Share Market Today | GIFT Nifty Under Pressure, Asian Peers Decline

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Synopsis:

Today’s latest market updates include: Highdell and MacRitchie to sell 10.4% of Car Trade, Prestige Estates plans ₹5,000 Cr QIP, Cipla gets 6 FDA observations, City Gas increases CNG prices by ₹1-1.50, IGL raises prices by ₹1, plus other global market news.

Latest Market News

  1. Highdell Investment and MacRitchie Investments plan to sell 7% and 3.4% equity in Car Trade.
  2. Prestige Estates board approves raising up to ₹5,000 crore through QIP and other methods.
  3. US FDA issues six observations for Cipla's Goa manufacturing facility.
  4. KBC Global secured a ₹20 million contract for infrastructure development in East Africa.
  5. City Gas Distributions increase CNG prices by ₹1-1.50 nationwide, with IGL raising the price by ₹1.
  6. FIIs sell ₹1,790.19 crore in equities, while DIIs buy ₹1,237.21 crore on Friday.

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

US Share Market News

1. Performance Overview:

  • US equity indexes ended the week higher as relatively soft economic data kept the Federal Reserve from making aggressive moves.

2. Sector-Specific Movements:

  • The Dow Jones Industrial Average closed at 39,150.63 on Friday, up from 38,589.16 a week ago. The Nasdaq Composite ended at 17,689.36, a slight increase from 17,688.88 last week. The S&P 500 finished at 5,464.71, up from 5,431.60 a week earlier.
  • In the technology sector, Adobe was the top performer, rising over 16%. However, Nvidia and Apple ended the week lower, leaving the overall technology sector largely unchanged.
  • Communication services was the best-performing sector this week, driven by strong performances from Netflix and Alphabet.
  • The financial sector had the second-highest return, led by Wells Fargo, Mastercard, and Visa.

Other Asset Classes

1. Treasury Yields:

  • The 10-year and two-year government bond yields edged slightly higher late Friday compared to a week ago, closing 0.1 basis point higher at 4.255%.

2. Currency:

  • The dollar index, which measures the greenback against a basket of major currencies, rose by 0.17% to 105.81.

3. Commodities:

  • A stronger dollar pushed oil prices down, with US crude settling at $80.73 a barrel, down 0.69%, and Brent closing at $85.24 per barrel, down 0.55%. However, both crude benchmarks gained about 3% over the week.
  • Gold prices remained almost unchanged on Friday. Spot gold was merely down by 0.06% at $2,323.46 per ounce.

Asian Markets

1. General Trends:

  • Asia-Pacific markets fell on Monday ahead of inflation data from Australia and Japan later this week.
  • If inflation is higher than expected and the RBA raises rates, it would be the first major central bank in the Asia-Pacific region to do so, while investors are generally expecting rate cuts, except in Japan.

2. Specific Index Performance:

  • Japan's Nikkei 225 decreased by 0.19%, while the Topix rose by 0.24%, making it the only major benchmark in Asia to gain.
  • South Korea's Kospi dipped by 0.39%, and the small-cap Kosdaq fell by 0.54%.
  • Hong Kong's Hang Seng index futures were at 17,968, lower than the last close of 18,028.52.
  • Australia's S&P/ASX 200 fell by 0.19%.

India Market Outlook

1. GIFT Nifty Projection:

  • Gift Nifty indicates a flat to negative opening for the Indian market.
  • We expect the Nifty spot to continue its recent consolidation, trading in the range of 23,400-23,700.

2. Nifty Short-Term Outlook:

  • The index has formed a high wave candle with a higher high and higher low, indicating consolidation at the all-time high for the second consecutive week. 
  • The weekly stochastic has reached the overbought territory with a reading of 96, suggesting possible profit booking at higher levels.
  • It is expected that the index will consolidate within the 23800-23300 range.
  • A breach below 23300 could lead to further downside towards the key support area of 22800.
  • This consolidation is seen as an opportunity for incremental buying, as strong support exists between 23000-22800 levels.

3. Intraday Levels:

  • Nifty: Intraday resistance is situated at 23,680, followed by 23,800 levels. Conversely, downside support is located at 23420, followed by 23,300 
  • Bank Nifty: Intraday resistance is positioned at 51960, followed by 52200, while downside support is found at 51240, followed by 50,800.
  • Fin Nifty: Intraday resistance is positioned at 23100 followed by 23220, while downside support is found at 22,820 followed by 22,640.

Derivative Market Analysis

1. Nifty::

  • For the next weekly expiry, the highest call option writing is seen at the 24000 level, and the highest put option writing is at the 23000 level.
  • The straddle at 23500 remains a critical level for Nifty.
  • Nifty futures are trading at 23487.30, indicating that a move above 23500 could trigger short covering towards 24000.
  • The Nifty put-call ratio has decreased by 0.25, now placed at 1.04.

2. Bank Nifty:

  • For the upcoming weekly expiry, the highest call option writing is observed at the 52000 level, while the highest put option writing is at the 51000 level.
  • This indicates that 52000 serves as a strong resistance and 51500 as a crucial support.
  • Notably, call writers have shifted their strikes higher, reflecting a cautious approach towards upward movement.
  • Additionally, the Bank Nifty put-call ratio has decreased by 0.19, currently standing at 1.05.

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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