration is at 54000 level. A straddle formation is observed at 53500 which makes 53500 a crucial level to watch for.  

    • We saw huge call unwinding between 53000 and 53500 and strong put writing at the similar strikes which is a positive data point for Bank Nifty. 53500 is a crucial support for Bank Nifty. 

    • According to the option chain analysis, a broader range for Bank Nifty is between 53000 and 54000. 

    • The Bank Nifty put-call ratio increased by 0.41 and is now positioned at 1.34.

  3. Mid-cap Nifty: 

  • For the weekly expiry, the highest call OI has been seen at the 13300 level, which suggests this as a resistance level.

  • The highest put OI has been noted at the 12800 level, and the immediate put OI is noted at the 13000 level, which will serve as support.

  • According to option chain analysis, Midcap Nifty is likely to trade between the 13000 and 13200 levels.

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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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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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.

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How can I buy government bonds in India, and what are the steps involved in the purchasing process?

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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?

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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?

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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?

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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?

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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?

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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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