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Share Market Today | Gift Nifty Weak; US, Asian Markets in Red

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Synopsis:

Today’s latest market updates feature Tata Consumer’s 1:26 rights issue at ₹818/share, real estate shares drop as indexation benefit is removed, customs on lithium and cobalt are now exempt, gold and silver fall by 5% as import duty is cut, plus other global market news.

Latest Market News

  1. Tata Consumer announced ₹3,000 crore rights issue at ₹818 per share (35% discount), offering 1 rights issue share for every 26 shares held. The record date is 27th July.

  2. Real estate stocks like DLF, Brigade Enterprises, and Prestige Estates dropped sharply after the removal of the indexation benefit on long-term property sale gains.

  3. Finance Minister Nirmala Sitharaman proposes full exemption of customs duty on rare earth minerals such as lithium and cobalt.

  4. Gold and silver prices fall by 5% as the Finance Minister cuts import duty on these precious metals from 15% to 6%.

  5. The government abolishes angel tax on all asset classes and increases the Long Term Capital Gains tax from 10% to 12.5%.

  6. On 23rd July 2024, FIIs net sold ₹2,975.31 crore, while DIIs net bought ₹1,418.82 crore.

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

US Share Market News

  1. Performance Overview:

    • On Tuesday, the US benchmark equity indexes fell as traders analysed the latest corporate earnings.

  2. Sector-Specific Movements:

    • The S&P 500 dropped 0.2% to 5,555.7, while the Dow Jones Industrial Average and the Nasdaq Composite each slipped 0.1%, closing at 40,358.1 and 17,997.4 respectively.

    • Among sectors, energy saw the steepest decline, while materials led the gainers.

  3. Economic Indicators:

    • The US existing home sales fell last month even as prices set another record high. Inventory reached its highest level in more than four years, indicating the market is becoming more balanced.

  4. Corporate Earnings:

    • Alphabet reported better-than-expected results after the closing bell, while Tesla saw its profit sink 45% due to waning electric vehicle demand.

Other Asset Classes

  1. Treasury Yields:

    • The US two-year yield fell 2.8 basis points to 4.49%, while the 10-year rate lost one basis point to 4.25%.

  2. Currency:

    • The dollar index gained 0.14%, closing at 104.45.

  3. Commodities:

    • West Texas Intermediate crude oil dropped 1.4% to $77.28 a barrel on Tuesday.

    • Gold rose 0.5% to $2,407.8 per ounce, while silver added 0.2% to $29.37 per ounce. Brent futures settled at $81.01 a barrel.

Asian Markets

  1. General Trends:

    • Asian equities declined, following an unimpressive start to earnings reports from the 'Magnificent Seven' mega-cap technology companies.

    • Typhoon Gaemi is approaching Taiwan with strong winds and heavy rain, forcing Taipei to suspend its $2.4 trillion stock market.

    • Automaker Toyota announced it will buy back 806.85 billion yen ($5.17 billion) of its shares from major Japanese banks and insurers.

  2. Specific Index Performance:

    • Japan's Nikkei 225 dropped 0.58% ahead of the PMI announcement, while the broad-based Topix was down 0.43%.

    • South Korea's Kospi was 0.7% lower, with the small-cap Kosdaq trading marginally below the flatline.

    • Australia's S&P/ASX 200 slipped 0.18% after the country saw its private sector activity expand at a slower pace in July.

    • Hong Kong's Hang Seng index futures were at 17,474, just slightly higher than the HSI's last close of 17,469.36.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a flat opening for the Indian market.

    • The Nifty spot in today's session is likely to consolidate in the range of 24,000-24,800.

  2. Nifty Short-Term Outlook:

    • Indian benchmark indices closed lower for the third consecutive session, with the Nifty ending at 24479.05, down 0.12%, and the Sensex down 0.09% at 80429, reacting to union budget announcements.

    • Sectors like FMCG, healthcare, media, and IT rose by 0.5-2.5%, while banks, capital goods, metals, oil & gas, and realty fell by 1-2%.

    • Volatility is expected due to the Monthly F&O expiry and key Q1 earnings.

    • Nifty remains in an uptrend, with immediate support at 24400, potentially leading to 24800-25000 levels if held.

    • A close below 24400 could lead to profit booking towards 24000-23800.

  3. Intraday Levels:

    • Nifty: Intraday resistance is at 24,600, followed by 24,800 levels. Conversely, downside support is located at 24,350, followed by 24,200.

    • Bank Nifty: Intraday resistance is positioned at 52,500, followed by 52,850, while downside support is found at 51,400, followed by 51,200.

    • Fin Nifty: Intraday resistance is positioned at 23,580, followed by 23,700, while downside support is found at 23,120, followed by 22,820.

Derivative Market Analysis

  1. Nifty:

    • The highest put OI is at the 24000 level, while the highest call OI is at 25000, with significant call OI also at 24500, marking it as immediate resistance.

    • The largest put OI addition is at 23900, and the largest call OI addition is at 25000.

    • Active call writers above 24500 suggest limited upside potential.

    • Based on option chain analysis, immediate support is at 24300, and resistance is at 24500.

    • The Nifty put-call ratio has decreased by 0.15, now at 0.87.

  2. Bank Nifty:

    • The Bank Nifty's immediate call OI is concentrated at the 52000 level, and put OI is at 51500.

    • The largest call OI addition is at 52000, and the largest put OI addition is at 51000.

    • Active call writers above 51700 indicate limited upside potential.

    • According to option chain analysis, immediate support is at 51500, and significant resistance is at 52000.

    • The Bank Nifty put-call ratio has decreased by 0.16, now at 0.56.

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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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?

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.

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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.

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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.

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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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